I’ve thought a good amount about it, but I’m only on the cusp of 40. I think for many people it’s not even a choice to start pulling SS early, it’s a necessity. For example my dad has terrible finances and started taking payments at 63 because it was that or building up (more) credit card debt.

Going back to the FIRE angle, I plan on retiring far enough out that I don’t foresee SS being a major factor either way. I’m also far enough out that whatever is going to happen with payments will long since have happened by the time I’m eligible. So my current thinking is to frame it as longevity insurance — basically leave it until 70 so if I live longer than I expect I’ll have a stronger income stream from SS for long term care or whatever else.

How heavily does SS figure into your retirement plans?

[–] [email protected] 3 points 4 months ago (1 children)

Sorry for the late reply. I'm collecting a military pension and semi-retired now, so SS isn't going to make or break me. I'm just thinking it'll be better to spend it on vacations and fun when I'm 63 vs pills and nursing homes when I'm 70.

I was fortunate enough to get everything paid off a couple of years ago, so unless I buy another house, I shouldn't have to worry about debt.

I guess what I'm saying is that even though it'll be more money, I don't think it'll be much good to me at 70. Also, being single w/ no kids, I'm not trying to leave a bunch of money laying around when I kick the bucket. I'm trying to get as close to zero as I can.

[–] [email protected] 2 points 4 months ago (1 children)

The rub of it is that we don’t know the future, the extra SS income stream if you delayed could be key if you run into health problems later in retirement that necessitate long term care. That stuff is expensive, and the places you’ll end up if you’re out of funds aren’t the places you want to be. Which isn’t to say your choice is bad, just offering another perspective where you might care about this even without kids or a spouse to worry about.

[–] [email protected] 3 points 4 months ago

I'll take the risk. I'm certainly not recommending it for anybody else, just saying it's what I'm going to do. Worst case scenario, I'll be in a VA nursing home. But I own a home - it would be cheaper for the VA to send an attendant to me. That's what they did for my dad and brother.

Anyway, my dad racked up some pretty hefty bills from hospital visits over his last decade, and the VA paid for almost all of it. We only got billed $500 each for a few ambulance rides. The military isn't a glamorous job and certainly not for everyone, but that retiree health plan makes a huge difference.

But the 4th of July is coming up, so that means a few days of staying up till 3am so I'm not startled out of my sleep thinking I'm in a mortar attack, so ... there's that.