How do you factor in the benefits others are possibly entitled to due to marriage or relationship based on your contributions? This can occur at your death or disability or when they reach retirement age. There are several possibilities that aren’t related to what you draw.
I think the requestioning of this topic is great. As a 62 year-old I read everything I can about when to take Social Security and review my situation and decision each time, like a lot of other topics. I’m glad Dick keeps bringing it up. It’s a big, non reversible decision. Why the criticism of discussing such an important topic? Should we just not talk about anything else that’s apparently “settled”? 4% “rule”, index funds vs individual stocks, having insurance, home ownership? I think it’s healthy to constantly question what we think is “settled”. If I’m not up for a post on this site then I move to the next one without reading it, which I often do. This site would be a lesser place without Dick’s point of view, even if he hammers “settled” topics.
What a success, Christine! And that’s what you get for continuing to be involved and “putting it out there”, especially for an introvert:). How many out there wouldn’t have bothered to post an introduction? Or don’t know how? It shows how important it is to keep up with technology and know how important it is to stay in the conversation. I recently concluded that AI will be a big part of our future and I will not be left out. It won’t be just something people “do at work”. Whether it turns out to be a good or bad thing I want to understand it and use it as much as possible for my benefit and understanding. So I recently started a $20 ChatGPT subscription. Wow. Having your own subscription allows it to remember key facts about you that you want it to remember. Must try it and start a conversation about anything that has been troubling you or you have been wanting to do. Drop your next medical report into it along with your prescriptions and see what it says. Or ask it to compare two items you are thinking to buy. Of course you have to further research what it tells you if you intend to act on it, as for anything you read, but the information it provides is invaluable. It helps keep you “part of the conversation”.
Freezing everything possible in portions is our friend. Right now there is a Mexican, indian, Italian meal for two in the freezer and several soup bags. Along with many other things. Just came back from a long trip and homemade chicken noodle soup was ready to eat in 15 minutes. An additional drawer freezer near the kitchen is invaluable. You would be surprised how many things are freezable, even fresh items.
Thanks for this, Dick. I have been a long-time reader and have always appreciated your perspective and comments. Your experience is hard to find and often hard to hear, because as many get older they stop being a voice or you can’t hear them because they don’t have a forum. Or they give up for fear of being seen as “outdated”. Sure, nothing runs or works like it did when it was done, but the perspective is invaluable, like any perspective. Honest, humble, distilled perspective is truly hard to find. You have earned a lot of respect for that. Thank you. On your point here, being about 15 years behind you we are still trying to figure out our next place. I used to give a lot of weight to finances, such as taxes, and I still do to some degree, but it is not the overwhelming factor. Family, friends, quality of life and access to what you like to do are most important. Especially for things you do daily — for those things the benefits add up quickly. Of course if finances are tight you must be realistic and know your highest priorities. Dean
Though high season anywhere might be risky for accommodations (Europe in August!) if you are flexible and open to off season I would not hesitate recommending anyone to make a last minute trip to lots of places rather than wait 6-12 months to plan out the perfect trip. Life and the Go Go years are too short and I have been in many international cities off season and there is no shortage of hotels or things to do. But I agree that making a hotel reservation at the same time you buy your ticket for a quick trip next week is a good idea!
If I was Joe, “only” 750K would make me a little nervous. However I would have my SS with COLA to partially keep up with inflation and would probably know that my $138K annual budget might decrease as I get older and travel and adventure less. But how much of that $138K is discretionary? However, a lot would depend on the terms of the pension. If married with no pension survivor benefits, then I would rather be Bill, especially if there are also kids. And if I were Bill with the extra $$ I would probably be more aggressive with at least a third if it, but less so with “only” $750K.
Depending on what you need to do to be able to leave, but there is also nothing wrong with making a decision today to travel soon to just one of the many places mentioned here and “wing” 3-7 days. No reason it has to be complicated or planned to the minute. Find a cheap last minute fare to Dublin, Rome, London, Munich, Lisbon or Paris and explore a new city as you go. Some of our best trips happened this way. Wake up the first day and go for a coffee and look for a free city tour by foot or book an on/off bus for the day. Ask around for a neighborhood “locals” restaurant. Get a few things at the local grocery store. Look at what’s playing at the Opera House. Takes naps when you are tired. Though a lot of the joy of travel is the planning and anticipation, you will be surprised how easy and enjoyable it is to make a less planned fast trip to just one place and take it a day at a time.
While Europe of course offers so many great opportunities, I’ll go a different direction and recommend Japan. The Yen rate now makes it very affordable and it is hard to find a friendlier country to travel in. My favorite trip to recommend is a flight into Tokyo with 2-3 days (or more) there, then a first class rail pass for 7 or 14 days that takes you through some of the prettiest and interesting cities to see, ending up in Hiroshima with a flight back to Tokyo or adding another week in Korea with a flight to Seoul and return home from there or a return to Tokyo. For our “Go Go” years we are focusing on trips that take advantage of our mobility, good health and tolerance for a little more adventure and maybe discomfort, and saving some of the tours and cruises for later years.
Doug, thank you very much for this perspective. I too have a COLA pension and am about your age and like your way of analysis. But how does a COLA pension support your plan? Without it, you would be pulling even more from IRAs before age 70, which still supports your analysis. With a COLA pension one could argue to wait until 70 because of the need to pull less from savings. The tax advantage you cite is important, but won’t that apply as well if you waited until 70 to claim? I think the game changer in your analysis is your planning for demise in your 80s, which may be a reasonable plan understanding that if you are off by 5-15 years you beat the odds and will be paying for it. Maybe a good bet to have lost:). Thanks again.
Comments
How do you factor in the benefits others are possibly entitled to due to marriage or relationship based on your contributions? This can occur at your death or disability or when they reach retirement age. There are several possibilities that aren’t related to what you draw.
Post: Comments to 8-22-2025 R. Quinn’s “Does Social Security Work?”
Link to comment from September 1, 2025
I think the requestioning of this topic is great. As a 62 year-old I read everything I can about when to take Social Security and review my situation and decision each time, like a lot of other topics. I’m glad Dick keeps bringing it up. It’s a big, non reversible decision. Why the criticism of discussing such an important topic? Should we just not talk about anything else that’s apparently “settled”? 4% “rule”, index funds vs individual stocks, having insurance, home ownership? I think it’s healthy to constantly question what we think is “settled”. If I’m not up for a post on this site then I move to the next one without reading it, which I often do. This site would be a lesser place without Dick’s point of view, even if he hammers “settled” topics.
Post: Rehashing the age 70 thing. Tell Dear Dickie what is it that he doesn’t get about SS at age 70?
Link to comment from August 21, 2025
What a success, Christine! And that’s what you get for continuing to be involved and “putting it out there”, especially for an introvert:). How many out there wouldn’t have bothered to post an introduction? Or don’t know how? It shows how important it is to keep up with technology and know how important it is to stay in the conversation. I recently concluded that AI will be a big part of our future and I will not be left out. It won’t be just something people “do at work”. Whether it turns out to be a good or bad thing I want to understand it and use it as much as possible for my benefit and understanding. So I recently started a $20 ChatGPT subscription. Wow. Having your own subscription allows it to remember key facts about you that you want it to remember. Must try it and start a conversation about anything that has been troubling you or you have been wanting to do. Drop your next medical report into it along with your prescriptions and see what it says. Or ask it to compare two items you are thinking to buy. Of course you have to further research what it tells you if you intend to act on it, as for anything you read, but the information it provides is invaluable. It helps keep you “part of the conversation”.
Post: When You Love What You Do. Definitely NOT a rant.
Link to comment from June 14, 2025
Freezing everything possible in portions is our friend. Right now there is a Mexican, indian, Italian meal for two in the freezer and several soup bags. Along with many other things. Just came back from a long trip and homemade chicken noodle soup was ready to eat in 15 minutes. An additional drawer freezer near the kitchen is invaluable. You would be surprised how many things are freezable, even fresh items.
Post: The aging appetite, dealing with leftovers and buying for two seasoned citizens: Rant by RDQ
Link to comment from June 14, 2025
Thanks for this, Dick. I have been a long-time reader and have always appreciated your perspective and comments. Your experience is hard to find and often hard to hear, because as many get older they stop being a voice or you can’t hear them because they don’t have a forum. Or they give up for fear of being seen as “outdated”. Sure, nothing runs or works like it did when it was done, but the perspective is invaluable, like any perspective. Honest, humble, distilled perspective is truly hard to find. You have earned a lot of respect for that. Thank you. On your point here, being about 15 years behind you we are still trying to figure out our next place. I used to give a lot of weight to finances, such as taxes, and I still do to some degree, but it is not the overwhelming factor. Family, friends, quality of life and access to what you like to do are most important. Especially for things you do daily — for those things the benefits add up quickly. Of course if finances are tight you must be realistic and know your highest priorities. Dean
Post: When relocation in retirement is not an option, not what you really want. By Dick Quinn
Link to comment from June 14, 2025
Though high season anywhere might be risky for accommodations (Europe in August!) if you are flexible and open to off season I would not hesitate recommending anyone to make a last minute trip to lots of places rather than wait 6-12 months to plan out the perfect trip. Life and the Go Go years are too short and I have been in many international cities off season and there is no shortage of hotels or things to do. But I agree that making a hotel reservation at the same time you buy your ticket for a quick trip next week is a good idea!
Post: Trips in your “go go” years?
Link to comment from June 12, 2025
If I was Joe, “only” 750K would make me a little nervous. However I would have my SS with COLA to partially keep up with inflation and would probably know that my $138K annual budget might decrease as I get older and travel and adventure less. But how much of that $138K is discretionary? However, a lot would depend on the terms of the pension. If married with no pension survivor benefits, then I would rather be Bill, especially if there are also kids. And if I were Bill with the extra $$ I would probably be more aggressive with at least a third if it, but less so with “only” $750K.
Post: You Might Be Ready to Retire…Who Would You Rather Be?
Link to comment from June 11, 2025
Depending on what you need to do to be able to leave, but there is also nothing wrong with making a decision today to travel soon to just one of the many places mentioned here and “wing” 3-7 days. No reason it has to be complicated or planned to the minute. Find a cheap last minute fare to Dublin, Rome, London, Munich, Lisbon or Paris and explore a new city as you go. Some of our best trips happened this way. Wake up the first day and go for a coffee and look for a free city tour by foot or book an on/off bus for the day. Ask around for a neighborhood “locals” restaurant. Get a few things at the local grocery store. Look at what’s playing at the Opera House. Takes naps when you are tired. Though a lot of the joy of travel is the planning and anticipation, you will be surprised how easy and enjoyable it is to make a less planned fast trip to just one place and take it a day at a time.
Post: Trips in your “go go” years?
Link to comment from June 11, 2025
While Europe of course offers so many great opportunities, I’ll go a different direction and recommend Japan. The Yen rate now makes it very affordable and it is hard to find a friendlier country to travel in. My favorite trip to recommend is a flight into Tokyo with 2-3 days (or more) there, then a first class rail pass for 7 or 14 days that takes you through some of the prettiest and interesting cities to see, ending up in Hiroshima with a flight back to Tokyo or adding another week in Korea with a flight to Seoul and return home from there or a return to Tokyo. For our “Go Go” years we are focusing on trips that take advantage of our mobility, good health and tolerance for a little more adventure and maybe discomfort, and saving some of the tours and cruises for later years.
Post: Trips in your “go go” years?
Link to comment from June 11, 2025
Doug, thank you very much for this perspective. I too have a COLA pension and am about your age and like your way of analysis. But how does a COLA pension support your plan? Without it, you would be pulling even more from IRAs before age 70, which still supports your analysis. With a COLA pension one could argue to wait until 70 because of the need to pull less from savings. The tax advantage you cite is important, but won’t that apply as well if you waited until 70 to claim? I think the game changer in your analysis is your planning for demise in your 80s, which may be a reasonable plan understanding that if you are off by 5-15 years you beat the odds and will be paying for it. Maybe a good bet to have lost:). Thanks again.
Post: Quinn asks himself, Is delaying Social Security to age 70 the right decision?
Link to comment from September 22, 2024