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Old 04-11-2014, 05:25 PM
 
Location: in the miseries
3,302 posts, read 3,577,670 times
Reputation: 3810

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Government is now trying to stop file and suspend completely.
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Old 04-11-2014, 05:29 PM
 
Location: Whidbey Island, WA
12,270 posts, read 11,317,584 times
Reputation: 6109
Quote:
Originally Posted by luvmyhoss View Post
Government is now trying to stop file and suspend completely.
Yes I have read this also however the odds from what I read are against that happening.
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Old 04-11-2014, 10:50 PM
 
Location: VT; previously MD & NJ
2,184 posts, read 1,340,059 times
Reputation: 6291
Quote:
about 50k in savings 401k.
This would scare me to death. That's not even enough of an emergency fund while you are working! What happens when you need a new car? Where will you get the money to buy a piece of land and modular home and expensive solar system?

Then you say you are planning to work part-time during retirement (R.N. and realtor) - so how many years do you think you can do that? Until you are 79? 85? Then what?

I would up the savings big time -- max out 401K contributions and also put as much money as you can into other savings/investment.

I wish you luck.
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Old 04-12-2014, 01:22 PM
 
Location: SoCal desert
8,093 posts, read 13,225,721 times
Reputation: 14870
Quote:
Originally Posted by AADAD View Post

1) a paid off home worth about $300k. Rents for $2100/mo
2) social security monthly income around $4500/mo
3) about 50k in savings 401k.

As I read I am concerned that we don't have a lot in savings. Do you think we will be ok?
It would scare me. Can you live on $4500 a month? What are your total expenses per month?

Quote:
Originally Posted by AADAD View Post
we pay $2450/month in lease here in San Diego.
Move. As fast as possible.
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Old 04-12-2014, 02:32 PM
 
84 posts, read 68,419 times
Reputation: 91
Move and be miserable somewhere up north?
There is a paid-off house for an emergency. A lot of people do live on 4,500 in San Diego.
Enjoy your life!
Estimated median household income in 2011: $60,797 (it was $45,733 in 2000)
San Diego: $60,797
California: $57,287
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Old 04-12-2014, 02:53 PM
 
Location: Florida
4,356 posts, read 3,692,049 times
Reputation: 4084
I like file and suspend and I think I picked up that your intentions are to wait until 70 to start collecting SS. That is all to the good. However you have to have reached full retirement age before you can file and suspend. I thought your spouse also had to be at FRA. However I think I have come across some problems with anyone collecting at 62. This reduces their benefit as compared to FRA and I think it affects them no matter the reason they are collecting. So collecting on your account at 62 and then switching to their own at FRA may still reduce their FRA benefit. The point is to make sure you understand how future benefits might be limited for someone starting at age 62. I think you have the same problem if you were to die and your spouse elected to receive your benefit. I think it is reduced if the spouse retired before FRA.
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Old 04-12-2014, 02:56 PM
 
Location: Nebraska
1,886 posts, read 2,297,215 times
Reputation: 5321
$50,000 can be gone in one year with just a few emergency's. I would not consider the savings into the retirement plans. I'm sorry to say that I think you will have to work. If it was me, I would not retire at all.
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Old 04-14-2014, 06:35 AM
 
Location: Whidbey Island, WA
12,270 posts, read 11,317,584 times
Reputation: 6109
Thanks again. I do really appreciate your posts, advice and concerns. At FRA yes my mistake I plan to evaluate filing and suspend which most likely is just a good idea at 66. The increase in my SS from 66 to 70 is fairly dramatic about $1K so I may wait. I estimate our monthly income to be $4500 to $6500 depending on social security and working. A travel assignment as an RN can pay pretty well.

I do take your advise about savings to heart and we will commence to do so NOW.
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Old 04-14-2014, 07:08 AM
 
Location: Central Massachusetts
4,800 posts, read 4,843,254 times
Reputation: 6377
Good to hear that you got the point on the FRA. A selling point to go along with that is if something (heaven forbid) and you need to pay off a medical bill or something you can revisit the SS and they will give you back pay to your FRA date. That can get you over the hump on a bad situation. It is sort of like insurance in that way.
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Old 04-14-2014, 08:01 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,168,437 times
Reputation: 6691
If you have six years then build up that 401K more during that time.

Oh and about file and suspend at 66. While most people talk about doing this so the other spouse can collect on the first spouses record. it is something worth doing just on it's own if you plan to work beyond 66 to earn extra credits.

Because if during those years you change your mind do to health or whatever, you can then, if you have done file and suspend tell SS that you want to reinstate and you want all those back payments from when you did file and suspend. You will then get the lump sum of what you would have gotten if you had just filed at 66, if you do that, you won't get the extra credits, but you will get a big chunk of cash.

Now if you die, before asking for this cash then your spouse cannot collect that back cash but would get the extra credit amount that you had earned between 66 and time of death, in their survivor benefit.

Just some additional things to consider.
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