Social Security

[Brokenhandle]

Someone here about 30 miles away from me is gonna have a nice retirement...just sold farmground for $30,000 / acre, beat the old record by about $4000 ...some pretty good security as well...except what's paid in for taxes.

Ryan

 

[Gonna Smoke]

Congratulations!! Yeah once you hit 50 it becomes a goal. Hope you enjoy it

My goal when I turned 50 was to pay off the house and become debt free. Then it was to live long enough to enjoy the fruits of my labors...

Congrats on living long enough to collect it. Up here we get it at 65--sadly not available early. I don't know, but if your SS is better than our OAS (Old age security). I get $685.50 a month, and applied as soon as possible--(Big Sigh), 8 years ago. So at your age, you're still a young pup.
Gary

Thanks Gary. Now the goal is to live ling enough to beat the system. My SS is considerably more than your OAS...

back when I started working the early retirement was at 58, now its 62 maybe but think full retirement is 65-67 , wife sez 2-3 more years not sure i got that left in me

Mike, there was no way I could work until I was 65-67, I definitely didn't have that in me. But sometimes you gotta do what you gotta do...

Financial Advisors say to draw SS as soon as possible. I retired early at age 60 with a company pension after 40 years with the gas company. The pension plan bridged my SS until age 62. Damn, that was nice.

Mine said that, too as long as you've got your financial house in order. Lots of debt and/or no appreciable savings means working a lot longer and waiting to draw SS...

 

[Gonna Smoke]

Someone here about 30 miles away from me is gonna have a nice retirement...just sold farmground for $30,000 / acre, beat the old record by about $4000 ...some pretty good security as well...except what's paid in for taxes.

Ryan

I wouldn't mind having a bunch of farmland to sell for that price, but hopefully it remains as farmland. I, for one, appreciate and respect what farmers do for us all...

 

[SmokyMose]

I'd been paying into S.S. since my first summer job at J.C.Penney's while in High School (I think it was '69) and I didn't know what it was. Just another tax. I retired at 65 in '18 and don't feel one bit guilty about collecting. I paid more into S.S. over the years than into my 401k.
You're not ready for the "Old Folks Home" but ready to sit back and enjoy the fruits of your life-long labors...

 

[chopsaw]

don't feel one bit guilty about collecting.

As you shouldn't . It's your money . I started working when I was 14 . Payed in a long time waiting for the day I could get my money back .

 

[Gonna Smoke]

I'd been paying into S.S. since my first summer job at J.C.Penney's while in High School (I think it was '69) and I didn't know what it was. Just another tax. I retired at 65 in '18 and don't feel one bit guilty about collecting. I paid more into S.S. over the years than into my 401k.
You're not ready for the "Old Folks Home" but ready to sit back and enjoy the fruits of your life-long labors...

I started working at 15 and my first job was bagging groceries at Winn Dixie making $1.65/hr. and I have never NOT had a job since, my dad wouldn't tolerate me being unemployed. So no, I don't feel guilty and yes, I am deserving of the fruits of my "life-long labors".

I have never made the comparison between what I paid in FICA and my 401K, but that would be an interesting comparison. I feel sure that I've paid more in FICA...

 

[DRKsmoking]

yup, smart to do.
Here it is called CPP ( Canada Pension Plan ), I took mine at age 60.
Did the math and they say it takes about 15 years to break even with the difference , than if you do not take until 65 ( higher amounts the later you wait.

Than at 65 I can also collect Old Age Security

David

 

[jcam222]

I took mine at 62. Didn’t know how long I would live or if SS would be there when I wanted it.
Al

Exactly what I plan on doing in 16 months

 

[chopsaw]

I started working at 15 and my first job was bagging groceries at Winn Dixie making $1.65/hr.

My first job was cleaning floors in Grocery stores after they closed on the weekend . Don't even know what I made .
At 17 I worked as an Usher in a movie theater . $1.90 an hour and 2 free movie passes plus all the concession stand girls you could win over . Hands down the best damn job I ever had .

 

[bill ace 350]

On a related note, all you military retirees will get an 8.7% COLA increase in your retirement checks in 2023.

 

[jaxgatorz]

Exactly what I plan on doing in 16 months

Dang , you're old. I have to wait 17 months.

 

[BigW.]

Early or Late Retirement

You tell me how long you're gonna live and we can get it figured out:) Also depends on age of spouse and earnings. Benefits go up 8% a year past FRA until 70. That is a pretty good return. But, if you can retire at 62 and do what you want...that's pretty darn awesome too.

 

[Fueling Around]

Turning 64 next week. Wife is ahead of me by a couple. Our finance people tell us to hold out on collecting SSI. MN is one of the @#$%& states that taxes SSI payouts. They regard it as "earned income".
Once I get to 65 and go on Medicrap, the options are wide open. Wife provides my healthcare and she retires at that point.
My 401K's will payout much better than SSI especially if I hold out to 67 after this recession stabilizes .

Someone here about 30 miles away from me is gonna have a nice retirement...just sold farmground for $30,000 / acre, beat the old record by about $4000 ...some pretty good security as well...except what's paid in for taxes.

Ryan

Wow! Is that for wet (irrigated) farmland?
We're cringing up here that RRV land is hitting $5k

 

[crazymoon]

GS, Congratz on making it to the age when most body parts ache and you forget why you came into the room ! :)

 

[BrianGSDTexoma]

I almost 2 years without a paycheck. Been waiting for IRA to recover before making a withdraw but going to happen soon. Counting the months before SS! 7 to go.

 

[Gonna Smoke]

But, if you can retire at 62 and do what you want...that's pretty darn awesome too.

I retired at 56 and I get a pension for life which is rare these days and becoming extinct. When people ask how I did it, I tell them it was my plan 40 years ago, not last week, to be in the position to retire early. That includes being debt free except for normal monthly expenses. I also tell folks who want to retire, do it if you can, but you have to have something to do. Can't just sit in the house watching TV all day or whatever. For me, that's fishing, which is something I love, and occasionally I get paid to take others...

 

[Gonna Smoke]

I almost 2 years without a paycheck. Been waiting for IRA to recover before making a withdraw but going to happen soon. Counting the months before SS! 7 to go.

Brian, 7 months will go by in the blink of an eye...

 

[LoydB]

I'm five years away from being able to claim it. At the moment, I like my job and the money it brings in, and am concerned about the 3-year gap between 62 and when Medicare kicks in, so I'll probably hang out another 8 years before pulling the ripcord. Congrats on making it!

 

[Brokenhandle]

Turning 64 next week. Wife is ahead of me by a couple. Our finance people tell us to hold out on collecting SSI. MN is one of the @#$%& states that taxes SSI payouts. They regard it as "earned income".
Once I get to 65 and go on Medicrap, the options are wide open. Wife provides my healthcare and she retires at that point.
My 401K's will payout much better than SSI especially if I hold out to 67 after this recession stabilizes .


Wow! Is that for wet (irrigated) farmland?
We're cringing up here that RRV land is hitting $5k

No, just for flat black soil, no irrigation around us. It's undeveloped and will stay that way...as farmland.

Ryan

 

[GaryHibbert]

My goal when I turned 50 was to pay off the house and become debt free. Then it was to live long enough to enjoy the fruits of my labors...

Thanks Gary. Now the goal is to live ling enough to beat the system. My SS is considerably more than your OAS...

Mike, there was no way I could work until I was 65-67, I definitely didn't have that in me. But sometimes you gotta do what you gotta do...

Mine said that, too as long as you've got your financial house in order. Lots of debt and/or no appreciable savings means working a lot longer and waiting to draw SS...

My SS is considerably more than your OAS...

Yeah, ours is pretty bad--pays about half my mortgage.
Gary