Social security at 62?

[800renegaderider]

1 minute ago, Snake said:

For some people that few hundo is the difference of a lifetime.

Sounds like everyone here is pretty squared away, not everyone was so fortunate.

Probably true considering I seen something like 50% of Americans don’t have anything at all saved for retirement. I guess I shoulda said if you can retire comfortably at 62 it’s just seems greedy to wait over a few bucks.

[racer254]

Why bother taking it at all if you don't need it?

[spin_dry]

36 minutes ago, racer254 said:

Why bother taking it at all if you don't need it?

Because some of us have grandchildren. 

[DriftBusta]

1 minute ago, spin_dry said:

Because some of us have grandchildren. 

Game changers.  

[smokin george]

I took my CPP ( Canada Pension Plan) at a small reduced rate at age 60 and Old Age Security at 65 and retired at 66. By working till 66 the CPP still increased and for 6 years I made sure I put money into RRSP"S to save on some tax money. I never touched any of that money and had a little nest egg saved up.

[Snake]

2 hours ago, racer254 said:

Why bother taking it at all if you don't need it?

It's fucking mine.

[Big Crappie]

Retired at 60 and taking ss at 62. Wife and I could live off of our ss without touching retirement plan money because we saved in preparation for retirement. 

Have any of you ever met a financial guy that doesn't say taking ss early is a bad idea?

Edited September 7, 2023 by Big Crappie

[ArcticCrusher]

8 hours ago, 800renegaderider said:

Probably true considering I seen something like 50% of Americans don’t have anything at all saved for retirement. I guess I shoulda said if you can retire comfortably at 62 it’s just seems greedy to wait over a few bucks.

50% of Canadians live paycheck to paycheck now.  

[awful knawful]

12 hours ago, DriftBusta said:

This is USA.  62 unless you're disabled is the earliest you can take it.

Take it as soon as you can.

Wtf you going to do at 70 with extra money? Nothing.

[DriftBusta]

Just now, awful knawful said:

Take it as soon as you can.

Wtf you going to do at 70 with extra money? Nothing.

Its not extra money for many.  I figured this subject would bring out all the experts.  I said its a personal decision often dictated by needs, values, goals, etc..  When you're 85, and living on 50% less than what you would have had if you waited, it starts to make sense. 

[Mainecat]

7 hours ago, Big Crappie said:

Retired at 60 and taking ss at 62. Wife and I could live off of our ss without touching retirement plan money because we saved in preparation for retirement. 

Have any of you ever met a financial guy that doesn't say taking ss early is a bad idea?

NO…..lol

[awful knawful]

1 minute ago, DriftBusta said:

Its not extra money for many.  I figured this subject would bring out all the experts.  I said its a personal decision often dictated by needs, values, goals, etc..  When you're 85, and living on 50% less than what you would have had if you waited, it starts to make sense. 

My parents are 73 and 74. They don't need or spend very much because they can't do as much anymore.

Mom retired at 53 and dad at 56. Both started drawing at 60 and they enjoyed themselves.

[ViperGTS/Z1]

11 hours ago, racer254 said:

Why bother taking it at all if you don't need it?

  Pension will cover all bills and then some........not going to turn down some SS money I can actually have fun with and do as I please.... I've probably paid into it for a good 45 years.    Fireworks are expensive 

[DriftBusta]

Just now, awful knawful said:

My parents are 73 and 74. They don't need or spend very much because they can't do as much anymore.

Mom retired at 53 and dad at 56. Both started drawing at 60 and they enjoyed themselves.

Hey good for them.  My boat neighbor is 78, owns a 58' yacht and travels the east coast on it.  He still works.  What about him?

[SnowRider]

Just now, DriftBusta said:

Hey good for them.  My boat neighbor is 78, owns a 58' yacht and travels the east coast on it.  He still works.  What about him?

Is it about him or the fact he’s your boat neighbor and has a 58’ yacht? 

[DriftBusta]

Just now, SnowRider said:

Is it about him or the fact he’s your boat neighbor and has a 58’ yacht? 

He seems to think its about him.  I'm giving him an example of someone in a far different situation.  This guy took it at 70 for the better benefit.  Many people still work because it gives them purpose, particularly people who own businesses, or work with their heads and not their hands.  WTF do I know, I do this for a living.    

 

[Doug]

First question a financial advisor will ask is what you want to do in retirement.  Once you answered that in detial then a financial plan can be made.  Everybody going to be different.  

[awful knawful]

5 minutes ago, DriftBusta said:

Hey good for them.  My boat neighbor is 78, owns a 58' yacht and travels the east coast on it.  He still works.  What about him?

Still working? Hope it's by choice.

[DriftBusta]

Just now, Doug said:

First question a financial advisor will ask is what you want to do in retirement.  Once you answered that in detial then a financial plan can be made.  Everybody going to be different.  

Thank you.  I love how everyone in here has a pension.  Approximately 30% of this country's workers have a defined benefit plan, and that number is shrinking.  

[800renegaderider]

2 hours ago, ArcticCrusher said:

50% of Canadians live paycheck to paycheck now.  

61% in murica. I think that’s what the elites want.

https://www.cbsnews.com/amp/news/paycheck-to-paycheck-6-in-10-americans-lendingclub/

[DriftBusta]

Just now, awful knawful said:

Still working? Hope it's by choice.

Of course its by choice.  A successful retirement includes having a purpose.  The last thing you want to do is sit home and watch tv all day and stare at the walls.  That can be anything from still working part time, Walmart greeter, fixing up your house, anything.  Just staying active.

[awful knawful]

1 minute ago, DriftBusta said:

Of course its by choice.  A successful retirement includes having a purpose.  The last thing you want to do is sit home and watch tv all day and stare at the walls.  That can be anything from still working part time, Walmart greeter, fixing up your house, anything.  Just staying active.

Working till I physically can't is not on my agenda.

I'm always busy. Atv, boat, gym, skidoo, camp. I have a nice garage I spend a lot of time in.

When I retire, like my parents, I won't work ever again.

[800renegaderider]

15 minutes ago, DriftBusta said:

Hey good for them.  My boat neighbor is 78, owns a 58' yacht and travels the east coast on it.  He still works.  What about him?

Sounds like my boss…greedy and never happy with what he’s got. I’m glad work isn’t all I got to live for. 

[DriftBusta]

6 minutes ago, 800renegaderider said:

Sounds like my boss…greedy and never happy with what he’s got. I’m glad work isn’t all I got to live for. 

Its not about greed guy, he loves what he does.  And when I say work, we're not talking about punching a clock and putting 8 hours in.  My only point in all this is that everyone's situation is different.  My brothers MIL is 86 and has a personal trainer.  She's in better shape than most 40 year olds, amazing for her age actually.   

[spin_dry]

12 hours ago, ViperGTS/Z1 said:

Yeah.... that's how I feel as well.  I'm fortunate enough where this will all be play money to me. Will use it for traveling, vacationing, etc. while we are both still healthy to do so.  In my situation it just doesn't make sense to wait.

I worked with a psychologist who began his SS at age 66 and change. He collected and continued to work full time. He finally retired at age 73 midway through COVID. His retirement was a big loss to staff and his clients. During the weeks leading up to his retirement he said that he wanted to go out before he became on drag on his coworkers and got negative about working with people’s problems. I thought that was a pretty good approach.