Retirement thoughts Past Present Future

[Fuddyduddy1952]

Something still doesn't sound right. Unless you're paying some exorbitant amount for health insurance she should be getting waay more than that! And if you ARE paying that amount for insurance, it might be a good idea to shop around for a cheaper plan. We're on a Medicare advantage plan, and the monthly premium is the same as regular (government) Medicare only with more benefits.

I started taking SS at 62. The company I worked for went toes up just before my 62nd birthday and I figured the likelihood of finding something else at that age that paid even close to what I was making was close to nil, at least without a hellacious commute. Instead, I went the self-employment route, and did well enough that I earned enough to reduce my SS benefits for those years. SS recalculated my benefits when I turned 66, and the benefit came to what it would have been had I waited until 65.

I believe the break-even point is age 79½ give or take when you start coming out ahead for delaying SS.



As it should be. Assuming you start paying in at age 16, for a boomer some of that money's been earning interest for 50 years. Yes it's definitely possible to get a better return by making your own investments, but that would depend on how wisely you invested. Setting up a brokerage account today is a piece of cake, and minimum investment to open one is small, this wasn't the case 40+ years ago. Investment advice/research wasn't as easy to obtain in the pre-internet days either, especially for smaller investors.

Noooo...her Medicare is deducted from SS. She pays supplemental health insurance out of pocket...and it's not cheap! And pays for any medications although she has prescription drug coverage. Insurance helps...but doesn't pay all, far from it.

 

[MossRoad]

I know wife wouldn't like that.
It's very simple if you look up social security payments.
It "sort of" makes sense because the lowest income get the highest SS amount. As income increases the amount of SS received is lower.
Social Security was enacted to help seniors who didn't save for retirement, however, those who did are punished by not receiving what they paid in. The same for Medicare which is deducted from Social Security, lower income means less deduction.
Socialism by definition.

What?

I don't quite understand that.

Are you talking about your benefits being reduced if you're claiming social security and still working before hitting full retirement age maybe?

 

[ovrszd]

I know wife wouldn't like that.
It's very simple if you look up social security payments.
It "sort of" makes sense because the lowest income get the highest SS amount. As income increases the amount of SS received is lower.
Social Security was enacted to help seniors who didn't save for retirement, however, those who did are punished by not receiving what they paid in. The same for Medicare which is deducted from Social Security, lower income means less deduction.
Socialism by definition.

The bold print area of your statement is not correct in the World I live in.

I think the original intent of SS was great!!!! The elected officials that got the program enacted would be pissed if they saw how it's being handled today.

Our elected officials sold us out. SS became a great source of money for other causes......

 

[jigs_n_fixtures]

I know wife wouldn't like that.
It's very simple if you look up social security payments.
It "sort of" makes sense because the lowest income get the highest SS amount. As income increases the amount of SS received is lower.
Social Security was enacted to help seniors who didn't save for retirement, however, those who did are punished by not receiving what they paid in. The same for Medicare which is deducted from Social Security, lower income means less deduction.
Socialism by definition.

Social Security was established to give a survival level income to those who had lost all of their company retirement and private investment in the market crash, and subsequent banking runs/collapse in 1929, who were left with nothing.

My great grandparents, lost 1500 head of cattle off their winter pasture/hay fields in January of 26, when they had an extremely heavy snow, followed by arctic temperatures, which froze the cows into the snow where the stood, destroying their legs.

That was ok, they still owned the General Store, and had savings in the bank. Then the crash of 29 occurred, and the only thing they had left was the house. They held on, because the house was in town, and all of their grandkids moved into their place for the winter so they could attend school. Their parents paid money to help heat the house, and feed the herd. As many as 16-girls, and 14-boys. Girls stayed through High School, the boys generally stayed through 8th grade. Unless they were gifted students, they dropped out to work on the ranches and farms with their folks, or uncles, or whoever could afford to pay them a bit.

My mom and her cousins were closer than most, because they all lived under one roof, for a major and critically formative part of their lives.

 

[Fuddyduddy1952]

What?

I don't quite understand that.

Are you talking about your benefits being reduced if you're claiming social security and still working before hitting full retirement age maybe?

No. I retired at 61, wife 58. Social Security you get $××××× less Medicare less IRMAA.
I don't know how else to explain it.

 

[Fuddyduddy1952]

My 2c.
One job I had as teenager was a factory and first paycheck was a deduction I questioned my boss about. "That's for The United Way".
I asked if it was mandatory, he said no but "We want 100% participation". So I said I choose not to participate. He said then you're fired...so I said too late, I quit.
Social Security people should have a choice. If they choose to invest that money in their own retirement plan they should have a choice. I can't imagine retirement at any age looking at SS as part of their retirement income...but that's me.

 

[ovrszd]

No. I retired at 61, wife 58. Social Security you get $××××× less Medicare less IRMAA.
I don't know how else to explain it.

I mentioned this already, but I think you'd gain clarity by stating what her gross entitlement is? That's what everyone looks at.

I've never had someone ask me how much I take home. It's always how much are you drawing?

 

[ovrszd]

My 2c.
One job I had as teenager was a factory and first paycheck was a deduction I questioned my boss about. "That's for The United Way".
I asked if it was mandatory, he said no but "We want 100% participation". So I said I choose not to participate. He said then you're fired...so I said too late, I quit.
Social Security people should have a choice. If they choose to invest that money in their own retirement plan they should have a choice. I can't imagine retirement at any age looking at SS as part of their retirement income...but that's me.

You'll never see that. It would mean the broad social programs funded out of SS funds would die. That would mean elected officials getting voted out of office.

 

[Fuddyduddy1952]

You'll never see that. It would mean the broad social programs funded out of SS funds would die. That would mean elected officials getting voted out of office.

Well...good point. It didn't happen anyway.

 

[check]

The new tech is amazing. They don't interfere with the heart at all. They slide a spring loaded valve up the femoral artery and pop it open. It spreads the old valve and clamps onto it. The new valve is hydraulic just like the old one. One night in the hospital just for observation, 48 hours of restricted activity, and then I can go back to my life.

Wow, Larry, that is amazing!