Excuses for buying guns.

[Creedmoor]

That is exactly what I am doing. The longer I work, the more I collect. Once you start collecting, you benefit is fixed.

I'm over 65 myself, I believe I understand how it works. I posted above.
Help me understand?

 

[Bassat]

Yes I'm aware, how many years will it take for you to get the difference back along with you still working.
Max benefit at 67 & 6 months is $3.822 a month on SS. So that will gross $167,000 dollars you can invest before you turn 70 and still live and add to your SS with still working.
if you work until 70 its now $4,873 a month on SS. The break over is like 13+years and thats without the interest from the 167,000 you saved before turning 70.
Will it matter when you are like 85? will you be alive at 85?
Help me understand?

No. I won't live to 85. That is not the point. My wife will outlive me by 30+ years. At $1,000 per month, that is $360,000+ for her, over her lifetime, after I am gone. Easy decision right there. Break-even age for Social Security is 83. If you start earlier than 70, and live past 83, you lose money every month. No matter when you start, 62, MRA, FRA, 70, you will collect the same amount by age 83. If you live past 83, you are losing money if you collected earlier than 70.

 

[Sigblitz]

My wife felt the need to get a new safe
a couple weeks ago. I'm sorry, what was the question?

 

[Bassat]

That reminds me.... I need a new, or larger safe. Mine is chock full of guns, with no room for ammo. I have a few thousand rounds scattered all over shelves in the closet.

 

[Creedmoor]

No. I won't live to 85. That is not the point. My wife will outlive me by 30+ years. At $1,000 per month, that is $360,000+ for her, over her lifetime, after I am gone. Easy decision right there. Break-even age for Social Security is 83. If you start earlier than 70, and live past 83, you lose money every month. No matter when you start, 62, MRA, FRA, 70, you will collect the same amount by age 83. If you live past 83, you are losing money if you collected earlier than 70.

OK, food for thought.
Now take that $167.000 and put it to work over just that 30 years at 5.2%
$845.000 dollars. Twice that $360.000

 

[Sigblitz]

I'm not selling my retirement.

 

[Creedmoor]

That reminds me.... I need a new, or larger safe. Mine is chock full of guns, with no room for ammo. I have a few thousand rounds scattered all over shelves in the closet.

A few years back I needed another vault, I just bought a BIG one. It would have been better for us if I had bought two medium sized vaults. If I need something from the back row I need to move a dozen or more out of the way to get the one I want from the back.
You store ammo in you safe?

 

[Creedmoor]

I'm not selling my retirement.

Is it worthy of someone buying it?

 

[Sigblitz]

Is it worthy of someone buying it?

No.

Everyone has their own plan, or no plan.
Some work 2 years past and bank one check, live off the other.
Some live off both like a teenager.

 

[Bugzilla]

I will exhibit self control.

 

[Creedmoor]

No.

Everyone has their own plan, or no plan.
Some work 2 years past and bank one check, live off the other.
Some live off both like a teenager.

I agree.

 

[gregkl]

Yes I'm aware, how many years will it take for you to get the difference back along with you still working.
Max benefit at 67 & 6 months is $3.822 a month on SS. So that will gross $167,000 dollars you can invest before you turn 70 and still live and add to your SS with still working.
if you work until 70 its now $4,873 a month on SS. The break over is like 13+years and thats without the interest from the 167,000 you saved before turning 70.
Will it matter when you are like 85? will you be alive at 85?
Help me understand?

I'm not smart enough to figure it out. I probably should have my financial advisor run some numbers with/for me. I am retiring at the end of this year when I turn 65. I am done with corporate life and am only staying in so I can reach Medicare eligibility.

My plan is to do a side gig in retirement, most likely cutting grass until we move. When we move, the house will be paid off and I may continue cutting grass but that is dependent on where we live and how far I would have to drive to find customers (I am planning on moving out in the country a little bit).

At that point, if I don't cut grass, I may do some small engine repair or get a part time job at the WWII museum or the landing craft, something fun to earn a few dollars.

Holding off until 70 to claim SS does two things: gives me a larger check while I am alive and gives my wife a larger check if she outlives me. She will take half of my benefit in retirement since that is higher than if she was to take hers.

The big unknown in all of this is "how long will I live?" I don't know. I am very healthy right now but you know how it goes; that could change in an instant. My mom is 96 and is just now starting to have some health issues making me think she may not see 97. But then again, I have seen her rally from issues for the past 5 years or so and continue on.

She ran out of money at age 90 and it has been an issue trying to take care of her. I would prefer to not end up in that position. By waiting until I collect SS at 70, I am in good shape to live out as long as I will without fear of running out of money. The SS benefit at 70 will allow me to live as I do now since I won't have a mortgage or any expenses associate with going to work. If I take it earlier and I live long, I would most likely run out.

 

[Wild T]

What excuses have you given to your wife/gf/ or significant other ,to justify buying a new gun without having a conflict? And go......

It’s an investment

 

[VERT]

It’s an investment

I‘m sure she knows better then that.