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Old 02-15-2016, 05:29 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,373,935 times
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Quote:
Originally Posted by Ariadne22 View Post
How's her health?? What is family longevity history? Depending on those answers, she could be retired and in real poverty for very long while.

Also, there's no way she should be paying for medical insurance until she reaches 65. If her job pays health insurance, she can't afford to quit.
Precisely the reason why I'm NOT going to collect SS when I turn 62.

First, and most important, I really like my job so I'm not anxious to quit.

Second, I want to have good health insurance coverage.

If I retire at 62 my SS will be about $1,200 a month. At the full retirement age (66) I'll get about $1,600 a month. Doesn't sound like much more ... $400 ... but in one year that's $4,800.

Last edited by Clark Park; 02-15-2016 at 06:02 PM..
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Old 02-15-2016, 06:58 PM
 
Location: Central NY
4,705 posts, read 3,274,740 times
Reputation: 12095
^^^^^^^^ I think $400 can make a big difference. Good for you.
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Old 02-15-2016, 07:00 PM
 
13,066 posts, read 15,442,067 times
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I can see how working to full retirement age and THEN switching to part time if she has to would be beneficial. I can also agree that sometimes it's better to retire at 62 and enjoy life. But there is the also health insurance consideration that someone brought up...


If there is one thing my parents taught me, it's that having a paid-off house is invaluable in retirement if you are not going to have a huge income. They sold their farm, bought two very modest houses, lived in one and rented out the other, and lived on Social Security. They lived frugally (more frugally than I want to live), but when they died I was surprised at how much money they had saved, just sitting in their savings and checking accounts.


Now my house is paid off and I would love to have a nicer/newer house, but I'm too close to retirement and I don't know what the future holds. I could die. My husband could die. And I wouldn't want the one remaining to have to struggle with a mortgage on a newer/nice house. But I feel lucky that we are in a position to not have to pay rent ever again if we don't have to. Property taxes that equal a few hundred dollars a month sounds a lot better than rent that keeps increasing.
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Old 02-15-2016, 07:33 PM
 
Location: Los Angeles area
14,018 posts, read 17,788,557 times
Reputation: 32309
Quote:
Originally Posted by luzianne View Post
..........................


Now my house is paid off and I would love to have a nicer/newer house, but I'm too close to retirement and I don't know what the future holds. I could die. My husband could die. And I wouldn't want the one remaining to have to struggle with a mortgage on a newer/nice house. But I feel lucky that we are in a position to not have to pay rent ever again if we don't have to. Property taxes that equal a few hundred dollars a month sounds a lot better than rent that keeps increasing.
That is probably true, but from what I read here there are some localities where the property taxes keep increasing too and I mean more than negligibly. Here in California there is a legal limit to how much property taxes can increase in a given year - I can't remember if it's one percent or two percent, but it's a known quantity and it's fairly negligible.

Perhaps you live in a city and county where the property taxes are pretty stable, so I am not commenting on your situation, but rather in general about property taxes.
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Old 02-15-2016, 07:43 PM
 
4,033 posts, read 3,245,405 times
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I think the fact that property taxes can keep rising affects renters as well as homeowners, as rents will continue to rise in order to pay the property taxes. So I dont consider that a good argument for renting vs. buying.
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Old 02-15-2016, 08:12 PM
 
6,902 posts, read 3,906,291 times
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Quote:
Originally Posted by yellowsnow View Post
If she is truly low income, she can live very well as long as she owns no property. Medicaid will pay her Medicare premiums and give her a free cell phone. No copays and everything is free. Being on Medicaid opens up the food banks for free food and she can apply for SNAP(food stamps). Then she can sign up for low income senior housing. Some are fixed rate but many charge 30% of your income. All bills paid. It's not as gruesome as you think!
I believe she is only 62, and medicare starts at 65. I guess she would have to apply for medicaid.
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Old 02-15-2016, 08:16 PM
 
Location: Dallas
5,603 posts, read 4,956,231 times
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Quote:
Originally Posted by Listener2307 View Post
So the question I have is, did that just happen? Did she just now find out that she had no pension? Did someone steal her savings?

Because that's the way it sounds. It sounds as if she just woke up on her 65th birthday and discovered to her horror that Social Security was all she had.

Everyone can see where I am headed......................
I don't think anyone's situation in life happens overnight. In her case, 3 jobs in a row were lost to offshoring, her husband had massive health issues that kept him out of work and without an income until he got on disability, the house was lost, bills rack up and the 401K was used for basic living expenses. I don't think either of them made enough to have a healthy savings account.

Life for some people can be a one step forward and two steps back.
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Old 02-16-2016, 06:04 AM
 
761 posts, read 642,445 times
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Quote:
Originally Posted by aquietpath View Post
Hopefully someone can give me some input on this:

If a person is not prepared financially to retire, and will probably need to work until they die because their SS payments will never be enough to fully support them, doesn't it make more sense to take early retirement and work part time?

My sister is in that boat, and she is determined to work until she is 70. Even at that age she won't have enough to live on, so why waste 8 years of her life working like a dog full time? I say claim SS early, get a part time job and enjoy life while you still have your health. She says it's better to wait.

Who is right?
This is another ymmv question.

I ran into Shirley at Harris Teeter yesterday.
She is a cashier.......at 80 years old.
I asked her about her life and she told me she still likes to work to keep busy.
Her days are Monday through Thursday, 8 am to 2:30 pm.
We had snow and ice on the ground and she said she was the 1st worker in the store after the manager opened.
I didn't ask about her financial situation, but I think she works to keep her mind and body active.
Maybe not a typical case, but she sure made my day. Lol

Damn.....Shirley is my hero!
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Old 02-16-2016, 07:05 AM
 
7,342 posts, read 16,680,797 times
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Was just going to mention this. I pay for my Medicare monthly, out of my SS. Wife pays quarterly for hers, but that can be a chunk of money all at one time.

But, I just read on the medicare.gov website:
"If you have limited income and resources..........Your state may help you pay for Part B. You may also qualify for Extra Help (Medicare Savings Programs)."

Quote:
Originally Posted by reed303 View Post
Don't mis-read the above.

You can elect to have any Medicare premiums deducted from your monthly SS benefit, but SS is not "paying" those premiums. Otherwise you can pay the premiums quarterly, on your own, if you prefer.
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Old 02-16-2016, 07:23 AM
 
491 posts, read 599,921 times
Reputation: 2095
Maybe you could help her in other ways. Surprise her by cleaning her house, so she doesn't have to on the weekends. Take her along on a trip every now and then. Pay for the motel, it usually costs no more to have two people. Buy two season tickets to the community concert and take her along. I found as I have gotten older that doing all of those things got harder, because it took more energy to just work.
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