snoughnut Posted September 7, 2023 Share Posted September 7, 2023 48 minutes 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. No guarantee most are going to make it that far anyway. You're one of a very few who say wait. I agree with those who say take it at 62. 23 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. Your boss sounds like a horrible human being. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 7, 2023 Share Posted September 7, 2023 42 minutes ago, DriftBusta said: 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. And he also lost 8 years of benefits that he may never make up and he could die any day. Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted September 7, 2023 Gold Member Share Posted September 7, 2023 21 minutes ago, snoughnut said: Your boss sounds like a horrible human being. Won’t argue with that. We had a guy I worked with for over 12years die on the job in the shop he didn’t even stop work or close for the rest of the day. He didn’t even shut down for the wake or funeral and he worked for him for 20+ years. 2 Quote Link to comment Share on other sites More sharing options...
Snake Posted September 7, 2023 Share Posted September 7, 2023 Pulling the plug at 57 was the best thing the wife and I ever did. 3 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 7, 2023 Share Posted September 7, 2023 57 minutes ago, snoughnut said: And he also lost 8 years of benefits that he may never make up and he could die any day. Yup. And if he lives to 85, he will have collected more than if he took at 62. Simple math. It was his personal decision and risk to take. He and his wife live a great life and if he died tomorrow I doubt he’d have any regrets. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted September 7, 2023 Platinum Contributing Member Share Posted September 7, 2023 19 minutes ago, Snake said: Pulling the plug at 57 was the best thing the wife and I ever did. Earlier the better. I honestly don't know anyone who regrets retiring. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 7, 2023 Share Posted September 7, 2023 4 minutes ago, DriftBusta said: Yup. And if he lives to 85, he will have collected more than if he took at 62. Simple math. It was his personal decision and risk to take. He and his wife live a great life and if he died tomorrow I doubt he’d have any regrets. That's a big if that alot of people won't realize. The little extra you gain "if" you live that long isn't worth the wait. 62 FTW!!! Quote Link to comment Share on other sites More sharing options...
Snake Posted September 7, 2023 Share Posted September 7, 2023 2 minutes ago, Steve753 said: Earlier the better. I honestly don't know anyone who regrets retiring. I would bet for 60% or more of what we heard here is bullshit and they found themselves to not to be in a position to retire financially. "Oh, work is awesome, why would I give that up?" Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted September 7, 2023 Platinum Contributing Member Share Posted September 7, 2023 13 minutes ago, Snake said: I would bet for 60% or more of what we heard here is bullshit and they found themselves to not to be in a position to retire financially. "Oh, work is awesome, why would I give that up?" Alot people retire just so they can get away from working for the man for 30 years. I've got a friend who retired and does property management now. Has employees, does no manual labor. Vacations when he wants. I'm in the same position. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 7, 2023 Share Posted September 7, 2023 1 hour ago, snoughnut said: That's a big if that alot of people won't realize. The little extra you gain "if" you live that long isn't worth the wait. 62 FTW!!! Dude. Do you. Ok? It’s one thing to have an opinion. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted September 7, 2023 Author Share Posted September 7, 2023 2 hours ago, DriftBusta said: Yup. And if he lives to 85, he will have collected more than if he took at 62. Simple math. It was his personal decision and risk to take. He and his wife live a great life and if he died tomorrow I doubt he’d have any regrets. If I didn’t have the option of survivor benefits I’d have waited until the FRA of 67 to start mine. There are projection charts available that show break even ages for SS. Those charts are quite revealing. When one considers how much in investments it takes to produce the income of SS, they’ll quickly realize how powerful of a retirement tool it really is. Consider how much in investments it would take to throw off $3000 or 3500 per month in interest or dividends. Quote Link to comment Share on other sites More sharing options...
Doug Posted September 7, 2023 Share Posted September 7, 2023 Retirement income is based on what you want to do in retirement. Traveling, trips, having multiple homes buying a new snowmobile evert year is a lot different requirement than sitting on a forum 80% of your day arguing with people. 1 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 7, 2023 Share Posted September 7, 2023 1 hour ago, Doug said: Retirement income is based on what you want to do in retirement. Traveling, trips, having multiple homes buying a new snowmobile evert year is a lot different requirement than sitting on a forum 80% of your day arguing with people. Exactly. Quote Link to comment Share on other sites More sharing options...
Anler Posted September 7, 2023 Share Posted September 7, 2023 4 hours ago, Steve753 said: Earlier the better. I honestly don't know anyone who regrets retiring. I know a couple guys who didnt prepare properly and are not doing very good in retirement. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted September 7, 2023 Platinum Contributing Member Share Posted September 7, 2023 4 minutes ago, Anler said: I know a couple guys who didnt prepare properly and are not doing very good in retirement. Lots of work out there. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted September 7, 2023 Share Posted September 7, 2023 16 minutes ago, Anler said: I know a couple guys who didnt prepare properly and are not doing very good in retirement. That's not hard to believe, I read not to long ago that approximately 35% of working adults have nothing saved for retirement. Quote Link to comment Share on other sites More sharing options...
Edmo Posted September 7, 2023 Share Posted September 7, 2023 4 out of 10 don’t contribute at all to their 401k even with company matching. And 50% of people with 401k’s don’t have a clue how to manage the investments. It’s ugly out there…. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted September 7, 2023 Author Share Posted September 7, 2023 I come across people who are living in vehicles not out of choice, but necessity. Many have stories of divorce, substance abuse, and obvious mental illness. They’ve had rocky work histories and little in the way of savings. Some survive on as little as $900/mo or less. Quartzsite AZ is filled with people like that. Quote Link to comment Share on other sites More sharing options...
racer254 Posted September 7, 2023 Share Posted September 7, 2023 7 minutes ago, spin_dry said: I come across people who are living in vehicles not out of choice, but necessity. Many have stories of divorce, substance abuse, and obvious mental illness. They’ve had rocky work histories and little in the way of savings. Some survive on as little as $900/mo or less. Quartzsite AZ is filled with people like that. I am curious how divorce would cause someone to do badly in retirement Quote Link to comment Share on other sites More sharing options...
spin_dry Posted September 7, 2023 Author Share Posted September 7, 2023 2 minutes ago, racer254 said: I am curious how divorce would cause someone to do badly in retirement They have less than a desirable amount in a retirement fund, and what they did have was split with their ex-spouse. Couple that with it being more expensive to live alone and there’s a big drop in the standard of living. Quote Link to comment Share on other sites More sharing options...
racer254 Posted September 7, 2023 Share Posted September 7, 2023 (edited) 51 minutes ago, spin_dry said: They have less than a desirable amount in a retirement fund, and what they did have was split with their ex-spouse. Couple that with it being more expensive to live alone and there’s a big drop in the standard of living. Ah, just thought if everything was split equal it would "equal" out, didn't take into accunt living alone Edited September 7, 2023 by racer254 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted September 7, 2023 Share Posted September 7, 2023 3 minutes ago, racer254 said: Ah, just thought if everything was split equal it would "equal" out, didn't take into accunt living alone It often has a huge impact. One household working together saves a nest egg. Then half of that nest egg goes out the door and then add a huge support or alimony payment. We have to actually file the divorce decrees for people when they split those up, because we have to prove its a court ordered transfer.. Often, some pretty interesting reading in those documents. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 7, 2023 Share Posted September 7, 2023 8 hours ago, Steve753 said: Earlier the better. I honestly don't know anyone who regrets retiring. I did it at 50. Was my plan since I was 18. Quote Link to comment Share on other sites More sharing options...
ford_428cj Posted September 7, 2023 Share Posted September 7, 2023 Brandon is giving illegals $2200 a month... Quote Link to comment Share on other sites More sharing options...
Doug Posted September 7, 2023 Share Posted September 7, 2023 2 hours ago, Anler said: I know a couple guys who didnt prepare properly and are not doing very good in retirement. Our niece/godchild is our financial advisor and was tutored by a very successful financial advisor. She has done very well for us. Guy I snowmobile with had his own bodyshop and sucks as much out of it as he could before he sold it and thought he was set for the rest of his life. Between going on a spending spree and paying taxes he is now back to working full time and his wife part time trying to maintain their life style. Financial they are not doing very good and in their late 50's Quote Link to comment Share on other sites More sharing options...
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