Home Forums Hunting & Shooting Hunter's Campfire Retirement planning? ("Go on, take the money and run" -- Steve Miller Band)

Yes, that's true, but the surviving spouse doesn't just automatically start getting the larger of the two, they have to apply for it and they will lose the amount of the lesser SS benefit, which for some could amount to enough to be a noticeable loss in total monthly household income relative to what it was with both drawing SS.

Keep driving the bus, you seem to love it so much.

<sarcasm font here>

Take the money and run! SS is supposed to equal out so that on average you draw the same amount over your lifetime. Either less per month over more years or more per month but for less years.

The only reason to draw later is if you really love working or have to wait to afford retirement. You said that you’re set financially so unless you love punching a time clock retire and don’t look back. Easy decision IMO.

^^^This^^^

I know a 92 year old guy named Bob, who was a PhD in physics at Bell labs.
In 2001 he was retired and spending mornings doing trades in commodities on line.
Then he had a heart attack and turned all investing over to an advisor.
Very quickly the advisor lost half the value of the account.
He turned what was left of his net worth over to a second advisor.
Very quickly the second advisor lost half what was left of the account.
So Bob had to go back to managing his own investments.
Now Bob has made a poor decision and bought a remote location house.
He needs to sell the house and get himself and his wife into assisted living closer to his son or daughter or granddaughter.
Liberal


I know another guy, 74, who could not finish high school and spent his career on stage and on TV.
He inherited his [$1.9M Zillow] house and $300k five years ago.
He was going to start speculating in stocks. I was emphatically against it.
I told him to put 90% In an indexed fund, and pick stocks for 10%.
When the 10% grows faster than the index, maybe you have proved you know what you are doing.
He did not listen to me. He has lost the $300k from buying Canadian environmental stocks.
He is going to run out of money and have to sell or mortgage his home.
Liberal

I Know another guy 64, who has a two year degree.
He was dead broke 20 years ago.
He was working as a handyman.
I told him to buy GOOG and AMZN.
He put half of his money where I told him.
He retired 10 years ago. He now has $2M in stock and his house paid for.
Conservative

I could go on with more stories, but they all have the same pattern. Liberals live on hope, while conservatives do what is practical. IQ and education do not help or hinder.

Pretty much in the same boat (no pun intended), only retired USAF and close turning 65. I'll likely continue to work for a while, even if the ssa.gov want to reduce my stipend.
Hoping to get an appointment with the local SSA office to get a better read on what my actual benefit will be. Especially interested what SSA calls 'first year earnings exemption'. Their web site leaves something to be desire when trying to discern some of this stuff.
I leaning on taking the money and running, regardless. I paid in, I dam* sure planning on getting some sort of return.

There is no "application." It happens regardless.
Yes, the loss of one of two SSI payments after death often results in a lower total monthly income.
I'm not being argumentative, just discussing.

Ah but Billy Joe and Bobbie Sue didn't have social security taken out of their paychecks for 50 years.

I started drawing at 62. Give me back some of that money you forced me to save, IRS. Life is short.

Sorry I am lost on this retirement thing so really can't help.

Turn 60 june 23
Collect that SSI schit soon as I can at 62.

Liberal Socialist Democrats gonna yank the schit from well off people who worked to be well off and give it to freeloaders.

Pocket spending money is how I see it being used.

True, it "happens regardless", but only IF the surviving spouse already was drawing SS benefit off of deceased spouse's SS account BEFORE their death instead of their own, which is typically approximately 1/2 of what ever (now) deceased's full benefit was. If the surviving spouse was drawing SS benefit off their own SS account they do have to contact SS and apply for the, "Survivor Benefit". https://www.ssa.gov/benefits/survivors/

Then go back to work.

For the OP " Military (Tricare) health care, also set for life." Just for money planning this is only sort of correct. In order for you to keep Tricare(for life) you must sign up for Medicare part B at 65, then Tri care becomes your secondary(for free). Part B is means tested, most folks a couple hundred a month as opposed to what your paying now(if your using Prime).....Wife younger than you ??? You'll pay for your Medicare and her Tricare(prime if your on that) at the single rate until she reaches 65, then guess what ?? I haven't researched this yet, but Medicare doesn't appear to have a family plan.... it's per person, please somebody correct me if I'm wrong....Just FYI

Joe

ButchAmmon: I retired 25 years and 2 months ago at age 50!
Retirement has been SO wonderful I only wish I had done so earlier!
Even if you were to be stretched a bit financially GET ON WITH RETIREMENT and do it as absolutely soon as possible.
Best of luck to you and yours.
Thank me later.
Hold into the wind
VarmintGuy

Did you retire at 62 SSI wise and ride on the tricare till the mandatory enrollment at 65 for medicare??
Basically not have medicare taken out of your SSI for those 3 years.

I been wondering about that for awhile.
You are the 1st poster in years that might be able to give the info I have wondered about that might be a guy that retired ssi wise at 62 and be a mil retiree like many of us are then had to enroll in medicare at 65.

Work is for suckers. Get out while you can. I retired at 56 and 9 months. No SS because of my pension. Play it safe financially for a year or so to get a feel for it then rock on.
Who the hell goes to work when you can make more staying home? FWIW I tried working part time for about 10 months. I wish I had that time back.

Over educated libtards suck at capitalism.... that's why they want to destroy it

I retired at age 57, 29 years ago on this coming Sept. 30th. With rising housing values I now have the highest net worth of my lifetime. In my favor was the fact my house had been long paid for so that didn't enter into the equation. I have volunteered for 5 years, worked part time for 4 years and had a good time for many years. Now I have reached a point of experiencing some of the health problems of old age and this limits a lot of the things I can do. We see our daughters almost daily (no grandchildren) and have seen both of them into retirement. I can't ask for anything more so will die happy whenever that might be.

Jim

Do it, take the money and run.

My Old Man died @61, so that's my lens.

You have done well, wish you had some grandkids.