CCL
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Post by CCL on Oct 21, 2019 0:14:02 GMT -5
I did see that info you mentioned. I was mostly thinking of countrygirl's situation and thinking she would be eligible for more than the 75% benefit she expects. I was assuming her husband waited until full retirement age to claim since he retired a few years ago.
I always thought the survivor's benefit was equal to 100% of the deceased's benefit or their own, whichever is more. Was trying to figure out where she was getting 75% from. Maybe the spousal benefit?
It's confusing lol. I'd just like to see everyone maximize their benefits in whatever way works best for them.
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countrygirl2
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Post by countrygirl2 on Oct 21, 2019 6:30:29 GMT -5
I understand the part about receiving mine and adding to it from his, I knew that. Hubs retired at 69. He wanted to work 1 more year but his contract was ending and he did not want to renew for 3 more years then work a year and quit. Plus I think he was just worn out with the flying and turnarounds. I know he was tired, so no issue with me. We hated to give up the low cost of our insurance too, but you have to stop sometime.
I will be fine, like he said start selling one rental a year. But since you max out on income as a single, if memory serves me its $85k a year, over that you will pay greatly increased medicare and all associated coverages at a much higher rate, so have to be careful. I think for a couple its $175k of income before you get the enchanced premiums. Of course selling our main house won't be an issue, I'm sure it won't sell at a profit, hope to just break even. Would be happy if we did that.
It may be a moot issue as my health is not as good as his, still I am a planner and I like to have all my ducks line up for any contingency.
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tallguy
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Post by tallguy on Oct 21, 2019 9:05:37 GMT -5
Yes, but the key is that (assuming you have reached your full retirement age) you will not receive less than what he is receiving at the time of passage. Regardless of whether you were receiving benefits on your own record, or whether you claimed them early, as the surviving spouse you will receive a combination of benefits equalling what he was receiving. There is no 25% loss of benefits for you as you complained about earlier.
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CCL
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Post by CCL on Oct 21, 2019 13:12:26 GMT -5
That's the way I understand it, too.
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tcu2003
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Post by tcu2003 on Oct 21, 2019 13:56:30 GMT -5
We’re on track by this metric. DH is 43 and I’m 38, and we’re at about 5.5 times our combined salaries in retirement accounts.
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plugginaway22
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Post by plugginaway22 on Oct 21, 2019 16:12:04 GMT -5
We are not on track by this metric because our incomes have increased quite a bit the past 5 years. By expenses we are very much on track. We will not need this kind of income in retirement.
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countrygirl2
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Post by countrygirl2 on Oct 21, 2019 17:19:12 GMT -5
I hope you are right tallguy, because on my own will cost me more to live as hubs does everything. I guess we will see, who knows how it will play out, both of us could keep living, I hope so.
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tallguy
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Post by tallguy on Oct 21, 2019 19:07:12 GMT -5
I hope you are right tallguy, because on my own will cost me more to live as hubs does everything. I guess we will see, who knows how it will play out, both of us could keep living, I hope so. There is a very good website where many, many questions about Social Security are answered. Laurence Kotlikoff is an expert on the subject, created the Maximize My Social Security software program, and had an "Ask Larry" column. The website hosts many of the questions and answers over the years. Your situation is covered more than once, so should be pretty clear and easy to find.
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NoNamePerson
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Post by NoNamePerson on Oct 21, 2019 19:25:42 GMT -5
I was on target for retirement, therefore I retired 15 years ago. It was easy peasy
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haapai
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Post by haapai on Oct 24, 2019 17:13:24 GMT -5
Hmmm ... I may have spoken too soon.
I've spent several hours in the last week tracking down old, inactive accounts and regaining access to them. After several years of returns in the high double digits, the balances were a pleasant shock. I may have six times gross squirreled away at 50, but just barely. There's definitely six times AGI tucked away.
Now wish me luck in herding all those stray HSAs into one place. I'm don't know how many there are.
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Deleted
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Post by Deleted on Oct 24, 2019 17:20:12 GMT -5
Now wish me luck in herding all those stray HSAs into one place. I'm don't know how many there are. Mine are in Fidelity- very happy with them. I've always been pretty good about moving anything in an employer plan as soon as I left that employer. Now I;ve got everything including checking with two firms, one of which is Fidelity.
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haapai
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Post by haapai on Oct 24, 2019 17:26:22 GMT -5
I didn't switch employers, my employers switch their HSA administrators. Annually, by the looks of it. Then some of those companies changed their names. It's kinda a mess. There's also a touch of SAD involved. Who wants to deal with rolling over accounts to which you never even established usernames and passwords when you really should be dealing with your taxes?
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Oct 26, 2019 20:34:17 GMT -5
My wonderful DH will likely retire from the military in 2020 (unless he gets an extension). We will have to see how the final numbers work themselves out, but he should make about $70,000+ annually in retirement, starting the month after he leaves the military. We also have money in retirement accounts, which I suspect we will continue to add to if he goes to work somewhere else. (He turns 54 next year.) No children. We live in California and have no debt ~ not even the house. I am 7.5 years away from being able to collect SS at age 62. I think we're on track but our situation doesn't match those generalized calculations since a large part of our planning is based on a military pension. (We do have life insurance in place to deal with him dying first as I would only receive 55 percent of his pension.)
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Apple
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Post by Apple on Oct 26, 2019 20:47:51 GMT -5
My wonderful DH will likely retire from the military in 2020 ( unless he gets an extension). We will have to see how the final numbers work themselves out, but he should make about $70,000+ annually in retirement, starting the month after he leaves the military. We also have money in retirement accounts, which I suspect we will continue to add to if he goes to work somewhere else. ( He turns 54 next year.) No children. We live in California and have no debt ~ not even the house. I am 7.5 years away from being able to collect SS at age 62. I think we're on track but our situation doesn't match those generalized calculations since a large part of our planning is based on a military pension. ( We do have life insurance in place to deal with him dying first as I would only receive 55 percent of his pension.) I like the AARP calculator for a simple one that includes pension(s). Can't remember if you can adjust the age you start SS or not, but the pension is the big thing. I also like firecalc, but I really like to play with calculators and numbers and nerd out (since I'm trying to set myself up to be able to retire 11 years before my MRA, if they ever offer the opportunity when I'm eligible.) www.aarp.org/work/retirement-planning/retirement_calculator.htmlETA: Well, nevermind... AARP has a bug when it comes to SS and the final graph puts SS way too high, even when you give it your own input.
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CCL
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Post by CCL on Oct 26, 2019 23:55:43 GMT -5
That AARP calculator doesn't work properly. On my phone, anyway.
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Apple
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Post by Apple on Oct 27, 2019 0:52:14 GMT -5
That AARP calculator doesn't work properly. On my phone, anyway. That's odd. I usually use it on the computer, so I tested it on my phone. I had to wait a bit for the "start now" button to load, and there was some weird scrolling, but the calculator itself worked for me, it was just more cumbersome.
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Deleted
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Post by Deleted on Oct 27, 2019 7:35:21 GMT -5
That AARP calculator doesn't work properly. On my phone, anyway. That's odd. I usually use it on the computer, so I tested it on my phone. I had to wait a bit for the "start now" button to load, and there was some weird scrolling, but the calculator itself worked for me, it was just more cumbersome. It worked on my phone, but it sure went nutso with the SS. I entered that I expect $1000/month at FULL retirement age and the graph shows 27K/year right out of the gate at 62 which covers about 75% of my desired retirement income so it says I need only 325K savings to retire in 12 years at 62.
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Apple
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Post by Apple on Oct 27, 2019 11:52:36 GMT -5
Well, crap, it didn't used to do that, but I looked again, and yeah, SS has some crazy high numbers no matter what you input. It lets you see how they determine everything else, so you can play with your returns, inflation, etc, but does not say anything about how it determines SS.
So, you either have to subtract the extra they put in there, but that kind of defeats the purpose of the calculator. So looks like I'm back to just firecalc.
ETA: It kind of looks like the calculator took their estimated SS income for me, multiplied it by 2 (to add an imaginary spouse, even though I put single), and came out with the number they put on the graph. It didn't use my number at all.
Pretty sure it didn't use to do this because that's something I would have caught.
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CCL
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Post by CCL on Oct 27, 2019 19:50:52 GMT -5
It was kinda the opposite for me. The graph showed a tiny amount for SS and a huge amount for pension. Oh well. I might check out another calculator.
I've found most retirement calculators get very confused if you are already retired. They don't seem able to understand that.
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