[yorkiemom]

Our issue is that we are retired, and living on pensions and social security. Hubby works part time and I babysit. Our hobby is gardeing and becoming more self sufficient - going back to our roots and homesteading a little. We’ll be ok as long as pensions checks keep coming, or at least if we can make the house payment and real estate taxes I think.

I already found my dream house - in the middle of 30 acres in the forest in Tennessee. It's not that easy to find properties even backing a national or state forest back east and this one is surrounded by the Cherokee National Forest. I hope to make that investment you were talking about if/when we go for a trip there in another month. It's a tad early, but I don't think I'll find another like it. (With a 9 car garage for hubby).

We'll be ready to 'retire' early in another 3 years or so. With another 15 before SS. No pensions but we've saved our pennies over the years. One issue I've never heard discussed is that if my hubby pays into SS until he's 67, he'll pay in over $100K. And if he lives to 90, he'll only recover $40K of that. Socialized security is just that - those that work the hardest subsidize the others. There's no point him working that long then (other than the 401K matching and health care, but certainly not for government socialized 'benefits').

Are you worried about your pensions? Are they with a company that might go under? A company might do better than a government pension, with all the debt some states and the feds are accumulating. Between the debt and 0 interest rates, it's hard to be comforted by thoughts (and calculations) of the future, is it?

[greeneyes]

I think that it is more likely to get your money back from social security if you start drawing it at 62, though each person’s situation differs. If you start drawing at age 62, you will draw benefits for 5 years-it takes a while to catch up when you delay, and many people won’t live that long.

I took my pension in lump sum and rolled it over to an IRA, I haven’t drawn anything on it, and won’t until I have to. It’s in an annuity that is earning 6% annually for the purpose of annutization.

Hubby was a school teacher in a rural district. My concern is that the government is so irresponsible, that I don’t know what is going to happen with social security or his pension.

The school system retirement is in pretty good shape, and is funded to what the actuarial requirements are. However the state government workers are underfunded, and they are always trying to get the teacher’s fund lumped in with theirs, so it won’t look so bad.

We also have people trying to change it from a defined benefit plan to a 401k type plan, which means no security or meaningful planning for retirement current and future retirees. Makes no sense; articles, I have read state that we are one of the few states that doesn’t have the backing of the state to guarantee the pension.

The Federal government has overpromised, and they will no doubt be forced to under deliver at some point. With only 8 years left on the mortgage, I am hoping that if we do have a currency collapse, it’ll be far enough in the future, that the emergency cash, and pension money can pay off the balance at that point.