HattaRetirement

[SEVEN]

I’m 68 years old and plan on retiring at the end of this year. I was not going to take my Social Security until I reach 70 so I have the full benefit of every dime I can pull out of it. From age 66 to 70 You gain 8% per year that you wait. At 70 it’s mandatory that you take your Social Security. None of you have mentioned the fact that if your wife is still living and has put some money into Social Security she can draw half of your value or a maximum of $1500 per month. My wife started taking hers at 62 and gets about $550 per month. When I start taking mine hers climbs to $1500 per month. You might want to look into that. However if she was making fairly good money through her life and her draw is more than 1500 per month she can get the greater of the two. Hope that makes sense.

[Eddieclemons]

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, I hope you live to be 100+, but if needed I can take care of the Hatt here in freshwater.

[jim rosenthal]

Bird, I had planned to wait, as Eric pointed out, and then some medical problems took the decision out of my hands. I would have to live a lot longer than I expect to, in order to just get to the break-even point. I said no thanks and at 66 began drawing SS. I am still working as well.

[davidwigler]

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.

Damn. I took a class on this last year and missed that. I’m 63 and my son is 14. I plan to work until at least 70 though.

[davidwigler]

I guess they assumed nobody this age would have minor children.

We were at a movie theater when my boy was about 3 and the older fellow next to me said my grandson was cute. Ouch.

[racclarkson@gmail.com]

I always heard about people having babies to boost their welfare checks. I just never believed it until now.

[SeaEric]

Eric, I hope you live to be 100+, but if needed I can take care of the Hatt here in freshwater.

Thanks Eddie. That sounds like a good offer! I'll put you in touch with my estate representatives.

[madhatter1]

I did the math and found I can comfortably retire in 2050. Problem is I am 56 now.

[Freeebird]

I always heard about people having babies to boost their welfare checks. I just never believed it until now.

I trust that was a lame attempt at sarcasm. Otherwise, you have your head up your lower control station where your visibility is impaired.

[dottieshusband]

My plan is to be shot sneaking out of Kate Upton's bedroom window by her jealous boyfriend... I can't predict exactly when that will happen. My understanding of the "spouse option" is.. the "spouse" is entitled (assuming long term marriage) to 1/2 of the primary wage earners Social Security or Social Security benefits based on their own earnings record, whichever benefit is higher. Politicians lie of course, and one that effected me was the "Social Security won't change for those 55 or older" and that was a lie. Quietly, 2 years Congress changed the rules. They eliminated the file and suspend rule. I could have filed for SS, but suspended my benefits, not drawing until I was 70, and allowing my wife to receive 1/2 My benefit at age 62, then filing based on her own earnings record at full retirement age. That change cost me about 70k..