Retiring but delaying social security.

[Blues Man]

if you dont need it to live on you shouldnt get it,,

Bullshit it's my money that was taken from me over a lifetime of working

 

[Harpy Eagle]

Golfing Gator
Good for you. Hope you and the wife enjoy retirement when you get there.

I do to! I am looking forward to it. She started her career much later than I did and still has a true passion for her job (she is an RN). Thus I will keep making money till she is ready.

 

[Blues Man]

I retired last year at 51

No way would I want to work until I am 65 or 70

 

[Claudette]

Golfing Gator
Have a friend who's an RN and those folks work hard.

This friend is a guy which is a little unusual but he's been and RN for 20 years and still loves the job. Even Covid couldn't dissuade him from the RN life.

 

[Claudette]

I retired last year at 51

No way would I want to work until I am 65 or 70

Good for you. Enjoy the retired life. Hell my dad retired at 42.

 

[Harpy Eagle]

Golfing Gator
Have a friend who's an RN and those folks work hard.

This friend is a guy which is a little unusual but he's been and RN for 20 years and still loves the job. Even Covid couldn't dissuade him from the RN life.

It is a very hard job if you are a nurse in any hospital, which my wife is. I suspect her body will tell her it is time to retire long before her heart does.

But they need people like your friend and my wife, you can always tell the nurses that have the passion

 

[Fang]

That is not the way it works. You paid into it, you get it back at the end. No matter how much money you have when that time comes

^^ This is correct.

As for the OP's question. I always trust myself with MY money more than the government holding onto it. I take the money as soon as it's available to invest. Plus at that age there are no guarantees of how long you will live.

 

[progressive hunter]

Bullshit it's my money that was taken from me over a lifetime of working

once they take it its not your money anymore,,,

you gave it voluntarily

 

[pknopp]

Golfing Gator
Yup and wait until you are 66 to put in for it. If you wait till 66 you will get your full benefits without having to subtract any if you are still working.

If you file at 66 you can still work and make up to 46 thousand a year with no penalty. That's what I did. The SS is paying for my truck which I bought new in 2019. First new truck I've bought since 1992. I almost had heart attack at the price. Imagiine 35 thousand dollars for a truck. When I bought new in 92 to price was around 7 thousand and I flipped out at that. Good Lord.

I have no desire to work nor buy a new truck.

 

[Claudette]

Golfing Gator@pknopp
Well good for you. My new truck was a Christmas present from me to myself. Keep not working and drive the old piece of crap you drive. Happy trails. LOL

 

[Harpy Eagle]

I have no desire to work nor buy a new truck.

Give me something to do during the day while the wife is at work!

 

[Blues Man]

once they take it its not your money anymore,,,

you gave it voluntarily

No I didn't.

They took it under threat of imprisonment.

 

[initforme]

I'm 91 years old. Been collecting since 62. My advice is take it asap. One never knows the future. My wife of over 50 years also has been collecting since 62. She also has a pension. Retire as early as you can. Nobody is going to thank you for dying at work.

 

[rightwinger]

Golfing Gator@pknopp
Well good for you. My new truck was a Christmas present from me to myself. Keep not working and drive the old piece of crap you drive. Happy trails. LOL

There is more to life than transportation
If it turns over when you turn the key….you win

 

[Harpy Eagle]

No I didn't.

They took it under threat of imprisonment.

Is there really a way to keep from paying it if you have an employer as it comes out before you ever see it.

 

[initforme]

I haven't worked since I was 62. I bought a new 2021 truck.

 

[pknopp]

Give me something to do during the day while the wife is at work!

Don't get me wrong. You said you still enjoyed what you do and the benefits of doing it. If that is the case, by all means continue doing it.

 

[Circe]

Seems to be the new thing.

The latest twist in the 'Great Resignation': Retiring but delaying Social Security

For better-off Americans, the pandemic economy created some of the strongest incentives to retire in modern history, with generous federal stimulus, incredible market gains, skyrocketing home values and health concerns drawing many Americans into early retirement. The surprising twist? Many of...

www.yahoo.com

For better-off Americans, the pandemic economy created some of the strongest incentives to retire in modern history, with generous federal stimulus, incredible market gains, skyrocketing home values and health concerns drawing many Americans into early retirement.

The surprising twist? Many of these retirees also opted to put off claiming Social Security benefits, an exclusive Washington Post analysis shows. By delaying their benefits, these retirees can expect to collect higher monthly checks in the future.

So, this just seems a not a great idea. I am not there yet, but have started serious retirement planning in the last year.

Using the numbers from the article...

Someone who turned 65 this year and last earned $60,000 could see their monthly payment jump from $1,418 to $1,550, a 9% increase, by delaying their retirement by a year, according to Social Security's calculations.

So, people are saying no to $85,080 over those 5 years so they can make an extra $132 a month after they turn 70? Seems you would have to live to at least 79 to really see the benefit of this move. Would it not make more sense to take it and invest if it you do not need it to live on?

If you do not need it to live, why not take it and invest it then when those 5 years are up you could easily have an extra 100 grand.

What do you all think? What am I missing here?

Yeah, my husband did that and he is getting a lot more than I am from SS. He liked the idea all along. Well, you can invest excess cash any time, after all, whenever you get it.

I retired early-ish so that was the other side of the issue.

 

[progressive hunter]

No I didn't.

They took it under threat of imprisonment.

I know.. I'm just fucking with you,,LOL..

 

[Claudette]

rightwinger
That you do. Only this is the first vehicle I've ever had that had a Fob and a button to push to start it. I keep looking for keys. LOL