U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-08-2019, 08:48 AM
Status: "Keep your chin up." (set 5 days ago)
 
9,016 posts, read 11,024,748 times
Reputation: 13109

Advertisements

Quote:
Originally Posted by fluffythewondercat View Post
Just about everyone has an emotional relationship with money.
So true, some have an overly emotional relationship to it.
Reply With Quote Quick reply to this message

 
Old 09-08-2019, 08:55 AM
Status: "Keep your chin up." (set 5 days ago)
 
9,016 posts, read 11,024,748 times
Reputation: 13109
Quote:
Originally Posted by Serious Conversation View Post



Dad's side of the family has been vulnerable to sudden death heartattacks. What I'm worried about is he dies suddenly, then I have to take care of mom and she limps along for twenty years.
I think it's sad that a child has to worry about a parent this much and feel that responsibility. Some children don't do too much, some do moderate, some not at all and all shades in between. Depends on their relationships w/ them, too. I guess that's for another thread, but many adult children would move far away at this point!
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 08:59 AM
 
260 posts, read 94,262 times
Reputation: 1249
I have excel spreadsheets and have analyzed things as best I can. I think I need the social security to make it work. I never made much money so my SS will be about $1000 a month at 62. My pension will be about the same. Not a great income, but doable with savings. But I think it is far easier to estimate things if you are retiring in place. You know your home, the taxes, cost of living. I plan on moving when I retire, so cost of living is only an estimate as is housing. Healthcare is another wildcard. 18 months of COBRA is all I will get, like most people. Our health insurance rep told me the most common retirement age he is seeing is 63 and a half. People know they can do 18 months of COBRA and then medicare. People are scared about healthcare, and rightly so.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 09:10 AM
 
Location: RVA
2,194 posts, read 1,302,067 times
Reputation: 4564
Quote:
Originally Posted by LongIslandMatt View Post
......
There's nothing wrong with claiming Social Security at 62 if you don't have stable, significant income, or continuing to work is a real struggle. Yes, you get substantially less per month, but it's calculated so that if you don't live beyond average life expectancy you will receive roughly what people receive who claim at a later age and receive more per month. Many of us will die in our 60s or 70s, so it's not a terrible bet to take Social Security....... .
Easy to write. Hard to live. If you plan on offing yourself when you run out of money, should you inconveniently live longer than planned, then it works. Otherwise, whether you actually die at 72 or 82, you can’t live at a rate that assumes you die at 68. One single major cost event and the rest of your life is shot. No one regrets having too much unspent money once they are dead. Of course if there is no choice, then there is no choice. That’s what “ no choice” means. BUt far too many use “don’t want to” for “no choice”.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 09:16 AM
 
9,230 posts, read 5,297,472 times
Reputation: 10465
Quote:
Originally Posted by nicet4 View Post
My wfe's SS is $909.50 before her Medicare part b premium is taken out so he check $774. If I had taken my social security at my FRA my check would have been $2,300 making our family average $1,605 before our Medicare part b was deducted so dwelling on just our social security average of $1,605, $1,470 after the part b deduction, paints a pretty dismal picture.

But the rest of the picture paints a different picture. The reason my wife's social security check is so small is she has a government pension that she gets WEP'd for. If you add her pension amount to her social security her total comes to$1,237 after her part B deduction so the picture isn't as bleak as it might first seem. On top of this I did not draw Social Security until 70 so our average is $2,150 or $4,300 as a couple. Considering that that money is exempt from federal and state taxes it is enough to live on.

With government pensions that are WEP'd I know we are far from being alone so these low averages they put out I don't think we're all that correct.
No one said that the average SS check is the same as the average retiree household income.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 09:38 AM
 
760 posts, read 242,580 times
Reputation: 2000
I never worried about my parents and my kids don’t worry about us. People will live on the income they have and do what it takes to make it work.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 10:03 AM
 
14 posts, read 7,284 times
Reputation: 89
Quote:
Originally Posted by JOinGA View Post
My Prius is a 2010 and still serving me well, so it isn't a question of whether it has "lasted." It is still a great car! However, I don't have a backup camera and some of the other newer technology I might like to have. I also have a bit more worry on road trips with my car aging. I am thinking 2020 might be the year to replace it. I can afford to do it. But, if replacing it would be a financial hardship, yes, this car has many years left in it.
I had a Civic Hybrid and unloaded that.

The problem ahead is when the motor assist battery goes. That's about a $4,000 item. That cost wipes out most of the gasoline expense savings over the years versus a similar gas-only vehicle.

My battery went at 86,000. Warranty was 'til 80k. But fortunately, a class action lawsuit extended that battery 'til 92k. Drove it until 126k but figured I was on borrowed time. Now it's someone else's time bomb.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 10:06 AM
 
14 posts, read 7,284 times
Reputation: 89
Quote:
Originally Posted by SaraR. View Post
6. Go solar for whatever you can.

Do the math on solar first. Payback on many purchased systems is about ten years.
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 10:08 AM
 
Location: A Yankee in northeast TN
10,811 posts, read 14,590,684 times
Reputation: 24326
Quote:
Originally Posted by Serious Conversation View Post
Dad's side of the family has been vulnerable to sudden death heartattacks. What I'm worried about is he dies suddenly, then I have to take care of mom and she limps along for twenty years.
What do you mean take care of? Financially? Isn't there insurance for that?

I don't have a spouse that relies on me having an income so I've never really looked into it but aren't there policies your folks can get that will pay off the house, pay out a lump sum or monthly payments, etc. if one of your parents die?
Reply With Quote Quick reply to this message
 
Old 09-08-2019, 10:47 AM
 
Location: equator
3,816 posts, read 1,674,952 times
Reputation: 9578
Quote:
Originally Posted by AZPurdue View Post
Do the math on solar first. Payback on many purchased systems is about ten years.
Right. DH's biz was solar and even he said it is not economically feasible if you have access to the grid. Only makes financial sense for off-the-grid property.

Hot water systems DO amortize. You see them all over Europe.

All I can contribute is what we did: move to a cheaper place. But we don't have kids or ties, so...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top