That might just be the name I’ll finally put on the blank transom of my 41DC, but I thought I would pick the HOF brain trust on this one.
I guess I’m officially an old fart having turned 62 last Saturday, and I made my first trip to the Social Security office this morning. I was hoping a face to face meeting would clear up a few things, but no such luck.
That being said, I did learn one thing that I didn’t know before, and that is my 16 year old son will get paid from my account until he reaches 18. That aside, I did the math on taking early retirement now vs waiting until 04/24, and the break even point comes at around my 74th Birthday. At that point, I would be taking in an additional $572 per month. Not exactly a life-altering amount. Either way you slice it, it seems to me that waiting is tantamount to gambling a significant amount of money that I’ll live to be 74, just to break even. The extra income now would certainly be beneficial.
This would be easy if I knew my expiration date along with how my health will hold out, but I’m thinking it would be dumb not to take the money and run at this point. What say y’all?
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Thread: HattaRetirement
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HattaRetirement
Randy Register - Kingston, TN
www.yachtrelocation.com
www.Safes4Guns.com
aka Freebird aka Sparky1
1965 41DC #93
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10-17-2019 01:10 PM #3
Re: HattaRetirement
I took a class on this with my wife a few weeks ago.
Instructor said if you can tell me when you will die I can tell you the right answer.
If you are retiring and will no longer work, I think you take the money, that is my plan. If you work, after 17000 or so in income you loose, so you need to be retired.
I think my break even point calculation was more like 77.Bill
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10-17-2019 03:40 PM #4
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Re: HattaRetirement
My plan is to die at my desk. The good news is that my current lifestyle is very much like retirement and has been for + or - 30 years since I "retired" from a previous business that I owned. I really like what I do and people seem to pay me well to do it. I plan to max out my SS by waiting until age 70 to begin collecting. I have no heirs per se and it is my fondest desire to croak with a zero balance. An end date would assist in my planning....
Eric
41TC 1966 Hull #53 "Requisite"
Kent Island, MD/Ft. Lauderdale, FL
"Though she creaks - She holds"
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10-17-2019 06:35 PM #6
Re: HattaRetirement
I have a tax free in/tax free out medical savings plan I can use for medical bills/health insurance premiums after I retire (65, mandatory) It should last a few years. Then I'll take the increased SS for the same purpose. "My" money will be spent on diesel.
1978 53' Motor Yacht "LADY KAY V"
Hull number 524
Chesapeake Bay
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10-17-2019 09:29 PM #8Senior Member
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10-17-2019 02:08 PM #9Senior Member
- Join Date
- Jun 2007
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Re: HattaRetirement
My buddy informed me of this recently (he's of the same age with young kids). I was surprised to hear it, but it's true. I don't really understand the logic behind this though. Old people with kids should get money because they had kids later in life? I'm not saying it shouldn't be available, I just don't understand the thought process.
FTFD... i drive a slow 1968 41c381
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Re: HattaRetirement
I honestly don’t understand it either, but it was a pleasant surprise. As for old people just getting money for having minor children, I’m sure we’ve more than paid for that benefit. You young ‘uns going on disability and getting back more than you’ve paid in is the real mystery. Explain the logic in that one.
Randy Register - Kingston, TN
www.yachtrelocation.com
www.Safes4Guns.com
aka Freebird aka Sparky1
1965 41DC #93