Posted on 12/31/2017 7:23:49 AM PST by SeekAndFind
Good hobbies substitute well for work for us. There’s no “have to...” with hobbies. To each his own.
Chances are your income will be low enough to qualify for obamacare, and probably free or at least at low cost.
Do I care that it supposedly costs the government $1000 a month to pay for my obamacare and I pay zero for a silver plan? Nope, not any more. All my life I've worked and paid for deadbeats - about time I started getting some of that back. It is not a sustainable system (obamacare) but I'm using it to close the gap between now and when I turn 65.
I don't understand the point he/she's trying to make. SS pays the same whether you sit on your butt at home and watch tv or whether you go fishing. I'm bewildered.
If they were awake that day in econ 101, they know that the COLA makes up for NONE of the the time value of money.
Economists usually separate the two effects. However, in the real world, interest rates usually combine the two. There are exceptions: iBonds and Treasury Inflation Protected Securities (TIPS) are both US Government debt instruments which explicitly account for TVM and inflation separately.
The bottom line is that the SS break-even calculation is a scam perpetrated by the government on the least financially sophisticated people in our society.
* * * * * * * * * * *
Personally, I claimed at 62, the earliest possible age, both because I understand TVM and I also understand the returns on investments in stocks. By leaving my personal money invested and living on the government's nickel I have done quite a bit better over the years than I would have done otherwise.
There are other reasons to claim early -- money in my personal account is inheritable, SS ends when I pass, and my children get nothing.
Also, SS will run out of money in the ~2031 time frame, most likely earlier. I expect benefits will be reduced. It is politically much more difficult to reduce benefits that have started than to delay benefits that have not yet started. Take your money at the earliest opportunity.
Sage observations. Thanks.
Bump fer later
I’m on my husband’s insurance and am still 2 years away from Medicare.
You also need to consider the inevitable changes in Social Security that will be needed to keep the program solvent. In my mind it is more difficult to take away what you currently get in Social Security benefits than to come up with new restrictions applied to new beneficiaries. Those delaying getting their benefits in hope of bigger payouts might find themselves caught by changes in the current law that could leave them getting less or even nothing. Take what you can get as soon as you can or risk getting nothing.
My wife is a retired Texas educator.
I also work part-time and have my finances arranged so I don’t have to pay income tax on that money. We’re not rich, but more comfortable than most people.
Do you get medical coverage thru your part-time work?
That’s what I’m wondering about, what do people do between 62 & 65 for healthcare coverage.
The scope and depth of your reply is impressive; I can follow the gist of what you are saying, but am unable to understand it in detail and absorb it in whole. I have no legal training, and so while your comments seem to make sense, I unfortunately can't simply adopt your line of reasoning wholesale.
(As an aside: I think that you should have immediately "put your cards on the table" and begun with this in your very first posting in this thread, rather than making repeated opaque references to "unlawfulness" - which made you sound like someone with a "hidden agenda.")
But again, putting aside for a moment your (well-founded, it seems) accusation that S.S. is "unlawful" - How should one then proceed?
How should a principled person who has been forced to pay into S.S. his entire working life then act, upon reaching retirement age?
Are these arguments of yours mere musings, without any real-world impact, or is there a practical consequence to them - specifically, in regards to applying for S.S. benefits?
Regards,
Plus, we're seeing so many our age and younger either kicking the bucket or becoming incapacitated so they can't do much - the longer you wait, the greater the odds are that you waited too long.
I stopped buying guns and just concentrate on having x-rounds per weapon/type of weapon.
Dear Sequoyah101,
An attitude like that is priceless! Happy New Year!
Regards,
I get health insurance...life insurance...sick days..vacation days...
I NEED my money....SS will not cut it right now this year....maybe next year....
I'm glad that so many have schemes and govt pensions and tax free disability but most of us do not....
I can't stand the thought of paying more taxes on SS if I keep my part time job....
You pay for it just like everybody else. If that is going to be too much of an expense then wait until 65. I waited until 65 and draw full SS and I still work full time. Wife will retire early at 62 and change her job to part time. She still keeps her insurance. Many work part time just for the insurance.
My wife gets a pension and insurance thru her employer and still works part time for them. Together we are doing pretty well, but if we tried retiring as singles, not so much.
I’ve been trying to address the practical response as I see it since the first post. I’m not going to take something I’m not legally entitled to.
As for the length of various posts: I’m kinda like that one old Foghorn Leghorn joke: if I get the urge I can spit out more words than a dictionary in a shredder. Far longer, in fact, than the earlier post.
But a lot of the time I’m just like everyone else just giving opinions and not trying to outline some deeper view. These forums are generally casual conversations and, at least for me, I usually see long posts as best reserved for when a conversation has started.
Or, put another way, hitting people over the head with a long post, even one formatted to be easier to read than some wall’o’text, seems to me to be presumptuous (that they’d be interested in what I’ve got to saaaaaaay) and generally a lot of a lot.
That doesn’t mean I haven’t ever jumped in guns a blazing, only that I’m aware that not everyone likes being attacked by page-down-zillas, or even babies of the species.
I do a great mad scientist laugh ala Mandark from Dexter’s Laboratory.
All very good points and interesting on the inflation aspect. I will go read more on it.
Thx.
Good on ya. Live well, and keep ignoring the ankle biters.
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