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Old 01-25-2015, 12:20 PM
 
31,672 posts, read 40,921,372 times
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Quote:
Originally Posted by mrrational View Post
lol
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Old 01-25-2015, 01:28 PM
 
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You can try Chris Hogan's RIQ calculator at chrishogan360.com

You download the calculator and make sure that you open it up in Adobe (will not work otherwise). Then you can play around with the variables. It asks you how much $$ you want to retire on each month in today's dollars, how many years when you want to retire, and how much you have in savings already. Then you can tweak the other variables like how much % you want to withdraw each year (usually good take is 4-6%) and what you think your interest rate wlll be and inflation rate.

With all of that, it tells you how much you should be saving monthly.
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Old 01-25-2015, 01:57 PM
 
5,097 posts, read 6,323,895 times
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Quote:
Originally Posted by mathjak107 View Post
nah , tuborg is my buddy , i knew what i meant.

Oh, I see. Well then, all I can say is that I guess you deserve each other.

Last edited by brava4; 01-25-2015 at 02:06 PM..
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Old 01-25-2015, 02:23 PM
 
31,672 posts, read 40,921,372 times
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Quote:
Originally Posted by brava4 View Post
Oh, I see. Well then, all I can say is that I guess you deserve each other.
I'll drink to that!
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Old 01-25-2015, 02:25 PM
 
105,920 posts, read 107,880,197 times
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works for me too.
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Old 01-25-2015, 05:42 PM
 
Location: Florida
6,593 posts, read 7,260,431 times
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Quote:
Originally Posted by mathjak107 View Post
I don't mind sharing a few details of our final plan . we are already drawing off it as both of us only work part time this final year.

my wife's pension has always been something she received since she was a widow but it represents only 15% of our pretax budget.

since I will delay ss until fra basically the only income sources other than our own portfolio is we will have that small pension and my wife's small ss check I think it is about 800 a month .


we did originally count on a nice income stream from those commercial lease rights we owned but since those were sold in march by our partner we lost that aspect which was the largest chunk of our income sources outside of drawing from our portfolio .

of course the big problem with the sale is 40% of the proceeds are gone as taxes as it triggers the amt tax and all those high state and local taxes to go with it. .

now investing that difference for that same income is near impossible.

so the bulk of it will be coming from our portfolio until fra. although the buyer of our lease rights still owes us a small part which they are paying out over 4 years via mostly interest and a bit of principal ,we could see another 5-8k a year from that for 3 more years and then a lump sum payment of remaining principal.

75% the fidelity insight income and capital preservation model and 25% the growth and income model are the engines portfolio wise with 2 years of withdrawals held in cash instruments..


I will cobra my medical as a single and until fra and Marilyn will be on medicare as of august.

we put a ny partnership LTC PLAN into effect a few months ago . that will cost us about 8k a year for the two of us.

the real good perks are not the 3 years insurance it buys but the fact there is no look back ,no assets or trusts have to limit access for the stay at home spouse and most important no income restrictions after the insurance runs out and Medicaid picks up the tab for either in home care or facilities forever..

for just a small percentage of the assets it protects I can protect all those assets and have new York states blessing that if I do buy that policy they will pick up all expenses after the insurance runs out.

that is why it is called a partnership plan..

that is a sweet deal.


down the road if I am not here Marilyn does not want to get stuck counting on mr markets and rates to pay her bills or deal with all that volatility .

she wants the non discretionary expenses locked in with a monthly check from a single premium annuity which we will ladder as time goes on .

if I am gone she will just need to follow the newsletter for the rest of the portfolio which will cover wants , inflation adjusting and heirs. so simple to do my 80 year old aunt has been doing it on her own for years with zero knowledge of anything,.


all you do it yourself investors out there may want to chat with your wives and get their feeling about getting left a hodge podge of investments to deal with. I would bet the last thing most of your wives want to have to contend with is your volatile pile of assets for all her living expenses other than ss.

mens goals and greed are usually very different than a woman's desire for stability and assurance she will not outlive her money and be a homeless bag lady.


while 80% of us married men will die married 80% of our wives will die alone. this is a very important difference between us and it may require very different planning on your behalf.

things will be refined along the way but basically that is our outline today.
I am sure you know this but for others reading this COBRA is not creditable insurance for Medicare so make sure you understand how Medicare will charge you for insurance.
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Old 01-25-2015, 05:57 PM
 
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I am not old enough for medicare so I have to cobra until I am.
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Old 01-25-2015, 06:20 PM
 
18,492 posts, read 15,458,741 times
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Quote:
Originally Posted by MrRational View Post
Exclusive of posh and international travel or extreme medical issues...
most retiring couples who own a house in good condition can get by on their SS income.

The distance between "getting by" and "being comfortable" will vary.
For some it will vary a lot.
Even with no house they could cram into a 2-bedroom apartment with another couple and go without a car...but I don't think most would want to.
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Old 01-25-2015, 11:26 PM
 
Location: Los Angeles area
14,017 posts, read 20,845,729 times
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Quote:
Originally Posted by rjm1cc View Post
I am sure you know this but for others reading this COBRA is not creditable insurance for Medicare so make sure you understand how Medicare will charge you for insurance.
COBRA is simply the continuation of one's employer provided insurance with the difference that the employer is no longer providing part (or all) of the payment for it, is it not? If that is true, then whether it counts as creditable would depend on the specific provisions, no? Please explain. Perhaps some of my assumptions are faulty.
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Old 01-26-2015, 02:27 AM
 
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from aarp.

under current law, working Americans with employer health coverage can postpone signing up for Medicare until after 65. When they retire, accept a buyout or are laid off, they then get an eight-month special enrollment period to sign up for Medicare Part B (which covers doctors visits and other outpatient services) immediately and without penalty.

But many people in these circumstances are able to extend their employer coverage for a year or two under a 1986 law known as COBRA, which is what Bregar did.

What they may not realize is that waiting until their COBRA coverage expires to enroll in Part B disqualifies them from the eight-month grace period. Instead, they must wait to sign up during open enrollment, from Jan. 1 to March 31 each year, and their coverage won’t begin until the following July. They also get hit with a late penalty, an extra charge added permanently to their Part B premiums.

-----------------------------------------------------------------------------


since I am officially on cobra aug 1 when I retire and in theory Marilyn should be covered as of aug 1 if she will be 65 mid month since if I am reading it correct you are covered from the 1st of the month in the month you turn 65 she should slide right on to medicare from my plan.. I will be 63 so I will cobra as a single.

http://www.kiplinger.com/article/ret...ent-rules.html



.

Last edited by mathjak107; 01-26-2015 at 02:58 AM..
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