Retirees who are single - what advice are you getting? (move, relatives)

[crusinsusan]

[quote=reneeh63;49079800]

Originally Posted by crusinsusan

I found a lot of these in my earlier search upstream in this post...again - most are lists of a few very obvious tips that are really not specific to singles and have been covered in many other "Cosmo" style "articles. They are the kind that feel like - "here's a whole issue of advice, we'd better put in a little something for the ladies". I guess the term to describe it would be "patronizing".

Frankly, the idea that maybe I'd never done a search is a little

I stopped reading them. Nothing too in-depth. And some I recall from earlier searches.

[reneeh63]

Originally Posted by selhars

What's so hard about doing the math and halving the number for couples. OR if it's been cited that couples live at about 160% of the cost of singles, just take 75% of the couples number.

If the article says 2 million for a couple, presume 1.5 mill for a single.

Presuming we're talking about the couple and the single retiring at the same age. Because if not -- and if the couple retired at 60 -- and you as a single plan to work until 70. That's not apples to apples anyway.

Sometimes you just have to do your own math.

So which is it, in your opinion? Half or 63% or 75%...should we presume or assume? I'd say you're right that it's not apples to apples...maybe there really is a little more to it? Maybe something a bit more expert than "just multiply by 0.75"? This is the superficial "just..." advice that I would like to get beyond. And a little of the attitude that I don't want to do math...I'd relish it! You should see my spreadsheets, really!

[crusinsusan]

^

[selhars]

susan

I suppose it's a let down when you go to the experts for advice, only to find that you're the expert anyway, and you wasted money.

And re an earlier post, wherein it's stated that a single person needs 75% of what a couple needs, I'd like to see several links/articles that bear that out.

The good news is it confirms that YOU are the best expert on your needs. You're probably doing great. I'd say don't doubt the expertise you've already gained. Sure we can never say 'there's nothing more for me to learn, I know it all," but sometimes you do just get to a place where you've got the plan and you just execute the plan waiting for the next stage of the plan to kick in. Once you're in a certain stage -- earning years (say, saving/investing/working/putting money into a 401k)...you check your plan every once in a while, but at some point you let the plan just be....until you start to get closer to retirement -- when you perhaps start learning more about holding on to what you have (say, taxes in retirement, more detailed projections etc.)

You say the FP didn't tell you any thing you didn't already know. Well, I hope that's not literally true. But maybe you do know all you need to as far as the stage your in and are going to be in next....maybe you do have it figured out. Again, don't doubt our own knowledge, skills and abilities.

renee

So which is it, in your opinion? Half or 63% or 75%...should we presume or assume? I'd say you're right that it's not apples to apples...maybe there really is a little more to it? Maybe something a bit more expert than "just multiply by 0.75"? This is the superficial "just..." advice that I would like to get beyond. And a little of the attitude that I don't want to do math...I'd relish it! You should see my spreadsheets, really!

Please don't take offense. That's not my intent. You ask is it 63% or 75%. All I'm saying is, IMO, it doesn't matter what experts say other people need to live on -- or what other people's drawdown should be. I'm just suggesting that people figure out what they, themselves, need.

I'm single also. IMO, so what if Motley Fool or a Boglehead says a couple needs 75% of their working income to retire....or 3 million in the bank? I need to figure out what I need. If a person budgets during their working years, they can also budget for their retirement years. The process isn't different. The factors may be, but the process is not. It's not about a 'formula' worked up for the masses.

Should a person educate themselves about retirement factors and lifestyle issues they never thought of while working? like the tax torpedo? Sure. Should they research retirement financial issues so they don't forget they might be spending less on clothing and housing and more on travel and health care? Sure. But the amount individual needs to live on, or should have saved in retirement, is ultimately totally dependent on that individual's lifestyle and circumstance. A formula won't provide that.

I guess you want a formula as some sort of "am I on the right track" comparison, or 'expert XYZ says studies show singles need #% of savings compared to what couples need.' OK. If that's what will help you. OK

This is a sharing community. If you find it you can report back and help us all. Just as BellaDL did when s/he listed some suggested links. I hope you do find what you're looking for.

[crusinsusan]

Originally Posted by ABQ2015

Yes being single is easy-peasy. Fewer decisions but fewer options. I'd like to find some nice, deserving guy who is in financial straits through no fault of his own and have a sham marriage just so he could get my pension and SS survivor benefits.

If you're up for a sham marriage, why not do it with a woman? So many more women in dire straits. "Boston Marriage" if you must.

Had to come back to say it.

[jaminhealth]

I get NO Advice...I was married once only and never again. Once was Enough.. 1 daughter and 2 grandkids. I have a couple causal friends with spouses but MOST are now single, widowed or divorced or both. Love the freedom to do what I want, when I want.

[reed303]

Originally Posted by dj10

Being 64 I was grandfathered the recent SS law change where I can draw my Ex spouse SS as long as I don't remarry which I plan to do and let mine grow to 70.


Since I met the requirements of being able to draw from my ex's social security (married at least 10 years and never remarried) I also had planned on drawing on his benefits until I was older and could have a higher benefit. However, when I checked into it I was told that because my benefit is higher than his I must use my own benefit. Even though his amount would have been smaller I could have lived on that for awhile. Unless I was given the wrong information, it appears you cannot automatically draw from an ex spouse if your benefit is even a little higher then theirs when you want to begin receiving social security.

Originally Posted by Rakin

Think I would want a 2nd opinion. From everything I read we should be able to file on our Ex SS once we reach FRA and let our SS continue to grow. This is supposed to be true for everyone born before 1954. You do have to wait till FRA.

According to SSA at https://www.ssa.gov/planners/retire/divspouse.html , DJ10 is correct. This webpage says, in part:

"If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if they have remarried) if:

• You are unmarried;
• You are age 62 or older;
• Your ex-spouse is entitled to Social Security retirement or disability benefits and
• The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work."

[Mikala43]

I think a lot of it is the same, just adjusted for one.

Consider moving to a state that has no income tax and does not tax 401(k)s and pensions.

Figure out your social security and other income, along with your expenses and make sure those two things line up.

For me, I maxed out my 401(k) contributions every year when it was available.

[dj10]

Thanks Reed for the additional verification.


Although mine wasn't much more then the ex's it would have helped to delay mine a little longer. Any increase gained by delaying would have helped especially if you have no other income. But, the rules are the rules and you just have to learn to live on what you have.

[mathjak107]

while 80% of married men die married , 80% of married women die alone .

in the end most women may be single