When did you/do you plan to take SS?

[RiverBend]

started at 66, worked 6more months, double dipping, and then retired, happy I did it that way. Medicare is way better than employer insurance.

 

[thevalueman]

without hijacking this thread, however for the ODT it's had a pretty good life...
I'd like to know how much of the SS you are/will be receiving will fund your total needed monthly income in retirement...

 

[dcline9163]

Wife and I both started at 62...I actually retired at 60 drawing my pension.
Longevity is not a thing in my family...I'm 70 now and turn 71 next month.
I'm the oldest in my family.
Thankfully we haven't had to dip into our 401K or investments yet. Gonna hate when required withdrawals kick in

Great Bill,
I would start thinking about the 491K though. I think they may have or going to change it, that you have to take it out or roll it over by then.

 

[TrueGrit]

I wouldn't plan on SS money for any of your retirement expenses.

 

[lostchild]

Great Bill,
I would start thinking about the 491K though. I think they may have or going to change it, that you have to take it out or roll it over by then.

Nope, just start annual required minimum distribution (RMD) payouts at 72.
Set ‘em up for whatever month you want ‘em.

Retirement plan and IRA Required Minimum Distributions FAQs | Internal Revenue Service

Find out about required minimum distributions on your retirement plan under Internal Revenue Code sections 401(a)(9), 408(a)(6) and 408(b)(3) and how much and when to withdraw.

www.irs.gov

 

[thevalueman]

I wouldn't plan on SS money for any of your retirement expenses.

Sorry, that wasn't the spirt of my question....as I cannot deny the monthly SS deposits into my account....the question remains....how much of the SS payment maintains your current life style....we can debate the ever, continual rumblings of SS's emanate failure, I'm only speaking of today....I am 69 and have been receiving SS since 65(+/-)....so, how much of your SS income covers your monthly financial needs??? 20%. 30%. 50%. 75%. 80%...a simple question...once again talking in today time, not "when SS fails"....just today....no future planning, just today

 

[dcline9163]

Nope, just start annual required minimum distribution (RMD) payouts at 72.
Set ‘em up for whatever month you want ‘em.

Retirement plan and IRA Required Minimum Distributions FAQs | Internal Revenue Service

Find out about required minimum distributions on your retirement plan under Internal Revenue Code sections 401(a)(9), 408(a)(6) and 408(b)(3) and how much and when to withdraw.

www.irs.gov

I just have got done going through with my financial advisor and he was telling me 73. It looks like you may have not read it correctly lostchild. Look at the last sentence. If you reach 72 after 2022. This is 2023.
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).

 

[dcline9163]

Sorry, that wasn't the spirt of my question....as I cannot deny the monthly SS deposits into my account....the question remains....how much of the SS payment maintains your current life style....we can debate the ever, continual rumblings of SS's emanate failure, I'm only speaking of today....I am 69 and have been receiving SS since 65(+/-)....so, how much of your SS income covers your monthly financial needs??? 20%. 30%. 50%. 75%. 80%...a simple question...once again talking in today time, not "when SS fails"....just today....no future planning, just today

Yeah,
I would agree that a backup plan is necessarily. Look at the increased costs today as compared just 5 or 10 years ago.

 

[Just1more]

I currently have a SS supplement that stops the day I turn 62 so I’ll start drawing mine then.

 

[czub]

Not planning on seeing a penny from SS, but for my relatives and friends near retirement age, I generally recommend delaying benefits until 70, assuming they have sufficient assets to make it to 70 without reducing their lifestyle.

Not only the numbers make sense, it's also a form of an insurance.