Home Forums Hunting & Shooting Hunter's Campfire Boomer entitlements!

So I note is says nothing about having paid for that right does it? If I buy a bag of potatoes are those potatoes an entitlement? Is SS a right? It's not in the Constitution though it was legislated into existence. Is gun ownership an entitlement? Free speech? If I have a just claim to SS why can't I ask for all my benefits in cash payable immediately? My 401K worked out nicely, dumping 6.2% of my income into SS over 50 years not so much. Some of those years I put in 12.4% of my income because I was self employed. Seems to me that as a lump sum adjusted for inflation would be some nice coin. As far as that goes I pay taxes on the SS I receive and at the same time I pay into SS where I work. Personally I would rather have invested that money into my 401K. I see SS as a fund I was forced to pay into and do not see getting repaid as an entitlement.

It's like a living meme....

But; the average life expectancy in U.S if you reach age 65 is 86 for female and 83 for male.

Never met either one of you gents.

I have been told best time to pull SS depends on the individual, their resources, their family history, etc.

From what I read from EdM, I would guess he has the numbers part down pat.

If he is pulling it at 62, there is some sound financial reasoning going on.

From what I read from 79s, he doesn't make stuff up either.

Waiting is probably the right move for him based on taxes, life expectancy, expected additional work income, etc.

Moral of the story: drawing ss for an individual at a particular age may or may not be a good move, depending on their unique circumstances.

Agreed, but you/I also have to take into account hereditary longevity to some extent. In my case, I'll be "over-achieving" to make it to 79 based on family history. IF I do somehow make it to 83, the net loss (todays dollars) would be roughly $16K in drawing as planned at 65 VS waiting till I'm 67.

The biggest difference in when to claim IMHO, is the need/requirement.

For some they NEED it to be able to retire, for other's it's not NEEDED, but can make retirement more enjoyable. It's a personal choice and we all assume some risk. In my case I'd rather enjoy the next 5-10 years while physically capable of going on hunts etc.

I also plan on using some of the SS money to pay taxes on some ROTH conversions to gain more tax free income down the road.

Thanks for that post, Sycamore. I began drawing at 63 (wanted to do so at 62 but was still earning a little consulting money on the side that put me over the earned income limit that year.).
When I first sat down with my current financial manager several years ago, he asked "when to you plan to take SS?" When I answered "62", he said - "Thank goodness, you saved me from having to have to talk you into that!"

I really disagree with the earlier point that "really needing the money" is the only valid reason to take SS early. On the contrary, NOT needing the money is one of the very best reasons to take it as early as possible.
First - If you don't need it at all, and just invest it in equities, your expected value over time will be higher, because the market historically grows at much better than the percentage you realize leaving your SS with Uncle Sugar."
Second - If you're just going to use it to have fun with, money is a lot more fun when you're younger. The way our bodies start to degrade with age, an African safari may be a far more enjoyable event at age 63 than at age 68.

Lastly, ALL of the SS planning tools you see, and ALL that have been used to illustrate different folks' personal feelings about when to take it, have a common assumption - that the DEAL with SS remains unchanged. I contend this is highly unlikely.
As someone pointed out earlier, SS goes [insolvent] in 2033 (not really "belly-up"). What is the government likely to do to keep it working? They could increase the taxes on those not drawing it yet, or raise the age to be able to. But by far the most likely thing they'll do is legislate a "means test" to it. This is the easiest thing for a politician to NOT get voted out of office for as it is pretty easy for politicians to create "class envy" and convince most people that those who can live without it really don't deserve to get back any of that money they paid into it over their lifetimes.

So I took it early to:
-Get in the club early to already be an established member (grandfather clauses) when/if they start means-testing it
-Use it to have more fun with it while I'm relatively young.

Even if you think the entire decision process is just trying to maximize the money you make in your lifetime (versus maximizing the fond memories you'll have on your deathbed) the uncertainty of SS's future should be a consideration in your decision.

Cheers,
Rex

We are clearly on separate pages; of different books.

I was forced to pay into SS. Are entitlements forced? I am still paying into SS and paying taxes on the checks they send. How is that entitlement?

Two yes/no questions:

Did you pay in?
Do you have a claim to receive benefits?

Look jackass I was forced to pay in. I am still paying in. it is a pay to play Ponsi scheme that hasn't toppled just yet. It is only an entitlement if I had a choice in making the payments. In fact one could call SS an extortion racket with a small payout.

I was planning on working a few more years towards maximizing my SS, as I was/am in fairly decent health.

Then, the detached retina thing with loss of vision would have prevented me from doing the job I liked where I worked. The job with LOTS of OT and not having to work around the bosses and scheidt on shore. They were worried about my depth perception and me possibly going over the side. I might have stayed if they'd allowed me to just work the 12 hr night shifts, but no they wanted me to go to days every few weeks in the rotation.

Penciling it out, without the OT I could make x dollars per year or I could retire, collect from my pension/retirement savings and start on SS at 62.5 or so and make..........x dollars per year.................and not have to work 8 months a year away from my wife and dogs, basically support another small household, drive back and forth from wherever she was working/living at the time, etc etc.

Those that have no regular life besides work, or any feeling of self worth unless they're working , might have taken another course than I did.

I have no issues with retirement and our lifestyle. The SS I do get allowed me to set the withdrawals from the retirement savings at a conservative level so that I'm mostly living off the interest. I will likely change that as I get older as I've never seen an armored car in a funeral yet.

If you are self-employed, Staying in business to some degree. Lets you deduct on taxes.

Well I feel entitled today. Kids and grandkids were coming over to help remove carpet. I ran down and got paint tape, and paint. As soon as the carpet was out, I passed out paint, rollers and trays. Plus a couple trim brushes.
They are all painting, while I enjoy watching, and supervise. And looking at things on the web!

Dude,

you must have taken your Ultra Boomer Smart Pills this morning.

Correct, SS was not meant to be a sole retirement income.
But back when, and still today, young and old live way beyond their means, via credit cards they can't support. Talk about fools eh? I can hardly believe the $80K trucks that I doubt haul much more than the driver, but look cool. And meanwhile, hundreds of thousands of jobs go unfilled, by those of working age.

Words have meanings; and very specific ones. That you were “forced” to pay in has fúckall to do with it.

You paid in, you have a claim to receive benefits. No more; no less. All your other hand waving is superfluous. I’m not saying it’s fair; just; a good idea; or anything else. But it’s the very definition of an entitlement. That you wish to use alternate definitions or connotations of the word is on you and your willful obstinance.

Can you working slobs decide at which rate to pay into SS?


My folks talk about how there was a range of what they could pay. Min to max.


Is that how it is for you poor 9 to 5 bastards?

Rickity is gonna blow a gasket

LOL. Sounds so familiar……..

Kenneth wasn’t wrong yesterday, but today you go!

If you are a genX, you ain't gonna have SS.

If by some godforsaken miracle we do, I guess I'll take 3K a month (or whatever it is, I have no idea) and give it to my family, cause it's not in my calculations.

I suggest some take similar measures.