Liberal Forum

ROG62 » 26 Jul 2023, 6:09 pm » wrote: ↑

26 Jul 2023, 6:09 pm

I did the math...

collect at 62 or 66-1/3?

if I waited until 66-1/3 it would take until I turned 84 to finally break even and then start garnering more......**** THAT...

I really think most Americans are not bright enough to do that math and most can't financially swing an early retirement. 

I had to wait 2 years to collect S.S. at 62 after retirement, the math really shows how screwed up this system is. My numbers show ROI starting in 8.2 years, less with cola's over the next 8 years. 
 

Skans » 26 Jul 2023, 8:00 am » wrote: ↑

26 Jul 2023, 8:00 am

Skans' Rules of Retirement:

• Save and invest enough money over your lifetime so that you can comfortably retire some day. Make sure you have enough saved to live comfortably well into your '90's, with a substantial "buffer" for things you can't predict.
• Retire from highly stressful work as soon as you are financially able  to.
• Then, work for yourself or find a hobby (something that will not make you enough money to live on) that challenges you and you love doing.
• Incorporate a regimented exercise routine in every day
• Incorporate regular social activities through out your week
• Social Security - consider it a monthly bonus.  Take it as soon as you can, because you may die before receiving the extra money for delaying.  And, if you NEED social security to live on, then you are not ready to retire. 

Looks like you have considered quite a bit about retirement, just one thing you forgot. Plan on your plan changing.
 

Fuelman » 27 Jul 2023, 8:42 am » wrote: ↑

27 Jul 2023, 8:42 am

Looks like you have considered quite a bit about retirement, just one thing you forgot. Plan on your plan changing.

Who are you?

Fuelman » 27 Jul 2023, 8:42 am » wrote: ↑

27 Jul 2023, 8:42 am

Looks like you have considered quite a bit about retirement, just one thing you forgot. Plan on your plan changing.

Someday I would like to retire. And, retire early. 

When I was 25, I remember thinking that all I needed to do is accumulate $250,000, put that into an investment that makes on average 10%/year and then I could retire making what I was making at that time.  Work was just getting in the way of working out, running, boxing and windsurfing.  Plenty of stuff to do.....if I could just get $250K.

Then, I got married.  And, then kids. That blew my plan all to Hell.

So, I worked.  And worked.  And, continue to work.  Gotta new plan.......    


 

Skans » 27 Jul 2023, 9:00 am » wrote: ↑

27 Jul 2023, 9:00 am

Someday I would like to retire. And, retire early. 

When I was 25, I remember thinking that all I needed to do is accumulate $250,000, put that into an investment that makes on average 10%/year and then I could retire making what I was making at that time.  Work was just getting in the way of working out, running, boxing and windsurfing.  Plenty of stuff to do.....if I could just get $250K.

Then, I got married.  And, then kids. That blew my plan all to Hell.

So, I worked.  And worked.  And, continue to work.  Gotta new plan.......  

Life is expensive and most of us learn along the way. Slow and consistent saving will get you there.
 

Fuelman » 27 Jul 2023, 9:13 am » wrote: ↑

27 Jul 2023, 9:13 am

Life is expensive and most of us learn along the way. Slow and consistent saving will get you there.

You never learned anything.

Fuelman » 27 Jul 2023, 8:38 am » wrote: ↑

27 Jul 2023, 8:38 am

I really think most Americans are not bright enough to do that math and most can't financially swing an early retirement. 

I had to wait 2 years to collect S.S. at 62 after retirement, the math really shows how screwed up this system is. My numbers show ROI starting in 8.2 years, less with cola's over the next 8 years.

Agreed...another one is "why do you want to pay your mortgage off early when you can deduct the interest from your taxes?"   
 

walkingstick » 26 Jul 2023, 2:59 am » wrote: ↑

26 Jul 2023, 2:59 am

the younger you retire, the longer your life expectancy is projected. should you take a lesser amount of social security and retire younger? or work longer, and get a bigger check? by working longer your life expectancy is reduced. in total dollars, you will end up getting more by working longer.  is it worth working longer?

I will retire when I die. 

Fuelman » 27 Jul 2023, 8:38 am » wrote: ↑

27 Jul 2023, 8:38 am

I really think most Americans are not bright enough to do that math and most can't financially swing an early retirement. 

I had to wait 2 years to collect S.S. at 62 after retirement, the math really shows how screwed up this system is. My numbers show ROI starting in 8.2 years, less with cola's over the next 8 years.

AKA gasman? 

Imgreatagain » 27 Jul 2023, 11:25 am » wrote: ↑

27 Jul 2023, 11:25 am

AKA gasman?

Fuelman sounded more sophisticated!
 

Fuelman » 27 Jul 2023, 12:16 pm » wrote: ↑

27 Jul 2023, 12:16 pm

Fuelman sounded more sophisticated!

all men are gasbags. Just embrace it 

Imgreatagain » 27 Jul 2023, 12:38 pm » wrote: ↑

27 Jul 2023, 12:38 pm

all men are gasbags. Just embrace it

     Plenty of them around here.

Fuelman » 27 Jul 2023, 1:02 pm » wrote: ↑

27 Jul 2023, 1:02 pm

     Plenty of them around here.

also at the Jersey shore I 

ROG62 » 26 Jul 2023, 6:09 pm » wrote: ↑

26 Jul 2023, 6:09 pm

I did the math...

collect at 62 or 66-1/3?

if I waited until 66-1/3 it would take until I turned 84 to finally break even and then start garnering more......**** THAT...

I have tried to explain that to people for years.
It's like trying to explain why it better to owe some money rather than get a refund from income tax.
Getting a glazed-over, dull stare gets tiring. So, I quit discussing it.

Let 'em have their 0% savings account and let 'em wait to die 5 years before the break even point.
 

ROG62 » 27 Jul 2023, 11:19 am » wrote: ↑

27 Jul 2023, 11:19 am

Agreed...another one is "why do you want to pay your mortgage off early when you can deduct the interest from your taxes?" 

Deductions mean you have already overpaid.
Getting to overpay less is a real **** bargain.
...or am I thinking of write-offs?

Same thing.  

DeezerShoove » 27 Jul 2023, 4:31 pm » wrote: ↑

27 Jul 2023, 4:31 pm

Deductions mean you have already overpaid.
Getting to overpay less is a real **** bargain.
...or am I thinking of write-offs?

Same thing.

You should have seen the looks I got when I asked them "so how is saving $200 on your taxes for every $1000 you give your bank a good thing?"

crickets....
 

DeezerShoove » 27 Jul 2023, 4:26 pm » wrote: ↑

27 Jul 2023, 4:26 pm

I have tried to explain that to people for years.
It's like trying to explain why it better to owe some money rather than get a refund from income tax.
Getting a glazed-over, dull stare gets tiring. So, I quit discussing it.

Let 'em have their 0% savings account and let 'em wait to die 5 years before the break even point.

the same reason I took my pension at 58 instead of 65...while the monthly amount is less, I'm still guaranteed the cash out amount and everything I collect after the 10 yrs (which is equal to total cash distribution) is extra $ in my pocket...I figured I had a better chance of living to 68 vs 75...

Skans » 26 Jul 2023, 8:00 am » wrote: ↑

26 Jul 2023, 8:00 am

Skans' Rules of Retirement:

• Save and invest enough money over your lifetime so that you can comfortably retire some day. Make sure you have enough saved to live comfortably well into your '90's, with a substantial "buffer" for things you can't predict.
• Retire from highly stressful work as soon as you are financially able  to.
• Then, work for yourself or find a hobby (something that will not make you enough money to live on) that challenges you and you love doing.
• Incorporate a regimented exercise routine in every day
• Incorporate regular social activities through out your week
• Social Security - consider it a monthly bonus.  Take it as soon as you can, because you may die before receiving the extra money for delaying.  And, if you NEED social security to live on, then you are not ready to retire. 

Regarding SSI = takes 17.5 years to break even = does anyone want to die first?  I took my early.

Also made the decision that because I have never understood what exactly retirement is why plan for something
that is a question mark?

I like to be busy and interactive at the same time which employment can be. Then I became interested in how many corporations are not fulfilling retirement agreements, how loan scams screw with YOUR money, how many lose health insurance etc etc etc.......... staying part time employed is not a bad idea.

Traveling the world translates into the probability of my money contributing to fascist and/or communist governments = what the hell no way jose'. 

America really offers a lot for vacation escapades and educational opportunities to which I believe we Americans 
are not respecting ......  and I may never retire per se.

If one can stay healthy one doesn't need medical insurance .................... paying out thousands a year and rarely using health insurance is a lose lose deal.
 
 
 

Think about all of those rich tax dollar leeches on capitol hill that just keep stealing our money and doing insider trading and not spending all of their campaign money ethically.