^^^ Your health care benefits change once you retire. ^^^ Thing is you have the option to have them better at less cost.
Social Security, when to apply?
- Thread starter KJSmith
- Start date
Yes, I knew my comment was worded poorly. I know they change. Medicare will be a change for sure. Unlike newer hires, my dental/healthcare coverage that follows up medicare shortfalls will not be charged for. Co pays, coverage limits, paperwork/processing will change, but retirees I consulted with say overall coverage remains pretty excellent and somewhat painless.
Thank you for the excellent Advantage C plan info that I need to study about.
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Having too much money? Spending too much? Can both be true at the same time??
If you have lived by the 1/3 principle aka 1/3 in taxes, 1/3 in savings/investments/retirement 1/3 spending for all of your career, you will be alright. If in retirement, you are one of those unfortunate soul who ends up with too much money and spend more in taxes than you did while earning a paycheck, I will have a prayer for you
For everybody else, your taxes should be much less than they were while you were earning and you will no longer be saving for retirement. 4% + social security should keep your standard of living same or better.
Rough calculation has SS for me around 30%. That plus 40% from 401k, no more 20% savings rate, and no mortgage payment (another 10+%), and I should have the same income/spending in retirement. If I can get more than 10x salary into my retirement fund I might actually have more money to spend! but I find that hard to believe will happen.
Don't forget to budget for the Depends (Karma, please forgive me).
I've been reading up on RMD . We're a long way from there .
But he collected 5 years worth of SS payments, and it would have taken quite a few years to accumulate the same total amount of money (break even) if he would have started at age 67. He might not even live long enough to hit the break even point. He probably started at 62 because he needed the money more than he wanted it.
If you have "too much" money, you have to spend a lot more so you don't have "too much".
AZjeff
$50 Site Donor 2023
He is exactly the guy who should not be worried about break even. He retired early on just enough to live with SS and now he doesn't have enough. Of course he started collecting SS when he retired, that was the plan, if you don't have much savings it makes no sense to live on 100% savings for a year or two to bump up your SS check.
She is NOT retired yet. But since she is working and making more money than she ever had the past few years. She buys premium local farm raised meats - but is paying tons of money like 35>50 dollars for one home cooked steak dinner (for one). I been keeping my meals to under 5 dollars per meal, lunch and dinner. She will have good money, But she hasn't even done a budget. You have to run a budget when you retire.She is likely currently spending 30% over what will be her expected retirement budget
We also had plans to buy our second home, for now we are still "roughing it" in a little log cabin in the woods for cheap.
I'm getting to old to rough it
Unfortunately the housing market priced us out. And this house is deteriorating as its pine log. So likely only worth the land value where it sits. I may have to buy land and look in to subcontracting the build of our next home. But that will be a great challenge also. - KenThat is not good :-( Assumptions made for successful retirement implies not going overboard in increasing the retirement living standard. Yes, it is possible to reach a stage where few hundred dollars a month could be drop in bucket but generally a person who was disciplined for forty years and was not in habit of blowing money, would continue to keep tab on expenses. One has to make sure there are no underlying medical condition which makes a drastic and sudden behavioral change. Best of luck!
Many reach successful retirement because during their working years, as their income grows, they do NOT increase the expenses proportionately like "invest half of your raises" principle. Sudden change in that attitude is something which needs to be investigated.
Many reach successful retirement because during their working years, as their income grows, they do NOT increase the expenses proportionately like "invest half of your raises" principle. Sudden change in that attitude is something which needs to be investigated.
No rush to make the drcision. Your monthly benefit increases every month until you max out at 70. For some reason many people fixate on their birthday month.
As long as you are in good financial standing currently and feel.your odds of living beyond 82 are good I vote on waiting until you max out at 70.
This is the best part!
SammyChevelleTypeS3
$50 site donor 2023
Wife turns 65 in a few months. She wants to keep working as long as she can. So we taking it one year at a time. She will get on Medicare soon.
I hit 62 last Oct.
Procrastination is my strong point.
My brother started taking it at 65. A year later he passed, He wasn't in the best of health and probably should have started at 62 if he factored his health. I also started at 65 but I figure I'm good to go for a good while. Mortality probably figures in on why they tell you to defer until 70 to maximize what you receive but only if you get to that point.
This was in my SA feed this AM. I did not study it, nor do I advise/or not advise it, I am not a financial....yada and so on and so forth..........YMMV. Not legal in Under Slobvian Islands, etc.....
seekingalpha.com
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seekingalpha.com
How is the question of when to take SS anything other than “strictly a numbers thing.”? The numbers in question may include more than just age and SS benefit, but the question, and the answer, are all about numbers. Value of your retirement accounts, cash flow, pensions, taxes and value of social security over time are all a numbers thing.
