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Turned 60 this month. Concidering collecting at 62. My full retirement age is 66 and 10 months. I have an Army check and about 3yrs pay in a 401k. I am in good health.. On no meds. What say ya all?

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The dilemma (and it is a BIG dilemma!!) is your health insurance,,
If you retire before age 65,, 100% of your health insurance cost comes out of your pocket,,

I started SS early, and when I turned 65, and Medicare kicked in,, my $12,000+ per year of health insurance payments stopped,,,

There was zero alternatives to that health care cost,, there was only ONE provider in my Zip Code,,, :flag_of_truce:

Almost everyone near me that drives a school bus does it for the health insurance,, not (primarily ) the hourly pay,,,
 

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The dilemma (and it is a BIG dilemma!!) is your health insurance,,
If you retire before age 65,, 100% of your health insurance cost comes out of your pocket,,

I started SS early, and when I turned 65, and Medicare kicked in,, my $12,000+ per year of health insurance payments stopped,,,

There was zero alternatives to that health care cost,, there was only ONE provider in my Zip Code,,, :flag_of_truce:

Almost everyone near me that drives a school bus does it for the health insurance,, not (primarily ) the hourly pay,,,
I'm retired military.. heath care is covered.
 

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The dilemma (and it is a BIG dilemma!!) is your health insurance,,
If you retire before age 65,, 100% of your health insurance cost comes out of your pocket,,

I started SS early, and when I turned 65, and Medicare kicked in,, my $12,000+ per year of health insurance payments stopped,,,

There was zero alternatives to that health care cost,, there was only ONE provider in my Zip Code,,, :flag_of_truce:

Almost everyone near me that drives a school bus does it for the health insurance,, not (primarily ) the hourly pay,,,
Look into Heath Shares, Liberty for one.

I pay less than $4,000/yr for my wife and I, I'm 61.
 

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I'm retired military.. heath care is covered.
well then i guess i would pack it in then at 62. now what are ur plans to do then, once u don't have to get up and go to work every day?
gonna travel? gonna do charitable work?

my body will never let me make 65-i'm gonna be 61 in December--we have made plans for the wife to retire in 4 more yrs-she just turned in 21 yrs of service-4 more and she can retire with full benefits for her at 62-and then wait till she's 66 to receive her SS if she wants too then.

maybe u will want to open a small repair shop for garden tractors u could set ur own hrs with that:dunno:
 

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Turned 60 this month. Concidering collecting at 62. My full retirement age is 66 and 10 months. I have an Army check and about 3yrs pay in a 401k. I am in good health.. On no meds. What say ya all?

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every year you put off collecting you'll gain 8% more SS the next year.

I'm about a year older, I plan on waiting till I'm 65.

If you can afford to wait is just one point to consider.

The others?

what will the economy do in the next 5 years?

where will interest rates/returns go?

If know the answer to this let me know.
 

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Look into Heath Shares, Liberty for one.

I pay less than $4,000/yr for my wife and I, I'm 61.
4k a year ! Sign me up.

You have a link to that outfit?
What kind of coverage and deductible ?

I'll be 58 end of the year and have had enough of my job and the shift work.
12 hr shifts, days and nights are really starting to wear me down.

Been with the same outfit since I was 19, next April will make 39 yrs.

I have full intentions on taking my SS @ 62 to pay for the dang health insurance.
Until then, when I drag up I'll just have to pay the piper.
 

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If you like your job stay with it for a few more years. If not go for it.
There comes a time when you have to stop chasing the money. Enjoy what you have with what you have and keep in mind, aging doesn't give a crap about how much money you have.
They say you will need enough money to continue your way of living, THAT IS COMPLETE BS. Your way of living will change with age whether you want it to or not.
It amazes me how wants disappear and needs become your only concern.
 

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If you like your job stay with it for a few more years. If not go for it.
There comes a time when you have to stop chasing the money. Enjoy what you have with what you have and keep in mind, aging doesn't give a crap about how much money you have.
They say you will need enough money to continue your way of living, THAT IS COMPLETE BS. Your way of living will change with age whether you want it to or not.
It amazes me how wants disappear and needs become your only concern.
Well said, Keith.
 

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Well said, Keith.
Thanks Don. I'm not a wise man but I am living through all this now. I tried to state facts as I know them and realize everyone one is different but as we age THINGS change.
The one good thing out of all this is the older I get the less things/money I seem to want/need.
 

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If you like your job stay with it for a few more years. If not go for it.
There comes a time when you have to stop chasing the money. Enjoy what you have with what you have and keep in mind, aging doesn't give a crap about how much money you have.
They say you will need enough money to continue your way of living, THAT IS COMPLETE BS. Your way of living will change with age whether you want it to or not.
It amazes me how wants disappear and needs become your only concern.
This is probably one the best posts I've read. :thumbup1gif:
 

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Xcopterdoc - there is a very good thread running right now exactly like this - you may gain some good info there -

How did/will you decide when to retire?

If you like your job stay with it for a few more years. If not go for it.
There comes a time when you have to stop chasing the money. Enjoy what you have with what you have and keep in mind, aging doesn't give a crap about how much money you have.
They say you will need enough money to continue your way of living, THAT IS COMPLETE BS. Your way of living will change with age whether you want it to or not.
It amazes me how wants disappear and needs become your only concern.
Thanks Don. I'm not a wise man but I am living through all this now. I tried to state facts as I know them and realize everyone one is different but as we age THINGS change.
The one good thing out of all this is the older I get the less things/money I seem to want/need.
This is so true. When I got sick and knew my days of working were numbered I really panicked. I had some very hard times ahead I knew being that my income was our only household income.

I looked at the actual numbers of what it cost me just to work. Fuel for me to commute alone was around $300 per month at the time - of course fluctuated with fuel price. At one time it was over $400 a month when gas was over $4 per gallon.

I could get rid of my cell phone as it was useless at home - $75 per month.

I brought meals with me for my 24 hour stint each run but did treat myself to breakfast each time. $10 times 10 times a month was $100.

Just those 3 items added up to $475 per month that I would not incur anymore.

I had always planned in retiring at 62 years old - wanted out as soon as I could. I knew I wouldn’t have much income once I retired at that age but didn’t care. What I did to help offset that was get my ducks in a row ahead of time. Planned on having the house paid for and have a good pickup that was paid for. Had I made it to 62 my plan would have worked as I was on track.
 

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There are many things to consider.

Do you have a spouse? She will get your benefit when you die, longer you wait (up to 70) the bigger benefit for her.

If there is a COLA, it will be a percent of your benefit, bigger benefit, bigger COLA.

You can easily figure out, using projected amounts from SS (set up an account) how long it will take to make up for waiting. By this I mean cumulative dollars collected.

For me, If I take SS at FRA Full Retirement Age, it would take 12 1/2 years before I accumulated the same amount of money if I took the benefit at age 70. So at 82 1/2, I would be making more (finally) than if I took the benefit at FRA.

Will I live to 82? Will I be as active? Have the same expenses?

Also at 70 1/2, if you have a 401K you HAVE to take minimum distributions. It could be a big boost in income?

If you expect to live WAY past 82 AND can cover expense until 70 wait, but I suspect not worth the wait for most.
 

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If you like your job stay with it for a few more years. If not go for it.
There comes a time when you have to stop chasing the money. Enjoy what you have with what you have and keep in mind, aging doesn't give a crap about how much money you have.
They say you will need enough money to continue your way of living, THAT IS COMPLETE BS. Your way of living will change with age whether you want it to or not.
It amazes me how wants disappear and needs become your only concern.
We froze our credit after one of the credit reporting agencies got hacked. We keep the codes to unlock our credit locked in a safe. I was surprised how freezing credit would change our spending on large wants purchases. No more spur of the moment major purchases or opening a credit card to save a few dollars on a purchase. Now the do we really want that thought process has spilled over to normal every day purchases.
 

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I started ss when I was 63.5 when I realized my pensions and SS combined paid a little less that I made working. I paid for the medical until 65 when medicare happened. House ,cars ,tractor, and toys paid for before retirement. I have not seen any loss in income and live within my means. We travel very little and go out to eat very little. It is your call after gathering all your information. I should have started collecting at 62 now that I see the whole picture.
 

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Turned 60 this month. Concidering collecting at 62. My full retirement age is 66 and 10 months. I have an Army check and about 3yrs pay in a 401k. I am in good health.. On no meds. What say ya all?

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My father was a lifer dog and retired after 20 years in the military. He then went into business for himself but waited until 70 to draw any social security because he always thought about my mother. While she still gets the medical of course from the military the retirement from the military disappeared when he passed away years ago. Had he drawn earlier it would have reduced the benefits she gets greatly. He left her financially very sound and she still gets the little check from SS every month.

As it turns out my father worked on his own until his last stroke which came one month before he passed away at 82. It was his work that kept him alive and active for years after his so called retirement.
 

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I am going to delay SS as long as I can. I plan to retire early and we will life off our IRAs and spend them down. SS has COLAs, not all is taxed, some states do not tax SS and my wife will have a bigger check when I die. I am 3 years older than her.

We plan to manage our taxable income until 65 so Obama Care is fully subsidized for us.

Bobby
 

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Look into Heath Shares, Liberty for one.

I pay less than $4,000/yr for my wife and I, I'm 61.
I looked it up. Counts us out.
I’m on daily pain management pills, and one is a narcotic.
I like me some Red Man chew, Jack Daniels whiskey, Busch Beer, and my old lady smokes.

Such horrible people we are.

My employer health insurance started charging extra for tobacco use couple years back.
Because of the “risk”.
I went on a mild tirade with the HR lady.
I asked her why they didn’t charge extra for the folks that eat fast food cheeseburgers and French fries ever couple days, or what about the ones behind the steering wheel rolling down the road poking on their stoopid phone.

Where does “risk” come into play with them?

FTFF

Sorry for the rant. Health insurance fires up my hackles.
 

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Z-5 - You are correct, sir, lots of variables and moving parts, including age, health, life expectancy, spending habits, etc. to consider when to begin drawing SS. Each of us have our own set of unique circumstances.

Regarding the required minimum distributions (RMD) beginning in the year one turns age 70-1/2 for an IRA or 401k, there is a bill stalled in the U.S. Senate that will push this out by 18 months, to age 72.

The Roth IRA has no RMD and grows tax free. I'm converting some of my IRA funds to a Roth, taking the tax hit early, to take advantage. This was an idea proposed by my advisor and seconded by our accountant. My advisor, like my health care providers, makes recommendations based on my condition and circumstances, and I take the decisions. In other words, my advisor advises, but does not actively manage our assets.

Brian

There are many things to consider.

Do you have a spouse? She will get your benefit when you die, longer you wait (up to 70) the bigger benefit for her.

If there is a COLA, it will be a percent of your benefit, bigger benefit, bigger COLA.

You can easily figure out, using projected amounts from SS (set up an account) how long it will take to make up for waiting. By this I mean cumulative dollars collected.

For me, If I take SS at FRA Full Retirement Age, it would take 12 1/2 years before I accumulated the same amount of money if I took the benefit at age 70. So at 82 1/2, I would be making more (finally) than if I took the benefit at FRA.

Will I live to 82? Will I be as active? Have the same expenses?

Also at 70 1/2, if you have a 401K you HAVE to take minimum distributions. It could be a big boost in income?

If you expect to live WAY past 82 AND can cover expense until 70 wait, but I suspect not worth the wait for most.
 
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