Posted on 05/03/2013 7:05:30 AM PDT by SeekAndFind
I don’t think so but it is possible. If say, the wife never worked, she might get more social security if she divorced the husband. I would never advise it since it would put her at risk going forward if husband decides to leave her but I suppose with the right agreement and estate plan it could be done. In Kansas however they would be common law married which could complicate things. There probably are people doing this. I did have a case once where the wife wanted to take care of a seriously disabled man but could not receive state aid for doing so since she was his wife. She divorced him, set up a separate address at the home, and continued living there.
I agree with you wholeheartedly....
except for the car thingie...
I buy em new and then drive them till they are dead..
what most people fail to accept is that your retirement is a bill, just like all your other bills..
it gets paid monthly, regardless...
and yes, EVERYONE can put something away, but that means doing without fancy cars, vacations, expensive furniture, eating out, etc...
living frugally is a lifestyle...
wifie and i were at one time both making just above minimum wage, with a house and 2 kids, and still put money away, we just did without the fancy stuff...
“Even with a very nice IRA and savings, I’m already looking for a large refrigerator’s empty box which I can live in, in a vacant lot, away from the city.”
I’m planning to live in a van down by the river.
That. One of the best posts I’ve ever seen in any personal finance related thread in the twelve years I’ve been a FReeper. I would add to the “it’s how much you spend” part of the plan by saying “it’s not how much you make, it’s how much you keep.”
The plan you describe works nearly every time it’s tried.
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I agree...found the post very thoughtful/helpful in explaining retirement financials.
We’ve put aside retirement funds since I was in my early 20’s. Always 15-20%...between retirement and personal savings. I just always went on the assumption that SS would not be there when I retired and so I had to be able to have enough put aside. The DH always put aside around 10-15% of his earnings as well (between retirement and savings). He also has a defined retirement plan.
We’ve been fortunate that our kids and grandkids have been self reliant and have never needed a ‘hand’. And they’ve been building their own nest eggs since they all started working.
I think for us, it’s our German/Dutch heritage...frugal and thrifty. :) And self reliant when it comes to finances.
Right now, today, this afternnon, or as soon as you can, should you be BEFORE retirement time or age, do this simple mathematics exercise.
If you are renting, outside of big cities, figure 3% a year MINIMUM.
If you are paying for cable connections, figure 5% a year MINIMUM.
Your light bill, for the sake of the exercise, figure 10% a year, MINIMUM.
Your telephone bill, again, for the exercise, figure 12% a year, MINIMUM.
Your auto gas bill ... the year before Obama was locally, $1.44 a gallon. It has gone up to $3.84 on the roller coaster. This is year 5, no? That’s $2.44 in 5 years, or
%0.588 a year. Remember, that is locally.
The cost of a loaf of bread, not made by the local now-shut-down Hostess bakery, has risen EQUAL to the price of auto gas! That does not count, those nice rye bread loaves, that cost $4.00 each.
Use these as indicators for the years ahead you have until you retire. Figure what your budget might be with those inflated costs, and decide if you can afford to retire, from THAT budget.
If you are buying the house, yes, you may reach the end of the mortgage, but you will never reach the ‘end’ of taxation upon that house! Don’t forget those figures, either.
Maybe the problem is that Americans expect to retire. It’s a relatively recent notion that was put forth to sell Social Security was it not?
In generations before that, when the elders were no longer able to work, their children took care of them.
Work and save all your life, retire, have a health issue, the government takes every dime of your money and throws you in a shitty nursing home on Medicare where you’ll eat tapioca pudding through a straw for your remaining days. Is that the “retirement” we are not ready for?
OK, I have a coupon for the Big Mac. What color will your refrigerator box be?
With retirement the feds lose tax money why would they want to help you to retire?.
I won’t be able to afford those ritzy neighborhoods.
Biggest and most powerful defense against personal economic disaster? The intact traditional family....Dad, mom, the kids, grandparents, aunts, and uncles. Add hard work and traditional values and you have the number one threat to liberal thinkers and career politicians.
I may have to draw SS anyway. Not because I need the money, but to punish my co-workers for being young. ;-)
I’ve come to the conclusion that God meant for Man to work as long as he could.
That is my plan. The house is paid off when I reach 70. Can’t retire before then. Work at least that long, and I’m thinking 72, socking some money away into the 401K. You can do that, so I’ve read.
I turned 65, today, so I’m thinking 7 more years. I’m in good health; I like what I do, the company I work for; the people I work with. Why not? I knew a man who was still working at 80.
How many of the percentage of retired people were government workers and how many were private sector?
I’m not going to worry if I DO win :)
My only issue is the older I get the less I am able to keep up with the new techie stuff. I just don’t have it in me to work 12-14 hours a day with the hipsters anymore. Going from lead engineer to a dev manager role helped.
So, I may have to change careers which is darn near impossible over 55 unless you self-employ or downgrade.
If anything beyond basic metallography, fracture analysis, hardness testing, and chemical analysis is needed, I send it out. I still have to put it all together for the report at the end, though.
Maybe, when I retire, I'll just get a part time, say 3 day-a-week job, for fishing money, or something.
I've trusted in the Lord all my life, sometimes with more faith than at others, and so far, it's worked out pretty well for me.
“Assuming businesses will hire you...”
Start your own business. Be self employed. Develop skills that people will pay for.
In the socialized 21st century, those who saved will be ripped off for the benefit of those who did not. It’s not fair, you see, that some scrimped and saved their whole lives and have more.
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