Retirement is the fix in?

[barbara]

Originally Posted by Oerets

Might go up at first as you get use to being on holiday all the time. But if you set a budget realistically one. Keep track of your spending for a few months. See where the money goes now.

Everything from a stick of gum to utilities. Once you are home all the time things like eating out, gas for car should drop off. There are days when we might not cook at all.





Never get the years back. Do you have hobbies or interests to keep you busy. Grandkids? Me I pretty much turned the papers in when I reached 55.

I lost my health insurance when my retirement went to the government program. My wife's will do for now but once she retires probably not. They can due whatever they want. Now they say it will go for 5 years for a spouse. So till I reach 65 might have to pay for it.




Barney

No grand kids yet but we keep hoping.
We live a real simple life.... When we moved to town we looked for a house that would serve our needs in retirement.

I figure I have about four to six years left to work...

[Tom Joad]

Originally Posted by Oerets

I used some of my retirement funds to purchase a rental property. The adviser wanted me to borrow it instead. Pay interest to me along with paying it back.
I told him that the amount needed would earn me a couple of hundred $ a month right now over what it is earning now with them. No payment to make either and own something other then paper or in the ether.

After it was over he admitted doing the same thing too!



Barney

Be your own financial advisory.

Be your own personal trainer.

Be your own life coach.

I can't believe people actually ay other people for shit like this.

[MrPots]

Thanks for the OP Oerets, I constantly get those "dinner invitations" but throw them out. Now I know what it's all about....screwing me out of my money

Kinda like time shares....

[Oerets]

Originally Posted by MrPots

Thanks for the OP Oerets, I constantly get those "dinner invitations" but throw them out. Now I know what it's all about....screwing me out of my money

Kinda like time shares....

We have only been going because the wife can retire at any time. She likes the free meals and seeing old friends from work. Places like Red Lobster Logan's Stake House make hearing the pitch better. I don't go to them all but did this time because the talk was on SS and when to retire.

Did learn something, it was about claiming your portion of spouses benefits. Then letting yours go till full retirement .This still confuses me somewhat.

Last week I even had a guy who was going door to door looking for new clients. Must be a lot of money to be made out there!



Barney

[donquixote99]

Originally Posted by Oerets

Did learn something, it was about claiming your portion of spouses benefits. Then letting yours go till full retirement .This still confuses me somewhat.

Barney

recently cited by Dondilion in another thread: http://finance.yahoo.com/news/a-wind...155816922.html

For couples, it's important to consider the life expectancy of both spouses. To ensure the survivor has the highest possible income, it often pays for the higher wage earner to delay claiming Social Security benefits until age 70, says Mr. Settle. Even if that person dies before the benefits start, the survivor—who must live on one Social Security check rather than two—will inherit the higher amount.

This strategy makes the higher earner's SS entitlement a sort of life insurance from the longer-lived spouse's point of view, a paid annuity that increases about 8% in value each year from age 65 to 70. Pretty good for a no-risk return.

On the other hand, as was noted earlier in this thread, you both may have a lot more enjoyment from the money if you get it sooner.

[Oerets]

Originally Posted by donquixote99

recently cited by Dondilion in another thread: http://finance.yahoo.com/news/a-wind...155816922.html



This strategy makes the higher earner's SS entitlement a sort of life insurance from the longer-lived spouse's point of view, a paid annuity that increases about 8% in value each year from age 65 to 70. Pretty good for a no-risk return.

On the other hand, as was noted earlier in this thread, you both may have a lot more enjoyment from the money if you get it sooner.

Right now the wife is waiting for the 59.5 rule on retirement accounts to kick in. Be silly to make the move when it is so close. Plus she likes the union dutys portion of her job. As the medical designee for the union she helps the members. Plus an elected officer also.

But taking care of the grandsons might be calling her stronger now.



Barney

[Pio1980]

One always fears being laid off or fired just before retirement and losing the pension.

[Oerets]

Originally Posted by Pio1980

One always fears being laid off or fired just before retirement and losing the pension.

Seen that very thing alot. Especially if someone was in their 50's and could go at 55 if still working for the company. If not then they would have to wait until 65. But they did not have a union for protection being in management.



Barney

[Pio1980]

Originally Posted by Oerets

Seen that very thing alot. Especially if someone was in their 50's and could go at 55 if still working for the company. If not then they would have to wait until 65. But they did not have a union for protection being in management.



Barney

Just more of that "free-market" it-may-not-be-ethical-but-it's-not-illegal" sleaze. First time I heard of this manoever was years ago on 60 Minuets with I. Magnin firing senior staff just before retirement.

[Oerets]

Originally Posted by Pio1980

Just more of that "free-market" it-may-not-be-ethical-but-it's-not-illegal sleaze". First time I heard of this manoever was years ago on 60 Minuets with I. Magnin firing senior staff just before retirement.

Yep, it sucks seeing it happen. Really broke down the worker when it happened. They were usually dipped in company ink. Never abused the system. The kicker was they had to train the new guy before they left or not get a severance package.




Barney