Retirees and near retirees...

[tvguy]

I haven’t decided how I’m going to handle SS yet. The break-even point is around 77 2/3 years, so the higher monthly payment doesn’t really matter until then. It all depends on how well I think I would manage the money up to that point (and how much risk there may be with the SS system in the future).

Not knowing how long we are going to live makes the Social Security decision a guess at best. My wife and I retired 2 1/2 years ago and have been living off savings. I will start SS in December when I reach full retirement age of 66 1/2 and my wife in May of 2024. We hope the money we won't be pulling out of IRAs between 66 1/2 and 70 will earn enough to offset the higher SS benefit I would get at 70.

 

[MillauFr]

I haven’t decided how I’m going to handle SS yet. The break-even point is around 77 2/3 years, so the higher monthly payment doesn’t really matter until then. It all depends on how well I think I would manage the money up to that point (and how much risk there may be with the SS system in the future).

When I ran the numbers it was 86 meaning taking it earlier was a no brainer. Plus eventually they are going to have start trimming benefits. Delaying taking it seems risky to my. I prefer to play it safe so I will take it early.

 

[tvguy]

When I ran the numbers it was 86 meaning taking it earlier was a no brainer. Plus eventually they are going to have start trimming benefits. Delaying taking it seems risky to my. I prefer to play it safe so I will take it early.

If they push to cut benefits, they have to remember, old people vote.

 

[JaxDad]

Not knowing how long we are going to live makes the Social Security decision a guess at best. My wife and I retired 2 1/2 years ago and have been living off savings. I will start SS in December when I reach full retirement age of 66 1/2 and my wife in May of 2024. We hope the money we won't be pulling out of IRAs between 66 1/2 and 70 will earn enough to offset the higher SS benefit I would get at 70.

I’m leaning similarly. I’m generally more of an ant than grasshopper! :-D I do have a couple pensions and savings that should allow me to preserve my retirement accounts until 66 1/2, but I keep thinking that the extra income from SS starting at 62 would allow me to afford more fun stuff before I get too old!

 

[kdonnel]

I keep thinking that the extra income from SS starting at 62 would allow me to afford more fun stuff before I get too old!

That has been a concern of mine for a long time.

Both my parents died young, 62 and 69.

It is hard to know where to draw the line between saving for retirement and living before you die.

 

[Christine]

I struggle with the SS decision. I realize that if you run the numbers, in many cases it seems to make sense to take it early. But I guess that's looking at through the lens of making sure you squeeze the most out of SS that you can over a lifetime. My perspective is a bit different and I am concerned about monthly costs in my old age. We all see how cost of living goes up and when I'm in my upper retirement years, I expect that my housing costs could increase significantly if I need to move to some form of assisted living. For that reason, waiting until 70 looks very attractive to me because the monthly payout difference is quite significant, plus your inflation increases are based on that.

Now if I could take my SS in at age 62 and be a fabulous investor, that might be the better way to go. I don't know. It's really something I struggle with.

 

[disneyseniors]

Re Tennessee - mil and her husband retired 1st to Palm Coast Florida from Hawaii in 2000. By 2005, Palm Coast had grown so fast that they sold and moved to Southern Middle Tennessee on 14 acres. He has since died, but she loves it there. Small town feel, an hour from Huntsville or Nashville for city needs.

Low crime. Mild weather, just a nice place to live. Bil moved there a year ago and also couldn't be happier.

We lived about an hour from Nashville on the river and loved it. I would move back in a minute, but all of our family lives here, so here we stay

 

[tvguy]

That has been a concern of mine for a long time.

Both my parents died young, 62 and 69.

It is hard to know where to draw the line between saving for retirement and living before you die.

I don't get much help looking at family history. My dad was 56 and my mom 90 when they passed. My half brother......same dad......just turned 89.
My wife insisted she wanted to retire before 65 since no woman in her family had lived to age 65. She just turned 66 and will take full social security in 6 months at 66 1/2.

 

[tony67]

Yeah - I know I said it earlier but my dad worked till 70 and at that point he really could not enjoy it and only got it for two years so was not worth it. OF course that is what the "state" wants by pushing this full retirement bonus.

Ill probably take it at 62 unless I am in a job I am really enjoying and can wait till 65 for the medical portion of the benefits.

If you can swing taking a year (or even a few months) off sooner that's not a bad option so you can do some things well you are in better shape and capable. Most cant I know.

Took a year off about 10 years ago by choice and taking some time now - not so much by choice.

Australia has an interesting systems - after 10 years at a company you get two month paid leave - apart from any other PTO. Each additional 5 years adds a month. I know people in medical that get some crazy breaks after 30 years of working.

 

[kdonnel]

I don't get much help looking at family history. My dad was 56 and my mom 90 when they passed. My half brother......same dad......just turned 89.
My wife insisted she wanted to retire before 65 since no woman in her family had lived to age 65. She just turned 66 and will take full social security in 6 months at 66 1/2.

It's not just about when to retire.

It's about living while you are healthy, living while you can walk, living while you can hear, etc.

I have known several people who put off doing things until retirement only to not be able to physically do their plans.

My plan is to not be that person. I don't want to be sitting around flush with cash with limited mobility wishing I had done more when younger.

 

[sam_gordon]

I don't want to be sitting around flush with cash with limited mobility wishing I had done more when younger.

I don't want to be either. But don't know that I'll have enough cash to retire when I'd like to.

 

[JaxDad]

If you can swing taking a year (or even a few months) off sooner that's not a bad option so you can do some things well you are in better shape and capable.

I did this. I was a workaholic through roughly age 30 and saved a decent amount of money. I was then deployed to the Middle East for several months as a reservist. When I returned, I transitioned out of full employment and went sailing in the Caribbean for a year with a friend. When that ended I went to grad school while working part-time, met my wife, and had a complete career change. No regrets!

 

[kdonnel]

I don't want to be either. But don't know that I'll have enough cash to retire when I'd like to.

The trade off is working a little longer.

At one point I planned to retire at 50 or close to 50. As I got older and saw friends of my parents die young or be unable to physically do what they wanted in retirement, my thinking shifted.

I now plan to work until 65 making sure I use every vacation day available during those extra years of work.

 

[tony67]

plan to work until 65 making sure I use every vacation day available during those extra years of work.

Good - point - take every bit of PTO you earn.

One big scam is unlimited PTO. IMO it was created to take PTO off the books that people accumulated year after year.
So many people don't take their time - and with unlimited PTO you don't get it when you leave.
I used to meet with my employees every week and topic one was when are you taking PTO - and they still did not take it.
Life is too short to waste it - even if you use the PTO to sit home and watch TV.

Now that we have been laid off they regret it - that hard work got them nothing.

 

[MillauFr]

Good - point - take every bit of PTO you earn.

One big scam is unlimited PTO. IMO it was created to take PTO off the books that people accumulated year after year.
So many people don't take their time - and with unlimited PTO you don't get it when you leave.
I used to meet with my employees every week and topic one was when are you taking PTO - and they still did not take it.
Life is too short to waste it - even if you use the PTO to sit home and watch TV.

Now that we have been laid off they regret it - that hard work got them nothing.

Agreed. Unlimited time off is the biggest scam out there. It is almost as you have no time off. Feel free to take a vacation as long as you respond anytime we need you during your "vacation".

 

[tvguy]

It's not just about when to retire.

It's about living while you are healthy, living while you can walk, living while you can hear, etc.

I have known several people who put off doing things until retirement only to not be able to physically do their plans.

My plan is to not be that person. I don't want to be sitting around flush with cash with limited mobility wishing I had done more when younger.

I get that. That too, unfortunately, is just your best guess. You have to balance the risk of not being able to because of health issues, with having good health and having spent too much money too soon.

 

[sam_gordon]

The trade off is working a little longer.

At one point I planned to retire at 50 or close to 50. As I got older and saw friends of my parents die young or be unable to physically do what they wanted in retirement, my thinking shifted.

I now plan to work until 65 making sure I use every vacation day available during those extra years of work.

I'm hoping I'll be financially ready by 65. Starting to prep my mind for 67. I'm sure I'm better prepared than many people, but reading on here makes me sound like I'm WAY behind (and yes, I've been putting money into retirement since I started working).

 

[kdonnel]

Good - point - take every bit of PTO you earn.

One big scam is unlimited PTO. IMO it was created to take PTO off the books that people accumulated year after year.
So many people don't take their time - and with unlimited PTO you don't get it when you leave.
I used to meet with my employees every week and topic one was when are you taking PTO - and they still did not take it.
Life is too short to waste it - even if you use the PTO to sit home and watch TV.

Now that we have been laid off they regret it - that hard work got them nothing.

I get unlimited PTO and agree it can be a scam. Luckily I have a manager that understands taking time off.

When unlimited PTO was announced I got 15 days of PTO and thought that was stingy so after we went unlimited I have taken 22-25 days a year. I feel like that is reasonable and no one has complained.

Even before unlimited PTO we would not be paid for the PTO when let go because it was granted in mass at the beginning of each year rather than earned each pay period. In most states earned PTO must be paid out but granted PTO does not.

My father was an example of someone had regrets on their deathbed related to work life balance and not taking time off.

Even in retirement he had two part time jobs. One at Publix and one working as the catering delivery person for a pizza place.

I would let him know weeks ahead of time that I was bringing my family to visit and he would still be scheduled to work all day Saturday. We would arrive late Friday after he had gone to bed, he would be up and delivering for the pizza place for catered lunches before we got up. Then go straight to Publix. We would go to Publix and visit for a few minutes around dinner time and then see him for a few minutes Saturday night before he went to bed. Then Sunday we had to drive back home and would only get to visit with him and he with the grandkids for a total of maybe 4-5 hours out of the weekend.

His prioritizing work over everything was the thing he talked about the most during the weeks he was slowly dying.

 

[tony67]

Agreed. Unlimited time off is the biggest scam out there. It is almost as you have no time off. Feel free to take a vacation as long as you respond anytime we need you during your "vacation".

Yeah that is one of my other rules - I don't use my personal cell for anything work related and I am unreachable when I am off on PTO. The second you use your personal phone for work, email, authentication etc.. they have a right to access to it and depending on the software can remote wipe it. (or turn you into a human centipede - read those software agreements )

The other issue with unlimited PTO in some places - they never approve the PTO - I've not had that issue because I would not allow it, but people have run into that.

 

[tony67]

I get unlimited PTO and agree it can be a scam. Luckily I have a manager that understands taking time off.

When unlimited PTO was announced I got 15 days of PTO and thought that was stingy so after we went unlimited I have taken 22-25 days a year. I feel like that is reasonable and no one has complained.

Even before unlimited PTO we would not be paid for the PTO when let go because it was granted in mass at the beginning of each year rather than earned each pay period. In most states earned PTO must be paid out but granted PTO does not.

My father was an example of someone had regrets on their deathbed related to work life balance and not taking time off.

Even in retirement he had two part time jobs. One at Publix and one working as the catering delivery person for a pizza place.

I would let him know weeks ahead of time that I was bringing my family to visit and he would still be scheduled to work all day Saturday. We would arrive late Friday after he had gone to bed, he would be up and delivering for the pizza place for catered lunches before we got up. Then go straight to Publix. We would go to Publix and visit for a few minutes around dinner time and then see him for a few minutes Saturday night before he went to bed. Then Sunday we had to drive back home and would only get to visit with him and he with the grandkids for a total of maybe 4-5 hours out of the weekend.

His prioritizing work over everything was the thing he talked about the most during the weeks he was slowly dying.

Yeah that's unfortunate.

Its cliche but no one on their death bed says "I wish I had worked more."