Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The overall numbers for this country are no where near 12-15% …
Your personal cost of living has nothing to do with what the 1500 mini economies that make up this country show as a whole .
Quote:
Originally Posted by TuborgP
We really don't have a good sense of inflation. Other than some food items anything else isn't really noticed.
Agreed. Usually when someone who claims inflation is massively higher than official numbers gets into specifics they start talking about volatile commodities that people notice when they go up but not down, or they greatly overestimate how much the average American family pays annually for something like education. Even housing, obviously rent and home prices have gone up but almost 40% of Americans live in a paid off home while many millions more have mortgages financed at rates far lower than past decades to where their actual outlay isn't necessarily directly reflected in the change in home prices.
That’s why at this point we really don’t have a good sense of what inflation is
Prices do go up, but you can modify that by modifying what you buy. Some things you can save money on, others you can't or don't want to. There's usually a way to get better value for less money. SS cola is there to keep up with inflation. It's better than nothing.
The question is how long will that life be?
For me, the break even age of 62 vs 70, is in my mid 80s. You have to decide, based on family history and current medical conditions, if you think you will live that long.
i think the "breakeven" is a very naive way of looking at it. Social Security is the cheapest longevity insurance that you can buy. It's drastically cheaper than private insurance.
Additionally, by delaying SS, you can spend down your IRA's in your 60s before SS starts - potentially avoiding large RMDs and high IRMAA when you are in your 70s and 80s.
i think the "breakeven" is a very naive way of looking at it. Social Security is the cheapest longevity insurance that you can buy. It's drastically cheaper than private insurance.
Additionally, by delaying SS, you can spend down your IRA's in your 60s before SS starts - potentially avoiding large RMDs when you are in your 70s and 80s.
But we are not machines. There's more to life than money. How do you put a price on being retired at 62 when you are relatively healthy compared to working until you are 70 and dealing with deteriorated health. Just about everyone I know started having major health issues around 70.
But we are not machines. There's more to life than money. How do you put a price on being retired at 62 when you are relatively healthy compared to working until you are 70 and dealing with deteriorated health. Just about everyone I know started having major health issues around 70.
Huh ? There is a difference between retiring at 62 and delaying ss to 70 vs working until 70.
When delaying many just lay out the ss from savings at 62, the budget is the full budget and they cut back their draw when ss kicks in at fra or 70
But we are not machines. There's more to life than money. How do you put a price on being retired at 62 when you are relatively healthy compared to working until you are 70 and dealing with deteriorated health. Just about everyone I know started having major health issues around 70.
I definitely have no plans to work until I'm 70. If all goes well, I'll be done before 60.
Huh ? There is a difference between retiring at 62 and delaying ss to 70 vs working until 70.
When delaying many just lay out the ss from savings at 62, the budget is the full budget and they cut back their draw when ss kicks in at fra or 70
Very few people who retire at 62 could afford to retire without SS. The fact that you have to live to 82 to break even if you took SS at 67 or later, compared to taking it at 62, is reason enough to take it at 62, even if you don't need it.
Prices do go up, but you can modify that by modifying what you buy. Some things you can save money on, others you can't or don't want to. There's usually a way to get better value for less money. SS cola is there to keep up with inflation. It's better than nothing.
I meant us personally. We are blessed and at this point it isn’t that relevant.
Glad you can speak for so many ..I bet you have many right here who did.. so many have pensions to live on.
How many of you retired at 62 and did not take ss at 62 .
I retired at 61 and filed at 65
Bada Bing. We retired at 59 1/2. Wife took at 62 and I took at 69 1/2
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
