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Waiting to 65 to retire - death risk versus finances

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39 minutes ago, rpsinc said:

This is a bit off the recent posts BUT relevant to the original subject.  My DW will turn 63 later this month and I am 2.25 years younger than her, but I do the planning in this arrangement.

My question has to do with her bring able to collect SS on my account before I do.  I have seen some things about this but am not understanding what is available and how to decipher it.

She was mostly a stay at home mom with not lots of income to show on her SS account.  I have been the principal income provider but since younger, looking at options.

I don't think she can collect on your account at this time. I do think she can collect on her account now and switch to your account later. I think. I found the SS people to be very helpful so you'd best ask them to get a real answer.

Linda Sand

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What I caught on a SS briefing, for her to collect, or increase her amount based on your SS, you would have to work until full retirement age, for your age group.  IF you retire before, she will not be able to collect off your SS as long as you are alive.  Call/visit the SS office and talk to an expert.  I've been know to be wrong before.  Again, Call/visit the SS office and talk to an expert. 

My parents, dad was forced to retired at 63 medically.  He fought the SS as long as he lived to get medical retirement, then back medical.  The great state of IN refused to give it to him even though he had medical Drs and lawyers backing him up.  Because of this, they said he did not work to full retirement, mom was never able to collect on his account to get any more $$ than what she earned mostly as a housewife with jobs here and there.  His monthly amount was smaller because he did not work to 65.  But, when he died last year, they jumped her monthly SS to close to what he collected which was not the full amount as he did not work to his retirement age.

Again, Call/visit the SS office and talk to an expert, THAT is the only way you will get the straight facts.  Again....

Edited by NDBirdman

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Watched my father die at 59. My uncle at 65 right after retirement. My DH retired at 52. Prepare ahead, and no regrets. The biggest reason people keep working is that they cant afford to retire in the lifestyle they want. Another is, they have no hobbies or special interests and all their socialization happens at work. 

 

Edited by HomeSweetRV

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2 hours ago, sandsys said:

I do think she can collect on her account now and switch to syour account later.

When I retired back in 2000, my employer gave me a "bridge to social security" that lasted only until I reached my 62nd birthday, so I began to draw SS at that time. Pam began to draw SS at age 62 which was before I qualified and so drew based on her previous SS earnings. Once I began to draw she then reapplied based on my SS and since that time has drawn 1/2 the amount that I get in lieu of her smaller amount. 

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sad i get to wait till i am 67. income money thing, as i am not rich. the corrupt banking bubble took all my money.

but if i could just know at least the year i was to die, i would charge up a huge debt first.

my last hura to get back at the "man".

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8 hours ago, packnrat said:

sad i get to wait till i am 67. income money thing, as i am not rich. the corrupt banking bubble took all my money.

but if i could just know at least the year i was to die, i would charge up a huge debt first.

my last hura to get back at the "man".

Unfortunately that would not be getting back at the man.  Consumers would be on the hook for all that as it would be a trickle down economy thing.

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18 hours ago, NDBirdman said:

Just did a quick look, probably wrong again.. surprise surprise... LOL, anywayz, your retirement age is 66 yrs 10 months?

Close 66-8 months

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23 minutes ago, rpsinc said:

Close 66-8 months

i get to wait a couple-four months after the 66.10 due to collecting that years vac, ph days, and sick days pay. total of 8 weeks pay.

now if there is a way to get it early. or by that time i just do not care...

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My approach is that I wont depend on SS for income and if/when I become eligible, then I will treat it like a raise.  During my corporate working experience, when I got a raise, it usually went into the savings account.  We tried to live well within our basic income.  It has worked for us for the most part, although life happens and that savings has been a two way account, alot in but sometimes large outs.

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SS is not supposed to be  used as your only source of retirement income  so we are told although that is the only source many have,  SS was the only source of my FIL income and he barley got by.

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 I have observed people who retire on about $80,000 per year and others who have much wealth stored up and are receiving a large annual income yet live at about the same lifestyle as the first group. It seems those who posses the desire and self discipline to store up much wealth when they are young have a hard time changing when they get older.

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56 minutes ago, 4x4ord said:

 I have observed people who retire on about $80,000 per year and others who have much wealth stored up and are receiving a large annual income yet live at about the same lifestyle as the first group. It seems those who posses the desire and self discipline to store up much wealth when they are young have a hard time changing when they get older.

Old dogs ; New tricks ? ;)

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1 hour ago, 4x4ord said:

It seems those who posses the desire and self discipline to store up much wealth when they are young have a hard time changing when they get older.

That worked well for my Dad since he lived to be 94 and still left money to my step-mother. Neither of his parents live nearly that long so you just never know.

Linda

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3 hours ago, 4x4ord said:

 It seems those who posses the desire and self discipline to store up much wealth when they are young have a hard time changing when they get older.

Or perhaps there is no need or reason to change?  We've always lived conservatively and feel no need to begin spending more money just because we have it. 

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When the children are on their own, college loans paid  off if any, mortgage paid and just the two of you to support  we found we got a huge pay raise. We never lived conservatively but did live within our means.Expenses of raising a family  decrease and spendable income increases. We did have good and steady jobs and a good retirement system.

All things considered  our total income is less now than we were in family mode but we have more to spend due to far less expense .

Supporting a family of 6 did not leave much for investing but we did inherit a modest sum from both our parents..

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5 hours ago, 4x4ord said:

I have observed people who retire on about $80,000 per year

That is quite a bit more than what most American retired people have today. According to the US Bureau of Labor Statistics, the average retired American household has an income of $48k per year. Last summer, USA Today published an interesting article on the subject. 

636676331183043040-sources-of-retirement

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Death risk? Here's the skinny, yes you will die. We lived ultra conservatively and had all kinds of irons in the fire. We haven't changed that much because we have already done our bucket lists except for going to the Orient, and Australia. So we will pursue those after we move. But I still love the fun of finding the low mileage car for half value or house at a steal price. Thus we waited until winter to buy the house and then my wife will go there to do her decorating and nesting, and I come back here to sell this property in spring/summer when people are moving. And with economy worries and interest rates uncertain it will be more of a buyer's market for us.

I agree totally Rich. We snorkled until the last kiddo left when I was 43 and then we could afford it and got PADI certified and dove the Red Sea off Hurghada Egypt for a week in 1996. We did ski with them however. We love to visit and be visited by the kids and grandkids but we don't baby sit as our parents didn't for us either or theirs for them as we were all military. And we will be an hour and a half from them when we move but only because we like Colorado Springs much more than Denver. I'd prefer Meeker with fiber Internet 1GB for 70 bucks and less expensive houses but she who must be obeyed wants shopping and big box stores as well as bases nearby. Oh well. The Springs is a good compromise for us both.

We didn't need to take SS early, so no loss if we do live a longer time. But if we die tomorrow a MUCH BETTER bet, we got at least some of our money back. No we are not in ill health but have smoked, drank, and been exposed to pollution and chemicals as well as asbestos our whole lives. They also have legal assisted suicide in Colorado. We just hospiced her two parents with cancers and dementia. I'm NOT going there. I will enjoy life until I can't. Or not. I like having all the options, I can change my mind then if I have those issues.

Edited by RV_

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19 hours ago, mptjelgin said:

Or perhaps there is no need or reason to change?  We've always lived conservatively and feel no need to begin spending more money just because we have it. 

Right on!  We have a satisfying life and dont have any interest in changing a thing, which is why I am working on the financial planning, so sustain a modest lifestyle.

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If there were just some way to know not only how long you will live, but also how long you will be healthy enough to travel, and perhaps a few other things that impact our financial future. Both of my parents lived past 90 years and Pam has already outlived both of hers. Dad had 3 cousins who lived past 100. Knowing all of that, I still have no idea how long my money needs to last! Anybody know a really good fortune teller? We are at a point in life where those issues are becoming more important.

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My mom's going strong at 96.  Her two sisters are 90 and 95.  So I'm going to assume I inherited those genes and plan accordingly.   

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6 hours ago, rpsinc said:

Right on!  We have a satisfying life and dont have any interest in changing a thing, which is why I am working on the financial planning, so sustain a modest lifestyle.

Judging from other posts, this seems to be the norm in this thread (good financial planning) which runs counter to the bankruptcy filings trend for our age group:

bankruptcies_by_age.png

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Remember that the retirees you see on this forum tend to be a little healthier and have better retirement planning than our age cohort as a whole

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Amen Barb. It's scary how many are one paycheck away from homeless in the deep south. And the rest still need to work. A manager of a General store here like Fred's has no benefits and works for about ten bucks an hour! One friend is a diabetic with no money for insulin. The lower middle class are calving off like the glaciers up north fall down in large blocks.

Edited by RV_

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2 hours ago, Barbaraok said:

Remember that the retirees you see on this forum tend to be a little healthier and have better retirement planning than our age cohort as a whole

Well, so they say as there's a fair amount of back patting going on here as in "I'm glad I managed my finances well" or "Unlike others, I've done ok".

Though few people write posts like packnrat . . .

had some money, but it went pop with the housing market years back.but had nothing like some here talk about, like it is pocket change. in 8 years i will be lucky to get (total all sources) $3, grand a month, gross. but hope to manage not having to go back to work just to eat.

. . . it doesn't mean there aren't more, perhaps a lot more, people in packnrat's shape.

So, Barb, unless you have some compelling data source, I think people on this forum (Escapees, RVers, whomever) trend like any other group of retirees.

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