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Old 10-15-2007, 07:10 PM   #15
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Quote:
Originally Posted by Happycampers
I think you can sign up 6 mo. prior to your 62 yrs. I checked on it a couple years ago. I plan on signing up this winter while we are south and hope there is still something left in November 2008.
Lucky you...getting an early start. I think there will be plenty left for you next year.

On a side note, I have to laugh at my father, who has been collecting SS for almost 20 years now -- whenever he calls me he always tells me to keep working so he can receive his SS check.
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Old 10-15-2007, 09:00 PM   #16
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Whether you start collecting at 62 or 70 the total amount of money you collect will be about the same through age 78. That's the way the tables are set up. If you live beyond 78 then you will be losing money thereafter.
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Old 10-16-2007, 11:37 PM   #17
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California is just weird...

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Originally Posted by bilby05
I don't understand (as usual). I am a teacher in Texas, at the community college level. Are you refused SS even if you have 40 quarters of credit? cheers, bill b.
Bill,

Yes we are refused SS even if we have 40 quarters... except for a very small percentage. We do pay into Medicare, but also pay into a seperate retirement system while teaching. I have sent you a PM with some explanation. Don't want to really hijack the thread on my grumpy thoughts.

By the way, it seems to me that the "full retirement age" changes for folks if they aren't baby boomers... some folks won't reach full retirement until 68 or later! One of the things about SS that really surprises me is what they will and won't pay for! Clearly the choices were made by legislative bodies and not anyone who would ever really have to use Social Security!

Mrs. NorCal Bambi (traveling in S Tardis ~ from the Great State of Jefferson)
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Old 10-16-2007, 11:58 PM   #18
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I was in the 3rd grade....or still in the 2nd in 1946. I have been collecting my pitance for a few years now. I worked until I was 68. retired is work too. Neil
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Old 10-17-2007, 12:47 AM   #19
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Speaking of "double dipping" how about triple dipping. I know a gentleman who tripple dips. HE is one of the last of his kind tho. He was in the military as an officer for 30 years. When HE retired from the Airforce He got the same job (air crash analyst) working for the federal government. He paid SS on that job. So when HE retired He not only got His Airforce retirement (of course he had been collectin that while working) as a retired colonel, His government retirement as a crash inspector and Social Security. Laws have changed...but HE still brags to us about it. He is well into HIS 80's and the last of the tripple dippers. His retirement income is to kill for..lol.
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Old 10-17-2007, 04:59 AM   #20
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Davydd: I know that there is that 62 vs 70 and the break even point is 78 consideration. I am self employed these last 27 years and have had to create my own pension. However I was considering living off stock dividends, Lirps, bonds, Ira and Sep. account withdrawls and investing my SS checks for 8 years (62-70). Would 78 still be the break even point given a modest 5% return since I won't be as aggressive in those years? Neither my Edward Jones Rep. or local Scottrade office knew the answer. It's not a burning question since I have 11 years to go.

Caddygrn: that seems eminently unfair. I do know that Railroad workers don't receive SS since they don't pay SS, they pay into the Railroad Retirement Fund. It works out much better, my dad has been retired almost 14 years and he receives almost 4K a month; far better than Social security would pay. His best friend just turned 62 and he receives almost 6K a month since its tied to best income years eventhough he worked for under my dad for 25 years. Better spouse benefits as well. Perhaps you have a similar situation.

I don't have a problem with military double dipping since it reflects the fact that for years the military is underpaid but have a shorter retirement age. Many of these people are retired in their late 30s and 40s. As I see it a Colonel runs an outfit the size of a large company and a General something the size of a multi-national company and they make peanuts compared to the private sector.
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Old 10-17-2007, 05:34 AM   #21
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My Father-in-law retired from the U.S. Postal service and he doesn't recieve SS. We looked into it and he didn't have enough quarters in the private sector.
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Old 10-17-2007, 06:55 AM   #22
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Quote:
Originally Posted by CaddyGrn
Bill,
...
By the way, it seems to me that the "full retirement age" changes for folks if they aren't baby boomers... some folks won't reach full retirement until 68 or later!
You are correct in that the retirement age does change -- I don't know what the calculation formula is, but I do know that the age of full retirement increases periodically. A friend of mine who is 10 years older than me, will reach full retirement at age 65 whereas my full retirement age is 66. Another friend who is ten years younger than me will reach full retirement at age 67.
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Old 10-17-2007, 07:54 PM   #23
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Quote:
Originally Posted by Brad Hunt
Davydd: I know that there is that 62 vs 70 and the break even point is 78 consideration. I am self employed these last 27 years and have had to create my own pension. However I was considering living off stock dividends, Lirps, bonds, Ira and Sep. account withdrawls and investing my SS checks for 8 years (62-70). Would 78 still be the break even point given a modest 5% return since I won't be as aggressive in those years? Neither my Edward Jones Rep. or local Scottrade office knew the answer. It's not a burning question since I have 11 years to go.
Conventional wisdom says you should start taking your Social Security as soon as possible. There is one caveat. You can't be working for wages for more than about $12,000 if you are taking. But if you are living off your investments then every cent of your investments should be earning you more than what Social Security is going to appreciate while you hold off. So if you take it early you can theoretically add that money to the investment pool and let it gain along with your other investments or in essence not have to spend as much of your capital that is appreciating. Starting January 1st (age 64 for me) I will start taking Social Security. I couldn't this year because I worked a half year for wages and retired at the end of June. Plus, I didn't need it. My investments both private and 401(k) are on target to appreciate better than 20% this year. They won't next year because the little birdie tells me to go defensive and protect the nest egg.

Up until June 29 I was on AC shore power and am now on battery power with a Social Security trickle charge. I just hope I have good batteries without too much load on them.

For you Brad who knows. You can't predict the future and 11 years is a long time. So many things can change, some for the better and some for the worse. Retirement kind of puts you in a quandary. You should cheer Republicans for the tax cuts especially in capital gains, interest and dividend tax rates that the Democrats want to roll back but you want too as much health benefits you can get that the Democrats seem more willing to dole out. It's a mess and we can't afford it all and neither party is willing to bite the bullet and fix Social Security. I'm like you, I decided to take care of myself 15 years ago and invested more than 30% of my income toward retirement in and outside a 401(k) and had a couple of fantastic investments to boost that savings. If you are eligible, maximize your Roth IRA.
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Old 10-18-2007, 12:38 AM   #24
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I think students in college should be required to take Retirement 101 as well as the standard Econ class! Who knows what 30 years will bring, but they are gonna need to plan ahead no matter where they work!

Brad, sorry to say my retirement income is not as healthy as the guy who earns 6K....

Mrs. NorCal Bambi (traveling in S Tardis ~ from the Great State of Jefferson)
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Old 10-18-2007, 05:55 PM   #25
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Quote:
Originally Posted by Davydd
...My investments both private and 401(k) are on target to appreciate better than 20% this year...
Wow! 20%+!? That is awesome. What is the secret to getting 20%? Inquiring minds want to know!
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Old 10-18-2007, 07:05 PM   #26
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These were my major holdings.

Target - TGT (Company 401(k) and got out in July when it went over 68 and peaked at 70. It was very, very good to me over the past 15 years.)

Manulife - MFC (Canadian Company that bought John Hancock. It has gone up over 800% in 7 years and the analyst still don't respect that.)

Exxon Mobile - XOM (Oil. What can you say? If you can't beat them on the road, join them)

Check them out. I'm still holding MFC and XOM but also got out of Apple - AAPL way too soon over a year ago. I had those four stocks for a long time. A little over 3 years ago I started moving most of my portfolio to value stocks that paid good dividends and to overseas oriented mutual funds. I've had some losers but most all of my holdings I currently have are up for the year to date. My biggest loser I still have is Pfizer - PFE but at least it quit tanking.
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Old 10-18-2007, 07:11 PM   #27
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First "official" baby boomer...

Oh great... another number! Wonder what number I'm gonna be on the list...?
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Old 10-18-2007, 08:05 PM   #28
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We will not even get back what I have paid in, unless I live to be 117
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