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Thread: HattaRetirement

  1. #1

    HattaRetirement

    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?
    Randy Register - Kingston, TN
    www.yachtrelocation.com
    www.Safes4Guns.com
    aka Freebird aka Sparky1
    1965 41DC #93

  2. #2

    Re: HattaRetirement

    Quote Originally Posted by Freeebird View Post
    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?
    I'm taking it at "full retirement" age, 66, next year.
    Semper Siesta
    Robert Clarkson
    ASLAN, 1983 55C #343
    Charleston, SC

  3. #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

  4. #4

    Re: HattaRetirement

    Quote Originally Posted by Freeebird View Post

    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.
    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

  5. #5

    Re: HattaRetirement

    Quote Originally Posted by krush View Post
    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.
    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

  6. #6

    Re: HattaRetirement

    The only thing that’s really confusing at this point has to do with the ramifications of the ex and the fact I’ve never remarried.

    As I’ve understood it, I have the option of using her numbers if they’re better than mine. I always made substantially more than she did, but that changed several years ago. She was kind enough to point that out in court, but I digress.

    Despite being told to the contrary, this guy said her numbers would in no way come into play where my benefits are concerned. That’s not what the main office told me, and that was the primary reason I set up this appointment. I honestly have no idea of how our numbers compare, but it would be nice to know for sure.

    I did call the local office back for clarification on this benefit to Ryan, and the person I talked to seemed to think there could be a difference in benefits based on her numbers. This guy I met with is supposed to call he back, so we’ll see.
    Randy Register - Kingston, TN
    www.yachtrelocation.com
    www.Safes4Guns.com
    aka Freebird aka Sparky1
    1965 41DC #93

  7. Re: HattaRetirement

    Quote Originally Posted by 31FlyCruzr View Post
    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.
    That is our calculation, too. We retired at 60, and took SS at 62.
    Bill
    Brickell - Miami, Fl
    Cape Elizabeth, Maine

  8. #8

    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"

  9. #9

    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

  10. #10

    Re: HattaRetirement

    Quote Originally Posted by SeaEric View Post
    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....
    Being of sound mind, I spent it all.
    Semper Siesta
    Robert Clarkson
    ASLAN, 1983 55C #343
    Charleston, SC

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