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.
Also, Chase863 RMDs will force her to take the money and invest it elsewhere (which is another can of worms).
The RMD at age 73 on $240,000 is $14,634 annually or $1,220 a month.
OP - as far as FEHB and Medicare goes. I have BCBS Basic, Self Only for $187.78/month and Medicare $164.90/month. Between the two of them, the only co-pays I have are for prescription drugs. Mr. Dokie has the same coverage, he had a total hip replacement a few years ago, and he paid literally nothing out of pocket.
I agree with Wile that you need to begin to really educate yourself about retirement. An FEHB/Medicare seminar would be a great idea. OPM.gov and TSP.gov have a lot of information. And right here on City- Data there are several Federal retirees who are glad to help.
I agree with this. When my brother approached me about this subject (wanted to buy an annuity with some of his cash) I convinced him to instead delay Social Security for the best annuity that is available. He was initially confused because he was done working at 66 and thought I meant he should keep working. I told him, no, you don't need to work, just delay collecting. He was able to live out of his checking account for three years and collected at 69. He said it was a great method because he also really got his spending back under control (he hated work for a long time and kept his lifestyle pretty affordable).
Plus, the fact MJ that, the annuity is never going to pay $18k per year for 20-30 years. The annuity is going to offer $500 a month or something (which will help OP decide not to do it).
when we first filed our ss was about 40k first year together .
hypothetically if we took all our ss checks starting at 62 and accumulated them it would be over 350k with colas in checks .
if we a took an spia at 70 with that 350k ,a commercial annuity today pays 2100 a month on a joint annuity .
delaying ss would be a far better deal then you can purchase
The RMD at age 73 on $240,000 is $14,634 annually or $1,220 a month.
OP - as far as FEHB and Medicare goes. I have BCBS Basic, Self Only for $187.78/month and Medicare $164.90/month. Between the two of them, the only co-pays I have are for prescription drugs. Mr. Dokie has the same coverage, he had a total hip replacement a few years ago, and he paid literally nothing out of pocket.
I agree with Wile that you need to begin to really educate yourself about retirement. An FEHB/Medicare seminar would be a great idea. OPM.gov and TSP.gov have a lot of information. And right here on City- Data there are several Federal retirees who are glad to help.
If you have expensive medications (like asthma inhalers for instance) or anticipate potential cancer treatments you might need to stick with Standard (which does not reimburse for Medicare). You might also consider paying for Medicare Part D.
It's a lot to consider and it continues to change. No one can do that work for you.
The RMD at age 73 on $240,000 is $14,634 annually or $1,220 a month.
OP - as far as FEHB and Medicare goes. I have BCBS Basic, Self Only for $187.78/month and Medicare $164.90/month. Between the two of them, the only co-pays I have are for prescription drugs. Mr. Dokie has the same coverage, he had a total hip replacement a few years ago, and he paid literally nothing out of pocket.
I agree with Wile that you need to begin to really educate yourself about retirement. An FEHB/Medicare seminar would be a great idea. OPM.gov and TSP.gov have a lot of information. And right here on City- Data there are several Federal retirees who are glad to help.
I believe you are way off with the RMD withdrawal rate. Your example is over 6% when in reality it's closer to 4% at age 73 or between $9600 to $10K.
The RMD at age 73 on $240,000 is $14,634 annually or $1,220 a month.
OP - as far as FEHB and Medicare goes. I have BCBS Basic, Self Only for $187.78/month and Medicare $164.90/month. Between the two of them, the only co-pays I have are for prescription drugs. Mr. Dokie has the same coverage, he had a total hip replacement a few years ago, and he paid literally nothing out of pocket.
I agree with Wile that you need to begin to really educate yourself about retirement. An FEHB/Medicare seminar would be a great idea. OPM.gov and TSP.gov have a lot of information. And right here on City- Data there are several Federal retirees who are glad to help.
BCBS has counselors that will walk you through the Medicare 'adventure' as it meshes with the FEHB.
I believe you are way off with the RMD withdrawal rate. Your example is over 6% when in reality it's closer to 4% at age 73 or between $9600 to $10K.
this is great information. I appreciate having concrete information that at least are a ballpark figure. And yes i will follow up with resources available for specifics.
so then in the neighborhood of say $850 per month ball park for the required monthly distribution. WHen taking that can you pick a different amount each month or do you have to say $X per month for a year at a time or something like that?
and if it is say $900 a month withdrawal, with $240,000 to start (example) then it is estimated to last ______ how many years, is that still in the neighborhood of 33 years? That is more reassuring than i initially thought.
so I have a question about something stated up thread about the medical insurance. I get the part about keeping my fedearl health plan (FEHB) and also Medicare. But i am not understanding how my benefits would change to be "Medicare style" and increase my out of pocket because Medicare pays less ? If i still have both plans, even if one is primary and one is secondary, then aren't both plans still available to use? I work in health care and i know for a time when we were pulling insurance information, we followed up on questions people had about when they had more than one health plan, which was primary which was secondary.
But surely both are still available? Please can someone talk further on that. Thank you. I feel like i am missing something or not understanding.
My current health plan i picked because it has no copay whatsoever. I hate co pays. I've had it for years and it is great in my view. They give you a "pot of money" to spend and if we don't spend it, it carries over to the next year so the pot grows. There also is a reasonable "cap" for catastrophic out of pocket expense. THe one year that happened when my salary was at its lowest, I had just taken a pay cut so I could begin working for the federal service, and the cost was not bad for the emergency services needed, including ambulance and hospitalization and follow up care needed. (That was when i found out how expensive three amublance trips cost.) Also i like it because ALL preventative care is free entirely it does not come out of our "pot of money" because they recognize that preventative care keeps their costs down.
thank you again for everyone sharing their expertise, it is very helpful and i appreciate it.
this is great information. I appreciate having concrete information that at least are a ballpark figure. And yes i will follow up with resources available for specifics.
so then in the neighborhood of say $850 per month ball park for the required monthly distribution. WHen taking that can you pick a different amount each month or do you have to say $X per month for a year at a time or something like that?
and if it is say $900 a month withdrawal, with $240,000 to start (example) then it is estimated to last ______ how many years, is that still in the neighborhood of 33 years? That is more reassuring than i initially thought.
The older you get, the larger your RMD is.
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.
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.
