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So then why wait? You sound like you are prepared and with a family history like that why don't you enjoy it while you can? We slow down very fast from 70 on. You've spent your best years working so be a little selfish and enjoy life while you can.I have 6 more years and I'm already talking about it. I've spent the last 34 years as a software developer and have worked even longer (43 years), since I was 16, I feel so excited to move on to that chapter of my life. I've invested wisely and will have a nice pension, savings, social security, medicare, and 403b. My wife has also invested wisely and we're both looking forward to our retirement. Longevity isn't a thing in my family (father 48, mother 74), so here is hoping I beat those odds. The last thing I want after my death is my wife's new boyfriend spending my retirement
this exactly for me. don't think i even want to retire earlier than i have to, i'm sure even golfing everyday would get old. i came out of college at the heat of the internet boom, so i was sure i'd be living the good life already. missed that boat by a mile.
I need to wait until I'm 65 to get the full benefits that I want. I could even wait until I'm 70 for even better social security but I'm not on board with that. I'm done when I'm 65 (6years from now). regardless of my financial situation.
So for those of us that want to retire before 62, the cost for medical is approx $1000/month for family (wife and myself)? I haven't looked into it yet as we both are in our early 50s and have no plans on retiring in the next 5 years...
Just as a note that strategizing for couples can pay off pretty handsomely. Not sure if you're married, but if so you should look into that - survivor benefits can make a big difference, depending on ages, lifetime income, etc. For a single it's pretty easy as actuarily the result is about the same no matter the age you take it.
Yes I'm married. We have a plan based upon my pension, our savings, our 403b and her 401k and my social security and her social security right now. She is older than me and we're collecting her social security now and her pension now, but not her 401k and I'm still working. I retire in 6 years and then mine kicks in, which my social security is obviously a lot higher than hers. I plan on taking a lump sum for my pension and rolling it over, along with my 403b and her 401k to an IRA and draw a monthly salary off of that, to go along with my social security. Then add in medicare on top of that. That alone should suffice, but in addition to that we have been saving.
Obamacare. Figure out how your taxes work, and figure out how to keep your MAGI under the subsidization threshold (4 x the poverty guideline) during those years. You do that, and your premiums are very manageable. For example, a 2-person household: The poverty guideline for a two-person household in 2018 is $16,460. 4 x that is $65,840. That's your threshold to stay under.
It is actually the opposite, too many people are taking social security at 62 and giving up 25% of income by not waiting until 66.
Lots and lots (and lots) of factors. Feel free to PM your details if you like and I’ll give you my thoughts.
This is the only benefit of my wife's FERS disability. She was able to keep her Federal insurance plan. Our family of 4 (technically 5) is covered for $550 a month.
People can go on the healthcare.gov website and look at plans and also see the "estimated premium tax credit". I entered in 2 people, married, Fort Meyers area, annual income of $50k (so under the $64k limit).
Full disclosure. I don't think this would work for us in our current situation. Not that it isn't great info and a great option for others. The one benefit of FERS disability is that you can take another job and make 80% of your previous income without losing the disability payment or the insurance. She was able to get a job close to home. She's not allowed to drive at night, so it's possible for us to either pick her up, it's close enough to walk, or she can ride her bike. (we bought her an electric bike a couple of years ago). In reality, our combined income has never been higher at any point in our lives than it is right now. (more because of my salary, but she is still making about 70% what she was at the Post Office) Admittedly, I'm pretty bad at understanding taxes and the best way to reduce our MAGI.
Thanks. I'm just a lucky guy who found his soul mate. She'd do the same for me.
Same for me.
True i think the extra time and free space in the retired mind is now filled with more mundane things that would otherwise not be exposed.
Yup. If you can’t figure out how to keep yourself interested in things outside your job then there’s a good chance you aren’t super happy.
Full retirement age for SS is now 67 for those born after 1960. It is also a 30 percent hit. 6.67 percent the first three years and a 5 percent hit for the next two. In addition full retirementment age is a misnomer as your monthly benefit grows 8 percent each year up to 70. I am not sure if there are caps and how those might impact it though.
Register at SS government website. You can get you full earning history and expected SS income with certain future earnings assumptions.
But you only lose money if you live long enough. I did a back of the envelope calculation a few months ago and my tipping point didn't happen until I hit 78 years old for taking it at 62 rather than 67.
Did you factor in the ability to invest the money also? That might make it seem like taking it early is even better than that projection.
That is probably about right. According to SS life expectancy tables a guy who is 62 will live 20 more years. So most people will be better off waiting. But really it makes some sense to have extra money while you are still healthy when you can enjoy it more. Not that it is a huge amount, but still a chunk of money.
Just a note that MAGI includes more than AGI in that it has some items in it that aren't taxed like muni dividends and adding back some deductions like student loan interest, rental losses, etc. It can bite you if you're not aware of what's in here and want to manage the limit.
You are old, but still. it's projected to run out in 2034 (although benefits would decline at first, not like it would just go to zero immediately). Are you assuming that there will be fixes implemented to allow it to continue?
No I'm not. It depends on what you're accumulating. Some are piling up savings. Others are piling up sportscars. I'm saying accumulating sportscars is definitely overrated. And I'm saying sometimes even the sacrifices made for accumulating savings can be overrated.
100% confident.
