Don't say that. M56959 will lock this puppy up tighter than Ft. Knox.A lot of reduncy mentioned. This has run its course.
Don't say that. M56959 will lock this puppy up tighter than Ft. Knox.A lot of reduncy mentioned. This has run its course.
Close, but no cigar... Ha!Well bond funds are basically like cash, what's the return on them? At 3-4%, that'd just be $300-$400 on 10k.
As I said before, the average social security payment is $1647 and as you took it early probably even less, just how far does a social security payment even go to enjoy?I'm going to turn 70 in another 8 months. And I've been collecting for 7-1/2 years thus far...... And enjoying every moment of it, only because my health has held up so far. While 3 out of 4 of my high school buddies are dead. Will I make it another 7-1/2? I hope so, but even if I do, there is no guarantee on what kind of shape I'll be in. That could change with the next check up.
As I said before, it was never meant to live on. The difference, (to me anyway), between 62 and 65 sure wasn't enough to keep me working for another 3 years of my life. And certainly not for another 8, in order to take it at 70.As I said before, the average social security payment is $1647 and as you took it early probably even less, just how far does a social security payment even go to enjoy?
Depends on your situation, same as people who retire early and don't even have taking early SS as an option.As I said before, it was never meant to live on. The difference, (to me anyway), between 62 and 65 sure wasn't enough to keep me working for another 3 years of my life. And certainly not for another 8, in order to take it at 70.
When coupled with my pension , it allowed me to not take any monthly disbursement from my 401k to date .As I said before, the average social security payment is $1647 and as you took it early probably even less, just how far does a social security payment even go to enjoy?
Anyone who has paid into S.S., and has a payment coming, has the option to take it at 62. (At least when I took mine).Depends on your situation, same as people who retire early and don't even have taking early SS as an option.
You don't have to keep working to 70 to start collecting SS at 70.As I said before, it was never meant to live on. The difference, (to me anyway), between 62 and 65 sure wasn't enough to keep me working for another 3 years of my life. And certainly not for another 8, in order to take it at 70.
What's that average $1647 a month payment correlate to the average salary per year? Lots of people have some pretty good careers and make lots of money, so there SS payment will be much more than that.As I said before, the average social security payment is $1647 and as you took it early probably even less, just how far does a social security payment even go to enjoy?
Who knows, it's just a number that social security puts out.What's that average $1647 a month payment correlate to the average salary per year? Lots of people have some pretty good careers and make lots of money, so there SS payment will be much more than that.
Well it's not as if people are bring in 10k a month in Social security payments. Social security taxes phases out after a certain income so it doesn't matter how much more you made, there's a max for social security benefits which is about $4194 if you waited til 70 to collect and just $2364 is the max if you retired at 62. The max at full retirement age in 2022 is $3345.^^^ "Lots if people" doesnt mean more than the number of average wage earners, but what I'm saying there ate lots of people who will be getting more than the avg SS payment based on their career and how long they worked.
Depending on the situation, it could be substancially more than $1647. That's my point.Well it's not as if people are bring in 10k a month in Social security payments. Social security taxes phases out after a certain income so it doesn't matter how much more you made, there's a max for social security benefits which is about $4194 if you waited til 70 to collect and just $2364 is the max if you retired at 62. The max at full retirement age in 2022 is $3345.
Yeah my point of using $1647 was to point out the average. Couldn't really use a specific number as no one would actually say what they're getting and everyone would be different but sometimes it's helpful to spell out exactly how much money we're talking about.Depending on the situation, it could be substancially more than $1647. That's my point.
Of course, that's why everone needs to do their own specific analysis. Not use an average number, or think that's what they'd get a month if not familiar with how SS works.Yeah my point of using $1647 was to point out the average. Couldn't really use a specific number as no one would actually say what they're getting and everyone would be different but sometimes it's helpful to spell out exactly how much money we're talking about.
I understand that. But you have to keep living.You don't have to keep working to 70 to start collecting SS at 70.
I've really never understood the fixation with having your house/car paid off.
My budget allows for a new vehicle and a larger house payment.
I think that is the answer right there. Most are looking to retire when the numbers just barely add up in the budget—or are forced into that decision, either fate or poor planning.If you retire when you just have enough to pay bills, why retire?
The person who pays most taxes is a typical W2 wage earner. If your income is from investment (NOT deferred like 401K or IRA) then you pay less in taxes than earning that income as salary. In general, retired person would pay less in income taxes as percentage of their income. Theoretically speaking, you would need even less than the 70% of your pre-retirement income assuming you keep the rest of the expenses same.I think that is the answer right there. Most are looking to retire when the numbers just barely add up in the budget—or are forced into that decision, either fate or poor planning.
I know that for myself, mortgage is over 10% of my income, thus it is no small line item in the budget. In retirement, if I stop saving 20%, and stop paying 10% to a mortgage, then theoretically I could retire on 70% of my income. In my case that is around 10x salary in retirement investments and waiting until 67 so as to get my 30% SS (I have yet to hit the cap but its payout percentage decreases).
Use it to travel, put into my 1970 Monte Carlo, use it to just enjoy life. I also have a pension and a decent TSP balance which I draw a little bit of each month and I'm debt free. I can live on just my pension alone so everything over that is just cake. Plenty of my former co-workers died before even reaching SS age much less FRA. My step-father died suddenly of Pancreatic cancer at age 66 and he had hardly ever been sick his whole life.Just curious what your plans are for enjoying anywhere from $1000-$2400 a month. I think $1657 is the average social security payment.