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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
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Quote:
Originally Posted by Laura707
So what do you do if you retire at 62 for medical insurance? ...
1) HSA (Health Savings acct) w/high deductible ~ $200 - $400 / month
2) use your nest egg to fund full benefits ~$1200/ month
3) get a part-time job with benefits (Bus driver / school employee)
4) Find a volunteer position that will cover 'light medical' + use HSA
5) Become a student and get a 'preferred' rate (tho these have ratcheted up recently for OLD students, of which I'm one)
6) Find a medically friendly foreign destination
7) Move to a country where you can afford to pay your own way
8) take frequent trips to Mexico for drugs and care
9) take the risk, stay healthy, pay for checkups
10) get into a 'self-employment' policy using rentals / part-time income
11) get adopted or marry into coverage
12) put spouse to work for benefits, you can travel
...
well I would have another 13 years to collect at 62..who knows what will happen past then...
fancy meeting you here co....
as far as taking social security,ill wait as long as i can.. heres my thought:
for evey year i wait its like getting an extra 8% raise...
forget the old school thinking about what if i die or what age will i break even..thats thinking from our parents generation
current thinking is if you have the resourses(assets) to delay taking it, instead of say withdrawing 4% of your inflation adjusted nest egg each year take say 6% right from day 1... why?
because if you live long enough to collect you have the comfort of knowing your nest egg will be replenished with about 30% more in payments later on refilling the extra dough your pulling out now so you have more money each year while your still healthy and able to enjoy alot of things you may not be able to do later on..
think of it as almost as if your buying an annuity with the money you lay out between 62 and 70 that will give you or your spouse a lifetime of higher payments...
your nest egg will be refilled starting at age 70 with a much larger stream of money and that will go on forever...
to me its not about dying with the biggest pile of money but rather living the best darn life we can while we can.
to me retirement isnt about surviving and getting by... its about enjoying the fruits of a lifetime of work,savings and sacrifice and living better now then before
as far as taking social security,ill wait as long as i can.. heres my thought:
for evey year i wait its like getting an extra 8% raise...
forget the old school thinking about what if i die or what age will i break even..thats thinking from our parents generation
current thinking is if you have the resourses(assets) to delay taking it, instead of say withdrawing 4% of your inflation adjusted nest egg each year take say 6% right from day 1... why?
because if you live long enough to collect you have the comfort of knowing your nest egg will be replenished with about 30% more in payments later on refilling the extra dough your pulling out now so you have more money each year while your still healthy and able to enjoy alot of things you may not be able to do later on..
think of it as almost as if your buying an annuity with the money you lay out between 62 and 70 that will give you or your spouse a lifetime of higher payments...
your nest egg will be refilled starting at age 70 with a much larger stream of money and that will go on forever...
to me its not about dying with the biggest pile of money but rather living the best darn life we can while we can.
to me retirement isnt about surviving and getting by... its about enjoying the fruits of a lifetime of work,savings and sacrifice and living better now then before
Very good observations... SS with its escalation with age to 70, COL provisions, today's higher life expectancy, and spousal benefits is equivilent to a very expensive annuity so unless the government screws with the formula it is very reasonable to burn resources to wait for higher payments.
yep it is actually much cheaper than trying to buy an annuity to do the same thing. i priced it both ways.. i tried running it at 62 and taking social secirity as well buying an immeadiate annuity to kick in at 70 and wow the annuity price was way higher
to many people only think of the break even point and elect to go with 62 but theres alot more creativity to that decision then can be apperant
If they don't change the laws, I plan to take at 62 and then cancel it at 66 1/2 and reapply for full benefits. I have to pay back the 4.5 years of payments which I've calculated into my retirement plan.
For me, that means I get to keep my money earning appreciation while collecting gov't money for 4.5 years after which I "pay back" the loan.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,004,579 times
Reputation: 46171
and hope they live long enough to 'break-even' again (after paying back early earnings).
Should be able to make a judgment on that, based upon your health and gene pool, and lots of good luck. I think I will be exercising more if I use that plan!
I don't see how most people can live on the $13k you are allowed to earn plus the reduced benefits at 62...I'm going to keep working as long as I possibly can, there's nothing better that the government could offer me, than a full time, full benefit job. Am I missing something here?
as far as taking social security,ill wait as long as i can.. heres my thought:
for evey year i wait its like getting an extra 8% raise...
forget the old school thinking about what if i die or what age will i break even..thats thinking from our parents generation
current thinking is if you have the resourses(assets) to delay taking it, instead of say withdrawing 4% of your inflation adjusted nest egg each year take say 6% right from day 1... why?
because if you live long enough to collect you have the comfort of knowing your nest egg will be replenished with about 30% more in payments later on refilling the extra dough your pulling out now so you have more money each year while your still healthy and able to enjoy alot of things you may not be able to do later on..
think of it as almost as if your buying an annuity with the money you lay out between 62 and 70 that will give you or your spouse a lifetime of higher payments...
your nest egg will be refilled starting at age 70 with a much larger stream of money and that will go on forever...
to me its not about dying with the biggest pile of money but rather living the best darn life we can while we can.
to me retirement isnt about surviving and getting by... its about enjoying the fruits of a lifetime of work,savings and sacrifice and living better now then before
I wanted to take it at 62, but did not, then the economy crashed. Now, I have waited a year, and do realize, when you hit 65 out does come medicare
which is 100.00. I still am going to wait. I do think it as the cat and mouse game! what bugs me if you take it early is medicare payments! at age 65. you really do need to think it out!
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