UltimatelyFRA=ASAP
Yea
Smart people will take all the money
UltimatelyFRA=ASAP
That's because later on in life your quality of retirement does depend on what you saved and/or investments. I know (for a fact) there are some on here whose primary income is that of SS -unfortunately.Save like your life depends on it
p.s. one thing I was trying to express, and am trying to figure out myself, is the time factor. There is absolutely a time that comes, when time > money.
Here's an exaggerated example. During the pandemic, people got an extra $600/week. PER WEEK, on unemployment. This made no sense. There were people who made more collecting unemployment, than they did at their jobs. I've never in my life been given $2,400/mo. extra, for nothing at all lol (my bro for example collected the regular max of $700+, and a $600 additional, so that's around $67k/yr on unemployment, more than an entry level person's wage). This permanently shaped the wfh mentality imho
Exactly! And those same dirt bags spit on their landlords and demand rent control................what an awful messI’m still mad that trillions and trillions of cash was handed out like Halloween candy.
That made people very lazy and not wanting to work or pay their bills.
Some dirtbags didn’t pay their landlord a penny of rent but had money to buy a brand new vehicle.
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For most people they need the SS to live on.Most of the calculations on break even points concerning when to start SS don't take into account the time value of money. I did a spreadsheet assuming taking SS at 64 (when I retired), investing the payments, then withdrawing from that investment account after reaching FRA an amount equal to make up for the 16% lost by taking it two years early.
With an investment return of above 5%, I always came out ahead taking it early, even if I lived to over 100. At a nominal investment gain (S&P500 average) of over 8% the account would continue to grow nicely, even after the withdrawals. The spreadsheet however didn't take into account income taxes, COLAs or survivor benefits.
In spite of this conclusion, I delayed starting SS until I was almost 70. I didn't need the payments to live on and I used the in-between time to convert part of my IRA to a Roth IRA at a low tax rate. Plus my wife gets a higher payment if I go first. If SS payments get reduced because the trust fund runs out, it will have been a bad decision, but I think that is a low probability event.
Which is really unfortunate. SS was built to be a safety net, that’s the original concept, with 12 workers for every beneficiary.For most people they need the SS to live on.
+1 A good buddy owns rental properties and had two nurses renting from him during the pandemic and they refused to pay rent when the green light was given not to pay rent. He was told to shove it when he said you're working. He still didn't get that money.I’m still mad that trillions and trillions of cash was handed out like Halloween candy.
That made people very lazy and not wanting to work or pay their bills.
Some dirtbags didn’t pay their landlord a penny of rent but had money to buy a brand new vehicle.
Very sad and pathetic what was allowed to happen…...![]()
I agree, but carefully calculated you will be able to use that Social Security money that you put into the system.Which is really unfortunate. SS was built to be a safety net, that’s the original concept, with 12 workers for every beneficiary.
Safety net is there in case you fall.
If everyone needs the safety net, they aren’t doing a good job on the high wire…
Agree, it's a media attention getter and also a politicians scare tactic. Scare the public to get their vote. Ummm.. kind of recently can remember that with a world health event a while ago. Without adjustments Social Security would have been broke a LONG time ago. Every couple of decades it needs to be reformulated to longer lifespans and changing demographics. It will NEVER go broke and it will NEVER be cut.Social security is unlikely to ever be cut. It is suicide for people wanting to be elected or relected.
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Back on topic, I'll take SS when I'm 66 and 8 months. The way the program is running there's always the possibility of them running out of money and telling me to pound sand.
Never say never.I know you pretty well, I know you know enough not to believe the mass media and other scare tactics. SS will always be here and adjustments will always be made but nothing will ever be cut.
Yes, it's possible anything is and well, if you think its possible you should take it now and keep working anyway. Dont know your age but if you take it at 62 you will most likely collect based on nothing but a guess $120,000 or more by the time you are 67/ So you can keep working, bank that SS money which will grow over the years. Let them take the $1 for every dollar you earn, it will get reformulated once you retire anyway and your payout will be higher if it is still around and if it isnt you banked over $150k from the system. Im using a LOW number for monthly payout ($2000) and I am sure most people are higher and $200k with interest might be more realistic that you collect over those 5 years to retirement.Never say never.Having said that it might not be done away with in my lifetime but............. I can't say what I think might happen and where some of the money from SS could end up going.
Fun is good! But there is also some truth in fun on occasion. I passed 62, I have it figured out though. I'll be OK with or without SS, although pissed if it did go away.Yes, it's possible anything is and well, if you think its possible you should take it now and keep working anyway. Dont know your age but if you take it at 62 you will most likely collect based on nothing but a guess $120,000 or more by the time you are 67/ So you can keep working, bank that SS money which will grow over the years. Let them take the $1 for every dollar you earn, it will get reformulated once you retire anyway and your payout will be higher.
Though not in the stock market if you think SS going away will happen because that will be the end of our society as we know it.
(just having fun here)
Agree, My wife and I have factored in Social Security will boost our lifestyle but we wouldnt be out in the street without it. Its all factored in.Fun is good! But there is also some truth in fun on occasion. I passed 62, I have it figured out though. I'll be OK with or without SS, although pissed if it did go away.![]()