HattaRetirement

[RonNP]

Hey now! Kate Upton is my new fling! At 51 I doubt SS will be around for my generation. I plan to quit working when I can't walk or talk. Until then its the daily grind.

[lake of the woods]

I retired a little over 1 year ago when I turned 60. I have a good company pension but Old age security (Canadian thing) does not kick in until I turn 65. My job / career was extremely stressful and my wage and benefits had been frozen by government legislation for the last 8 years. It was time to pull the pin and enjoy life without so much stress. My reasoning for retiring was I did not think more money would make me happier or healthier.

I decided that we (my wife and I) could retire, keep our home and boat on the lake in Northern Ontario and spend 4 to 5 months a year during the winter in South Florida (It's really cold during the winter where I live). We have no idea how long we will have our health but after seeing one of my close friends stricken with stage 4 cancer I thought happiness now is better than a few thousand more each year (in a few years) in pension.

By the way, I am looking for a fishing buddy this winter in the south Florida (Fort Lauderdale) area. I don't have a boat in Florida but would be happy to split expenses with someone who does and would like some company when fishing (off-shore or back country).

Mark
Lake of the Woods
1989 40 DC, Hull #488

[Passages]

I'm in FLL. Look me up when you get here.

[lake of the woods]

I'm in FLL. Look me up when you get here.

sent a PM to you.
Mark
Lake of the Woods

[edward]

If you wait to take SS and die,nobody gets anything( maybe your spouse ) . Take it you don't have to spend it! If you wait say 5 years you will miss 5 years of income,how long will it take to make up the total even at an increased amount? If you want to travel a bit ,we are all going to be able to get around when we are at a younger age. Example: At 62 you get $1000 a month.If you wait until 65 you get 1250/month. So from 62 to 65 you get a total of $ 60,000 (5x12). How long will it take to accumlate $60,000 and then start earning more? If you die at 64.5 y/o you get zero! Take it ,save it , invest it donate it,give to your children etc.,etc. I ran my numbers and the lines did not cross until my early 80's.

[Freeebird]

I used to think my reading comprehension and communication skills were pretty good until I started dealing with this. Apparently what the SSA website says and what it means are two different things... this according to the third person I've spoken with to date.

There is supposedly a local outfit that offers free advice to us old farts about Social Security, Medicare, etc. but they're closed today. Maybe I can get some answers on Monday as I know I just have one shot at this. One would think these issues would be cut and dried, but obviously not. I did find out that the benefits paid to my son won't be taxable. That puts me back into the no-brainer camp again as for taking the money and running.

I'm a bird in the hand kinda bird, even though playing in bushes can be fun. I can hardly wait to deal with this pension stuff that I'm trying to straighten out now. Between those two incomes, my business, and doing deliveries, I should be okay... unless I buy another old Hatt.

[Freeebird]

If you wait to take SS and die,nobody gets anything( maybe your spouse ) . Take it you don't have to spend it! If you wait say 5 years you will miss 5 years of income,how long will it take to make up the total even at an increased amount? If you want to travel a bit ,we are all going to be able to get around when we are at a younger age. Example: At 62 you get $1000 a month.If you wait until 65 you get 1250/month. So from 62 to 65 you get a total of $ 60,000 (5x12). How long will it take to accumlate $60,000 and then start earning more? If you die at 64.5 y/o you get zero! Take it ,save it , invest it donate it,give to your children etc.,etc. I ran my numbers and the lines did not cross until my early 80's.

With this new info on my son, I'd be betting a tad over $105K that I won't croak at about 77 which is the break even point now. That's a hell of a gamble to only pick up $500 per month from that point forward. I don't have a spouse, and I'm guaranteed to live to 75 as that's when my term life insurance expires.

If I can find a buyer for some commercial property I've been sitting on all these years, I'll be debt-free with a pretty good little nest egg to boot. If it doesn't sell, I'll be debt-free in about five years with other real estate/toys I can liquidate if the need arises. I'm actually in pretty good shape for the shape I'm in. Turning 65 and going to Medicare will save me $700 per month in health insurance (which pays nothing until I meet a very healthy deductible). If I sell all my damn toys, I'd save a fortune in insurance too. This getting old crap is kinda complicated.

[racclarkson@gmail.com]

With this new info on my son, I'd be betting a tad over $105K that I won't croak at about 77 which is the break even point now. That's a hell of a gamble to only pick up $500 per month from that point forward. I don't have a spouse, and I'm guaranteed to live to 75 as that's when my term life insurance expires.

If I can find a buyer for some commercial property I've been sitting on all these years, I'll be debt-free with a pretty good little nest egg to boot. If it doesn't sell, I'll be debt-free in about five years with other real estate/toys I can liquidate if the need arises. I'm actually in pretty good shape for the shape I'm in. Turning 65 and going to Medicare will save me $700 per month in health insurance (which pays nothing until I meet a very healthy deductible). If I sell all my damn toys, I'd save a fortune in insurance too. This getting old crap is kinda complicated.

Best thing about Medicare is the $185/year deductible.

[Freeebird]

Somebody tell me what I'm missing here. This seems pretty cut and dried, but this is NOT what the local office is telling me.

https://www.ssa.gov/planners/retire/applying7.html

https://www.ssa.gov/planners/retire/yourdivspouse.html

[Freeebird]

Okay, I finally gave up and consulted a professional who filled me in on all the details. In short, this spousal benefit deal is geared toward those who have little or no benefit based on their own work record. He confirmed that the SSA site does a lousy job explaining this scenario, and the ex's numbers would indeed have to be double mine before I would realize any benefit. Given she's five years younger and still working, hopefully she will continue to get some nice pay increases to where her numbers will in fact be more than double mine by the time she files for benefits.

All that said, I will officially "retire" tomorrow, given the SSA office closes at 1 on Wednesdays. Then it will be more days like any other day until I start getting money FROM the government for a change.