Social security delay?

[Zarathu]

Originally Posted by highcotton

I'm addressing the people who 'elect' to retire yet they don't have any meaningful assets to take care of an unexpected expense costing $5k, $10, $30k or more...or multiple unexpected expenses over the years costing a great deal more than that.

I can't understand how you can't seem to understand that the majority of us will retire either now or eventually and not have meaningful assets to deal with an occasional $30,000 bill. Maybe a one time bill of something like that(which wipes out our planned for savings resources) if we are exceedingly unlucky, but not the occasional expense like that. Everybody will be forced to retire eventually. In my line of occupation people are generally forced out at about age 65, since after that date we have to ask for permission from management to stay on, and with costs the way they are, they rarely give permission.

Why is this so hard for you to understand? Most people are not permitted to continue to work at high paying jobs after a certain age, and often have to take menial ones to survive. Most people don't have high paying jobs int he first place that allowed them to ammas the kind of investments you talk about. Try raising a family of four kids, putting them through college, and then tell me about how I should have amassed enoough cash to support the occasional $30K expense in my reittrement.

The group you are playing to is exceedingly small, and they are the choir, since they already have the money. Besides, even if you do have the money, its paying your retirement income, and you don't want to be spending this principle on here and there $30K expenses.

This is not hard to understand.

[highcotton]

Originally Posted by Zarathu

Rotflmao!

I don't think that HighCotton is unenlightened. I do believe that s/he is rather young, maybe 35-40, gets a very high paying job that s/he expects to have forever(without knowing that these kinds of jobs tends to get pulled out from under us when we reach a certain age---look at Jerry Lewis) , or is old-wealthy-money and doesn't understand how even the somewhat affluent elderly live(perhaps those with a good pension/or investments and SSA). During the 40 years of my working life, I never had an unexpected expense much more than about $1000 from some stupid car breakdown. I consider myself lucky. But then I never owned anything expensive enough so that insurance wouldn't cover it. I guess if my ferrari or Rolls Royce needed a new engine, it could have done me in, if I'd had one of those instead of a cheap Fiat or ford escort. And I carried a lot of insurance to cover possible horrible expenses---it was only prudent.

I can't even imagine the living circumstances where one has easily arriving unexpected expensies of $20K, $30K or even larger! This boggles my mind as to the kind of expense this might be that could easily arrive at any time.

Maybe it boggles your mind, but if you have 'elected' to retire and do not have adequate assets to take care of unexpected expenses throughout your remaining years then you will very likely face unexpected and dire financial consequences at some point in time.

[Zarathu]

Originally Posted by highcotton

Maybe it boggles your mind, but if you have 'elected' to retire and do not have adequate assets to take care of unexpected expenses throughout your remaining years, then you will very likely face unexpected and dire financial consequences at some point in time.

So what is that you expect people like me to do? Work forever? And then when we are let go at 65, keep working at Walmart as a greeter?

I really don't know what you are trying to say here. But whatever it is, it comes across as very very very insensitive to Seniors who have worked hard all their lives and wish to have a little bit of time to enjoy before we die.

Enough Said by me. Your posts are bordering on the "T" word, and I better use the "I" command to limit my exposure before my blood pressure goes up.

[Escort Rider]

Originally Posted by Minervah

I have a feeling HighCotton is just trying to yank some chains.

While I am not in a position to pass judgement on HighCotton's motivation, some people's chains are invitingly easy to yank. Just an observation, not a justification for anything.

[highcotton]

Originally Posted by Zarathu

I can't understand how you can't seem to understand that the majority of us will retire either now or eventually and not have meaningful assets to deal with an occasional $30,000 bill. Maybe a one time bill of something like that(which wipes out our planned for savings resources) if we are exceedingly unlucky, but not the occasional expense like that. Everybody will be forced to retire eventually. In my line of occupation people are generally forced out at about age 65, since after that date we have to ask for permission from management to stay on, and with costs the way they are, they rarely give permission.

Why is this so hard for you to understand? Most people are not permitted to continue to work at high paying jobs after a certain age, and often have to take menial ones to survive. Most people don't have high paying jobs int he first place that allowed them to ammas the kind of investments you talk about. Try raising a family of four kids, putting them through college, and then tell me about how I should have amassed enoough cash to support the occasional $30K expense in my reittrement.

The group you are playing to is exceedingly small, and they are the choir, since they already have the money. Besides, even if you do have the money, its paying your retirement income, and you don't want to be spending this principle on here and there $30K expenses.

This is not hard to understand.

Electing to retire is different than being forced to retire. One cannot help if they are forced to retire and cannot find find work to add to their savings. They may be doomed through no fault of their own. For the people that don't have adequate assets to retire but 'elect' to retire anyway - that will most likely come back to haunt them.

Have you not read the multitude of articles by experts giving various amounts of money needed to retire (from exampled assets e.g. investments, dedicated retirement savings accounts, pensions, etc.)? They usually range from from a minimum of $250k to over $2 million.

Life is a gamble because we never know what the unexpected will bring us. But, if one 'elects' to retire totally unprepared for the unexpected then sooner or later the unexpected will happen and then where will they be for the rest of their lives? Keep in mind I am not talking about the people who have been forced to retire and cannot find work to add to their retirement savings, nor am I talking about the people that have already faced dire financial difficulties and simply cannot recover because there is not enough time left. But, the latter is an example that can hit retirees after they retire if they 'elect' to retire unprepared (the best they can) for the unexpected.

It's not hard to understand!

I hope you have smooth sailing for many decades with no unexpected expenses. But...if you do have one or more unexpected expenses from time-to-time over the years - what in the world will you do if you cannot handle it because you 'elected' to retire unprepared for any unexpected expenses? The issue is not hard to understand. The answer is not 'electing' to retire until you are prepared. If you are forced to retire...then that's a whole different ball game... Comprehend?

[brava4]

I don't know why anyone is continuing to involve themselves in conversation with this person. It is essentially a one person show... no matter what. This is how this person works.

IT's not worth it!!

[texdav]

Bascailly it comes down to if overall you need more to retire at the level you want. Its like what age to retire;when you can financially and want to;it varies by people.

[Escort Rider]

To Highcotton and Zarathu: You two have beaten your particular arguments to death and beyond death, but each of you insists on having the last word. Please, please, if one of you could accept not to have the last word and end this thing, I'm sure I would not be the only grateful reader of this thread.

[brava4]

Originally Posted by Escort Rider

To Highcotton and Zarathu: You two have beaten your particular arguments to death and beyond death, but each of you insists on having the last word. Please, please, if one of you could accept not to have the last word and end this thing, I'm sure I would not be the only grateful reader of this thread.

Good gracious!! Amen to that!!

[highcotton]

Originally Posted by livecontent

You can lose your job and then a large emergency expense will be incurred, so you can easily go through 30,000. Losing your job, you can also lose healthcare coverage and even if you are able to elect cobra, that would be at a very high rate.

You cannot count on unemployment because you may be fired for cause. I have always tried to maintain a sufficient amount of money in assets to always have the option to "tell the man where to shove the job"--and I have done that many times.

Losing your job will also prevent you from borrowing money. You may suddenly need a new car and you have no money and you cannot borrow--what do you do? You may need a car for another job.

All your expenses will go on and with a family you will need more emergency funds.

When I got suddenly ill, I had sufficient emergency funds and assets to help me survive because I always lived below my means. That with being frugal made everything easier because I was able to pay off all my debt which was only my mortgage and a small car loan. Now, 16 yrs. later, I am sicker and disabled and I still maintain emergency assets with little income but no debt; but I still live below my means to increase my emergency funds.

Some people buy insurance for every possible and remote disaster. They buy all the extended warranties which certainly are profitable for the businesses because they keep pushing them every time you buy something. Some people buy an item that cost less than 100 dollars; and then they buy insurance for that small inconsequential product.

It makes more financial sense and you can save money but absorbing some losses yourself and self insure with a sufficient emergency fund and that would involve more than a few thousand. If my water heater goes or my furnace needs repair, then it could easily be more than a few thousand. Also, there are many hazards that you cannot insure against.

I have not paid much attention to these important, well researched, but somewhat obsessive pedantic posts about delaying social security; as I was forced into social security disability to get health insurance. I am sure the idea make good sense for some people but, as it has been said, many times one does not have full control of when one must take social security--as in my case.

Livecontent

New roof
Repair roof and leaks that insurance has coverage gaps
Replace major appliances
Replace HVAC system
Replace television, computer
Replace carpet/flooring
Replace driveway
Replace gutters
Replace vehicle or major repair
Replace some furniture or mattress
Paint interior and exterior
Repair/replace siding, window trim, exterior woodwork
Repair foundation
Remodel/update kitchen, baths, etc.
Major dental work
Medical/medicine/assistance/healthcare for serious illness or injury
No flood insurance
Not enough insurance coverage to live elsewhere if tornado/hurricane/earthquake destroys house
Car accident seriously injures or kills someone and family/estate sues you beyond your liability coverage
Attorney fees
No umbrella policy to protect your assets
Investment goes sour or belly-up
Adult children need financial help
Emergency travel and living expenses

And the list of potential unexpected expenses goes on and on and on...and on.