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Old Yesterday, 09:00 AM
 
Location: RVA
2,175 posts, read 1,275,056 times
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And that’s the crux of it, a larger COLA income, backed by the government, fwiw, vs a larger savings, until you have to (or more correctly IF you have to) use more of that savings to make up the difference that the lower SS brought. Let’s face it, if you die having lived EXACTLY how you wanted to, whether you leave $1000 or $1M behind makes zero difference to your life. (Not including the stress of wondering if your funds will make it vs regrets for not spending more).

But if making sure there are significant funds at all times to leave to heirs, that changes your decision matrix. The younger you are, the more likely you tend to think you will live a lot longer. Your anecdotal experiences will color your decisions. It seems to me, that about the time you are 62, and are making the SS decisions, is about the same time your parents & older relatives are dropping like flies and their quality of life is an ice bucket of reality dumped on your head. I am 61 &1/2, and DF is 80 & 1/2. At age 79, he bowled his 10th perfect 300 game in league play. Today, all 3 of his team mates from then have died, 2 from cancer, 1 heart, and dad has been battling CHF, pneumonia, AFIB and who knows what else and is absolutely sure he will not make it another year.

My comprehension of life at 80 has changed dramatically, and I KNOW it is perfectly anecdotal. I am FAR FAR healthier than he was at my age, have lived a healthier lifestyle my whole life, less stress and am far better educated and of course, better medical awareness and treatments. But what is that worth if the genetic deck is stacked against you, or even just gives you lousy hands? DW thinks waiting past 66 for me to claim SS is stupid, even though she clearly understands she is more the beneficiary than I am for waiting.

We will see when I get to 66.....
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Old Yesterday, 09:32 AM
 
29,884 posts, read 34,936,573 times
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Perry, one I have realized is that at this stage a combined four income retirement of two pensions and two SS can create one great COLA income if compounded. That is fixed and monthly and not market dependent.

Got my next COLA coming up soon.
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Old Today, 06:22 AM
 
2,208 posts, read 754,638 times
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Quote:
Originally Posted by Perryinva View Post
My comprehension of life at 80 has changed dramatically, and I KNOW it is perfectly anecdotal. I am FAR FAR healthier than he was at my age, have lived a healthier lifestyle my whole life, less stress and am far better educated and of course, better medical awareness and treatments. But what is that worth if the genetic deck is stacked against you, or even just gives you lousy hands? DW thinks waiting past 66 for me to claim SS is stupid, even though she clearly understands she is more the beneficiary than I am for waiting.

We will see when I get to 66.....
I'm 66 (FRA for me) and waiting to 70. My Dad is 88 and his systems are failing even though he led a pretty healthy life- always active, never smoked, healthy diet, enjoyed but didn't abuse alcohol. He does have back problems which he ascribes to working in a newspaper mailroom as a teenager, lifting 100-lbs. mail sacks because at that age you're invincible.

BUT... he lives in a very nice Assisted Living facility near my siblings. My guess is that he's still got $400 or $500K in investments and a decent SS income. He can afford the non-Medicare services he needs: hearing aids, glasses, dental work. The facility has Happy Hour at 4:30 PM every Friday. The family members who live close take him in for Sunday dinners and sometimes the grandchildren and great-grandchildren are there. No one is burnt out from trying to take care of him, either in his house or theirs. That's the kind of life I want if I get to that point and I want to be able to afford it. I figure getting the max SS I can will help. If I die early.. well, I'm enjoying life with what I have now (survivor benefits from DH) and I'll leave a nice pile to DS and his family.

Last time I was at the Happy Hour at Dad's place I met a lovely 92-year old woman who had just come back from a European cruise with her family. I want to be that woman.
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Old Today, 11:38 AM
 
29,884 posts, read 34,936,573 times
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Quote:
Originally Posted by athena53 View Post
I'm 66 (FRA for me) and waiting to 70. My Dad is 88 and his systems are failing even though he led a pretty healthy life- always active, never smoked, healthy diet, enjoyed but didn't abuse alcohol. He does have back problems which he ascribes to working in a newspaper mailroom as a teenager, lifting 100-lbs. mail sacks because at that age you're invincible.

BUT... he lives in a very nice Assisted Living facility near my siblings. My guess is that he's still got $400 or $500K in investments and a decent SS income. He can afford the non-Medicare services he needs: hearing aids, glasses, dental work. The facility has Happy Hour at 4:30 PM every Friday. The family members who live close take him in for Sunday dinners and sometimes the grandchildren and great-grandchildren are there. No one is burnt out from trying to take care of him, either in his house or theirs. That's the kind of life I want if I get to that point and I want to be able to afford it. I figure getting the max SS I can will help. If I die early.. well, I'm enjoying life with what I have now (survivor benefits from DH) and I'll leave a nice pile to DS and his family.

Last time I was at the Happy Hour at Dad's place I met a lovely 92-year old woman who had just come back from a European cruise with her family. I want to be that woman.
Bada Bing! My in-laws both went into a very nice assisted living facility. Eventually her mom passed. Shortly after that her 80 plus dad hooked up with a slightly older woman in the facility. Yes hooked up. My wife and her sister were happy for them and they were a cute couple. Eventually he passed and she recently did at 102.
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Old Today, 12:28 PM
 
Location: Tennessee
23,734 posts, read 17,677,734 times
Reputation: 27801
Quote:
Originally Posted by athena53 View Post
I'm 66 (FRA for me) and waiting to 70. My Dad is 88 and his systems are failing even though he led a pretty healthy life- always active, never smoked, healthy diet, enjoyed but didn't abuse alcohol. He does have back problems which he ascribes to working in a newspaper mailroom as a teenager, lifting 100-lbs. mail sacks because at that age you're invincible.

BUT... he lives in a very nice Assisted Living facility near my siblings. My guess is that he's still got $400 or $500K in investments and a decent SS income. He can afford the non-Medicare services he needs: hearing aids, glasses, dental work. The facility has Happy Hour at 4:30 PM every Friday. The family members who live close take him in for Sunday dinners and sometimes the grandchildren and great-grandchildren are there. No one is burnt out from trying to take care of him, either in his house or theirs. That's the kind of life I want if I get to that point and I want to be able to afford it. I figure getting the max SS I can will help. If I die early.. well, I'm enjoying life with what I have now (survivor benefits from DH) and I'll leave a nice pile to DS and his family.

Last time I was at the Happy Hour at Dad's place I met a lovely 92-year old woman who had just come back from a European cruise with her family. I want to be that woman.
That's kind of an ideal scenario.

Many people don't have the assets to fund something like that. The family often has to step in to fill the gap. Even if they do, sometimes something happens suddenly and they are so impaired they can no longer implement the plan.
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Old Today, 01:28 PM
 
2,208 posts, read 754,638 times
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Quote:
Originally Posted by TuborgP View Post
Bada Bing! My in-laws both went into a very nice assisted living facility. Eventually her mom passed. Shortly after that her 80 plus dad hooked up with a slightly older woman in the facility. Yes hooked up. My wife and her sister were happy for them and they were a cute couple. Eventually he passed and she recently did at 102.
Dad has assured me he hasn't found a replacement for Mom (although the place is heavily female) and I believe him. He says he learned from Grandpa (his FIL). Less than 2 years after Grandma died Grandpa was at the altar with a woman who had HAD to go husband-hunting after she was widowed because her late husband had left her with almost nothing. Even his pension went away- without telling her he'd elected a higher benefit with no Survivor benefit (back when you could do that without the spouse's written consent). She sure hit the jackpot with Grandpa- they sold his family home, moved from Ohio to FL (near HER kids) and moved into a nice CCRC. Grandpa, who had been very stingy with Grandma, "upgraded" Step-Grandma's diamond ring to something over a carat for their 5-year anniversary. It just about killed my Mom. Step-Grandma died first and Grandpa nearly ran out of money before he died.

I'm sure the ladies at Dad's place are better-fixed than that but I have no anticipation of having a stepmother. Sorry for the tangent but I had to tell the story!

And Step-Grandma;s history made me even more determined not to be desperately seeking a provider in my 70s.
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Old Today, 04:46 PM
 
Location: Ohio
20,016 posts, read 14,284,593 times
Reputation: 16174
Quote:
Originally Posted by mathjak107 View Post
Why would I even care what the average check is for straw people ? You see these headline all the time , like the average check is 1650 a month ...personally I have no reason to care ..all that matters is what ours is ..

The fact people want to take it at 62 is their choice ... they had other options to increase the amount , for whatever reasons they didn’t take those options ....we get about 40k but my wife had a very weak earning record of her own
It's bait-click.

It's how the world works now.

Put an attention grabbing head-line for a nothing-burger.

Quote:
Originally Posted by augiedogie View Post
No interest in this post. Its too late to do anything about it. Its not a contest.
I know it's not a contest, but there's lots of people willing to run your life for you, if you let them.

Quote:
Originally Posted by OhBeeHave View Post
I have a question, it's pretty much hypothetical, but it is based on my parents.

Mom is badly disabled and was denied SSDI because she didn't have enough quarters (she became a SAHM after marriage.)
Dad started collecting SS at 62. (He is retired from an NYC job with pension and benefits.
Mom receives spousal benefits based on Dad's SS.
Mom is 4 years younger than Dad.

Now the hypothetical what if?

Pretending she had received SSDI:
1) would she continue to receive SSDI after Dad started collecting SS at 62;
2) would she receive spouse benefits and lose SSDI when she turned 62:
3) would she just receive the higher (or lower) or the two at a certain age?
If, in your hypothetical, she received SSDI it would be in her own name and in theory she would collect SSDI until full-retirement age then be automatically converted to Social Security Retirement benefits with no change in benefit amount.

And, actually, she probably had enough quarters, but her disability didn't start until 3 years after the day she last worked.

That's how it works.

You don't need 40 quarters. I believe the minimum is 6 quarters.

Quarters for disability are pro-rated based upon age. The older you are, the more quarters you need.

However, your disability must occur within a certain time-frame and you must apply within a certain time-frame (which is 3 years), or you will be denied for not having enough quarters.
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Old Today, 05:03 PM
 
Location: Ohio
20,016 posts, read 14,284,593 times
Reputation: 16174
Quote:
Originally Posted by Nik4me View Post
Be gentle! You come across as looking down on people who were not able to do financially better

You talk about “ their choice”, when most likely “ they” did not have any
A few scenarios
They or their family member(s) could have a disability, needing care.
They might need to raise their grandkids, after the death of their children.
They might have not “won” a genetic lottery and are not that smart and could not find a high paying jobs.
They could have been “ geographically disadvantaged”- no jobs, think of a “ rust belt”- situation beyond their control.
Small farmers, small businesses owners, self- employed...
If you are poor it is hard to break the bonds of poverty: no reliable car, you have no money to relocate to where the jobs are, you have to pay extra for everything- that is how this society functions - ever tried to “ rent to own” bed? Washer? Range? Sofa? TV?
We, who are the “ luckier” ones might not have done better if we were in their shoes.
I was humbled when I talked to some of “ them”- going without a lot of things due to the circumstances beyond their control.

If you look even into your own situation- count your blessing, but you are nothing special- just got a lot of lucky “breaks.”
None of that matters.

The simple fact is those people who want to excel and improve their lives will.

The sad fact is the overwhelming majority of Americans, 65%, have no desire to excel.

Remember what Sir Isaac Newton said? An object rest stays at rest?

That's 65% of Americans. They're in their comfort zone and have no desire to step outside of their comfort zone.

Remember the high school science thing? Liquids and gases take the path of least resistance?

That's 65% of Americans. It's far easier to do nothing, than to do something.

Cincinnati State is $158/credit hour. $3,792 for one year. Everyone in poverty automatically qualifies for a combined Pell Grant/Ohio Educational Opportunity Grant of $6,095/year.

Look here:

$6,095
$3,792 less
--------
$2,303 profit per year for books and anything else, and they never have to pay that money back.

So, what apologetic excuses are you going to make for them now?

You can go one year and get a certificate in two dozen different fields that will increase your income and improve your life.

You can to two years and get an Associate Degree in dozens of different fields that will increase your income and improve your life.

You can go three years, and because Cincinnati State is part of a consortium of Miami University, University of Cincinnati, Xavier University and Northern Kentucky University, your degree and credits automatically transfer.

University of Cincinnati is about $9,800 annually, so you'd need to save about $4,000 or get a $4,000 student loan. NKU is less expensive at about $7,500. Miami (public) and Xavier (private) are quite expensive, but if there's a desire you can always find a way.

So why don't people do that?

Because it means stepping out of their comfort zone and they'd rather take the path of least resistance.
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Old Today, 06:31 PM
 
Location: Inis Fada
16,848 posts, read 29,180,965 times
Reputation: 7409
Quote:
Originally Posted by Mircea View Post

If, in your hypothetical, she received SSDI it would be in her own name and in theory she would collect SSDI until full-retirement age then be automatically converted to Social Security Retirement benefits with no change in benefit amount.

And, actually, she probably had enough quarters, but her disability didn't start until 3 years after the day she last worked.

That's how it works.

You don't need 40 quarters. I believe the minimum is 6 quarters.

Quarters for disability are pro-rated based upon age. The older you are, the more quarters you need.

However, your disability must occur within a certain time-frame and you must apply within a certain time-frame (which is 3 years), or you will be denied for not having enough quarters.
Thank you for taking the time to explain. She worked until I was born, became a SAHM, was diagnosed with her disability around 8-10 years later. What you had written about the time frame is what appears to have been her issue.
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Old Today, 06:35 PM
 
2,208 posts, read 754,638 times
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Ah, a UC grad here!

It gets better. They have a Co-Op program for most majors. Dad was the first in his family to attend college. He was a metallurgical engineer. They had the Co-Op program available only for Engineering majors back then. Grandma went to work as a waitress to pay for his first 3 academic quarters. After that, he alternated between a co-op job at a steel company in his home town for one quarter and then going back for school for one quarter. It took 5 years. Even when I attended (Class of 1975), the Engineering majors typically graduated with no debt, significant work experience and an offer from the place where they co-opped. (The Fedex logo was designed by a UC Co-Op student in the College of Design, Art and Architecture.)

But- I never underestimate the impact of upbringing. Grandma and Grandpa may not have finished grade school but they valued hard work and education. How can you learn those values in an environment where you never see them?
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