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07-21-2011, 08:35 PM
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#21
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by Chester_A._Riley
"Not only was that a long wait, but I wonder how many people can even recognize that comment anymore!"
Man, oh man. That is depressing.
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Lemme put it this way.
You might be a member of a small, extremely select group with as few as 10 members.
Feelin' better now?
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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07-21-2011, 08:43 PM
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#22
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Recycles dryer sheets
Join Date: Jul 2011
Posts: 402
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Quote:
Originally Posted by Nords
Lemme put it this way.
You might be a member of a small, extremely select group with as few as 10 members.
Feelin' better now?
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Nah, there are plenty of us around, although I do remember better "Checkmate King-Two, this is White Rook, over!"
__________________
"The future's uncertain, and the end is always near. Let it roll, baby, roll." - The Doors
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07-22-2011, 01:25 PM
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#23
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Dryer sheet aficionado
Join Date: Mar 2005
Location: Gulf Breeze
Posts: 47
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07-23-2011, 11:29 AM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,794
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Quote:
Originally Posted by Tree-dweller
Nah, there are plenty of us around, although I do remember better "Checkmate King-Two, this is White Rook, over!"
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I watched COMBAT so religiously that I adopted "White Rook" as my CB handle a few years later.
Now returning you to your regularly scheduled thread.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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08-10-2011, 10:47 AM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Quote:
Originally Posted by Chester_A._Riley
"Not only was that a long wait, but I wonder how many people can even recognize that comment anymore!"
Man, oh man. That is depressing.
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?William Bendix?
heh heh heh -
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08-11-2011, 03:04 PM
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#26
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Confused about dryer sheets
Join Date: May 2011
Location: Franklin
Posts: 5
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Riley sounds like a jerk, regardless of expenses you can't be financially independent unless you make more than 3/4 of the country. How about the "if your expenses are lower than the growth of your wealth you are financially independent" index? The best part of that index is that it gets easier every year you are a part of it and does not require your death as part of your investment strategy. On the other side, every year you are not in the index it gets harder to get into it.
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08-11-2011, 03:30 PM
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#27
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Full time employment: Posting here.
Join Date: Oct 2007
Posts: 798
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Here ya go - all the Life of Riley you can handle:
Life Of Riley, The - Free Shows - Listen Now!
__________________
Mission accomplished - not necessarily ER, but certainly R.
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08-11-2011, 04:05 PM
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#28
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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__________________
Primary title "chief moron"
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08-11-2011, 08:05 PM
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#29
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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Quote:
Originally Posted by rescueme
"When the going gets tough, the tough go to work."
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Or, "I owe. I owe. so off to work I go."
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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08-12-2011, 12:09 AM
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#30
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Full time employment: Posting here.
Join Date: Dec 2005
Posts: 567
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The article assumed a huge amount of SS and that retired people are married. I didn't much like his assumption you only need to plan to live 20 years if you are the normal retirement age. He made no allowances for if you lose a spouse so SS is cut in half.
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08-12-2011, 02:27 AM
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#31
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by old woman
The article assumed a huge amount of SS and that retired people are married. I didn't much like his assumption you only need to plan to live 20 years if you are the normal retirement age. He made no allowances for if you lose a spouse so SS is cut in half.
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I don't think he is too far out. He says a retired couple should plan for one of them living 25 years. (age 90)
I think a widow or widower after full retirement age receives 100% of the SS benefits, unless I'm reading the SS site FAQs wrong.
Looking at the estimated SS income for me and DW at FRA is over $35k/year so I find that figure in line with our expectations. (we are age 56 now)
Quote:
While a young person has to live on investment income to have his money last as long as 50 or 60 years, a retiree couple need only consider individual life expectancies of 20 years, or a joint expectancy of about 25 years. As a consequence, they normally can make withdrawals at a 4 percent or 5 percent annual rate with no fear of running out of money. This implies a nest egg of "only" $875,000 (4 percent) or $700,000 (5 percent) to provide $35,000 to supplement Social Security income.
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Quote:
How much will my widow or widower benefits be?
We pay widow's or widower's benefits based on a percentages of the deceased worker's benefit amount. The percentage varies depending on the widow's or widower's age at the time of retirement. Here are the most typical situations: - A widow or widower, at full (survivor's) retirement age or older, generally receives 100 percent of the worker's benefit amount;
- A widow or widower under full retirement age receives about 71 to 99 percent of the worker's benefit amount; or
- A widow or widower with a child younger than age 16 receives 75 percent of the worker's benefit amount.
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__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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08-12-2011, 08:13 AM
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#32
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Full time employment: Posting here.
Join Date: Dec 2005
Posts: 567
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The widow/er receives the higher of the two SS amounts. So if a couple is getting two checks of say 1,400 and 1,600 and one of them dies the survivor gets 1,600. So the household loses 1,400 but cost might not go down that much.
In my family many women are widowed for 25 years or more living to 97-98. Great grandma was widowed from 1948 to 1968, grandma 1980 to 2007, mom 1993-current. I have a long term relationship but will probably outlive him a decade or two. I don't count money he gets in my budget since his SS and pensions will be gone when he is.
I may have made you think I was talking about a person who wasn't a worker being a widow/er but I assumed both people had careers to get that much SS.
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08-12-2011, 09:50 AM
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#33
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,056
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Quote:
Originally Posted by old woman
The widow/er receives the higher of the two SS amounts. So if a couple is getting two checks of say 1,400 and 1,600 and one of them dies the survivor gets 1,600. So the household loses 1,400 but cost might not go down that much.
In my family many women are widowed for 25 years or more living to 97-98. Great grandma was widowed from 1948 to 1968, grandma 1980 to 2007, mom 1993-current. I have a long term relationship but will probably outlive him a decade or two. I don't count money he gets in my budget since his SS and pensions will be gone when he is.
I may have made you think I was talking about a person who wasn't a worker being a widow/er but I assumed both people had careers to get that much SS.
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Gotcha - thanks for the clarification.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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08-12-2011, 10:48 AM
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#34
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Dryer sheet aficionado
Join Date: Mar 2005
Location: Gulf Breeze
Posts: 47
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Quote:
Originally Posted by yaosio
Riley sounds like a jerk
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Yeah, you may have a point. I used to hear something similar from my (former) Mother-in-law on a regular basis.
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