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.
Everyone has to look at their own financial situation and what they want to do when they retire.
So much cheaper if you are staying living in your paid for house and don't travel vs someone
that wants to buy a 2nd home to snowbird and to travel. Don't get caught up on what everyone else
is doing, figure out your own finances then make a decision. One thing you need to look at hard is the
cost of taking your SS at 62. Mathjak107 has shared lots on this subject and your SS statement tells you
but it is hard to match the rate of return that SS gives you to keep you from taking your SS early and
waiting until your FRA. Especially if you have funds to live off so you don't have to take SS. Just food for
thought. It is a double whammy when you get less SS and you have to pay your own medicine premiums
until you can get on Medicare.
Everyone has to look at their own financial situation and what they want to do when they retire.
So much cheaper if you are staying living in your paid for house and don't travel vs someone
that wants to buy a 2nd home to snowbird and to travel. Don't get caught up on what everyone else
is doing, figure out your own finances then make a decision. One thing you need to look at hard is the
cost of taking your SS at 62. Mathjak107 has shared lots on this subject and your SS statement tells you
but it is hard to match the rate of return that SS gives you to keep you from taking your SS early and
waiting until your FRA. Especially if you have funds to live off so you don't have to take SS. Just food for
thought. It is a double whammy when you get less SS and you have to pay your own medicine premiums
until you can get on Medicare.
All very good points. What makes trying to follow advice in here so dangerous is we really don't know the finances of people who share their plans. What is perfectly reasonable for one based on their financial situation might not be for another and there is little transparency about what dollar wise enables them to do what they do.
Very few share their complete financial situation unless it is limited or not real substantial. To have more and to share subjects you to charges of boasting even if presented to help others understand why you did or were able to do what you did. Even saying you have employer provided health care coverage in retirement up to age 65 and or after 65 can get a thread off track and if government provided attacked for the normal reasons. Some will share SS and a few pension but investment income is rarely shared as is total dollar value of investments.
So let the reader beware and realize that without full disclosure they probably only have a limited understanding of how what someone else did might help them.
Everyone has to look at their own financial situation and what they want to do when they retire.
So much cheaper if you are staying living in your paid for house and don't travel vs someone
that wants to buy a 2nd home to snowbird and to travel. Don't get caught up on what everyone else
is doing, figure out your own finances then make a decision. One thing you need to look at hard is the
cost of taking your SS at 62. Mathjak107 has shared lots on this subject and your SS statement tells you
but it is hard to match the rate of return that SS gives you to keep you from taking your SS early and
waiting until your FRA. Especially if you have funds to live off so you don't have to take SS. Just food for
thought. It is a double whammy when you get less SS and you have to pay your own medicine premiums
until you can get on Medicare.
ss is really insurance and does not have a roi until break even age which can be as long as 22-24 years before seeing the first dollar of roi . the fact you increase by 6% to 8% a year is not an roi since there are checks given up , spousal benefits not gotten , medicare premium increases can be more and investments being spent down to see those ss increases
ss is really insurance and does not have a roi until break even age which can be as long as 22-24 years before seeing the first dollar of roi . the fact you increase by 6% to 8% a year is not an roi since there are checks given up , spousal benefits not gotten , medicare premium increases can be more and investments being spent down to see those ss increases
All true under one set of circumstances on the other hand if EACH spouse has their own set of benefits and one (higher earner) delays until 70 and if eligible to take spousal at 66 and delay theirs until later they will be able to get SS benefits that will offset the cost of delaying. If each spouse has equal SS benefits the delaying spouse from age 66 on will be getting approx half the benefit they would be getting if they filed. This isn't everyone but some and readers often don't have enough info to know who they are similar with.
I work as a primary care R.N. case manager and a good part of my job is sourcing home care services for patients and am indirectly involved with assisted living and nursing home placement. Listed below are the current average costs for these services in my state, and believe me being aware of these costs has certainly factored into my retirement planning.
Home Health Aide - 4 hours/day 5 x week = $25,000/year = $2,084/month
Assisted Living - $43,000/year = $3,584/month
Nursing Home - $105,000/year = $$8,750/month
Nobody wants their future to include relying on others to provide the care we can no longer do for ourselves, but it will be the reality for some of us and we need to be at least aware of the costs so we can plan accordingly.
what is also great about their post and your confirmation is it can let others know how expensive medical care can be as we age what we need to be prepared for if possible and that's the big if.
I am always confused about the SS and spousal benefits since the change. If my husband takes SS at FRA and I take it 2 years later at my FRA (getting half of his) can I let mine grow and take my own at 70?
At FRA, I would get almost same amount on my own record as I would on his (getting half his)
Thank you for this summary. My husband was born 1953. I am 1955.
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.
