Taking SS early (62)

[Mike Islander]

Guilty as charged. I care about my wonderful wife and take very good care of her. She helped put me through college later in our marriage, and I "retired" her at age 38. If I die early, she'll have a lot bigger check if I wait till 70.

My duet bikes. 2005 YZ250 and 2025 YZ250X. Autocorrect strikes again. But it is a "duet" of dirt bikes.

 

[RyanT26]

Guilty as charged. I care about my wonderful wife and take very good care of her. She helped put me through college later in our marriage, and I "retired" her at age 38. If I die early, she'll have a lot bigger check if I wait till 70.

My duet bikes. 2005 YZ250 and 2025 YZ250X.
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OK, that’s a lot cooler than what I thought you meant.

 

[Broomd]

I'm 62 today! Will be taking immediately. We don't live forever, in spite of our hopes and dreams.

 

[Mike Islander]

I'm 62 today! Will be taking immediately. We don't live forever, in spite of our hopes and dreams.

You have my attention.

1. Do you have retirement or non-wage income?
2. Are you going to stop working immediately?

Of course no obligation to answer, just would like to understand your decision.

 

[pacoalcracker]

Hey Mike, at 65 I run a 2017 Beta RRS-430 Dual Sport and a 2021 Beta RX300 Moto-Cross (1 of ~20 made of that 1st year for Beta). The RX300 is American market only. They still don't build many RX300's. Both are mean machines. Way more powerful than the Yamaha late 70's TT500 and YZ400 I had as a young man.

I'm collecting a survivors benefit and will take mine at 67 or 70. Will decide for sure when I'm 67. Retired 6-1/2 years ago. Also collecting an employer pension and also a private annuity for another 9 years yet. Those combined easily pay my way so my own SSA benefit will just be extra on top along with a low 7 figure IRA I don't need to touch and planning on leaving that to my 2 sons.

 

[Mike Islander]

Hey Mike, at 65 I run a 2017 Beta RRS-430 Dual Sport and a 2021 Beta RX300 Moto-Cross (1 of ~20 made of that 1st year for Beta). The RX300 is American market only. They still don't build many RX300's. Both are mean machines. Way more powerful than the Yamaha late 70's TT500 and YZ400 I had as a young man.

I'm collecting a survivors benefit and will take mine at 67 or 70. Will decide for sure when I'm 67. Retired 6-1/2 years ago. Also collecting an employer pension and also a private annuity for another 9 years yet. Those combined easily pay my way so my own SSA benefit will just be extra on top along with a low 7 figure IRA I don't need to touch and planning on leaving that to my 2 sons.

Nice! Literally if we don't get injured or ill, we can ride well into our 80s. The key is to continue with good diet and consistent exercise. At age 80, Jack LaLanne towed 80 boats with 80 people for a mile and a half in Long Beach Harbor while handcuffed and shackled.

So your social security survivors benefit is less than your benefit will be at 67 or even 70? If you take it at 70, you'll catch up to the lost 3 years around age 80. But it will likely be a bit more than $1000 extra a month over your 67 check, and that will be for the rest of your life.

When you have plenty of money, it's more of a game of what you want to do with the extra cash.

 

[Broomd]

You have my attention.

1. Do you have retirement or non-wage income?
2. Are you going to stop working immediately?

Of course no obligation to answer, just would like to understand your decision.

Hey Mike, so I've been 'retired' for about 6-7 years, but I'm still 'working' clerically for my wife. I take about 22,000 in annual salary for running her home office when she's gone to Alaska as a health provider. That low amount will still allow me to still get SS without crossing the income threshold, I'll revisit those figures soon to be assured I'm good.
I was a former teacher, didn't have enough years for formal retirement, but I made a solid bit of money around covid with the stock market. If you followed the Stock Traders thread here that windfall is chronicled.
We've been debt-free for about 15-16 years, 30 acres, I built our home, we raise and market Highland livestock seasonally.

We aren't 'millionaires' per se', but we're up near there with savings, 401k, quarterly dividends from various equities and mutual funds.
Our place, like most, has skyrocketed in value over the last 7-8 years. Probably worth 750-800k or so.
The way I look at it, the SS check every month will pay our out-of-pocket health insurance (at least until medicare). it''s gone up exponentially.

 

[Mike Islander]

Hey Mike, so I've been 'retired' for about 6-7 years, but I'm still 'working' clerically for my wife. I take about 22,000 in annual salary for running her home office when she's gone to Alaska as a health provider. That low amount will still allow me to still get SS without crossing the income threshold, I'll revisit those figures soon to be assured I'm good.
I was a former teacher, didn't have enough years for formal retirement, but I made a solid bit of money around covid with the stock market. If you followed the Stock Traders thread here that windfall is chronicled.
We've been debt-free for about 15-16 years, 30 acres, I built our home, we raise and market Highland livestock seasonally.

We aren't 'millionaires' per se', but we're up near there with savings, 401k, quarterly dividends from various equities and mutual funds.
Our place, like most, has skyrocketed in value over the last 7-8 years. Probably worth 750-800k or so.
The way I look at it, the SS check every month will pay our out-of-pocket health insurance (at least until medicare). it''s gone up exponentially.

Nice feeling for sure! Congrats!

 

[SDHNTR]

Hey Mike, so I've been 'retired' for about 6-7 years, but I'm still 'working' clerically for my wife. I take about 22,000 in annual salary for running her home office when she's gone to Alaska as a health provider. That low amount will still allow me to still get SS without crossing the income threshold, I'll revisit those figures soon to be assured I'm good.
I was a former teacher, didn't have enough years for formal retirement, but I made a solid bit of money around covid with the stock market. If you followed the Stock Traders thread here that windfall is chronicled.
We've been debt-free for about 15-16 years, 30 acres, I built our home, we raise and market Highland livestock seasonally.

We aren't 'millionaires' per se', but we're up near there with savings, 401k, quarterly dividends from various equities and mutual funds.
Our place, like most, has skyrocketed in value over the last 7-8 years. Probably worth 750-800k or so.
The way I look at it, the SS check every month will pay our out-of-pocket health insurance (at least until medicare). it''s gone up exponentially.

Happy Birthday.

If you are healthy, you should consider living off your after-tax cash savings to buy you until at least 67.

 

[pacoalcracker]

Mike, Yes my SS survivors' benefit is considerably less than my FRA benefit. The plan is wait until 67 to see how my health is, then decide on 67 or later but no later than 70 for sure. At the moment my health is very good. Never smoked and might have 2 beers a week at the gun club on Fridays. Diet is OK but could be better. Powerlifted for about 10 years but was away from it for the past 5 and only recently have gone back to the gym so hopefully I can keep that going for a few decades. Amazingly, still quite strong and kept most of my muscle mass.

 

[Backyard]

Pardon me for not reading every post. I skimmed through and didn’t see much if any mention of insurance coverage for those that retired earlier than 65. What are people doing?


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[49ereric]

Pardon me for not reading every post. I skimmed through and didn’t see much if any mention of insurance coverage for those that retired earlier than 65. What are people doing?


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I kept my unions H&W but crazy expensive but much lower deductible than anything else I could find.
On Medicare now with medigap policy.

 

[Mike Islander]

We were on Medishare for years, as our company is too small for a insurance plan. Soooo much less than Blue Cross or other insurance.

 

[North of 60]

Pardon me for not reading every post. I skimmed through and didn’t see much if any mention of insurance coverage for those that retired earlier than 65. What are people doing?


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One of the few good things about retiring as a state employee is the very excellent medical insurance until time for medicare.

And with the repeal of the SS WEP and GPO ,we will both also get our full SS as we each careers in both the private and public sector.

 

[cnelk]

We were on Medishare for years, as our company is too small for a insurance plan. Soooo much less than Blue Cross or other insurance.

Tell us more about Medishare.
From what I’ve read there’s good (cheap) and bad (they don’t pay for shit)

 

[Mike Islander]

Tell us more about Medishare.
From what I’ve read there’s good (cheap) and bad (they don’t pay for shit)

That's not my experience at all. They pay for all kinds of care. We've used them for about 5 years, and my brother in law for about 15. He fell off a roof and had all kinds of issues, and all were paid for.

I had cataracts and added special lenses. Eye care was not covered in the plan I paid for, but I still got thousands in discounts just by listing Medishare as my provider.

One of the major differences is pre-existing conditions. MediShare has limitations that insurance companies do not.

 

[nm.otter]

Wife and I had Liberty HealthShare for about ten years. Never filed a single reimbursement request, but premiums more than tripled and their list of exemptions got worse and worse. Finally bailed for another HDHP (PPACA) -- at least I can fill up my HSA again.