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Topic: Retirement / What am I working for?

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MrNubbz

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Re: Retirement / What am I working for?
« Reply #350 on: May 18, 2024, 07:00:51 AM »

We use to stay at a cabin in Quebec jetting out overlooking a Lake like that,sans the pool and more logs than glass.But nice wrap around porch 
« Last Edit: May 29, 2024, 03:36:44 PM by MrNubbz »
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #351 on: May 18, 2024, 08:06:05 AM »
Fix the roof maybe.

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FearlessF

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Re: Retirement / What am I working for?
« Reply #352 on: May 29, 2024, 09:18:26 AM »
Investing in the market
"If an individual starts collecting at age [62] and puts the benefits in a S&P index fund for 8 years that individual would be way ahead of postponing collection until the age of 70," another CNBC reader wrote.

With the S&P 500 index up about 26% in the past year, it is tempting to think just investing in a fund that tracks that index can bring in more money than delaying Social Security.


An individual who waits until age 70 to claim Social Security benefits will receive a benefit of about 77% higher than what they would receive at age 62, according to Blanchett's research. For every year retirees delay from full retirement age, they may get an 8% benefit boost.

To best gauge the trade-off, experts say it's most accurate to compare delaying Social Security to investing in bonds rather than equities. The advantage of Social Security benefits is that they are adjusted for inflation and pay income for the rest of a beneficiary's life.

"If I were going to compare Social Security, I should be comparing to bond yields," said Joe Elsasser, a certified financial planner and founder and president of Covisum, a Social Security claiming software company.

"If I were comparing to bond yields, then delaying Social Security all of a sudden appears much more reasonable," he said.


https://www.msn.com/en-us/money/retirement/it-s-already-highway-robbery-why-people-don-t-wait-to-claim-social-security-and-what-experts-say/ar-BB1ndjFO?ocid=entnewsntp&pc=U531&cvid=fe227ef097c347e7a436d5214fda65a3&ei=30

Break-even age
"The person who withdraws at 62 will have the same amount of [money] as the person who withdraws at 72 by the time they both reach 78, their expected date of death," another CNBC reader wrote. "You only make out if [you] beat the odds and live longer." The reader referenced "72," but the highest age to wait for bigger benefits is age 70.

Many Social Security claimants tend to focus on a "break-even age" — the point at which they personally would make out the same if they delay or claim early.

To benefit from delayed claiming, they would have to live past their estimated break-even age.

Yet experts say it's best to base a claiming decision on an individual's entire financial situation rather than one metric.

Break-even age can be a valuable reference point, Elsasser said.

But claimants also need to consider their own longevity, he said, which may be better than their parents' due to improved health care and financial resources.

When couples are making a claiming decision, a higher wage earner needs to consider the longevity of both individuals, which often also supports delayed claiming, according to Elsasser.
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FearlessF

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Re: Retirement / What am I working for?
« Reply #353 on: May 29, 2024, 09:33:30 AM »
(CNN) – A record number of 401(k) savers had balances over $1 million at the end of the first quarter this year.

According to Fidelity Investments, 485,000 accounts had over $1 million in savings.

The number is up to 15% from the 422,000 accounts reported at the end of 2023 and 43% higher than a year ago.

The average balance was $1.58 million.


https://www.1011now.com/2024/05/28/record-number-401k-savers-have-more-than-1-million-their-accounts/?fbclid=IwZXh0bgNhZW0CMTEAAR1BxcFm9DtThF0H4zcAt19tWIRKMktghLIhy0YRnnXxQgmrO6-m27oAse0_aem_AYSFcoJBQVZgfMY54QaW2_8r8tiAiVrDDqGgUiUtlSUTMkqz9ktWgv6UW0GPK6d0-lKpDnXOSElcL8978qnTpLEZ

The data is based on 23 million plan participants at Fidelity.

Fidelity said the average participant with a balance over $1 million has been saving for 26 years and contributes 17% of their income, including any matches they receive from their employer.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #354 on: May 29, 2024, 09:33:47 AM »
And of course the S&P can be down over an eight year period, though that has been rare.  I waited until I was 66, my normal "retirement" age.  I could have waited longer, but did some rough calculations and it seemed I would be doing fine taking it at 66 unless I live to be quite old someday in the future.

OrangeAfroMan

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Re: Retirement / What am I working for?
« Reply #355 on: May 29, 2024, 11:26:31 AM »
And of course the S&P can be down over an eight year period, though that has been rare.  I waited until I was 66, my normal "retirement" age.  I could have waited longer, but did some rough calculations and it seemed I would be doing fine taking it at 66 unless I live to be quite old someday in the future.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #356 on: May 29, 2024, 12:29:01 PM »
My Uncle wanted to outlive my great grandmother, and did, he made 104, she was just short of 102.  At some point, one's quality of life is such that living longer may not be that appealing.

847badgerfan

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Re: Retirement / What am I working for?
« Reply #357 on: May 29, 2024, 12:33:02 PM »
My goal is to get to 58 right now.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #358 on: May 29, 2024, 12:40:25 PM »
It's nice to get that deposit in the middle of each month.  I might be juggling some accounts to pay bills and all of a sudden ...


FearlessF

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Re: Retirement / What am I working for?
« Reply #359 on: May 29, 2024, 05:15:55 PM »
my goal is to cash at first SS check

It could happen as soon as August

It might be in 5 years when I reach 67

time will tell
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #360 on: May 29, 2024, 05:26:13 PM »
You can start your retirement benefit at any point from age 62 up until age 70. Your benefit will be higher the longer you delay your start date. This adjustment is usually permanent. It sets the base for the benefits you'll get for the rest of your life.


This isn't digital, you can wait a couple years and then take it, or wait the full period of time.

FearlessF

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Re: Retirement / What am I working for?
« Reply #361 on: May 29, 2024, 05:44:28 PM »
can I take it at 62 if I'm making $866,000 dollars a year in income?
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #362 on: May 29, 2024, 05:54:59 PM »
You can, you will be taxed on it fairly heavily.

MrNubbz

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Re: Retirement / What am I working for?
« Reply #363 on: May 29, 2024, 05:55:44 PM »

According to Fidelity Investments, 485,000 accounts had over $1 million in savings.

I must be an infidel
"I started out with nothing and I still have most of it"

 

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