1095 days to go....

centash

Well-known Member
......til I get to the cash for life age of 65, the Lord willing and me able. Still feel 25 inside... most of the time. Where have all the years gone? Ben
 
65? Can I get Canadian citizenship? I have to wait until I'm 66 and 8 months to get the full amount.
 
Back when social security was first enacted retirement age was 65, the average life span of an American was around 62, to be "fair" retirement age should be about 80 now. The "average" American retires at age 62 - the first year SS benefits are available.
 
Is it 67 and 9 now? Geez,it's like a carrot on a stick ain't it? Might as well go to 70 and gain another 20% or so.
 
Mine is also 66 and 8 months. It goes by the year you were born. The younger you are the older you have to be to get full benefits.

If I can figure out a way to cover myself and my wife with health insurance I will be getting out in 4 years 0 months at age 62.
 
I have another 3405 days till I turn 65 give or take a day or two for leap years,lol. Guess rrlund will get his cash for life before me too. Wonder if I can milk cows that long ? That would be 45 years , sound like a lot of milking time chores.Only 6810 more milkings and I could be free . Bruce
 
I'm 61,but I'd just as soon wait if my health holds up. The way I've been laid up for the last two weeks,I've sure been thinking about a change of plans,but I'm coming around. It's just going to take time,but it's depressing. Believe me,I'd rather be feeling good and working than sitting on my duff and getting a check for it.
 
I remember chuckling to myself when a neighbor who'd sold his cows,told me that nobody over 50 had any business milking cows. I figured they'd find me dead of old age in the barn some day. Then,when I got closer to 50,I started to realize that you can die of old age at 50. I started to think back to some of those old guys on the milk route when I hauled cans back in the early to mid 70s. Those old guys were out there in the barn 16 hours a day to send a can of milk a day. I knew I had to get in to something else while I was still young enough to get something else established and making some money.
I milked from nine days before I turned 16 until I was 48 and 167 days old. That was enough for me. If one of the boys had wanted to keep it up,I'd have helped them,but for one man alone to keep it up was just insane. I'm sure glad I quit when I did. I haven't been sorry for even one split second.
 
Before I looked at your text, I almost had a heart attack- I thought it was something about Obummmer.....
 
(quoted from post at 06:48:14 08/21/16) Back when social security was first enacted retirement age was 65, the average life span of an American was around 62, to be "fair" retirement age should be about 80 now. The "average" American retires at age 62 - the first year SS benefits are available.

If you look at your family history, you can get a feel for when you should plan your retirement. For myself, I plan on trying to retire early, since most of the men on both sides usually don't live much past their early 70's. And most died of heart attacks, so there usually isn't a big hospital bill saddling the women down afterwards. The money you collect each month may be less on early retirement, but I did the math, and would have to live to 84 to break even dollar-wise if I wait until 70 to retire. Probably not going to happen, although I have an uncle or two who broke the mold, one on either side of the family.
 
Im gonna be 61 soon,,have to think about it,,my dad and grandfather didnt live to old,,,maybe I ll take the early s.s. package,The wife still works and we can get medical thankfully.
 
Time sure does seem to fly by anymore. It sure does not seem like all those years are gone by but they have came and went.

I could retire now but I am waiting. You can only make around $12K and still draw your SS. So I would have to give much of it back anyway.

As for when to start drawing??? Well I have two Grand fathers than never drew the first check.

My Maternal Grand Father signed up and his first check came the day he was buried. My Grand Mother had to send it back.

My Fraternal Great Grand Father did not want assistance/welfare. He considered SS a form of welfare. He never signed up. He would only have drawn $166 a month anyway. His wife, my Great Grand Mother only signed up when she was in her mid eighties and could no longer do much work.
 
We were talking about this at the family reunion last month. 83 seems to be the age that the men in my family can't get past. Most make it there,but can't get over the hump for as many reasons as there were men who've passed on. The women have made it to their late 80s to mid 90s.
My mother's grand dad lived to 104,so unless I do something really stupid and do myself in,83 is as safe a bet as any. I don't think I can spend that many years doing nothing but watching reruns of Andy Griffith and Mr Ed.
 
I started this year. I'm 64. Had to quit work for a few months to take care of wife who was wheelchair bound for 3 1/2 months. Was going to start in Oct. anyway. SS office figured I would have to live to 84 to make up the difference if I waited till Oct.
My full benefits would not have kicked in till I was 67. SS office said I would have to live to 96 to make up the difference.
I can make up to 1500 per month now and when I turn 67 (full benefit age) my income can be unlimited.
I have been self employed my whole life, so any contributions to my account were made by me. I didn't have an employer paying half of my SS. Being an employer, I had to pay for 1/2 of each employees SS benefit.
I have paid plenty in. It is my money. And I am going to get as much back as possible. They're not paying me interest, so I want it back as quick as I can get it.
 
They kind of do pay interest. If you wait,you get more. Every year there's an increase that's the same as the Consumer Price Index. The more you make by waiting,the more that annual increase will be in real dollars,and it'll compound more each year on the higher increase.
 
Here, we have the option of taking an early pension at 60, at a reduced payment of course. Those born after 1959 have to wait til they are 67 to draw the full pension, unless the government repeals that fairly recent law. We can also wait to draw a pension up to 72 years of age, with a corresponding increase each year. One has to do the math and figure out what your earning potential is from now on, how long you calculate you are going to live and how any capital assets and their disposal will affect your income, and thus your taxes, and ultimately any government claw back of your pension if your income is high enough. Figure that one out......Ben

...and thanks for the birthday wishes!
 
I started at 62. I did the math and to wait until 66 I would be close to 78 before I come out ahead. I had a bout with cancer at 61. I figured it was a no=brainer.
 
You may get "full benefits" at any age from 65 and up depending on your age, but full benefits really start at 70 . If you look you will see that if you delay until 70 you get more. I am not saying to do this, I retired at 64, and am glad I did, just that the amount you get goes up until the age of 70. I don't understand why this "full benefits" age stuff when it is really age 70.
 

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