Retirement Targets

Discussion in 'Off-Topic' started by yowza, Jul 8, 2020.

  1. dmclone

    dmclone Well-Known Member

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  2. coolerifyoudid

    coolerifyoudid Well-Known Member

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  3. mark46

    mark46 Member

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    We have Long Term Care Ins.
    Alzheimer’s runs in the family & I have seen too many farms go to the nursing home.
     
  4. Cyclones_R_GR8

    Cyclones_R_GR8 Well-Known Member
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  5. JY07

    JY07 Well-Known Member

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    I know this was to point out how bonds are doing in the current environment, but it's impressive PFG's sp500 fund is down 3% while that index is down .5%... I'm guessing the .5% expense ratio doesn't help

    I think my goal would be to retire mid-50's, but I think if I do so I'll be back at work within a few years bored out of my mind
     
  6. Stormin

    Stormin Well-Known Member

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    Hope it is a decent company. Deny. Deny. Deny. From many people I know. One example is an individual who paid premiums for decades and is now 100 and needs care now. They denied the claim. The fight continues. And the legal costs are not cheap. Insurance companies suck.
     
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  7. nfrine

    nfrine Well-Known Member

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    No pictures please...
     
  8. mtowncyclone13

    mtowncyclone13 Well-Known Member
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    ITT" everyone's rich and probably handsome
     
  9. HackTheGibson

    HackTheGibson New Member

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    Thoughts at pulling SS at age 62 vs. 67? Will there still be social security long enough to make waiting until 67 to get the "full" amount? My parents are 61 and planning to start pulling it at 62 for that reason.

    I personally think the government will continue going into debt to keep the program going (I think it's currently planned to "run out" in 2035 timeframe), but I don't know how that affects payouts and I don't know that I would fully trust the government to do things that benefits people...
     
  10. brianhos

    brianhos Moderator
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    Everything I have read says pull it on day 1, if you don't need it, invest that money and it would take to living to be 100 till that is the wrong decision.
     
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  11. BCClone

    BCClone Well-Known Member

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    Too many die in their 60s, get what you can.
     
  12. yowza

    yowza Active Member

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    One of my main retirement activities will involve sitting outside in the summer with some tunes on and a cold Bud in hand. Simple, cheap and relaxing.
     
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  13. RealisticCy

    RealisticCy Active Member

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    If this is true what are CD's then? My parents are the most risk averse people I know, and have had money in CD's since forever. They are fine with it, but good lord they've lost a lot of value to inflation.

    Truer words have never been posted on the internet.....
     
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  14. Stormin

    Stormin Well-Known Member

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    SS never “runs out”. In 2035 the SS surplus is exhausted and then if nothing is done then it is pay in payout which is projected to be 80% of scheduled benefits. Take off the cap on earned income subject to SS and it is pretty much resolved.

    I am waiting till full retirement age to take SS as I would be hit by the SS benefits being reduced because of my earnings being above threshold before retirement age. The math works better for me. And my spouse may get the greater of half of my benefit versus her own full benefit. So the rate of return by waiting is about 12% per year instead of 8%. If I die, so be it. At least my estate won’t get eaten up by the nursing home. Kids will get plenty. I won’t need money when I am dead. Also not planning to tap into IRA’s till I have to because I don’t need to. Let it build.
     
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  15. Balls

    Balls Well-Known Member

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    3 million is the target plus assume a little from SS (not depending on it) plus a significantly reduced pension due to early retirement. I estimate my age to hit this is around 50-52. May work a few years more but will have the retirement card when/if needed. My wife may work part time a little longer and I’ll likely find some other part time income but outside the traditional work methods like corporate America.
     
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  16. qwerty

    qwerty Active Member

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    See post #140
     
  17. yowza

    yowza Active Member

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    Ah yes, CDs. The only purpose for which is a slightly better rate than zero right now.
     
  18. Balls

    Balls Well-Known Member

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    Excellent post. I’m taking early.
     
  19. qwerty

    qwerty Active Member

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    I am sure everyone would figure this out at the time, but the current limit in earnings prior to FRA is $18,240. There is a one time rule in place that factors in during the year you retire. Only during that year you are not penalized for your annual earnings exceeding the set annual limit. Once you are retired though, you cannot exceed 1/12th the earnings limit ($1520) during any month you receive SS or you forfeit your entire SS for that month. Beginning the next full year after you retire, the monthly goes away and it is strictly an annual limit (you could earn the full $18k in one month as long as the rest of the year is zero). Example: you retire in August and have already earned $58k. Although that is way over the $18k limit you will receive full SS checks as long as you do not earn more than $1520 during any of the remaining months of that calendar year.

    https://www.ssa.gov/pubs/EN-05-10069.pdf
     
  20. Stormin

    Stormin Well-Known Member

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