16 Year Age Difference Influences Retirement Planning

[Amethyst]

OK, that is a huge change. Back in the day, the SS stipend was for "full-time student, living at home, until 22nd birthday." I was 16 when I entered college (my Dad was 63, and already on SS), so benefits to age 18 still would have helped, but that's not exactly a common situation.

Take care,

Amethyst

Quote:

Originally Posted by rodi The laws have changed. DH applied just last Friday for SS for himself and our sons. If the kids are graduated high school SS for them ends on their 18th birthday. If they haven't graduated yet it goes till graduation OR their 19th birthday, whichever comes FIRST. The kids' benefit was enough to make the spreadsheets swing to promote DH taking SS now, versus later. FWIW - I'm 9 years younger than DH - so can relate to the age difference. I think I've used every calculator out there plus have my spreadsheets. I like quicken lifetime planner the best for 'what if'ing scenarios. I also like Fidelity RIP, Firecalc, and Financial Engines.

[NYEXPAT]

Quote:

Originally Posted by Amethyst OK, that is a huge change. Back in the day, the SS stipend was for "full-time student, living at home, until 22nd birthday." I was 16 when I entered college (my Dad was 63, and already on SS), so benefits to age 18 still would have helped, but that's not exactly a common situation. Take care, Amethyst

Congrats on that! I am happy that it was available to you then, fortunately we will be in good shape under current law!

[chris66]

Quote:

Originally Posted by chris2008 I am 55 and joined DH (62) in summer 2013 when he retired. Although some health issues have come between us and our travel plans we both believe that retiring together was the best idea we ever had. I had a good job but have no regrets at all.

I may end up doing that, too. But, even if I don't, I won't be far behind -- less than a year after his leaving the workforce, I'll leave too. I want to retire next year, so we have those 5 years of very little "income". During that time, I'm going to convert as much of my 401K to a Roth as I can without exceeding the 15% tax bracket each year, so that alone will encourage me to stay the course, and not fall into OMY syndrome. After those 5 years, we'll have hubby's SS and RMD's (although reduced RMD's because I'm younger), but anyway, those will mean I probably won't bother converting the remaining amount of my 401K after hubby is 70. Not sure, yet.

[chris66]

Changed our minds. I'm leaving my job at the end of the month. Hubby is now retired. My MIL may move in with us soon (in her 90's and has Parkinson's disease. We're several states away, and will try to bring her home in April). We REALLY want to make faster progress on the home remodel, which we're mostly doing ourselves. So, now's the time. I'm nervous, since this is earlier than planned (and I'm an obsessive planner). However, it's really what I need to do. I'm calling it a sabbatical. My last day is Monday. This is the LONGEST WEEK EVER...

[Brett_Cameron]

Congratulations and best wishes!