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Old 04-24-2014, 07:29 PM
 
Location: Baltimore, MD
3,745 posts, read 4,223,779 times
Reputation: 6866

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Quote:
Originally Posted by Linda_d View Post
It actually doesn't matter too much when you work the highly paid years because previous years are indexed for inflation when SS calculates your benefits. So, earnings of $7000 in 1975 might translate into $35000 in today's dollars (I don't know, I just used that number as an example). However, you have to have 35 years in, so if you have only 30 years (as many women do because they stayed home to care for their children) you get 0s averaged for those years, which is why so many women get more as spouses than on their own. If you have more than 35, then SS takes your highest 35.
The final year of wage indexing is when an earner reaches 59. Starting in the earner's 60th year and every year thereafter, there is no wage indexing. Obviously, there are still COLAs and filling in those earlier zeroes can make a big difference, but I've always thought it kind of stunk that the women who had to work well after age 60 but may live into their 80s and beyond lost that additional indexing.

For posters who are interested in "seeing" how the wages are indexed and how the benefits are calculated, here's a nice, new link at SSA. Social Security Retirement Benefit Calculation
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Old 04-24-2014, 07:57 PM
 
Location: Miraflores
787 posts, read 896,585 times
Reputation: 1531
I did not read the thread, so forgive me if this was already said.
Q:How does a low wage worker retire?
A: Feet first!
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Old 04-24-2014, 08:44 PM
 
Location: Edina, MN, USA
6,956 posts, read 7,401,444 times
Reputation: 16299
Quote:
Originally Posted by AZDesertBrat View Post
I'll work till I die rather than participate in the 'trade offs' required for some of the things you are suggesting. Surely you don't think that women who do this don't have to put SOMETHING back into a relationship.
I'm in total agreement with you. That old saying~~you marry for money and you pay dearly.
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Old 04-24-2014, 09:27 PM
 
Location: Verde Valley AZ
8,625 posts, read 9,698,602 times
Reputation: 11012
Quote:
Originally Posted by Umbria View Post
I'm in total agreement with you. That old saying~~you marry for money and you pay dearly.
Well, since I never did I can't say for sure, but I think you're at least 100% correct! lol I cannot imagine being beholden to anyone for my livelihood and have to bend over backward in 'thanks'. No thanks!
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Old 04-25-2014, 04:39 AM
 
Location: Mount Airy, Maryland
10,482 posts, read 5,944,584 times
Reputation: 16189
Quote:
Originally Posted by DaveinMtAiry View Post
Have a question: my wife's SS benefit is about half of mine. But she is 2 years older than I am. Can she file for her benefit before I do, allowing mine to get larger, then re-file and take the 50% of my benefit which at that point will be larger than her benefit?

Anyone?
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Old 04-25-2014, 09:07 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,855 posts, read 54,568,102 times
Reputation: 31233
Quote:
Originally Posted by Submariner View Post
Your property taxes are $6k ? Wow that is high.
Seems normal for here, ours is $5,500 on an average value home. Definitely planning to move to a smaller one in a less expensive area on retirement though.
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Old 04-25-2014, 02:51 PM
 
Location: Forests of Maine
30,703 posts, read 49,495,894 times
Reputation: 19151
Quote:
Originally Posted by Hemlock140 View Post
Seems normal for here, ours is $5,500 on an average value home. Definitely planning to move to a smaller one in a less expensive area on retirement though.
I have owned homes that had taxes like that too.

We knew that after I retired we would need to migrate somewhere a lot less expensive.

We now have 150 acres of forest and river frontage, with a new house ['05 and 2400 sq ft] taxes are well under $1,000.



When you consider low Cost-Of-Living areas, then you do not have to also look at smaller living.
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Old 04-25-2014, 04:34 PM
mlb
 
Location: North Monterey County
3,196 posts, read 2,863,927 times
Reputation: 4898
Wisconsin property taxes are obnoxious.

I say this as a native with family there.

Even if I could stand the winter there - the taxes would be enough to put me off from retiring there.
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Old 04-25-2014, 08:01 PM
 
Location: Forests of Maine
30,703 posts, read 49,495,894 times
Reputation: 19151
Quote:
Originally Posted by mlb View Post
Wisconsin property taxes are obnoxious.

I say this as a native with family there.

Even if I could stand the winter there - the taxes would be enough to put me off from retiring there.
A lot of places are like that.

We have owned homes in California, Washington and in Connecticut. Before that we have lived in Virginia, SC and in Florida. I certainly do understand how some places have crazy high taxes.

When I retired we were living overseas. We looked a lot at projected Cost-Of-Living and taxes for each prospective area where we could have settled.
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Old 05-20-2014, 02:35 AM
 
6,353 posts, read 5,170,148 times
Reputation: 8528
Quote:
Originally Posted by DaveinMtAiry View Post
Anyone?
Yes, it's called "file and suspend." Go to https://www.maximizemysocialsecurity.com/, spend the $40 or so, and maximize your social security. This is an amazing piece of software that uses your and your spouse's entire wage history to figure out the best Social Security strategy. (I am not affiliated with the software - just a user.)
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