Posted on 12/31/2017 7:23:49 AM PST by SeekAndFind
That would mean that retiring ten years earlier would extend one's life expectancy by (at least) 8.5 years.
Color me skeptical!
I did a little googling, and this was my first hit:
Some evidence does at first glance appear to exist to support the first claim - that people who work longer die younger than those who retire early.
A paper attributed to the aircraft-maker Boeing shows that employees who retire at 55 live to, on average, 83. But those who retire at 65 only last, on average, another 18 months.
The "Boeing study" has been quoted by newspapers, magazines and pundits. It's circulated on the internet for years. The problem with it is that Boeing itself says it's simply not true.
Later in the same article:
People who retire early because they are seriously ill will make average life expectancy for all retirees of that age look lower.
There's another statistical trap. Some of the people who retire at 55 will die before they reach 65. But of course no-one who retires at 65 will have died before they reached that age. That also distorts the data.
Here's the hyperlink:
http://www.bbc.com/news/magazine-18952037
I'm intrigued by the fact that you say that a friend of yours who works for Boeing told you about this. I wonder if this is a case of the famed "a friend of a friend said that..."
Regards,
So you guys think social security is fraudulent, or run in a fraudulent manner, and based on that, you will not take benefits you are legally entitled to?
Walk away without it then.
I retired at 65 and 5 months (my full retirement age was 66). The difference between what I collected at 65 and 5 is only slightly less than what I would have collected had I waited to 66. To me, time is more valuable than money, and I am enjoying my retirement.
You can always recover lost money, but you can never recover lost time. Retire as early as you can as long as you can afford to do so. I retired shortly after I paid off my house note and paid off all our debt.
I’ll be 63 in a couple days, I signed up. I asked Freeperville advice (very helpful) a few months ago and I can’t remember if there was one who said they regretted it. I like my job and it’s as secure as can be if there is such a thing (I’m #1 in the nation 10 out of the last 11 quarters).
Every weekend will now be a 3 day weekend ... I didn’t have a vacation this year. I get a small pension which brings me in the neighborhood where I’d be at full retirement. I’ll put 15 -20% in a 401K. That will be pre-taxed as my benes are. I’m told that will bring my gross pay down so I won’t be penalized as much, I have my doubts. Could I regret it, sure, but not today. To heck with life’s what ifs and maybes.
Note: If you do it, check your stats and rules ... SS screwed mine up and I finally found the person that said I was right, they’ll be sending a revised (higher) pay out in a few weeks.
btt
May I respectfully ask you what actual consequences you have therefore taken / you recommend that others take?
Retiring early? Waiting, and retiring late? Retiring, but never actually applying for the benefits due you under the system?
I respect your standpoint, but would very much appreciate hearing what you believe one should then actually do about it.
Regards,
Hey rktman Happy New Year!
“while we’re still young enough to enjoy it”
That is my wife’s argument. In our 60s, we can travel, go hiking, etc. By the time we break even, we’ll be pushing 80. And while I know a FEW healthy folks enjoying life past 80, I suspect waiting would mean our kids would inherit a little more - in exchange for us doing less in our 60s & 70s.
If one has sufficient savings to hold out until 70, and one is relatively healthy, waiting for the maximum payout makes a lot of sense.
Saving
Could you please explain what you mean by that?
Are you saying that you, personally, were #1 in the nation - in what? In liking your job? Or are you saying that your job type was the most "secure?" How can one even measure that? And are the corresponding statistics even available? (You've given enough hints - Perhaps you could just break down and state clearly what occupation you are talking about.)
Regards,
I took SS at 62 years ago.
As I sit here in 2017, looking forward 8 years, I can speculate with some justification that the present value of taking SS now far exceeds the value at 70.
You will make more money investing the age 62 SS funds over the 8 years than you will gain by waiting till 70. Economic growth is going to continue.
Never mind even if our SS money was placed in Even a basic
savings account it would have been grand
1) if you retire any time between 62 and FRA aren’t you entitled to x months back benefits?
2) if You still work can’t you still put money in 401k until 70 and jack up max deferred rate to highest level?
Use / time value of money is important also. I have a relatively cheesy pension from the formerly greatest IT co that I started drawing on since 55 over 4 yrs even taxable I’ve had the very handy use of $33K
bookmark
Certainly a very high performing sr sales person at least
I pretty much agree with your argument.
My only caveat would be for high income earners. Then it would be a helluva pay cut to quit work and go on SS. In this situation it would also pay to wait until full retirement, since they’re going to hold $1 for every 3 you earn anyway.
But, it makes no sense to wait after full retirement no matter how much you earn. The incremental tax you pay on top of SS still leaves plenty of SS left over.
If SS isn’t a mere afterthought in your retirement plan, you’re screwed.
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