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#6241437 - 05/16/18 11:02 AM Re: Social Security Benefits [Re: snowy]
Hal Offline
"old windy fartbag"

Registered: 12/22/06
Posts: 5397
Loc: Blue Creek, Ohio
Originally Posted By: snowy
Originally Posted By: Sullivan K
I see all these 85--84 year break even points. I don't understand. My break even point is 77 years 11 months. That's a big difference.


Monthly Social Security benefits
Retirement age
Break-even age
$2,102
62 vs. 66
Between 77 and 78
$2,806
62 vs. 70
Between 80 and 81
$3,721
66 vs. 70
Between 82 and 83

Now this is just a example and these ages go up for break even age from the amount you receive, expenses, returns etc.


(Edit: That should read 25% reduction at age 62.)



The break even between 62 vs 66 is at 77
66 vs 70 is at 82
62 vs 70 is at 80



Edited by Hal (05/16/18 11:35 AM)
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#6241441 - 05/16/18 11:07 AM Re: Social Security Benefits [Re: Chamacat]
hippie Offline
trapper

Registered: 02/22/10
Posts: 4963
Loc: pa
For that guy to draw that much, he had to make some dang good money! He shouldn't need SSI! lol.

The wife made really good money (I thought) and she draws 1600.

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#6241448 - 05/16/18 11:12 AM Re: Social Security Benefits [Re: Chamacat]
wy.wolfer Offline
trapper

Registered: 01/24/14
Posts: 1436
Loc: Co.-Wy. part time AK.
Social Security is headed for problems, it's no wonder liberals want to make most gun ownership a felony, then you can't get S.S.

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#6241480 - 05/16/18 12:03 PM Re: Social Security Benefits [Re: hippie]
Hal Offline
"old windy fartbag"

Registered: 12/22/06
Posts: 5397
Loc: Blue Creek, Ohio
Originally Posted By: hippie

We have to wait until we're 67 which adds another 3 years to the break even part.
That's a very good chart showing it tho.


Here you go, adjusted to age 67
Bear this in mind, if you are retiring at age 67 your early retirement benefits are reduceD by 30%, not 25%
The 8% annual increase between 67-70 stays the same.



By the previous chart.
62 vs 66 evens at 77
66 vs 70 evens at 81
By this chart
62 vs 67 evens at 78
67 vs 70 evens at 82

That's not three years difference. It's about 1 year which is logical in that you would be retiring 1 year later than a person at 66.

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#6241482 - 05/16/18 12:08 PM Re: Social Security Benefits [Re: Chamacat]
hippie Offline
trapper

Registered: 02/22/10
Posts: 4963
Loc: pa
Yep, that's what we were looking at.

Her break-even was just short of 82. From 62 to 67 she would draw just short of 1000,000 dollars and at 5k a year more (full) if she waited until 67, we'd be too old to enjoy the extra...we figured. smile

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#6241484 - 05/16/18 12:12 PM Re: Social Security Benefits [Re: wy.wolfer]
Hal Offline
"old windy fartbag"

Registered: 12/22/06
Posts: 5397
Loc: Blue Creek, Ohio
Originally Posted By: wy.wolfer
Social Security is headed for problems, it's no wonder liberals want to make most gun ownership a felony, then you can't get S.S.


Yeah buddy! That's why the liberals want your guns. (FOR CRYIN' OUT LOUD!!!)

But there is one problem, (from the SSI website)

Originally Posted By: SSI website
Individuals released from incarceration may be eligible for Social Security retirement, survivors, or disability benefits if you have worked or paid into Social Security enough years or Supplemental Security Income benefits if you are 65 or older, or are blind, or have a disability and have little or no income and resources.
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#6241487 - 05/16/18 12:21 PM Re: Social Security Benefits [Re: Chamacat]
hippie Offline
trapper

Registered: 02/22/10
Posts: 4963
Loc: pa
One thing that happened that i didn't understand,,, but didn't question because it was to our benefit was..........

When we went up months ago and got figures and to set-up an appt, they were lower than what we will actually get once the girl signed us up.

The first time, we were just asking what we'd get and set-up an appt to do the actual applying.
Guess the first gal just rounded things, or there were additional deductions or whatever that gave us more per month once we filled out the papers.

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#6241490 - 05/16/18 12:24 PM Re: Social Security Benefits [Re: Chamacat]
Hal Offline
"old windy fartbag"

Registered: 12/22/06
Posts: 5397
Loc: Blue Creek, Ohio
Some of these calculations run out to three or four decimal points. They don't cipher that until push comes to shove. That's why they always tell you it's an approximation. Generally you can count on the approximation being close.,
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#6241506 - 05/16/18 01:02 PM Re: Social Security Benefits [Re: Hal]
ebsurveyor Offline
trapper

Registered: 09/10/11
Posts: 1120
Loc: sometimes PA sometimes ME
Originally Posted By: Hal
Some of these calculations run out to three or four decimal points. They don't cipher that until push comes to shove. That's why they always tell you it's an approximation. Generally you can count on the approximation being close.,


Hey Hal, you seem to know your SS Stuff. Explain the extra benefit that you get if you are born in October.

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#6241507 - 05/16/18 01:03 PM Re: Social Security Benefits [Re: Hal]
bblwi Offline
trapper

Registered: 12/22/06
Posts: 4264
Loc: East-Central Wisconsin
With the cost of living ever increasing we will see more and more workers working much longer in life, many into their 70s, mostly because they have not saved enough money to retire on. That to me makes the 62 age more viable. If two workers in a house hold had say 80K of income and were going to receive say 32 K in ssn at 62 and now with the increased income b4 paying back they could earn 35 k per year and not pay back any SSN. That gives them 77K per year w/0 any pension, 401 K or savings. They could work part time for a decade or two if needed and that would allow their 401 Ks to grow as well.

Bryce

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#6241508 - 05/16/18 01:08 PM Re: Social Security Benefits [Re: Chamacat]
ratbrain Offline
trapper

Registered: 11/14/08
Posts: 2022
Loc: Illinois
I took early retirement and started drawing SS at 62. Life holds no guarantees.

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#6241512 - 05/16/18 01:15 PM Re: Social Security Benefits [Re: bblwi]
Sliprig Offline
trapper

Registered: 09/18/07
Posts: 60
Loc: Southeast, Indiana
Hal or anybody?

What about this? You benefit is based on the highest 35 years of earnings. For most people if you work later in life your salary is higher than in the early years. Anybody put that on paper? (I'm working on mine) One case for not cutting your hours back late in life. If you have that choice.

Slip

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#6241517 - 05/16/18 01:25 PM Re: Social Security Benefits [Re: Chamacat]
snowy Offline
trapper

Registered: 12/26/11
Posts: 4347
Loc: MT
I heard some experts talk on this subject a few different time. When is the best to take SS. I can tell you they all said it really is a wash when you start. They all said that the Gov. isn't going to give you any more then what you have put in. It is no different then a pension plan get the lump sump or that a monthly option pay out. One always sounds/looks better then the other option but bottom line they aren't going to pay you any more then what you have into the program.

It really come down to each person has different philosophy and needs when to take SS. My plan is to take it as soon as I can that option is good for me in some ways but it may hurt me in other ways going forward.

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#6241520 - 05/16/18 01:39 PM Re: Social Security Benefits [Re: snowy]
Chamacat Online   content
trapper

Registered: 03/01/07
Posts: 1390
Loc: New Mexico
Originally Posted By: snowy
I heard some experts talk on this subject a few different time. When is the best to take SS. I can tell you they all said it really is a wash when you start. They all said that the Gov. isn't going to give you any more then what you have put in. It is no different then a pension plan get the lump sump or that a monthly option pay out. One always sounds/looks better then the other option but bottom line they aren't going to pay you any more then what you have into the program.

It really come down to each person has different philosophy and needs when to take SS. My plan is to take it as soon as I can that option is good for me in some ways but it may hurt me in other ways going forward.


Yep..Believe me I'm no expert..LOL

Social Security was signed like in the year 1935..OK..So a guy turns 65 two years after 1935..He has worked let's say 40 years..He has only contributed 2 years in the program..Now that same guy let's say is still alive in the year 1960..I would think that man still get's his monthly check whatever that amount is..and he would have went way over his contribution to the program..
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#6241522 - 05/16/18 01:44 PM Re: Social Security Benefits [Re: Chamacat]
Dirt Offline
trapper

Registered: 12/01/10
Posts: 3525
Loc: Armpit, ak
Originally Posted By: Chamacat
Originally Posted By: snowy
I heard some experts talk on this subject a few different time. When is the best to take SS. I can tell you they all said it really is a wash when you start. They all said that the Gov. isn't going to give you any more then what you have put in. It is no different then a pension plan get the lump sump or that a monthly option pay out. One always sounds/looks better then the other option but bottom line they aren't going to pay you any more then what you have into the program.

It really come down to each person has different philosophy and needs when to take SS. My plan is to take it as soon as I can that option is good for me in some ways but it may hurt me in other ways going forward.


Yep..Believe me I'm no expert..LOL

Social Security was signed like in the year 1935..OK..So a guy turns 65 two years after 1935..He has worked let's say 40 years..He has only contributed 2 years in the program..Now that same guy let's say is still alive in the year 1960..I would think that man still get's his monthly check whatever that amount is..and he would have went way over his contribution to the program..


First guys in on a Ponzi scheme make money. The later guys get burned. frown
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#6241526 - 05/16/18 01:55 PM Re: Social Security Benefits [Re: kenny k]
Ronaround Offline
trapper

Registered: 02/04/13
Posts: 1267
Loc: N.E.Ohio
Originally Posted By: kenny k
You all make a good point. I will retire nov at 62. I thought i would go one more year, but for only another 53.00 not for me!


I'm with you! were also on a timeline of life expectancy,issue that alway crop up when you hit 60+. most never I believe hit the even point when going out a 66.5 and beyond. My thoughts is do it if you can ,and even if you have to pick up a odd job or nuisance trap,flea markets etc.
heck i see people selling at flea markets making from 200 -500 per Sat and sunday, cold hard cash. Ill take that over my high stress job any day.

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#6241530 - 05/16/18 02:03 PM Re: Social Security Benefits [Re: Sliprig]
hippie Offline
trapper

Registered: 02/22/10
Posts: 4963
Loc: pa
Originally Posted By: Sliprig
Hal or anybody?

What about this? You benefit is based on the highest 35 years of earnings. For most people if you work later in life your salary is higher than in the early years. Anybody put that on paper? (I'm working on mine) One case for not cutting your hours back late in life. If you have that choice.

Slip


We didn't do the math, so no we didn't calculate that. My wife stopped working at 60 and we/she lived off of our savings for two years until she could draw.
We didn't ask what that hurt or helped us.

All my relatives lived into their 80's, but to be honest, at that age they didn't or couldn't do what we want to do now. Do it when you have the want, like the fella said above...There's no gaurentees on tomorrow!

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#6241537 - 05/16/18 02:12 PM Re: Social Security Benefits [Re: snowy]
ebsurveyor Offline
trapper

Registered: 09/10/11
Posts: 1120
Loc: sometimes PA sometimes ME
Originally Posted By: snowy
I heard some experts talk on this subject a few different time. When is the best to take SS. I can tell you they all said it really is a wash when you start. They all said that the Gov. isn't going to give you any more then what you have put in. It is no different then a pension plan get the lump sump or that a monthly option pay out. One always sounds/looks better then the other option but bottom line they aren't going to pay you any more then what you have into the program.

It really come down to each person has different philosophy and needs when to take SS. My plan is to take it as soon as I can that option is good for me in some ways but it may hurt me in other ways going forward.


I beg to differ: (in round numbers) I put about $150,000 into SS & started collecting 5.5 years ago. My monthly benefit is $2515. I have received about $166,000 from SS.

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#6241538 - 05/16/18 02:13 PM Re: Social Security Benefits [Re: Chamacat]
Chamacat Online   content
trapper

Registered: 03/01/07
Posts: 1390
Loc: New Mexico
Yep..Just like the other day. I had been behind a driver for maybe a couple miles. We are doing 55 or so. He decides to put on his right turn signal and slows down on the paved shoulder. I know this guy had to have seen me behind him it was daylight blue skies. Well I start to go around him in my lane and then what happens. Here comes the guy back out into the lane. I start to move to my left as he his pushing me over the "No Passing" double yellow lines. What do I see coming a Ford truck pulling a fifth wheel..Only thing I can do is mash on the gas "All of it"..The guy in the Ford is now driving on his right shoulder coming down the hill at me..I'm blinking my lights at the Ford and he's blinking back..Well I make it..I didn't even look back..I just put miles between me and the "Pusher"..Live for today is correct in my book..LOL
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#6241547 - 05/16/18 02:25 PM Re: Social Security Benefits [Re: Sullivan K]
Sullivan K Offline
"Keith"

Registered: 12/22/06
Posts: 2844
Loc: Northern Ohio ...
Originally Posted By: Sullivan K
I see all these 85--84 year break even points. I don't understand. My break even point is 77 years 11 months. That's a big difference.


I understand now. I was looking at only early retirement and was not taking into consideration delayed retirement.
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