Do we or don't we?

DallasSteve wrote:

timmac wrote:

X2

The S.S break even age is around 77-78 years of age, so if a person starts drawing at 62 and another starts at 67 they both will earn the same total amount by 77-78 years of age but the person drawing at 67 has to work 5 more years..

"the person drawing at 67 has to work 5 more years.. "

Why? There's no law that says you have to work until you start drawing SS. There's also no law that says you have to start drawing SS when you stop working. I'm 63. I stopped working 12 months ago. I'm living on what some people call "my savings". They haven't arrested me for that, yet.

You are correct that the breakeven age is around 77-78. If I die early and I leave money on the table, so what? (So far I'm in good health) I've also seen statistics that the sooner you retire, the longer you live. I can't explain that.

Steve

Yes your right you don't have to work 5 more years before collecting S.S. at 67 vs early draw that is if you have the funds, but if one does not have enough funds and wants to retire at 62 they can and still earn up to $17,040 a year and still collect the full early/reduced amount before S.S is reduced $1 for every $2 earned over the $17,040 a year.

I say work is overrated and one should retire as soon as they can if they can afford it..

Hence why I own a business and work 20 hours or less per week and earn 6 figures per year.. { I am still to young to draw early S.S }

I will retire at 62 and collect my early/reduced S.S. full amount and still earn over $100,000 per year without any $$ penalties, ask me how I can do that..

:B