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.
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Thread: HattaRetirement
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Re: HattaRetirement
SEVEN
1979 53' MY Hull #563
Antioch, California
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10-17-2019 09:29 PM #12Senior Member
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Re: HattaRetirement
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.
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10-18-2019 06:39 AM #14
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10-18-2019 06:45 AM #15
Re: HattaRetirement
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.1977 Hatteras 58' MY, Hull No. 304, 4-stateroom galley up model with 8V71TIs in Knoxville, Tennessee
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Re: HattaRetirement
I always heard about people having babies to boost their welfare checks. I just never believed it until now.
Semper Siesta
Robert Clarkson
ASLAN, 1983 55C #343
Charleston, SC
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Re: HattaRetirement
I did the math and found I can comfortably retire in 2050. Problem is I am 56 now.
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Re: HattaRetirement
Randy Register - Kingston, TN
www.yachtrelocation.com
www.Safes4Guns.com
aka Freebird aka Sparky1
1965 41DC #93
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Re: HattaRetirement
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..