Quitting my job

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I got this in my fortune cookie tonight. I thought of all you folks who may be trying to decide if you are a success, ready to give up trying, or either way, you're done.
IMG_20241021_210424_kindlephoto-2727313120.jpg

Always get your life advice from fortune cookies!

😂😂
 
"People borrow money they don't have, to buy things they don't need, so they can impress people that they don't like."

That would warrant a ROFL emoji if it weren't so true.

A neighbor of mine, many years back, would work a second or third job during the holidays to be sure her kids had a "good Christmas".
 
I got this in my fortune cookie tonight. I thought of all you folks who may be trying to decide if you are a success, ready to give up trying, or either way, you're done.
View attachment 673121

Always get your life advice from fortune cookies!

😂😂
I tackle success like I tackle life... commando style! 😉 😛😆:dancingelephant:
 
I got this in my fortune cookie tonight. I thought of all you folks who may be trying to decide if you are a success, ready to give up trying, or either way, you're done.
View attachment 673121

Always get your life advice from fortune cookies!

😂😂
With the addendum of "while working on your rocket garden in your garage"
 
So I think it's time for an update! :)

Since I've retired, life has been... interesting. Some thoughts on retirement that you don't often hear:
  • Personal and family problems don't go away and now you have a lot more time to dwell on them, trouble shoot, and also get more frustrated with them since you no longer have an excuse if being too busy with work. Work can actually help to get your mind off of those things and sadly, those problems are usually ones that may not have easy solutions.
  • No matter how well you plan things out, sometimes Murphy kicks your butt!
  • I did a GREAT thing saving up for about 2 years of expenses before retiring (roughly enough until I can withdraw from my 401k without penalties), since I suddenly and unexpectedly needed it! (See above.). I would HIGHLY recommend this to anyone considering early retirement.
  • It's also a GREAT thing to have a side gig ready and planned so you can have extra money for buying stuff or paying bills if needed.
  • Now I have SO much time now to do all the things I wanted, but still not enough time? WTH lol I've started on a bunch of "one day when I retire" guilty pleasures (including firing up a giant CRT, gathering up all my old video game consoles and starting some games back up, more hiking and biking, starting bird watching, working on my cars, etc. 😍). However, I still have a huge list of things I want to do and still not enough time to do them. 🤷‍♂️
  • It's a VERY good thing to have a long overdue "one day I'll..." task and plan it out so that you do a few of them. Also smaller chores to do throughout the week. Family will appreciate you for any of the home ones you do for sure. I figured this one out!
  • Time with my daughter has been a true blessing. It may be a selfish of me, but I'm happy that she had to come back home from college and I'm SO proud of her getting her driver's license! She has trouble with getting flustered and not reacting to things properly, so even my wife and I had doubts that she could get her license, but I took her driving almost every day and she got it on her second road test! Not having a drivers license was one of the issues she had when applying for jobs out of college, so that hurdle has been overcome. Woo hoo!
  • Hoarding and knowing when to quit can actually be a great thing once you're ready to retire! I have quite a lot of lovely kits I'm itching to build now and I don't need to go to ebay and spend a lot... I just need to dig up the kit. My sudden 401k issues had me pulling back my spending and you know what? I'm fine with it and I think it's a good thing. I grew up poor, so I see it as a good challenge to try living off what I've squirreled away.
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I'll have to admit though, that last year was really epic for me, so it's going to be hard to top that, even with more time for me, but I like challenges! 😁
 
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I got this in my fortune cookie tonight. I thought of all you folks who may be trying to decide if you are a success, ready to give up trying, or either way, you're done.
View attachment 673121

Always get your life advice from fortune cookies!

😂😂
I tackle success like I tackle life... commando style! 😉 😛😆:dancingelephant:
With the addendum of "while working on your rocket garden in your garage"
Building rockets commando? TMI!!
Dangerous when using CA.
Just sayin'.
That'd be nuts!
this is the peek of TRF right here...
 
A not so "nutty" topic!

One other thing I did recently was review my Social Security benefits. In my case (based on birth year), I can claim as early as age 62 and as late as age 70 and the monthly payment for later claiming is about 76% higher. So it's strange to me that so many of my friends (even those that are great with investments and finances and some are millionaires) don't really know for sure which to take and what it means. Oh, more money is always better, right? Maybe not.

Having had a lot of experience with spreadsheets and loving logic problems, I created an Excel spreadsheet to do a rough calculation of the breakeven point between the choices, even allowing for reinvestment of the payments to get a true sense of what you may be giving up if you hold out for the bigger checks. It's still WIP, but so far the logic seems good to me. If there is interest, I can see if I can share this sheet. The big question that we usually don't know for sure is how long will we live. In my calculation, I would need to at least live past 80 in order for the late claiming to start giving me more than early collection and that's assuming they don't do any cuts and inflation in the early years doesn't go crazy like it did recently (which means early collection dollars are worth/can buy more than late collection dollars).

If I spend the entire payment every month with nothing banked/invested (payments are made up, but ratios are the same for what SS told me):

1737472623835.png

If I have all invested at 3% (about that of a bank) or half invested at 6% (market, cd):
1737472198927.png

What many don't consider is that 8 years of payments (especially with compound interest) is very hard to catch up to. In my examples, it's about $200k in early payments. Heck, they keep saying you need to contribute to your 401k/IRA as early as possible since it's harder to catch up later, well, same reason here. Thoughts?

Of note is that my mother started collecting at 62 (which my older sister strongly disagreed with) and she ended up passing away at 69. YMMV
 
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A not so "nutty" topic!

One other thing I did recently was review my Social Security benefits. In my case (based on birth year), I can claim as early as age 62 and as late as age 70 and the monthly payment for later claiming is about 76% higher. So it's strange to me that so many of my friends (even those that are great with investments and finances and some are millionaires) don't really know for sure which to take and what it means. Oh, more money is always better, right? Maybe not.

Having had a lot of experience with spreadsheets and loving logic problems, I created an Excel spreadsheet to do a rough calculation of the breakeven point between the choices, even allowing for reinvestment of the payments to get a true sense of what you may be giving up if you hold out for the bigger checks. It's still WIP, but so far the logic seems good to me. If there is interest, I can see if I can share this sheet. The big question that we usually don't know for sure is how long will we live. In my calculation, I would need to at least live past 80 in order for the late claiming to start giving me more than early collection and that's assuming they don't do any cuts and inflation in the early years doesn't go crazy like it did recently (which means early collection dollars are worth/can buy more than late collection dollars).

If I spend the entire payment every month with nothing banked/invested (payments are made up, but ratios are the same for what SS told me):

View attachment 690293

If I have all invested at 3% (about that of a bank) or half invested at 6% (market, cd):
View attachment 690292

What many don't consider is that 8 years of payments (especially with compound interest) is very hard to catch up to. In my examples, it's about $200k in early payments. Heck, they keep saying you need to contribute to your 401k/IRA as early as possible since it's harder to catch up later, well, same reason here. Thoughts?

Of note is that my mother started collecting at 62 (which my older sister strongly disagreed with) and she ended up passing away at 69. YMMV

You may want to add a middle column with "Collect at 67" and see how that factors in. Most advice I have been given is that waiting to 67 tends to be the sweet spot.
 
You may want to add a middle column with "Collect at 67" and see how that factors in. Most advice I have been given is that waiting to 67 tends to be the sweet spot.
I actually did for my sister by her request, but it kind of complicated things a bit. Here is that sheet with 67 added and using the example $2,000 start plus increases in the same ratios as provided by my sister (Age 61) and no investment.

1737480176085.png

3% Investment:

1737480501474.png

Edit add: This is NOT investment advice and it's just a sheet I came up with to see for myself and my situation. YMMV.
 
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Sounds about right on the breakeven points for Soc security. In the end, the right choice to maximize your total benefit is all about life expectancy.

Other factors are your personal financial situation. Do you have the resources to delay? For many, taking social security early may be a short-term requirement.

Then there is the whole getting the money while you are young enough to enjoy it. Wait until 70, but your health hasn't held up.
 
Social Security is the biggest Ponzi scheme in history. OK if the Government does it but not if anyone else does it. Now with less workers funding and retirees living longer it's coming back to bite us. How long before benefits will be cut severely? Also the Government has been stealing from the trust fund all along. It should have been invested to earn more money so it wouldn't be running out.
 
Then there is the whole getting the money while you are young enough to enjoy it. Wait until 70, but your health hasn't held up.

My sister was considering this too since many of her friends are getting less able and active. However, the flip side is that you may need more money for medical care later in life. 🤷‍♂️
 
Social Security is the biggest Ponzi scheme in history. OK if the Government does it but not if anyone else does it. Now with less workers funding and retirees living longer it's coming back to bite us. How long before benefits will be cut severely? Also the Government has been stealing from the trust fund all along. It should have been invested to earn more money so it wouldn't be running out.
Agreed. From what I can tell, the early generations got off great since they got to collect without paying much in. However, after you've paid in for many years, would you want to give it up? No easy answers, but my generation was one that I was told to start a 401k at my first full time job in the 90's since SS wouldn't be enough to cover expenses and pensions were becoming dinosaurs.

I actually have a small pension from one of my early companies before they stopped it. A whopping $53 a month. Enough for some low power rocket launches? I'll take it! lol
 
The good news, as I understand it, is that the Social Security trust fund doesn't actually fund a high percentage of SS payments. Something like 15 or 20%. So all this gloom and doom about it running out (unless Congress funds it again) doesn't mean SS will go away. Big cut, yes. Sux, totally. But we'll get something worthwhile out of it no matter what.

Best thing we ever did was start investing back when we got married over 30 years ago (my wife started her IRA in H.S.). Until recently, all in mutual funds that I researched and picked. Can't put all your eggs in one basket. SS, plus pension from the Union, plus 401k, plus IRA's, plus savings and other non-shelter investments. All part of the puzzle that makes a complete picture. But the biggest help was time. Gotta start as soon as you can.
 
A not so "nutty" topic!

One other thing I did recently was review my Social Security benefits. In my case (based on birth year), I can claim as early as age 62 and as late as age 70 and the monthly payment for later claiming is about 76% higher. So it's strange to me that so many of my friends (even those that are great with investments and finances and some are millionaires) don't really know for sure which to take and what it means. Oh, more money is always better, right? Maybe not.

What many don't consider is that 8 years of payments (especially with compound interest) is very hard to catch up to. In my examples, it's about $200k in early payments. Heck, they keep saying you need to contribute to your 401k/IRA as early as possible since it's harder to catch up later, well, same reason here. Thoughts?
Nice spreadsheet! I definitely agree that you've gotta factor in the opportunity cost. It obviously depends on how long you live and how well the payments do as an investment, but I wouldn't be surprised if you're right that taking early does work out better a decent percentage of the time. I'm so far away I haven't bothered to do my own math. Looks like there is a ton of discussion on the mrmoneymustache forums on this.
 
Social Security is the biggest Ponzi scheme in history. OK if the Government does it but not if anyone else does it. Now with less workers funding and retirees living longer it's coming back to bite us. How long before benefits will be cut severely? Also the Government has been stealing from the trust fund all along. It should have been invested to earn more money so it wouldn't be running out.
Not entirely true. You got this line from the mainstream media. SS would be solvent if it weren't raided, in the early 80s, by a certain political party, not known for their grasp of economics and numeracy.

Oh, and my English teacher grandmother was right: fewer, not less. "Now with fewer workers ..."
 
Not entirely true. You got this line from the mainstream media. SS would be solvent if it weren't raided, in the early 80s, by a certain political party, not known for their grasp of economics and numeracy.
I would say that while it doesn't meet the definition of a Ponzi scheme, it's similar to one in that the new people pay to fund/pay the previous people in the system and it works/nobody loses as long as the proceeding payers are equal or larger in number (or contribution) than the earlier ones.

Some more on this as well as the part about it being raided, which apparently is untrue:
https://www.nasdaq.com/articles/is-...ntic-ponzi-scheme-the-answer-may-surprise-you.

That article links to another that said:
"To sum it up, Congress hasn't stolen a dime from Social Security; every cent in asset reserves is accounted for; and the program is generating interest income on its excess cash."

Another point in the second article (which for me is a great reason to collect as early as possible) is:
"Based on estimates from the 2023 Trustees Report, the Old-Age and Survivors Insurance (OASI) Trust Fund could exhaust its asset reserves by 2033. Should this occur, sweeping benefit cuts of up to 23% may be necessary for retired workers and survivors of deceased workers."
It astounds me that that this program didn't take into account decreases in population and how to account for it. Perhaps they knew, but didn't care. "Not my problem."

Ida May Fuller was the first beneficiary of recurring monthly Social Security payments. She paid about $22.54 into the scheme system and in the end collected $22,888.92.

Imho it's similar to being the early ones in a Ponzi scheme... you got a lot of money from the new ones paying in and everyone wins and is happy until the newest groups start losing. By then the planners and early ones are long gone.
 
Fair enough. And I agree about take it as soon as you can (that's what I'm doing), because life is uncertain, but the 2033 date appears politically unfixable, and inflation is certain. So $ now are worth more than later.

The alternative to pay as you go (ponzi or not) is to fully capitalize the entire cost. The USPS is saddled with such a ridiculous requirement for staffing. Without that it would be operating in the black.

This kind of operation disrespects the power of controlled debt as a tool, and the time value of money.

Your point,
It astounds me that that this program didn't take into account decreases in population and how to account for it. Perhaps they knew, but didn't care. "Not my problem."
Oh yes, they knew, they saw the population aging bomb, and they (Congress) kicked the can down the road. Even when I was a kid.
 
The good news, as I understand it, is that the Social Security trust fund doesn't actually fund a high percentage of SS payments. Something like 15 or 20%. So all this gloom and doom about it running out (unless Congress funds it again) doesn't mean SS will go away. Big cut, yes. Sux, totally. But we'll get something worthwhile out of it no matter what.

In practice the "big cuts" would be for later generations. Those drawing SS now, and those nearing retirement age, wouldn't bear the brunt of it. In addition the the humanitarian problem of telling grandma she's now going to be homeless due to a SS cut, the fact is that old people vote, and neither party is going to enact sweeping cuts to a steady voting bloc. Certainly, reductions in cost of living increases are on the radar, however.
 
My most recent employer divested out the business and you were either laid off or forced into retirement. All of the retirement age guys (some just barely) took the money. They either needed it or if they had significant savings it was considered disposable income. A couple found contract work, but still took the money. Nobody put it off till full retirement benefit (unless they were already there).
 
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I retired in 2018. Social Security does increase with inflation but it was only about 1/2 the amount of this last batch of inflation (about 40%, SS only about 20%). I took it as soon as I retired. (Early, but you never know.)
 
In practice the "big cuts" would be for later generations. Those drawing SS now, and those nearing retirement age, wouldn't bear the brunt of it. In addition the the humanitarian problem of telling grandma she's now going to be homeless due to a SS cut, the fact is that old people vote, and neither party is going to enact sweeping cuts to a steady voting bloc. Certainly, reductions in cost of living increases are on the radar, however.
Just brainstorming, but maybe one possible solution is to raise the FICA amount. I know that's also not popular, but it should be less unpopular vs. cutting SS. Heck, it's basically kicking the can down the road again, but at least those now paying a higher tax (those working) should worry less about cuts when they retire since they can raise it again. I'd pay more FICA while working if they can guarantee me that they won't cut my SS after I start collecting. 🤷‍♂️
 
Just brainstorming, but maybe one possible solution is to raise the FICA amount. I know that's also not popular, but it should be less unpopular vs. cutting SS. Heck, it's basically kicking the can down the road again, but at least those now paying a higher tax (those working) should worry less about cuts when they retire since they can raise it again. I'd pay more FICA while working if they can guarantee me that they won't cut my SS after I start collecting. 🤷‍♂️
The problem with that is that under our cusystem, Congress would just spend it, as they have with all the rest of the SS money. The only long-term.option that viable, in my opinion, is to privatize the entire SS system or otherwise completely remove Congress from having any access to its funds.

Certainly, reductions in cost of living increases are on the radar, however.
I saw somewhere (no idea where so I can't quote it) today that they're estimating at least a 25 percent cut bu 2033 to prevent insolvency.
 
The problem with that is that under our cusystem, Congress would just spend it, as they have with all the rest of the SS money. The only long-term.option that viable, in my opinion, is to privatize the entire SS system or otherwise completely remove Congress from having any access to its funds.


I saw somewhere (no idea where so I can't quote it) today that they're estimating at least a 25 percent cut bu 2033 to prevent insolvency.
That article links to another that said:
"To sum it up, Congress hasn't stolen a dime from Social Security; every cent in asset reserves is accounted for; and the program is generating interest income on its excess cash."

Another point in the second article (which for me is a great reason to collect as early as possible) is:
"Based on estimates from the 2023 Trustees Report, the Old-Age and Survivors Insurance (OASI) Trust Fund could exhaust its asset reserves by 2033. Should this occur, sweeping benefit cuts of up to 23% may be necessary for retired workers and survivors of deceased workers."
 
Social Security is the biggest Ponzi scheme in history. OK if the Government does it but not if anyone else does it. Now with less workers funding and retirees living longer it's coming back to bite us. How long before benefits will be cut severely? Also the Government has been stealing from the trust fund all along. It should have been invested to earn more money so it wouldn't be running out.
Pensions, same principle. Funds remain in great shape as long as no one is stealing from them.
 

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