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Old 06-15-2014, 06:05 PM   #21
Recycles dryer sheets
Join Date: Jun 2014
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Originally Posted by gauss View Post

If your spouse has been working a SS covered job all along then he will also likely have at least 1.5k/month in accrued benefits (under current law).

In our case I worked 22 years in an engineering position and have accrued $2,500/month if I defer until age 70. Spouse, who is still working, has accrued even more.

Of course these benefits can be changed by lawmakers at any time for any reason. I personally discount them by 1/3 to come up with about $40,000 /year in SS benefits starting at age 70 for the two of us in ~ 20 years.

Notice how I completely ignored the SS. My spouse will get a conservative SS check and I know they are suppose to average out your earnings so mine should still be somewhat reasonable having maxed it out for 18 years.. so I figure we will get some money, just not nearly what was projected.

However my big concern is really how to get from now to 65. My 401K won't be touched and should easily have $2M in it which by then won't be the same as now.. but still a heck of a lot more than most will have. I just figure if I pull the trigger too soon, I will be 60 and looking for a job not to touch my 401k...and that I don't want to do.

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Old 06-16-2014, 02:25 PM   #22
gone traveling
Join Date: Oct 2007
Posts: 1,135
Well... You can begin to tap the tax deferred retirement accounts at 59.5 penalty - Even earlier for Roth accounts. So both are ate earlier than 65 as you know. And early SS is an option too.

Maybe sit down and work out a few scenarios for draw down -


Modulate the timing that you and spouse take SS. You may be surprised.

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Old 06-17-2014, 04:32 AM   #23
Recycles dryer sheets
Join Date: Jan 2014
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Originally Posted by photoguy View Post
- $500/month in insurance is probably going to just cover premiums for health insurance under ACA (without subsidy) at your age and they will go higher as you get older. However, the maximum out of pocket expense could be an additional 12k+/year not including the premium. These additional costs need to be included in the budget.

These were exactly my thoughts as I read the original post. Getting an unexpected cancer diagnosis can mean hitting the OOP max each year. I retired early this year at age 46 and include the premium and OOP costs in my budget "just in case".

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