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Started By
Message
re: S/S - Do you plan to take at 62/67/70
Posted on 12/7/23 at 6:11 am to HeartAttackTiger
Posted on 12/7/23 at 6:11 am to HeartAttackTiger
I'm 52. I plan to start taking at 62. With my genetics, I'll probably die at 72.
0
Posted on 12/7/23 at 11:13 am to HeartAttackTiger
We found with my parents it was fine to just start when they started Medicare. The extra time to full wasn't material to them.
Posted on 12/7/23 at 12:00 pm to Gorilla Ball
quote:
I understand that your roth accounts should be the last accounts you should touch
Rethink this. Roth assets are very useful for big expenses in retirement, such as a new car, a new roof, or a new HVAC. Withdrawing money from an IRA/401K to cover those expenses might push you up into a higher tax bracket or make more of your SS taxable. Also, if you retire early, Roth assets that are tax free (such as contributions and conversions) don't count against MAGI, which can help you get a higher subsidy on Obamacare if you have to depend on it.
Roth gives you tax flexibility that isn't always just about the numbers.
Posted on 12/7/23 at 3:13 pm to UpstairsComputer
quote:FWIW, SS is not going anywhere.
I'm mid 40's, SS should be long since bankrupt and sliced apart by then
Why?
Because you are not the beneficiary!
The government is the beneficiary.
The government is not doing anything to hamper a program it benefits from.
SS is the cheapest most reliable debt instrument the government has. Essentially the Feds are forcing you to buy Treasuries, and to buy them at their ask.
Every SS contribution dollar is converted to a US debt instrument as soon as it hits Wash DC.
So rather than going bankrupt, SS will almost certainly be expanded. Eligibility age might be extended some, but SS will be put back in surplus. Not balance ... surplus ... just as it is now. The bigger the surplus, the bigger the government benefit.
Regarding SS solvency, receipts are running at a 20% deficit to payout. As the SS surplus is about 200% the annual payout, the 20% drawdowns will drain the SS Surplus "TrustFund" in 10yrs. But the deficits are stable. IOW, at present contribution rates, SS could payout "benefits" at an 80% level for the next 100yrs and remain in balance. Meanwhile, the rest of government runs ~20% deficits currently.
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