Talked to my boss this morning to lay out a retirement plan.

[Escort Rider]

Originally Posted by brightdoglover

I don't understand. Don't you have to file for Medicare at 65 regardless of your FRA for Soc. Security? What delay are you talking about?

Originally Posted by brightdoglover

Do you mean delay taking Soc. Security beyond FRA or beyond 62? Sorry I'm so dense.

You are not dense. Mathjak was talking about something different than what you asked about in your post. I don't think he read your post carefully. Go back to my response, which I believe answers your question directly.

[texdav]

Originally Posted by fumbling

OP's eligible for Medicare when he goes on his plan, no health care worries for him thanks to "socialist" medicine

Medicare is hardly socialist since he pre-paid insurance all his working life. But it is also not a total care plan. OP might think of Medigap if employer does not have supplement plan offered.

[ReachTheBeach]

Originally Posted by texdav

Medicare is hardly socialist since he pre-paid insurance all his working life. But it is also not a total care plan. OP might think of Medigap if employer does not have supplement plan offered.

I think it is socialist in nature, but so are lots of things. It really isn't a bad word.
Socialism: It's not a bad word - Atlanta Progressive | Examiner.com

Of the thirty two developed nations (based on the U.N.'s Human Development Index), only one does not have universal healthcare. Only one. And of course, it is the United States. Contrary to Right Wing propaganda, Universal Healthcare does not destroy society or ruin the economy. In fact, the country with the oldest single payer universal healthcare system is the best country in the world to live in. Norway ranked atop the U.N.'s scale for the second year in a row, and their healthcare system was initiated in 1912.

[nicet4]

Originally Posted by ReachTheBeach

I think it is socialist in nature, but so are lots of things. It really isn't a bad word.
Socialism: It's not a bad word - Atlanta Progressive | Examiner.com

Getting a little off track but the reason it works in Norway is Norway lacks diversity which is a good thing. Show me an advanced country anywhere in the world that has a diverse population equal to the US where "socialism" has been successful.

As far as me paying in I've been paying taxes for 50 years now, half a century. About two years ago spent two days with a spread sheet calculating what I would have if only my social security, medicare and employers "contributions" were set aside in a simple bank passbook savings account drawing standard historical passbook savings interest rates.

It is a little higher now but two years ago my account would have exceeded $750,000 and if you add my wife together we would exceeded $900,000. I plan to defer collecting social security to work three more years to age 70 at which time my wife's and my combined account would have been about $25,000 short of a million bucks.

Together we will collect $4,200/month social security at which rate we will "break even" in 232 months or 19.3 years when we are both close to 89 years old. Will we "break even"? I doubt it but I still think it is a great system because it offers a good amount of security when I can no longer work and without social security imagine the senior citizens forced to live on the streets begging for food. I do not want to live in India or Mexico.

Yes, not factored in that is the cost of medical, we're both on Medicare now, but do remember Medicare is not free and together we pay $210+$163+135+28=$536 every month towards our own medical. In 19 years we would pay at least $124,352 towards our own medical care. A cut rate and bargain to be sure but don't think for a moment it is free medical.

Was that ever off topic!

I'm on Medicare so I don't need benefits.

The way it will be worked is I won't work less than full time but my hourly wage will be cut by 20% so if I make $5/hour working 40 hours I'll get paid $4/hour if I work 32 hours in the office and 8 hours at home or wherever. When I cut to three days I'll earn $3/hour working 24 hours at the office and 16 hours at home or wherever.

When I am 70 I'll work 40 hours/week for $7.50/hour so I will remain full time forever or until I'm struck down with Alzeimers whichever comes first. My 40 hour work week will be at home so don't bother me.

[arwenmark]

Keep in mind that if your FRA is 66 and you are still working and have insurance, that you need to file at 65 for Medicare Part A, but not B which is the one you pay for.

If you have no other coverage than you also sign up for part B or a supplimental plan at 65, otherwise the cost goes up permanently, you will be billed for these extra plans if you are not yet receiving your retirement benefit.