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Old 03-21-2016, 12:35 PM
 
Location: Chicago area
14,422 posts, read 7,937,494 times
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Maybe move to an area with a lower cost of living and both of you get a part time job? I retired at 58 and a half and had planned on working until around 60. It turned out to be the best decision ever. You may like just working part time. I personally would not be comfortable with only 400K and reduced social security to live on for what may be decades. Good luck.
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Old 03-21-2016, 12:54 PM
 
4,948 posts, read 16,533,635 times
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Quote:
Originally Posted by curious folk View Post
I wanted to work until I was 70, which the experts say I could get the best bang for my buck in Social Security. My wife and I figured that if we both retired at age 70 we could live on Social Security and anything else we had saved would be extra.


But the company both of us worked for laid off a good number of it's staff and we were both laid off the same day. Both of us are 61 and can't collect SS for another year.


We have $400K saved, should we just retire and move to a place with a very low cost of living?


(They say it is nearly impossible to find another full time job at our age unless you have unique skills.)


Anyone here face a layoff before you were ready to retire? What did you do?
can you both get unemployment that may help some. If either of you find a job even if part-time that also may help. At age 62 if needed only one of you could file for S.S. and the other one wait til age 70. Will the company cover health costs that would be great if they do.
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Old 03-21-2016, 01:20 PM
 
168 posts, read 130,055 times
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Military retired gets Tricare Standard health insurance automatically. They can upgrade to Tricare Prime for about 50$ a month which covers both of them. What is great about military pension is that it is indexed for inflation. However spouse will only receive I've 50% or less survivor's benefit....and that only if he has elected for their coverage. The spouse will get medical coverage no matter what.

The big hit will be at age 65 when he has to pay Medicaid part B to keep the military health supplimental support.
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Old 03-21-2016, 02:02 PM
 
Location: Mount Airy, Maryland
10,470 posts, read 5,939,796 times
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Opening poster already said they have already gone through their 6 months of unemployment.
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Old 03-21-2016, 03:01 PM
 
Location: Port Charlotte FL
1,070 posts, read 635,596 times
Reputation: 3114
retire now and live within your means....you'll be gone soon enough.
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Old 03-21-2016, 03:33 PM
 
Location: left of center
117 posts, read 50,693 times
Reputation: 354
My husband and I retired to small town of 3200 people. We purchased a house with 1/2 acre for $132,000, so our mortgage and property tax are quite low. Electricity, water, telephone, internet, and TV all cost the same as in the city...it's not any cheaper because we are rural. In fact, it might be more expensive. Our hobbies, however, are less expensive. We hike, garden, and golf. We pay $50 a month for unlimited golf at our local golf club. Our biggest expense, by far, is our health insurance. We don't qualify for the Affordable Care Act, so we pay $875 a month...plus an additional $7000 if either of us has a serious illness. Our neighbors, however, are low-income and have all of their health insurance paid by the ACA.

Should you retire? Absolutely. Finding a full-time, good paying job at our age is almost impossible. You could probably find seasonal jobs, if you don't mind manual labor and are healthy enough. Apply for social security at age 62, take as little out of your savings as possible....and be frugal. It's worth it.
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Old 03-21-2016, 03:35 PM
 
71,747 posts, read 71,853,273 times
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one of the reasons we decided to not retire in the poconos and stay in nyc is just because if we wanted to work it can be very hard in these small towns or more rural areas to find decent work . most jobs are low pay and just mom and pop businesses .

so we stayed in nyc and sold the pocono house .
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Old 03-21-2016, 03:50 PM
 
9,893 posts, read 3,281,724 times
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Quote:
Originally Posted by curious folk View Post
If we do a 5% withdrawal of our assets for a year we will have about $3000 a month, which will be basic survival. In 2017, we can both collect $1300 a month in Social Security when we reach 62 and then can live on $5600 a month. ($3000 + $1300 + $1300= $5600.00)


FYI: 6 months have passed since our layoffs and unemployment benefits have ended.


So for a year we will live in relative poverty.

truly a shame to see people who save and work hard all their lives get virtually no help from the state when things go bad. 6 months unemployment benefit is far too little for people who have many decades of work under their belts.

We need to have a living wage for everyone regardless of work status.
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Old 03-21-2016, 05:13 PM
 
Location: Wasilla, AK
7,277 posts, read 4,158,066 times
Reputation: 15723
Quote:
Originally Posted by mathjak107 View Post
what are expenses ? as well as all the unexpected emergency's and replacement money you will need for big ticket items . what about health insurance ?

If he's getting a military pension he is eligible for Tricare for himself and his wife. ACA should not be an issue.
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Old 03-21-2016, 05:21 PM
 
Location: Central Massachusetts
4,800 posts, read 4,853,880 times
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Quote:
Originally Posted by GeoffD View Post
That makes this totally different math. It might not be great but there's VA health care as an option. When Social Security kicks in a year for so from now, that's almost $50K worth of monthly checks. There is 6 months of unemployment checks to help. It might require moving to control costs but it's certainly do-able.
as Suevee wrote he does get Tricare since he is a pensioner. It isn't much but it could mean the difference between a really bad existence and something a bit better.


Quote:
Originally Posted by curious folk View Post
I forgot to tell you about my pension from the military which is about $1400 a month. (That is how I came up with $3000 for the year we have to survive before Social Security kicks in.)
curious folk I would if you can run it similar to what you have said but not all the way to 70 for certain. Take it somewhere closer to FRA but I would not wait until FRA either. Does your spouse get SS as well and are you factoring that too? What I think I would do is use your savings as sparingly as you can but use it to take you to let's say the point at which you have to sign-up for Medicare. That would be a good point to take the SS for both of you. Do you live in my area? If so please send me a direct message. I have someone that could help you sort through some of that. The cost is very reasonable. Good luck
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