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A new invisible financial milestone reached

September 7th, 2024 at 08:28 pm

Over the years as I have gone and worked on my finances sometimes I have hit milestones that aren't really milestones per se, but are ... I'm not sure what to call them ... milestones that don't add much but do give you much extra security.  Yeah, that's probably the best way to call it, an Extra Security financial milestone.

Soooooo.... this month I will be turning not only older (as we all do 😒), but I will be of age where I can apply to start Social Security benefits.   I have a cousin that recently started benefits at 62 and at first I thought he made a bad choice, but I have reconsidered that viewpoint.  Yes, his SSI will be much less than mine even if he were to wait to get benefits like me.  However his health seems to be going downhill and already had a heart attack.  Given that, maybe he made the right choice.  He certainly seems happy enough with his choice.  In any case my plan is to wait until 70 for benefits to start and do smaller Roth conversions during those years (except for next year which will be a extra large Roth conversion!).

For now no changes, but I have more potential money available to me in off chance I would need it, so yay me I guess.

Posted in Finance | 4 Comments »

4 Responses to “A new invisible financial milestone reached”

  1. Tabs Says:
    September 8th, 2024 at 02:00 am 1725760807
    1725760807

    Hey congrats anyway, and it's an interesting situation to be in, to finally be able to apply for SS. I still have bit more to go myself, but congrats also to the fact that you can wait until 70 to draw its benefits.

  2. mumof2 Says:
    September 8th, 2024 at 05:48 am 1725774507
    1725774507

    I guess some people look at it as yes they may get less for longer but at the same time you dont know how long you will live...I know a couple of people who waited till they were 70 and then within 2 years they had passed...so got 2 years of it...if they had got it sooner they would have been able to have it for longer and not worked as long...but its up to the individual as well I also know people who live into their late 90's....so guess its a personal choice

  3. LivingAlmostLarge Says:
    September 11th, 2024 at 06:16 pm 1726078591
    1726078591

    You have to look at more than just the benefits. What if you don't make it to 70? What if you are likely to not make it to 81? I think that's the breakeven? It's a hard thing to gauge.

    My uncle one would have thought with his family's longevity and he didn't drink, smoke, worked out, ate well, etc, he'd live to 90. Well he died at 74 from cancer. Good thing he took SS at 62 because his wife was sick so he retired at 54. He figured just in case. Just in case turned out to be the correct bet.

  4. Tabs Says:
    September 11th, 2024 at 08:08 pm 1726085305
    1726085305

    Maybe you can blog an entry on explaining why you have decided to wait until 70? It should be an interesting topic I think.

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