Retirement Income

[hurleyjd]

What is your source of retirement income. My wife and my retirement income comes from company pensions, SS benefits and dividend checks. Covers everything we need and some for feeding the cows. We started SS benefits at 62. Mine is the greater and also my pension is greater than the wife. If I die first she will get all of my pension and can move up to my SS benefits. I took a bit less on the pension so she cold have it if I died first. If she should die first then I would lose her SS benefits and pension which amounts to about $1050 a month. She can make it pretty well and I will not suffer if she should die first. I would sell the cows and most of the farm and keep going. I also think there would be some left for the children at either her or my death.
What prompted this post is article I read about this professor that teaching retired planning to professional money managers in college. He decided to go till seventy for the SS benefits and was investing in annuities. This year at 78 I had drew about the same as if had waited until seventy to start.

 

[Caustic Burno]

My financial guy always says take SS as soon as possible. If you wait till 66 you will have to live to 78 to break even from taking at 62. The government is betting you will die before break even.

 

[jltrent]

hurleyjd, sounds like you did some good planning as I enjoy reading your posts...I will, if I make it, and anything is left, start SS at 62...

 

[ALACOWMAN]

[quote=There will be a day if not already folks that have worked hard all their life, tried, and made pretty good decisions will be living out on the streets.

There.. but for the grace of God go I...even along with some bad decisions..

 

[shaz]

I'm 51 and just have my 401K and Roth IRA. Wife has nothing. We do have a lot of land that's paid for.

You're correct about retiring at 62 bringing in more SS benefits but what about health insurance? In my case it probably makes more sense to hang on until 65 for the insurance and 3 more years of 401K matching. My wife's family history is eat up with cancer so being without health insurance is super risky.

 

[Caustic Burno]

I'm 51 and just have my 401K and Roth IRA. Wife has nothing. We do have a lot of land that's paid for.

You're correct about retiring at 62 bringing in more SS benefits but what about health insurance? In my case it probably makes more sense to hang on until 65 for the insurance and 3 more years of 401K matching. My wife's family history is eat up with cancer so being without health insurance is super risky.

That's the quandary that my SIL is wrestling with. Financially she can go at 62, we were discussing medical yesterday. I told her that the options were ACA or 65 and Medicare.
That's an individual decision that has to be penciled out.

 

[herofan]

My financial guy always says take SS as soon as possible. If you wait till 66 you will have to live to 78 to break even from taking at 62. The government is betting you will die before break even.

True. A friend's financial advisor also said he recommended retiring as soon as one realistically could. He had known so many people to work on and on just to add a few dollars to their retirement, then they retire and die. Of course, we have no control over when we die, but I understand his point.

When I drive to work in the mornings, I often see these ladies who are probably in their 70s crossing the street to go to work at the local sewing factory. I'm sure they would rather be doing something else at that age. I'm sure they wish they had had a better plan when they were younger. If I'm still kicking, I plan to retire in a few years at age 55.

 

[hurleyjd]

I'm 51 and just have my 401K and Roth IRA. Wife has nothing. We do have a lot of land that's paid for.

You're correct about retiring at 62 bringing in more SS benefits but what about health insurance? In my case it probably makes more sense to hang on until 65 for the insurance and 3 more years of 401K matching. My wife's family history is eat up with cancer so being without health insurance is super risky.

You might be wise to wait until 65 or 66 because of medicare if we do not lose it. Also your wife will be eligible for 1/2 of the amount of SS if married to you for a minim of 10 years.

 

[ClodHopper37869]

The government is betting you will die before break even.

I disagree, The government is hoping you will die before break even.

Or at least they make me feel that way some times.

 

[callmefence]

I plan to work hard and save what I can.
When I can no longer work I'm giving everything to the boy. Then I'll pursue my dream as a professional outlaw. Ill live fast and hard on the road until the long arm of the law takes me down.

 

[TexasBred]

I plan to work hard and save what I can.
When I can no longer work I'm giving everything to the boy. Then I'll pursue my dream as a professional outlaw. Ill live fast and hard on the road until the long arm of the law takes me down.

"Fast and hard"??? Fence you're like me, you'll be so broke down you won't make it to the front cattle guard with that fast and hard. But its fun to dream about it. :lol2: :lol2: :hide:

 

[Aaron]

I plan to work hard and save what I can.
When I can no longer work I'm giving everything to the boy. Then I'll pursue my dream as a professional outlaw. Ill live fast and hard on the road until the long arm of the law takes me down.

I like that plan.

 

[TCRanch]

I'm 51 and just have my 401K and Roth IRA. Wife has nothing. We do have a lot of land that's paid for.

You're correct about retiring at 62 bringing in more SS benefits but what about health insurance? In my case it probably makes more sense to hang on until 65 for the insurance and 3 more years of 401K matching. My wife's family history is eat up with cancer so being without health insurance is super risky.

Health insurance should be a consideration. Hubby retired at 54, started taking SS when he was 62. He's on a bank board and in lieu of payment, we were both covered under the company insurance plan. He didn't enroll in Medicare coverage until he was 66 and it was a nightmare having to backtrack, prove he was previously covered, etc. Plus I'm 14 years younger so I ended up having to enroll in the dreaded Exchange - which is a scam if I ever saw one.

 

[sstterry]

I am buying $10 worth of lottery tickets every week!
(I am sure it will be my turn to win soon)

 

[jltrent]

I am buying $10 worth of lottery tickets every week!
(I am sure it will be my turn to win soon)

You can't win if you don't play...........

 

[Dave]

It worked out that I couldn't pull early retirement until I was 64.5 so I stayed another year. I pulled the plug at 65.5. By doing that I was on medicare when I retired. Over the last several years I had saved up enough vacation to make up for not drawing on SS until 66. Between my retirement and SS I gross what I was taking home when working. I set up the retirement so if the wife out lives me she will draw 50% of what we are getting now. I didn't figure it would work out for me to draw early anyway. Three of my grandparents lived to 88, 89, and 92. Dad lived to 89 and his brother is 91 and still kicking. Everyone of my 20 or so cousins is still alive they range from 72 to about 50. There is longevity in my family.

 

[Hardnosecattleco]

I never planned on the whole retirement thing. Granite I'm long ways away but my theory is I could die before that time so spend the money while I can and enjoy while I'm hear and not plan for something that I may not make.

 

[Caustic Burno]

I never planned on the whole retirement thing. Granite I'm long ways away but my theory is I could die before that time so spend the money while I can and enjoy while I'm hear and not plan for something that I may not make.

My old neighbors widow is about to starve to death right now. Her husband had the same philosophy.

 

[ccr]

I never planned on the whole retirement thing. Granite I'm long ways away but my theory is I could die before that time so spend the money while I can and enjoy while I'm hear and not plan for something that I may not make.

hardnose, i had a cousin that worked at a job all of his life that he hated. he finally retired with his pension and died within 6 months. that was when i was young and still going to school and told myself i ain't going to do that.

i savvy your theory, but you got to plan for some kind of income when your unable to bring it in yourself. don't know about planning a future with social security.

 

[Ryder]

I am buying $10 worth of lottery tickets every week!
(I am sure it will be my turn to win soon)

I think you are very wise to be planning for your financial future.
However I question your money management skills.
If You buy 5 lottery tickets at $2 each, only one of them can win.
So on 4 of them you are throwing away $8 each time.
Hope I have helped. :nod: