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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
I started collecting at age 62, mainly to bump my wifes check, she is ten years older, which did work. But I continued to work, S.S. never could get it straight as to stopping payments as i made too much money and they didn't like it. I bet i got 30 letters from them, mutually contradictory. I finallyl went down and paid them a big check for the amount they said i was inappropriately paid. But even with that, about a year later i get a letter confirming they were giving me an extra amount cause they had withheld too much. and another one a couple months ago bumping it because i continued to work. Everything equal, even starting early at 62 i am getting now at age 67 about what full benefits would have been if i had waited to 66. The bugger is insurance. Until i could pop medicare, i was paying out a premium for a high deductible policy for major medical which i never used. What is interesting to me is when i got the letter getting the recent bump, they didn't bump my wife's which is suppose to be half of mine.
THE BIRTH PLACE OF GERONIMO
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Joined: Jan 2009
Posts: 23,319
Campfire Ranger
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Campfire Ranger
Joined: Jan 2009
Posts: 23,319 |
That is the only way to get the information anymore. They quit mailing statements out several years ago. They started back up this year. LINK
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
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Joined: Nov 2002
Posts: 33,696
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,696 |
Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.
While that may be worth considering for many people, I've got to disagree with your assertion that having the roof over one's head paid for is a "terrible choice". I've been making a mortgage payment most of my adult life. My first house is paid for and now producing income as a rental. My primary residence will be paid for in the spring, shortly after I turn 50. I've got almost 400K in retirement funds now and there will be plenty of money for a broker to work with in the next 10 to 15 years since I won't be making mortgage payments. There ain't nothin I will need or want in retirement worth mortgaging my home for! +1000 Having a mortgage payment is about as dumb an idea as I can think of going into retirement. Not for everybody Jack.
Conduct is the best proof of character.
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Joined: Jun 2001
Posts: 19,074
Campfire Ranger
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Campfire Ranger
Joined: Jun 2001
Posts: 19,074 |
I also disagree that it was a bad choice of paying off your house. I did years before I retired. Then I took the money I would have paid in house payments and saved. The interest on the mortgage was a lot more than what you reduced your income tax by.
There is a maximum earnings amount after you start drawing SS that you can make without it reducing your benefits.
Your biggest worry is getting health insurance until you reach 65 when Medicare kicks in.
If God wanted you to walk and carry things on your back, He would not have invented stirrups and pack saddles
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Joined: Dec 2006
Posts: 52,680
Campfire Kahuna
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Campfire Kahuna
Joined: Dec 2006
Posts: 52,680 |
That is the only way to get the information anymore. They quit mailing statements out several years ago. They started back up this year. LINK Must have been enough resistance by the general population to have that happen I guess.
Liberalism is a mental disorder that leads to social disease.
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Joined: Oct 2004
Posts: 23,367
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 23,367 |
YOu will probalby find that you would be measurabley better off if you stuck it out until 65, not only for Medicare but a 25% increase in SS.
"The Democrat Party looks like Titanic survivors. Partying and celebrating one moment, and huddled in lifeboats freezing the next". Hatari 2017
"Hokey religions and ancient weapons are no match for a good blaster at your side, kid." Han Solo
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Joined: Jan 2004
Posts: 4,576
Campfire Tracker
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Campfire Tracker
Joined: Jan 2004
Posts: 4,576 |
Also talk to your CPA about the impact of ObamaCare on the medical insurance side of your question. If you have enough savings/investments you can reduce your modified adjusted gross income (line 37 on your 1040 plus interest from municipal bonds)to a point where you can get substantial federal tax credits to reduce you medical insurance premium. A reduction to a level that I would consider to be "reasonable". Especially given that you only have two years until you hit the Medicare age.
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Joined: Apr 2009
Posts: 33,971
Campfire 'Bwana
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Campfire 'Bwana
Joined: Apr 2009
Posts: 33,971 |
Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
. By long term health care insurance plan I'm assuming you mean nursing home where one is unable to bathe, feed, clothe, toilet etc. What is the average premium cost for someone in their early fifties, (which I have been told is the right time to sign up) and does that simply supplement Medicare?? I didn't know Medicade could recoup costs....assuming that means you have assets. Also, assuming they cannot collect from your siblings. Yes? Thanks
Proud to be a true Sandlapper!!
Go Nats!!!!
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Joined: Jun 2001
Posts: 19,074
Campfire Ranger
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Campfire Ranger
Joined: Jun 2001
Posts: 19,074 |
[quote=byc What is the average premium cost for someone in their early fifties, (which I have been told is the right time to sign up) and does that simply supplement Medicare??
[/quote]
Mine runs about $1100/year for $150/day. .Medicare only pays fro a short stay in a nursing home.
Last edited by saddlesore; 12/16/14.
If God wanted you to walk and carry things on your back, He would not have invented stirrups and pack saddles
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Joined: Mar 2007
Posts: 1,734
Campfire Regular
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Campfire Regular
Joined: Mar 2007
Posts: 1,734 |
A couple of basic points:
Retiring too early can be very bad. Real easy to burn through your savings.
Best to enter retirement debt free.
Know your health insurance costs, don't' think you know.
Each year you delay taking social security will increase your payment by 7%-8%, until you max at age 70.
When you combine the effects of paying for health insurance with the increases in social security by delaying receipt, it is best for many to postpone retirement.
405wcf
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Joined: Jun 2001
Posts: 19,074
Campfire Ranger
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Campfire Ranger
Joined: Jun 2001
Posts: 19,074 |
.
Take some arbitrary age, say 85, and figure out how much you will draw from 66 to 85 if you wait until FRA. Then figure how much you will draw from 62 to 85 if you take it now.
I did mine back in 2003 and the difference was about $33,000. Not enough to keep me from starting to draw at 62. We figured my wife's this year and it was about the same also..
Then there is always the possibility that you kick off earlier and loose all that anyway .
If God wanted you to walk and carry things on your back, He would not have invented stirrups and pack saddles
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
If money is a concern, you can maximize your social security payment by delaying collecting. For each year past your full retirement year, you get a permanent 8% boost in monthly payments. I waited until I was 70 to collect and it is worth it.
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.
If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.
Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.
Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.
Get out as soon as you can ..... so much to see and do. Long term health insurance s a good idea IF you can afford it. My LTC insurance (pretty good coverage) is about $2,500 and my wife's is about the same or, about $5,000 per year. If you got the money, have it; but many can not afford it and still eat.
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Joined: Oct 2005
Posts: 79,321
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 |
I waited until I was 70 to collect and it is worth it. pfffft!,...fug that/
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Joined: Oct 2005
Posts: 79,321
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 |
,...chit and die at 69&1/2 and it ain't worth it.
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Joined: Oct 2005
Posts: 79,321
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 |
People talkin' 'bout, "Don't retire 'till ya 85!!"
sheeeeeeeit,....I know my family history.
I ain't 60 yet and I've been surprised to hear the alarm clock go off every mornin' for 15 years.
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Joined: Jun 2001
Posts: 19,074
Campfire Ranger
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Campfire Ranger
Joined: Jun 2001
Posts: 19,074 |
People talkin' 'bout, "Don't retire 'till ya 85!!"
sheeeeeeeit,....I know my family history.
I ain't 60 yet and I've been surprised to hear the alarm clock go off every mornin' for 15 years. That is why SS wants you to wait and play you with that 8% a year. They know the tables don't lie and you won't live very long after that. Money in their pockets
If God wanted you to walk and carry things on your back, He would not have invented stirrups and pack saddles
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Joined: Oct 2002
Posts: 96,121
Campfire Oracle
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Campfire Oracle
Joined: Oct 2002
Posts: 96,121 |
Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.
While that may be worth considering for many people, I've got to disagree with your assertion that having the roof over one's head paid for is a "terrible choice". I've been making a mortgage payment most of my adult life. My first house is paid for and now producing income as a rental. My primary residence will be paid for in the spring, shortly after I turn 50. I've got almost 400K in retirement funds now and there will be plenty of money for a broker to work with in the next 10 to 15 years since I won't be making mortgage payments. There ain't nothin I will need or want in retirement worth mortgaging my home for! +1000 Having a mortgage payment is about as dumb an idea as I can think of going into retirement. Ok, but I'm all against loading up lots of money into a house. Lots easier to leave if you only have 10K invested vice 150K.
"Dear Lord, save me from Your followers"
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Joined: Aug 2003
Posts: 13,942
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2003
Posts: 13,942 |
Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.
If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.
Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.
Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.
Get out as soon as you can ..... so much to see and do. Long term health insurance s a good idea IF you can afford it. My LTC insurance (pretty good coverage) is about $2,500 and my wife's is about the same or, about $5,000 per year. If you got the money, have it; but many can not afford it and still eat. Nowadays the cost of 24/7 basic care (3 hots and a cot) even in the cheapest of nursing homes generally starts at at least 5K a month per resident and goes on up from there and is subject to continuing periodic increases. Even with insurance be sure you understand every little 'fine print' detail and abide fully to every requirement. My wife's dad had insurance but they denied 100% of the claim. According to their 'fine print' a rest home must have at least one registered nurse on duty in the facility 24/7. The nursing home my wife's dad was at had a full time RN on duty 1st and 2nd shifts but for 3rd shift a RN was on-call.
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Joined: Mar 2012
Posts: 83
Campfire Greenhorn
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Campfire Greenhorn
Joined: Mar 2012
Posts: 83 |
I've BEEN retired for 20 years now, since age 53, and never had any desire to go back to work. Why? too many things to do, and seems even busier at times, than when working, but that was because we didn't even try to do some things when working. If your house (don't agree with the roof over your head a terrible choice).. it can be base camp and go from there. Expenses not going to go up like rent, etc if you own the place. Actually, someone who'd say something like that some kinda strange. As I used to tell folks, when working in the retirement pension field, make sure your house paid for and a relatively new car paid for. Then can live on the less you'll get. As far as taking SS at 62, it takes a minimum of 10 years to recovered in post 65 money, what you gave up in taking it at 62. MOST people not going to necessarily see 70, let along 85. SS was set up based on the assumption that MOST people would die with a year or two of 65. I'm doing okay, not getting rich, but if I want to can go on a nice hunting trip every year (been to Africa 3 time in the last 5 years).
Most of my trip money, etc. from money I skimped and put away and invested while working.
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