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Old 02-01-2008, 07:25 PM
Status: "0-0-2 start!" (set 14 days ago)
 
Location: The beautiful Rogue Valley, Oregon
7,289 posts, read 15,339,626 times
Reputation: 9463

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For us, it's not the amount, it's the dance of what money is easily accessible. We're too young to touch our 401Ks (well, without paying a penalty for it). So, unlike most retirees, we'll have less money the next 5 years or so (until the spouse hits eligible withdrawal age).

Fortunately, we have no debts (at all), and we've a good chunk of money left from the sale of our previous house. Some of that money is going to what the spouse calls my "land baron" nature - the 2+ acre lot next to the new house came up for sale and we're buying it to ensure both our privacy and our southern solar access - but there's enough left that we'll be comfortable for the next 5 years.
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Old 02-02-2008, 11:17 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,573,689 times
Reputation: 5692
Quote:
Originally Posted by Bette View Post
Sounds too familar!! What kind of business are you in? How big is your city?
Architecture. Office is in Glendale, AZ. Getting harder to leave mom alone for any lenght of time, so we run back and forth several times a day.
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Old 02-02-2008, 03:11 PM
 
Location: Atlanta
738 posts, read 643,616 times
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Quote:
Originally Posted by MotleyCrew View Post
Architecture. Office is in Glendale, AZ. Getting harder to leave mom alone for any lenght of time, so we run back and forth several times a day.
My wife and son are in your fair city at this moment at the Super Bowl. Wave to them for me!
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Old 02-02-2008, 03:39 PM
 
Location: Land of 10000 Lakes + some
2,885 posts, read 1,511,142 times
Reputation: 346
Quote:
Originally Posted by brightdoglover View Post
Again, I ask how people who retire prior to Medicare age handle the health insurance issue?
I have talked to people who have retiree health insurance, which I will never have.Maybe that's it? Paying out of pocket for years and years seems extremely expensive. A neighbor of mine pays for his insurance, wife and two kids, good coverage, and it's $1200/month, and I think he belongs to a small business group or something.
Might I ask how people handle this?
I work for a government agency. If I stay there 20 years, I am covered with their health insurance plan for life and pay only the difference if the premiums are raised which I am told is not anticipated to be too great from year to year.
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Old 02-02-2008, 03:41 PM
 
Location: Land of 10000 Lakes + some
2,885 posts, read 1,511,142 times
Reputation: 346
Quote:
Originally Posted by Tressa View Post
Your right not to count on SS with being Gov't employees your pay will be reduced a great deal. My aunt is a retired school teacher and receives $98 from SS monthly, but she has decent pension to compensate that.

My husband works for the State also he opt out of SS back in 1982 so we have a large saving's account of what would have been invested into the SS plan but he is not vested so won't qualify for SS or Medicare. Once he retires he will have to go back to work for 1.5 years with an outfit that pays SS so he can be vested in the Medicare portion.
Your government agency must be different from my government agency. I think very few people can live on SS alone. Most government agencies, if not all, offer a pension. So the combo should work.
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Old 02-02-2008, 04:02 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,573,689 times
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Buckhead, I hope they enjoy the game.
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Old 02-02-2008, 05:05 PM
 
Location: Forests of Maine
30,677 posts, read 49,423,020 times
Reputation: 19129
Quote:
Originally Posted by Lillietta View Post
Your government agency must be different from my government agency. I think very few people can live on SS alone. Most government agencies, if not all, offer a pension. So the combo should work.
I worked 20 years for a government agency, and I got the pension at 42 years old.

Cashed out some of my investment portfolio, bought some forest land, built a house. I am 48 now but I find that my pension is enough, if you are only supporting a wife and one child. Our older children are adults now and supporting themselves. I keep busy building this house.

When I am old enough for SS, my take-home pay will not increase. One gets subtracted from the other. My pension is more than my SS would be, so when my SS policy kicks in, my pension drops by that amount. The Gross remains the same.

It has a lot to do with how much you invest while working before your pension.
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Old 02-02-2008, 05:25 PM
GLS GLS started this thread
 
1,985 posts, read 4,845,696 times
Reputation: 2408
Quote:
Originally Posted by forest beekeeper View Post
I worked 20 years for a government agency, and I got the pension at 42 years old.

Cashed out some of my investment portfolio, bought some forest land, built a house. I am 48 now but I find that my pension is enough, if you are only supporting a wife and one child. Our older children are adults now and supporting themselves. I keep busy building this house.

When I am old enough for SS, my take-home pay will not increase. One gets subtracted from the other. My pension is more than my SS would be, so when my SS policy kicks in, my pension drops by that amount. The Gross remains the same.

It has a lot to do with how much you invest while working before your pension.
Good points. Is the pension/SS combo guaranteed to rise commensurate with inflation? When you get to my age, a cup of coffee with cost $30.
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Old 02-02-2008, 07:10 PM
 
Location: Forests of Maine
30,677 posts, read 49,423,020 times
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Quote:
Originally Posted by GLS View Post
Good points. Is the pension/SS combo guaranteed to rise commensurate with inflation? When you get to my age, a cup of coffee with cost $30.
Not really.

It is not guaranteed to rise at all. It has been rising though, each January we have been getting a Cost-Of-Living raise.

I just got a 2.1% raise.
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Old 02-02-2008, 08:39 PM
 
Location: Land of 10000 Lakes + some
2,885 posts, read 1,511,142 times
Reputation: 346
Quote:
Originally Posted by GLS View Post
Good points. Is the pension/SS combo guaranteed to rise commensurate with inflation? When you get to my age, a cup of coffee with cost $30.
Well when working I get only a 2.25 percent annual raise so pension gives a raise and so does SS - so it will be about the same.
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