Author Topic: Thinking about signing up for Social Security  (Read 266 times)

1tuberider

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Thinking about signing up for Social Security
« on: March 19, 2020, 06:39:14 AM »
I was going to wait until it maximized at 70. I am almost 68 1/2. I think my
life expectancy has just been reduced.  I am still enjoying my
tax practice, so not thinking of retiring soon.  Surfing still a priority and never enough
time for it. Its just not consistent enough around here.
What to do?

Night Wing

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Re: Thinking about signing up for Social Security
« Reply #1 on: March 19, 2020, 09:00:22 AM »
Well, if you don't need Social Security money and you like what you're doing work wise, then retire at 70 and then take the social security money.

In my situation, I never countered on Social Security money. I made a very good money in the maritime industry. So when I built  up well over  7 figures in cash, I decided at the age of 60 to retire. And I did. I just turned 70 this past February.

I filed for Social Security when I was 62 so the social security money I receive on the second Wednesday of every month........is a bonus for me since I never planned on getting it way back when I was thinking about Social Security money when I was 23 years old.

Even though I loved my work in the maritime industry, I wanted to be able to do the things I liked doing while I was still young enough to do them as long as I didn't have any physical or mental disabilities. This is why I retired at 60.

The only physical issue I have is a cranky lower back; but a proper mattress (firmess wise),  proper pillow (in height) and lower back stretching exercises have kept me "limber as a wet spaghetti noodle".

I used to weigh 144 pounds, but my gastro-intestinal physician put me a strict diet (lots of protein, low carbs and more fiber in my diet) and my weight has dropped to 139 pounds. But I'm more muscular in my legs, upper arms and upper chest because of my new diet.

Since this COVID-19 virus has everyone in a panic, weather permitting, I take one of my sups out every day on one of our two private lakes in our subdivision for a 2 hour flat water paddle. This beats sitting in the house getting "cabin fever" since everything is basically shut down right now.  ;)

I'd love to take one of my sups down to the beach at Surfide, Tx for some sup surfing, but the waves down there are tiny now. And the oil price war between Saudi Arabia and Russia, our gasoline in my area is now $1.75 per gallon. And if things pan out for us in Texas, we could see gasoline "below" $1.00 per gallon. This would make going the 117 miles (and back) to Surfside a "cheap drive" gasoline wise. Which means I'd go down to Surfside at least 2 times a week.

In conclusion, like I said above. If you don't need the social security money and you like what you're doing work wise, keep working. But let's say when you become 69 and have a stroke where you recover, but not fully (partially paralyzed), then you'll think to yourself; "I should have retired sooner since I had enough money to last my lifetime and didn't need social security money and enjoy the things not work wise I love".

As they say, "Hindsight is always 20/20".

Blue Planet Duke: 10'5" x 32" x 4.5" @ 190 Liters (2 Dukes)
Sup Sports Hammer: 8'11" x 31" x 4" @ 140 Liters
SUP Sports One World: 11'1" x 30" x 4.5" @ 173 Liters

PonoBill

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Re: Thinking about signing up for Social Security
« Reply #2 on: March 19, 2020, 03:10:42 PM »
I was going to wait until it maximized at 70. I am almost 68 1/2. I think my
life expectancy has just been reduced.  I am still enjoying my
tax practice, so not thinking of retiring soon.  Surfing still a priority and never enough
time for it. Its just not consistent enough around here.
What to do?

If you analyze social security as you would any other investment (especially an annuity) you'd leave it alone until you are 70. If you need it, take it, if not use any of the online tools to see what you need to invest to get the same return.
Foote 10'4X34", SIC 17.5 V1 hollow and an EPS one in Hood River. Foote 9'0" x 31", L41 8'8", 18' Speedboard, etc. etc.

 


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