Do I have enough saved to go full time ?
I know everyone's finances are personal, but I would like opinions if you think I have enough money saved. We have been pretty certain that we are going to do full time RVing, but after reading many f...
Forum Discussion
Let us take a minute and do the math. As an example only: Age 62 retirement SS gives you $1500 per month. The difference between age 62 and 66 is 4 years or 48 months. $1500 times 48 months is $72,000. This $72,000 is the amount you have collected during retirement over four years.
Now for the other side of the equation, as example only: Age 66 retirement SS gives you $2100 per month. The difference between $1500 per month and $2100 per month is $600.
If you divide that $600 monthly increase in SS benefit, INTO the $72,000 you would have already collected if you had retired at age 62 that gives you the number 120. That number 120 is the number of additional months PAST age 66 that you will have to collect your SS benefit to break even with the $72,000 you have already collected from the retirement age of 62. 120 months is 10 years. You would have to live an additional 10 years past age 66 before you would break even with what benefits you have already collected had you retired at age 62.
Are we going to live 10 years past age 66? The Social Security Administration is betting the largest number of citizens will NOT live the additional 10 years past age 66, thus benefiting the SS system by paying out less benefits to us because we gambled and choose to wait and collect the larger monthly benefit that retirement at age 66 gives us.
The above reason and what others have already mentioned about health etc. might just be the deciding factor why you should retire just as early as possible. The amount of funds that you have available should do you very nicely with full time RVing. Good luck.
Lakeside
Now for the other side of the equation, as example only: Age 66 retirement SS gives you $2100 per month. The difference between $1500 per month and $2100 per month is $600.
If you divide that $600 monthly increase in SS benefit, INTO the $72,000 you would have already collected if you had retired at age 62 that gives you the number 120. That number 120 is the number of additional months PAST age 66 that you will have to collect your SS benefit to break even with the $72,000 you have already collected from the retirement age of 62. 120 months is 10 years. You would have to live an additional 10 years past age 66 before you would break even with what benefits you have already collected had you retired at age 62.
Are we going to live 10 years past age 66? The Social Security Administration is betting the largest number of citizens will NOT live the additional 10 years past age 66, thus benefiting the SS system by paying out less benefits to us because we gambled and choose to wait and collect the larger monthly benefit that retirement at age 66 gives us.
The above reason and what others have already mentioned about health etc. might just be the deciding factor why you should retire just as early as possible. The amount of funds that you have available should do you very nicely with full time RVing. Good luck.
Lakeside
