[Night Hides Not]

In many boomer households nearing retirement, both spouses worked so they will have $40K-50K in Social Security income. That’s the annuity equivalent of about a $700K lump sum.

My wife and I are going to need to consult an expert: she's been a federal employee her adult life, and I've done public and private sector work.

She went to a retirement seminar last month, and she was bursting forth with "great ideas." LOL, the first one was an ender: "if you can hold off on SS until you're 70...", to which I said, "that ain't happenin.'"

I've crunched all the numbers, and we're good to go in 18 months, when I turn 63...IF we can pay off all of the consumer debt, leaving just the mortgage and utilities.

It may not be a Cadillac retirement, but I won't need much. I'll stay busy doing different things, I know how to stay busy and productive. For example, I'm a catechist at our church, and there are plenty of volunteer activities.

One problem I'll have to head off at the pass are kids and in-laws coming to us for help. Our "emergency fund" is my 401k, and that stays in my name.

[PAR35]

If she’s CSRS, you all ought to be in great shape. If she’s FERS, not so great, but should be workable.

[CottonBall]

I’m glad you’re not waiting until 70 to retire. IF one waits until 70 to take SS but doesn’t work during that interim, it’s a gamble whether you get more SS over the rest of your life.

The calculations at 62, retirement age (65 right now I think, 67 for me), and 70 are such that you get the same total amount if you die at the average age for men and women averaged out. If you live longer, you’d get more by getting SS later; if you die earlier you’d get more by getting SS earlier.

But here’s the dirty secret: if you contribute during that interim and are in the group that works hard so earns a good living, you get screwed. My husband is 50 and wanted to ‘max out’ his SS before retiring. I doubted that paying in more would actually be a good thing, given our increasingly fascist government. So I did the calculations for his situation. If he works until 67, he’ll pay in over $152,000. (I counted his Medicare portion too, because he will get nothing more in Medicare benefits for paying in more since it is 100% socialized.) This $152k is only my hubby’s portion - add his employer’s and it’s over $300,000!
If he lives to the average male lifespan of 83 and starts collecting at 67, he’ll get $40,000 more than if he quits today and doesn’t pay in one more dime.

It is nothing more than a ponzi scheme depending on the hardworking dupes to keep supporting it.

So, hubby quit work and we are going Galt.

[riverdawg]

Yes, don't let your kids or in-laws treat your retirement income or savings like their piggyback. Once you put a fence around those two items, then you can decide how much you are able to help them.