Quote:
Originally Posted by JKnight
For those that haven't been in the market for long, today (8/21/15) was a seriously "bad" day. But as we've talked about, this may not something to be worried about when you have a long time horizon. For those with decades left until retirement, you really can look at this in a more positive light. I'd rather have my periodic investments buy in at a lower price.
Greg, since you mentioned it, what does a guy in your position think about taking social security at 62 vs. waiting until 65 or later? (I know this is one of those questions where everyone should evaluate their own situation, just thought it might be a good discussion topic)
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#1 --- There are lots of "BAD DAYS" --- when you want reinforcement of what you're doing --- Take a chart of the stocks you own out to 10 years or "since inception" if possible (depends on who's charting service you're using) --- and you'll see LOWER ON THE LEFT AND HIGHER ON THE RIGHT --- with MANY MANY MANY ups and downs in between! Look at the larger picture!
#2 --- I don't want to get into a political discussion so let's leave this right here.
Social Security should be "means tested" --- Millionaires don't need Social Security. Don't care that I've paid in to it. It was designed as a social safety net. I should not be allowed to "collect" unless I was down to a preset level of net worth or income and net worth or whatever.
I'm a Republican.... but I have very Democratic views on many social issues. I'd far prefer to raise the level of SS for those that really depend on it -- at my expense (since I don't need it at all)... and raise their standard of living.
I'd also amend the tax law to eliminate the SS "cap". There shouldn't be a cap on when you quit paying into the system. Well-to-do people can afford to support the SS system.
#3 --- To respond to your question about when to start taking SS. I don't think anyone should ever have to take it. You shouldn't be dependent on it at all. That's what this thread is all about. To me - it's like Welfare... it should only be there for the truly needy. It should not be about raising your standard of living nor absolve a person of being self sufficient and providing for themselves in retirement. Having said that.... I would opt for taking the least amount over what I would HOPE to be the longest period of time. Should I decide to file for it.... mine would be donated to the causes of my choice.
#4 --- If you "have to work" until you're 65 or 70..... or beyond.... it's an epic failure of personal responsibility.