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Old 07-02-2019, 06:42 PM
 
Location: The Outer Limits
1,453 posts, read 1,810,256 times
Reputation: 2381

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60K a year = poor, give me a break. Are you serious, or seriously trolling?
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Old 07-02-2019, 06:56 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35562
Quote:
Originally Posted by PriscillaVanilla View Post
I still don't see why it's mandatory to retire in one's sixties. Why not keep working longer and save money?
Get back to us when you are 60 or 65 - you may start to feel differently!
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Old 07-02-2019, 07:10 PM
 
5,422 posts, read 3,440,673 times
Reputation: 13657
Quote:
Originally Posted by PriscillaVanilla View Post

I still don't see why it's mandatory to retire in one's sixties. Why not keep working longer and save money?
It's noticeable that some people who have posted that and think that living to one's 80's is a given and also living to one's 80's in good health is also a given often also think that working longer or not retiring in one's 60's is a good idea.

And the idea that one's 60's is not like one's 80's.....true for some, yes, but others wear out in their 60's is some ways.

Last edited by matisse12; 07-02-2019 at 07:19 PM..
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Old 07-02-2019, 07:39 PM
 
Location: New Jersey
517 posts, read 357,704 times
Reputation: 716
isn't everyone forgetting one major thing? health care costs??? prescription coverage for meds? 3K for both in metro Boston would freak me out too. Medicare only go so far.
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Old 07-02-2019, 10:08 PM
 
17,720 posts, read 19,782,023 times
Reputation: 7409
I would move out the country and live like a king on that money....
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Old 07-02-2019, 10:59 PM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by reneeh63 View Post
Get back to us when you are 60 or 65 - you may start to feel differently!
There are many ways to earn a living now. Just got back from my trip from an Uber, a retiree who quit her job because of 2 hours commute. I met so many retirees driving Uber that perhaps that physical job in the 50s and 60s are now being replaced by these kind of jobs. Not hard physical at all. Almost anybody can drive. I suggest OP can start doing that to get extra money and put in her retirement.
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Old 07-02-2019, 11:06 PM
 
5,422 posts, read 3,440,673 times
Reputation: 13657
Quote:
Originally Posted by NewbieHere View Post

There are many ways to earn a living now. Just got back from my trip from an Uber, a retiree who quit her job because of 2 hours commute. I met so many retirees driving Uber that perhaps that physical job in the 50s and 60s are now being replaced by these kind of jobs. Not hard physical at all. Almost anybody can drive. I suggest OP can start doing that to get extra money and put in her retirement.
How does an example of one job - a Uber driver - equate to "there are many ways to earn a living now" for retirees and seniors?

And plenty of people would not be a good nor competent Uber driver. It certainly is not a job for everyone and anyone.

Last edited by matisse12; 07-03-2019 at 12:10 AM..
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Old 07-02-2019, 11:34 PM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by matisse12 View Post
How does one example - a Uber driver - equate to "many ways to earn a living now" for retirees and seniors?

And plenty of people would not be a good nor competent Uber driver. It certainly is not a job for everyone and anyone.
It’s not a physical job. People keep saying older people in physical jobs can’t stay working longer. At least it’s another way to earn some supplement to your SS.
Many can’t be a competent Uber drive, but why not try it first to see if you can be an Uber driver. Why be a naysayer. At least Uber will take people over age 55, no age discrimination.
It’s not one example, 90% of people of my Uber driver were retirees, at least that’s what they told me, some were way above 65. One could be 80 even.
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Old 07-03-2019, 02:13 AM
 
10,178 posts, read 12,231,385 times
Reputation: 14034
Quote:
Originally Posted by bluestocking12 View Post
I'm brand new here and trying to come to terms with what it's going to be like to be poor in retirement, especially since we are accustomed to a 6-figure income now. I'm 62 and dh is 63. We are among the millions who, with the exception of a couple of houses we bought and sold a long time ago, did not save or invest for retirement. I need to say that I'm very aware of the mistakes we made, our irresponsibility, as well as extenuating circumstances that made saving difficult (special needs child). No scolding necessary. We've been through the miserable beating ourselves up stage. I'm trying to problem-solve.

We rent in a very affluent New England town. By our SS calculations, allowing for me taking retirement now (500.) and dh taking his at 70 ($4000.), we will be receiving between 4500 - 5000/month. (That upper number assuming that my amount will go up to a percentage of his benefit.)

It will be possible to move further into the country, say, Vermont, and rent a cottage for about $1200. That would also be about the cost to stay here and live in elderly, public housing. A thought which (unnecessarily) shames me. It also kind of intrigues me: such a wealthy town doesn't really have a public housing waiting list.

We will have 1 car, no debts, and very simple needs. Moving isn't an option, we're in metro-Boston, have no funds for a downpayment and cannot find a rental for less than what we are paying now.

Could you do live on about $3300/month, after housing costs? What would you do to get ready?

Are you sure your numbers are correct?

The maximum monthly Social Security benefit at full or normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years

If it jumps less than $100 a year and your husband waits 7 more years then it is closer to $3500 a month for him. $500 error in the wrong direction could really screw up your plans. The "rent in a very affluent town" for the next 7 years seems like insanity. Sure there are towns like the "W" towns in MetroWest but you certainly could move over to a cheaper less affluent town now. Even cutting the rent $500-750 a month now and saving that money could make a difference in 7 years (giving you a downpayment to buy that cottage instead of renting).
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Old 07-03-2019, 04:55 AM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by City Guy997S View Post
Are you sure your numbers are correct?

The maximum monthly Social Security benefit at full or normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years

If it jumps less than $100 a year and your husband waits 7 more years then it is closer to $3500 a month for him. $500 error in the wrong direction could really screw up your plans. The "rent in a very affluent town" for the next 7 years seems like insanity. Sure there are towns like the "W" towns in MetroWest but you certainly could move over to a cheaper less affluent town now. Even cutting the rent $500-750 a month now and saving that money could make a difference in 7 years (giving you a downpayment to buy that cottage instead of renting).
Im two years younger than the OPs husband. FRA of 66 8 months instead of 66 4 months so my age 70 max benefit is a bit lower. Mine is a bit over $45k. For someone born in 1956, the max is probably closer to $46k if you have 35 max contribution years. Not quite $4k per month but close. All my retirement financial planning revolves around that number. In a paid-for house, that Social Security check pays the bills and any other wealth I have is totally discretionary spending.

As I wrote up thread, I think the OP needs to continue working and they need to go into austerity mode for 7 years to pile up some money. Id move to a much cheaper place the minute the lease is up. Id be driving an econobox and cooking all my own food.
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