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not many folks have the resources to delay to 70 without running dangerously low on their own savings if they have no other income .
I have the spreadsheet open. Ignoring inflation, I would collect $192,864.00 between the ages of 62 and 70. I have the means to defer collecting Social Security until age 70 assuming I retire at around age 65 1/2. I imagine something like 1/2 to 2/3 of the late-Boomers would have no choice but to start collecting at age 62 if something happened where they couldn't work and couldn't qualify for SSDI to get them to full retirement age.
Better have a competent Doctor check your blood pressure and pulse! You never know: this could be a simple event on the edge of the time-space continuum.... 😉
Sure, but there are good predictors. My dad lived to age 85. My mother is about to turn 84. I've always had excellent health care, don't smoke, and live an active lifestyle The odds are fairly high that I make it into my 80's. Everybody has to do their own longevity assessment. My numbers are going to be different from yours.
my mom died at 55 , my dad 73 and i am sill going stong at almost 64 running 4 miles every other day . glad i didn't plan around them
For means testing SS to have any real impact on numbers you have to phase out not just rich people, but a substantial portion of what is considered middle class. Put another way, there are not enough rich people.
You cite $85,000 a year for Medicare. That is hardly rich.
Well that's exactly what I'm saying. If you have to pay more for Medicare starting at $85k - why not get less in SS at the same income level? Robyn
I was in an unusual situation. Due to may chronic lower back pain, I couldn't bear to work any longer when I turned age 48 and since civil service was offering early retirement to those with 25 yrs of service at any age. I had 30 yrs of service at age 48 and so I took their offer and retired at age 49 with a small intial meager civil service retirement pension until my other pensions kicked in at age 60 (Reserves Military Pay) and at age 62 (my meager Social Security pension, which WEP affected the amount down to 1/5th - peanuts, just for gas or beer money).
Anyway, to make a long story short, after I retired at age 49, we could no longer afford to live and retire in N. California. So we immediately moved overseas to the Philippines, our roots and mainly due to the low cost of living at the time of our arrival.
After an 11 and 13 yr wait, all of my other pensions kicked in at age 60 and 62 and the COLAs from all those yrs helped a great deal increasing my net worth. We are now doing great and still enjoying our retirement lifestyle here. We've decided to stay here for good and have no plans returning to the U.S. anytime soon or ever, since we are now both permanent residents of the Philippines, but we are still both U.S. citizens.
So, my answer to the OP, is that it's all relative depending where one lives and depending on the cost of living.
You have in the past complained about the health care options where you live. Perhaps they're better now - or worse - or the same. In any event - they're something to take into account as we get older. Robyn
escort- i just put it up on the post . the amounts are not known yet but those are the new percentages medicare users will have to kick in towards funding medicare
traditional retirement planning calls for going at least out to 90 for a man and 95 for a woman regardless of what you think .
if anyone thinks it is rough working at 62 or finding a job try it at 80 or 85 .
alternatives could be planning to 80-85 and add a longevity insurance policy .it is basically a very cheap annuity that kicks in very late in life if you live that long .
I smoke 2 packs of cigarettes a day - and my husband has MS. Think 95 and 90 are not in our future . Like I've said - go on a detailed life expectancy calculator website to see your own personal odds.
Note that since my mother's side of the family has an extensive history of Alzheimer's - dementia - I don't much mind the notion of dying earlier rather than later from something like lung cancer. Modern medicine was able to keep my late uncle - a smoker - alive - until his early 90's. But he was a total veggie when he died. Not my cup of tea. Robyn
Well that's exactly what I'm saying. If you have to pay more for Medicare starting at $85k - why not get less in SS at the same income level? Robyn
Generally speaking SS is already adjusted this way in the formula for benefits v. contributions. Higher contributors get substantially less than lower earning contributors.
Again to make sizable inroads into the funding issues with SS you would have to take nearly all of the SS benefit from people earning middle class levels of income to get the millions and millions of recipients needed to "fix" SS. That in my opinion makes it a nonstarter. I suspect the biggest aspect of "means testing" will be in making the last 15% of SS taxable. The other problem with means testing is the cost to administer and how it changes the nature of the program.
For all those reasons I would bet that solution for SS is a combo of change retirement date, some form of adjusting COLA calculation, SS 100% taxable at certain income levels and increasing income ceiling on SS contributions.
The sick and weak are already built in to the numbers if they are going to die. We just don't know whether you are not one of them.
It is amazing sometimes how long people live who are in poor shape. My great grand mother was like that. Smoked, ate the worst food, diabetic and lived to 101
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. Like I've said - go on a detailed life expectancy calculator website to see your own personal odds.
