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Old 10-09-2016, 11:14 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,569 posts, read 39,952,759 times
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Don't worry about those of us who have worked (?) outside dawn till dark our entire life, we are fine and do it by choice.

We are not 'sequestered' nor do we HAVE to be here in the QUIETness and breeze of the moment.
We love a brisk 5am ride on the tractor to break ice for the calves and blade the snow off the driveway before our breakfast. All by choice!

We would not think of taking an elevator to our apartment. We use elevators to fill the barn with hay.
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Old 10-09-2016, 11:57 AM
 
Location: Florida
4,365 posts, read 3,700,708 times
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I do not think it will work.
Looks like you will have a part time job that will help. Remember that your Social Security check is based on the highest 35 years of earnings. Make sure you have properly calculated that benefit.
Living off of your investments can be a problem in a down market so be sure you have provided for the sequence of returns risk - need cash reserve for a few years of living expenses.
Most retirement planning uses a 30 year life expectancy. You probably need a 40 to 45 year time table.
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Old 10-09-2016, 12:11 PM
 
110 posts, read 133,649 times
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Quote:
Originally Posted by rjm1cc View Post
I do not think it will work.
Looks like you will have a part time job that will help. Remember that your Social Security check is based on the highest 35 years of earnings. Make sure you have properly calculated that benefit.
Living off of your investments can be a problem in a down market so be sure you have provided for the sequence of returns risk - need cash reserve for a few years of living expenses.
Most retirement planning uses a 30 year life expectancy. You probably need a 40 to 45 year time table.
Ah probably not 40 yrs so I'll assume a shorter risk with that one

Also all I've done with Social Security is check what the benefit will be at ages 62, 67 and 70. I'll have 34 yrs of credit by 2019 with the last 20 being somewhat high.

Thanks for the reply!
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Old 10-09-2016, 12:52 PM
 
Location: Forests of Maine
30,682 posts, read 49,449,101 times
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Quote:
Originally Posted by mathjak107 View Post
i think if i had to retire and first work as a farmer i wouldn't have retired .heck i don't even want to mow the lawn at this stage . to bad i still have to take the garbage to the incinerator room lol
Our 'crops' are mostly perennials. Plant once, then each year I spend a few days pruning and a week harvesting. I breed pigs, they are fenced in woodlot where they mostly feed themselves, I sell piglets. We have a few seasonal forage crops, maple, fiddleheads, mushrooms. That get good price at market. I am a beekeeper, and I sell honey. There are many weeks where I do very little. Even on my busiest days on the farm I get it all done between 10am and 3pm.

Including the time I spend as vendor at a farmer's market I think I average 10 hours a week doing something related to 'farming'.

At this point, I am still building stuff. Last year was solar power [to drop our electric bill], this year is solar thermal [to drop our heating costs]. Then we are looking at shifting to a plug-in vehicle [to get rid of gasoline purchases].
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Old 10-09-2016, 01:09 PM
 
110 posts, read 133,649 times
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I think I will stick with the way I currently feed my family going into retirement .

Anyone have an idea on how early retirement can impacted social security or if those estimates that are given are assuming current salary through retirement. I haven't put a lot of time into it other than providing the retirement planners the payout numbers from my statement. Something like $2800 per month @67.
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Old 10-09-2016, 01:12 PM
 
71,561 posts, read 71,730,589 times
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it depends if these years now coming up were going to replace any earlier earning years on an inflation adjusted basis .

it is your 35 highest years that set your level .
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Old 10-09-2016, 01:19 PM
 
110 posts, read 133,649 times
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Ah so, they will not. I believe that I will have exactly 35 years in 2019. I'm probably fine with the current statement assumptions they sent me.
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Old 10-09-2016, 01:24 PM
 
71,561 posts, read 71,730,589 times
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if you have less than 35 years you get a zero for those years and that can dilute things a bit
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Old 10-09-2016, 01:39 PM
 
Location: Albuquerque NM
1,659 posts, read 1,525,009 times
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Assuming you have not blocked access to personal info (e.g., credit block), you can use this SS calculator:

https://www.ssa.gov/retire/estimator.html

Hit Estimate Your Retirement and it will ask for name, ssn, etc and provide you SS numbers for 62, FRA, 70, etc. It is linked to your SS account. Then hit Add New Estimate and you can plug in the date you plan to stop working and the average yearly salary expected until then. It will provide you expected benefits at age 62. I assume you can then add 32% to that figure to get benefits at age 67 (e.g., 6% for each year from 62 to 66 and 8% for each year from 66 to 70).
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Old 10-09-2016, 02:10 PM
 
Location: Colorado Springs
4,840 posts, read 4,954,521 times
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Quote:
Originally Posted by MCNE View Post
I think I will stick with the way I currently feed my family going into retirement .

Anyone have an idea on how early retirement can impacted social security or if those estimates that are given are assuming current salary through retirement. I haven't put a lot of time into it other than providing the retirement planners the payout numbers from my statement. Something like $2800 per month @67.
Have you already worked 35 years at SS max "contributions"? I think those projections from SS assume you continue to work and receive your current salary until FRA.

What is your plan for health insurance? I retired the first time at 55 buy was forced back to work at 61 because the health insurance premiums of $2K per month for my wife and me were too much.

You should plan to spend about $30K per year on medical expenses for you and your wife from 60 to 65.
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