Mallette Posted May 13, 2016 Share Posted May 13, 2016 It depends upon the company you worked for. Dave is lucky, most corporations have destroyed or at best frozen pensions. Nothing from the company but a 401k. I missed the pension plan by about a year when I joined in 2005. Dave Quote Link to comment Share on other sites More sharing options...
oldtimer Posted May 13, 2016 Share Posted May 13, 2016 I stand corrected. Quote Link to comment Share on other sites More sharing options...
Marvel Posted May 13, 2016 Share Posted May 13, 2016 I'm Medicare age, but plan to work until 70 before collecting SS. If you are at full retirement age for SS at 66, don't wait until you are 70. While it is true you get another 8.5% for each year after for up to four years, it will take you approx. 15 years to break even, meaning it will be 15 years before you make up what you weren't receiving for those 4 years. Bruce Quote Link to comment Share on other sites More sharing options...
oldtimer Posted May 13, 2016 Share Posted May 13, 2016 (edited) The same case can be made for taking SS at 62. It all depends on how long you are betting you will live. The more life shorting your career is, the bigger the case for taking early. Edited May 13, 2016 by oldtimer Quote Link to comment Share on other sites More sharing options...
Marvel Posted May 13, 2016 Share Posted May 13, 2016 (edited) I was going to wait, but was told by many at the SS office, get it now and use it while you can.... and I am glad I did. Edited May 13, 2016 by Marvel 3 Quote Link to comment Share on other sites More sharing options...
jwc Posted May 13, 2016 Share Posted May 13, 2016 The same case can be made for taking SS at 62. It all depends on how long you are betting you will live. The more life shorting your career is, the bigger the case for taking early. That's my thought...although I might not get any SS Quote Link to comment Share on other sites More sharing options...
Mallette Posted May 13, 2016 Share Posted May 13, 2016 While it is true you get another 8.5% for each year after for up to four years, it will take you approx. 15 years to break even, meaning it will be 15 years before you make up what you weren't receiving for those 4 years. Fully agree. Difference is a sucker bet. Dave Quote Link to comment Share on other sites More sharing options...
Marvel Posted May 13, 2016 Share Posted May 13, 2016 (edited) Who says you'll live 15 years to break even... Edited May 15, 2016 by Marvel Quote Link to comment Share on other sites More sharing options...
T2K Posted May 13, 2016 Share Posted May 13, 2016 Wait til it kicks out.... It kicked out a few hours ago. Now the old lady is asleep with a big smile on her face and I smell like seafood. Keith Quote Link to comment Share on other sites More sharing options...
ricktate Posted May 13, 2016 Share Posted May 13, 2016 (edited) I did not retire I am on disability. But the medical insurance cost is a lot I have been able to make ends meet with a lot of penny pinching. Stopped eating meat cause of cost and bad for you. Changed all lights to LED so keep cost of elec. down. According to my electric company I have some of the lowest bills in my neighbor hood. I make sure to buy stuff only on sale. Sold extra car to keep those costs down. Ride bicycle to store when I can. But other than the cost of stuff I like being able to do what I want when I want. Just can not afford to go do a lot of stuff I thought I would be able to do. Concert tickets are like 80 bucks.... would like new bike but dang those are high priced now....oh well I'm still alive after transplant so that's good huh. Oh yea I forgot to mention when your on disability and you turn 62 you lose that extra money that you were getting. So I got to get ready for that great news. Making ends meet will get much harder then. Edited May 13, 2016 by ricktate 1 Quote Link to comment Share on other sites More sharing options...
Coytee Posted May 13, 2016 Share Posted May 13, 2016 I hear reverse mortgages are becoming more popular. Does anyone understand how these work? I'm just curious. I can explain it to you. Given how close we are to Hope time, ask me there. It's early now & I have to get ready to leave. One word for them (only my opinion) expensive for what they do. But I think they could fit for some people. 2 Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted May 14, 2016 Moderators Share Posted May 14, 2016 I hear reverse mortgages are becoming more popular. Does anyone understand how these work? I'm just curious. I can explain it to you. Given how close we are to Hope time, ask me there. It's early now & I have to get ready to leave. One word for them (only my opinion) expensive for what they do. But I think they could fit for some people. I think what Richard says is very true. They can be a good fit for some situations but I think that is the exception rather than the rule. You definitely want to be well prepared before looking in that direction. https://www.consumer.ftc.gov/articles/0192-reverse-mortgages Quote Link to comment Share on other sites More sharing options...
sunburnwilly Posted May 14, 2016 Share Posted May 14, 2016 I will expire before I retire . 1 Quote Link to comment Share on other sites More sharing options...
Mallette Posted May 14, 2016 Share Posted May 14, 2016 I will expire before I retire . I prefer to go to bed on my own rather than be put to bed. Dave Quote Link to comment Share on other sites More sharing options...
JJkizak Posted May 14, 2016 Share Posted May 14, 2016 After 60 you are basically preparing and treating for all kinds of body system failures. Typically 6 pills per day seven days per week. You will have to invest in a seven compartment pill caddy to keep track of all the pills. You will also become very proficient in Latin to make sure you are receiving the pills that were prescribed and the pharmacy didn't mess up and give you the wrong ones. Have fun. JJK Quote Link to comment Share on other sites More sharing options...
Mallette Posted May 14, 2016 Share Posted May 14, 2016 Typically 6 pills per day seven days per week. If it weren't for Type 1 diabetes I'd be on nothing. Right now, just insulin at 67. Had a checkup yesterday BP 120/80. My 14 year is probably no better than that. Doesn't mean I won't drop dead, but no reason to assume as much quite yet. Dave 1 Quote Link to comment Share on other sites More sharing options...
rummy Posted May 14, 2016 Share Posted May 14, 2016 You are so right about the pills, take this in the morning, take that after you eat breakfast, take that an hour after that, take this in the afternoon. Take that if you wake up at night, take this with food, take that with 8 ounces of water. My money is good, but my health has left town, oh well, I enjoyed myself every day with my useless possessions, and I plan on fun until the end in the near future, but I do need help remembering all these PILLS. Quote Link to comment Share on other sites More sharing options...
Ceptorman Posted May 15, 2016 Share Posted May 15, 2016 Typically 6 pills per day seven days per week. If it weren't for Type 1 diabetes I'd be on nothing. Right now, just insulin at 67. Had a checkup yesterday BP 120/80. My 14 year is probably no better than that. Doesn't mean I won't drop dead, but no reason to assume as much quite yet. Dave That's very good. I'm 53 and do not take any pills, just an Advil sometimes. You had a child at 53? That's terrific. I adopted my wife's 2 daughters, the youngest is 15….I thought I was an older Dad, keeps me young Quote Link to comment Share on other sites More sharing options...
sunburnwilly Posted May 15, 2016 Share Posted May 15, 2016 I will expire before I retire . I prefer to go to bed on my own rather than be put to bed. Dave slow clap Quote Link to comment Share on other sites More sharing options...
garyrc Posted May 15, 2016 Share Posted May 15, 2016 To my fellow Klipschsters who have already retired: Have your cost of living expenses gone up, down or remained about the same? The rest of you: BACK TO WORK! About the same. Medical expenses can be terrible, but not for us because of a combination of Medicare, and a supplemental to Medicare Blue Cross policy arranged by CALPERS, one of the biggest and best employee organizations. While we had to pay into it while working, and for a while after retirement, they no longer charge us, because of the good investments they made over the years. Quote Link to comment Share on other sites More sharing options...
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