U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-20-2014, 03:03 AM
 
71,867 posts, read 71,942,576 times
Reputation: 49413

Advertisements

another good company is social security solutions. they can do excellent work ups incorporating not just ss but your total financial plan.
Quick reply to this message

 
Old 05-20-2014, 05:28 AM
 
Location: Mount Airy, Maryland
10,485 posts, read 5,949,749 times
Reputation: 16194
Quote:
Originally Posted by Larry Siegel View Post
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.)
Thanks for the help. But I"m not sure file and suspend applies for us. Again my wife is older and I have the larger benefit. If I were older than my wife I can see how file and suspend would work. Seems like it's set up for the lower earner to file early, then claim spouse's larger benefit later. But later for us will mean 66/10 for me and 68 for my wife. Am I missing something here?
Quick reply to this message
 
Old 05-20-2014, 04:22 PM
Status: "Be yourself. What's the alternative?" (set 28 days ago)
 
8,744 posts, read 10,868,450 times
Reputation: 12796
They never get to the option of retirement because the stress of not making enough & struggling kills them way before retirement.
Quick reply to this message
 
Old 05-20-2014, 06:55 PM
 
6,353 posts, read 5,172,907 times
Reputation: 8528
Quote:
Originally Posted by DaveinMtAiry View Post
Thanks for the help. But I"m not sure file and suspend applies for us. Again my wife is older and I have the larger benefit. If I were older than my wife I can see how file and suspend would work. Seems like it's set up for the lower earner to file early, then claim spouse's larger benefit later. But later for us will mean 66/10 for me and 68 for my wife. Am I missing something here?
I don't know if "file and suspend" is the right name for it, but my wife is also older and I am also the higher earner. maximizemysocialsecurity.com says she should file for her own SS benefit at 66 (when I am 62) and then, when I am 70, I will retire and claim my full benefit. At that time, when I am 70 and she is 74, her payment will switch to the higher of hers or half of mine, and half of mine is higher. So she will get 8 years of payments based on her own employment record that she wouldn't get if she just waited for me to retire.

The risk to this plan is that I will die young, and then we would have been better off getting smaller payments that started sooner. However, if I die young I won't need any money. The risk I am trying to hedge is outliving my money, so I want a strategy that pays off if I live longer than expected.
Quick reply to this message
 
Old 05-20-2014, 06:56 PM
 
6,353 posts, read 5,172,907 times
Reputation: 8528
Quote:
Originally Posted by NannyGoat2 View Post
They never get to the option of retirement because the stress of not making enough & struggling kills them way before retirement.
Hmm. Nice generalization. My father-in-law, who was a coal miner and steelworker, is 87.
Quick reply to this message
 
Old 05-20-2014, 07:25 PM
 
Location: Forests of Maine
30,714 posts, read 49,511,045 times
Reputation: 19152
Quote:
Originally Posted by NannyGoat2 View Post
They never get to the option of retirement because the stress of not making enough & struggling kills them way before retirement.
I guess that apply for 'low-wage' workers earning half of minimum-wage. But for anyone making Minimum-wage or more, that would not happen.
Quick reply to this message
 
Old 05-20-2014, 08:03 PM
 
Location: Lakeland, Florida
6,975 posts, read 12,506,495 times
Reputation: 8742
I don't think they can retire. I have come to the conclusion the Gov't does not want them to. Otherwise why would a Gov't restrict someone in their 60's to $15000 gross a year in earnings. Especially a person with a very low SS check. The gov't knows the person can't possibly support themselves, but could if they were allowed to earn at least $20,000 in many cases. There is a reason the Gov't chose $15000 for 2014, and it only goes up a few hundred dollars a year. The waiting lists for senior housing run long. Illnesses start to pop up, Affording proper food becomes a serious concern. Difficulty getting from point A to B eventually makes an appearance. Realizing there is few to no one to count on as the person gets older. Not everyone has a family that is going to be there for the person.

The stress of trying to make it on such limited means, especially with little to no support system in life. I think all of this will do a number on a person and limit their lifespan. I believe things are set up this way in America, and many people do not want to admit it. Well I did because it should be said.
Quick reply to this message
 
Old 05-20-2014, 09:25 PM
 
Location: Los Angeles area
14,018 posts, read 17,765,919 times
Reputation: 32309
Default Earning power as a facor in longevity

Quote:
Originally Posted by NannyGoat2 View Post
They never get to the option of retirement because the stress of not making enough & struggling kills them way before retirement.
Quote:
Originally Posted by Larry Siegel View Post
Hmm. Nice generalization. My father-in-law, who was a coal miner and steelworker, is 87.
There are many factors to longevity, including but not limited to genes, educational level, earning level, lifestyle factors such as smoking, obesity, exercise, and diet. Even being married helps and being socially isolated hurts.

I have often heard it said on City-Data that low wage earners die younger (in the aggregate, of course) than high wage earners. Whether this is really due to stress and struggling I don't know; it could be more related to educational level. One fact of educational level is the strong negative correlation with smoking rates, for example.

I have often wondered how strong the correlation is between low income and early death. I admit to some laziness here, because I could undertake some googling and I ought to come up with something solid. By solid I mean something better than somebody's unsupported opinion in a blog. Perhaps someone is already familiar with longevity statistics and could post something for us, or perhaps someone really enjoys that sort of searching? It would be nice to rely on something other than NannyGoat2's categorical statement which I quoted above.
Quick reply to this message
 
Old 05-20-2014, 10:53 PM
 
6,353 posts, read 5,172,907 times
Reputation: 8528
Quote:
Originally Posted by Submariner View Post
I guess that apply for 'low-wage' workers earning half of minimum-wage. But for anyone making Minimum-wage or more, that would not happen.
Fortunately, it's illegal to employ anyone at half the minimum wage. (That's why it's called a "minimum.") I guess someone making minimum wage could be working half-time, but that's not earning half the minimum wage.
Quick reply to this message
 
Old 05-21-2014, 04:00 AM
 
Location: Tennessee
34,708 posts, read 33,734,897 times
Reputation: 51976
Quote:
Originally Posted by s1alker View Post
I'm talking about someone who has made less than 20 bucks an hour their entire life for whatever reason. Places that pay that low generally do not have a 401k or pension plan. A low wage worker will have very little (if any) money to save after living expenses are paid.
You don't retire. The time to think about it is when you are about to graduate high school, when you decide to have a baby out of wedlock, and for women, when you make the decision to be a stay-at-home mom. If you are in the position of deciding on a job that pays more now but doesn't provide the opportunity to advance or one that pays less now but there are more opportunities to advance, don't jump on the higher paying job.

Maybe they should teach it in school.

You are the reason you've made less than $20/hr your entire life.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top