Video on not taking social security at age 65
- Thread starter GON
- Start date
There is no additional 5 year requirement for Roth conversions after you reach 59.5 years old. Both earnings and the converted amount may be withdrawn without penalty. There are even a few "professionals" that get that wrong, but it is clear in the tax code.
Don't forget the widow/ widower tax if one spouse predeceases another. You lose a big exemption and have to go with the single tax table vs. the married filing joint. Nobody likes to think about it, but you could easily jump a couple of tax brackets if you don't convert those 401k/IRAs to Roth while you both are still alive.
Everybody has heard that the 2 things you can't avoid are death and taxes. Retirement adds a third health, taxes, and death. Sorry to be so blunt but health has derailed more retirement plans than anyone knows right before retirement or early in retirement. Before you set a date think about insurance and you and your family's health. Time and health are not on a retiree's side even with a lot of money or the best plan these 2 things can and do make or break retirement.
I think we all know people who retired not because they were ready either emotionally or financially but because they were compelled to do so due to declining health.
I plan on departing my job for retirement in April.
I remain healthy at 68 but want to leave while we can still travel and enjoy a life of relative freedom.
While putting retirement off past the earliest possible date does result in a better financial outlook one is also taking the risk that one may have to retire at a date unplanned as increasing age brings increasing chances of infirmity.
GON
$150 Site Donor 2025
Very temporary windfall but doesn't impact social security shortfalls over the long haul.
https://fortune.com/2025/02/19/americans-died-covid-social-security/
https://fortune.com/2025/02/19/americans-died-covid-social-security/
I'm 64 and still work 50-60 hours a week. I have a good job that I like and it pays well. I'm financially set with good health care but just NOT ready to pack it all in yet. Being single has a lot to do with that too. We all have different circumstances that we live under. Some day I will wake up and think "You know what? I don't wanna do this anymore" and then it will be time.
Well done.
Teach people how to count. Start personal finance in grade school.
I know of a couple of highly educated young people with good Silicon Valley jobs.
They drive drop dead gorgeous Mercedes but cannot afford rent or buy a property.
I know of a couple of highly educated young people with good Silicon Valley jobs.
They drive drop dead gorgeous Mercedes but cannot afford rent or buy a property.
GON
$150 Site Donor 2025
Not sure I concur with that. We all have different things that motivate and drive us to do things. Some genetic, some from life experiences, sometimes outside influences, sometimes drawing the "short straw" (medical). I understand why many on this thread chose to retire. I also understand why so many chose to produce rather than receive. It is a personal choice, with no wrong or right path.
The social security payout is continually updated based on actuarial tables. When you retire - you have an internal payout number based on your inputs, and then its divided out based on the number of months your expected to live from that point on. As people live longer, they payout simply gets spread out over a longer period. The system wasn't broken because people live longer. It had other inherent flaws.
This has always been true - social security is progressive. Meaning the more you put in, the less comparatively you get back out.
Sure. It depends on demographics, and who your benefiting and who your slighting. They were able to raise full ss age from 65 to 67 in 1983. They made it effective for people born after 1960. So as you can see, anyone under the age of 23 was disenfranchised. Not many people under 23 can legally vote, and very few that can do. Easy peasy.
GON
$150 Site Donor 2025
Interesting assessment of how the age was raised. Thanks for posting, something I never connected the dots on.
Its a required high school course in South Carolina and it doesn't help much I don't think. When your 16 or whatever you don't think that far ahead. 30 is old. Retirement isn't even a word you understand.
But at least give kids a fighting chance. Perhaps it will kick in before Social Security becomes their retirement plan.
No one taught me about money; homelessness did. That can be a great teacher but there need to be alternatives.
I am not against the class at all. My point is I don't think its going to help you much.
I have a personal goal of changing the future of some of the young people in my family that have zilch for financial guidance. Worse than I had...
I have promised each of my grand nieces a new Tesla if they finish a 4 year degree. I take them to the wonderful Universities in our area.
They understand the money will be there if they do the work. I talk to them about their futures and money all the time. I ask them for ideas about what I can do with my estate. When they have no idea, I ask them to work on it and get back to me.
These kids give me purpose. I am hoping we can achieve ongoing generational wealth. Wish me luck...
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GON
$150 Site Donor 2025
"Every man is a consumer and ought to be a producer." - Ralph Waldo Emerson (1803 - 1882) American Philosopher and Poet
And a interesting webpage on the subject:
While consuming is incredibly easy and requires little to no effort, producing is the exact opposite. Producing something of worth or of value takes some or a lot of effort and the results are not immediate. To be a producer, you need to be determined, patient, put your skills to the test, and be able to think outside the box. Even though producing may not be the most fun or most enjoyable thing to do, it’s really what we as human beings are meant to do and what also gives us the most satisfaction.
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