Taking Social Security at 62

[Anonymous]

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Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

You are so clueless but that's okay... Life must be hard for you.

Does anyone listen to Millennial anti-boomer whining anymore? Totally played out.

I don't but I never really understood why they are so upset with boomers. Other than, I assume, it's coming from sense of entitlement, maybe??

They also have an ahistorical view that everything was roses and sunshine economically before 2009. They forget about the 1970's oil crisis, stagflation, the recessions of 1982, 1992, and 2001, spiking interest rates, and the shrinking blue collar job base.

That makes a lot of sense. I remember all of those sadly.

Well, the data suggest though that Boomers rode on a crest of prosperity due to various policies and post-war economic growth that is unparalleled and no longer exists. Yes, all those things happened, but even with those figured in on average Boomers had it better.

https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/

That’s the same publication that said there was Russian Collusion for 4 years and Hunters laptop was Russian disinformation. One of the few horribly inaccurate sources. Total garbage

[Anonymous]

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Anonymous wrote:The broad consensus among financial experts and economists is that for most people, it's optimal to wait at long as you can to claim benefits, ideally until 70, even if you retire earlier. Of course, not everyone has the income/assets to wait that long, but if you do, delaying is a good investment.

In retirement, a main financial risk is living too long and therefore outliving your money. By delaying, you end up with a larger guaranteed benefit so are protected if you live longer than expected. (If you live shorter than expected, you receive fewer total benefits, but you are unlikely to outlive your money in that case.)

More info:

https://www.forbes.com/sites/chriscarosa/2021/11/27/5-reasons-why-it-makes-sense-to-claim-social-security-as-late-as-possible-age-70/?sh=11cc65d51849

Our financial expert says the opposite. Take SS early and keep your money invested.

Lemme guess, you're paying him a percentage of assets under management?

Nope.

If you're telling the truth (and even if you're not), you should get a new advisor.

No need for that. We all know there are different views on this topic.

- dp

[Anonymous]

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Silly child, no one wants my no pension teaching job. No one wants a 69 year old second grade teacher either.

[Anonymous]

I get that the allure of getting more later is tempting, but that break even point of 81 is making me rethink. My parents only lived to 83.

[Anonymous]

It is designed to be actuarially fair so the difference is not big either way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The broad consensus among financial experts and economists is that for most people, it's optimal to wait at long as you can to claim benefits, ideally until 70, even if you retire earlier. Of course, not everyone has the income/assets to wait that long, but if you do, delaying is a good investment.

In retirement, a main financial risk is living too long and therefore outliving your money. By delaying, you end up with a larger guaranteed benefit so are protected if you live longer than expected. (If you live shorter than expected, you receive fewer total benefits, but you are unlikely to outlive your money in that case.)

More info:

https://www.forbes.com/sites/chriscarosa/2021/11/27/5-reasons-why-it-makes-sense-to-claim-social-security-as-late-as-possible-age-70/?sh=11cc65d51849

Our financial expert says the opposite. Take SS early and keep your money invested.

My retirement seminar guy said the same.

Only if you're confident your personal investment return will exceed the guaranteed annual return from delaying SS, which can be as much as 8%. Suggesting you're likely to receive such returns on your own portfolio seems optimistic and is of course more uncertain.

https://www.ssa.gov/benefits/retirement/planner/delayret.html

Unless you either have a sound basis for believing you'll have a lifespan which is actuarially shorter than than the average, or have no other financial resources with which you can support yourself until age 70, claiming earlier is almost always a bad idea.

[Anonymous]

Anonymous wrote:I get that the allure of getting more later is tempting, but that break even point of 81 is making me rethink. My parents only lived to 83.

Which means they did or would have done better by delaying benefits because they did or would have received a larger benefit for a longer period of time than if they had claimed earlier. This is the longevity insurance concept in action.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would go earlier, but no one in my family has lived to 81….

This seems like the perfect reason to retire earlier and take SS and live your best life

Agree. That’s kind of my family too. DH’s family, on the other hand, lives forever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers shouldn't be allowed to touch ss until 73 so they can pay their fair share

Silly child, no one wants my no pension teaching job. No one wants a 69 year old second grade teacher either.

Even in my fed job, I have noticed most employees over 55 being nudged out and /or rendered obsolete if they do not keep pace with new technology, new lingo and new ways of interacting with colleagues.

I think more people should leave the workforce in their 50s and come up with new senior lifestyles that promote co-living, walkable neighborhoods, healthy diets and age/culturally appropriate leisure events. Working until you drop is just sad and demotivating. Depending on your race, gender, marital status and health issues, it makes more sense to try to survive on our own. I am eligible for fed retirement at 50, pending a buyout and 57 if not. I am taking the first ship rolling out. No amount of money is worth your peace of mind.