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12-15-2018, 02:36 PM
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#61
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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I am delighted that I waited until age 70 to begin my SSA bonanza.
It alone does not pay all of my expenses, however along with pensions, VA disability, military retired pay, my monthly expenses are generally paid, with a bit left over for fun-time.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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12-15-2018, 03:03 PM
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#62
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,998
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I will receive my 1st SS spousal benefit in 1-1/2 weeks. Between DW and my benefits, today's SS will cover ~50% of our nut. The rest is coming from our IRA's. We long ago rolled over our 401K's and pensions. When I claim delayed benefit at age 70, our combined benefit will cover ~100% of the nut. We have plenty of room for frivolity, both now and later. Although we do have modest desires/needs. Our IRA's will then be there for some "extra" fun money, our LTC (if needed) and cover our widow's(er's ) financial loss of income.
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12-15-2018, 04:00 PM
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#63
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,528
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No it would not. DH is receiving his FRA amount and my SS due to WEP is $92.00 per month. Luckily, we have 3 other pensions, although one of the pensions is tiny. They more than cover our expenses as of now.
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Retirees, does SS cover all your needs?
12-15-2018, 04:28 PM
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#64
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Recycles dryer sheets
Join Date: Jun 2017
Location: Rural community
Posts: 217
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Retirees, does SS cover all your needs?
Doesn’t come close to covering our needs and we don’t have an extravagant lifestyle by any measure. It’s the unexpected, the unplanned expenses that take you by surprise and need to have cash tucked away for / new roof, crown on a tooth, rising house taxes ...
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12-15-2018, 05:10 PM
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#65
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Quote:
Originally Posted by travelover
No problem, take a public job with such a pension. You can't have your cake and eat it , too.
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It's a little late for that. I should have stayed in the military. hindsight is 20/20 indeed. Anyway, I have no regret as working for the military or the public sector is not my cup of tea.
__________________
May we live in peace and harmony and be free from all human sufferings.
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12-15-2018, 05:26 PM
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#66
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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About 12% for me.
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12-15-2018, 05:47 PM
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#67
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Quote:
Originally Posted by NW-Bound
Faced with limited means, one has to think hard about needs vs. wants.
This is want.
But need is something more modest.
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NW you used that top pic of our home without our consent..........lol
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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12-15-2018, 06:03 PM
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#68
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gone traveling
Join Date: Dec 2016
Posts: 733
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Though I'm 12 years away from an early claim. I know details of a couple people already drawing their checks. 1 could make it on the SS alone, though it would be tight by all accounts. The other wouldn't even cover the monthly condo fees.
I know 2 others that when the income stops the needs will be covered by SS and other social safety nets. It wont be fun or pretty but they wont freeze on the street or starve.
The kids have already decided "they made the bed let them sleep in it".
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12-15-2018, 06:36 PM
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#69
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Thinks s/he gets paid by the post
Join Date: Dec 2010
Location: USA
Posts: 1,050
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It depends on your and spouse's social security benefit, i.e. earnings, number of years worked, and age of filing vs. your needs or spend per year.
https://www.investopedia.com/ask/ans...nt-benefit.asp
The maximum monthly Social Security benefit payment for a person applying in 2017 at full or normal retirement age is $2,687 ($32,244 a year). However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years. Depending on when you retire and how much you made while working, your benefits may be considerably less. The estimated average monthly benefit for "all retired workers" in 2017 is $1,360 ($16,320).
What do you estimate your and your spouse's SSN benefit? What do you estimate your needs or expenses to be? It's generally different for each of us.
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12-15-2018, 08:19 PM
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#70
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Quote:
Originally Posted by Beer-man
I ask cause it “appears” that even with cuts that SS would cover our expenses. Even retiring early the numbers are there as we are high earners and don’t spend much.
It would seem that we could still plan for a 30yr drawdown but have it be from 40-70yrs. At 40yrs we’ll be at 4%WR and that’s with pitiful 3% estimated returns.
Spending down tax advantage would avoid tax torpedo. Downsides?
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If you are cutting things this close, you need to be absolutely certain of how much you spend. So I hope you are since your life depends on it IMO. Be sure to include income tax, medical, and unusual/unexpected large expenses. Also, depending completely on one income source, even SS, is something I personally would never do, but whatever.
As for the question in the title of this thread, "Retirees, does SS cover all your needs?": Even though I waited until 70 to claim my SS, during 9 years of retirement my spending has been between 151%-212% of my 2019 SS. My house is paid off, so no rent or mortgage. I could probably live on SS alone, but not comfortably at all. I doubt I will ever have to test that, since I also have income from a small pension, TSP equal monthly payments, and my investment accounts.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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12-15-2018, 10:32 PM
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#71
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,705
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So ... my answer mirrors others with that rare DBP plan. My PENSION covers all my needs. I get a little less than 2500m. But then I've got Prop 13 & a pd off house in a sunny state (California). My investments throw off 1k a month for travel
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12-16-2018, 03:23 AM
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#72
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Full time employment: Posting here.
Join Date: Oct 2018
Posts: 530
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[QUOTE=Spanky;2157473]Sadly, SS would only cover about 40% of our estimated expenses. What we really need is one of the those public pension plans that pay a large percentage (i.e., 80%+) of your salary for life.[/QUOTED
DH has such a pension with a cola too! Just ask him and he will say he choose well!
Not only will he never collect SS but he won’t be able to collect mine if I should die before him.
Oh and he has paid into his pension for 31 years forgoing pay raises several times over the years. Since he has surpassed his 30 years he is basically working for 10 cents on the dollar because he is dedicated and loves his job.
Most people wouldn’t want to do his job. Instead of being envious of his public employee pension maybe a little gratitude for those who serve others is in order.
You too could have choose service and a pension over whatever career path you took.
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12-16-2018, 06:10 AM
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#73
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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SS covers 27% of our 2019 budget. At no time during our careers did we consider SS as more the one leg of our 3 legged stool.
Sent from my iPad using Early Retirement Forum
__________________
"Luck favors the prepared mind"
Pasteur
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12-16-2018, 06:17 AM
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#74
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 2,509
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Doesn't come close. But then I have 5 years until I can take it early. I can't quite live on nothing.
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12-16-2018, 06:23 AM
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#75
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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At FRA (currently 58/59), SS will cover about 40-50% of our inflation adjusted budget (not sure how future tax situation will play out - currently low tax spending from taxable accounts). But, we will likely spend more by then. We are still in the first few years of FIRE and keeping gifting to family lower than our long term plan.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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12-16-2018, 06:25 AM
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#76
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,006
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Quote:
Originally Posted by bingybear
Doesn't come close. But then I have 5 years until I can take it early. I can't quite live on nothing.
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Right, I forgot to mention that too for me. (besides being small amount)
Folks retiring early before 62 don’t even have the option of drawing on SS for a while.
__________________
Retired since summer 1999.
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12-16-2018, 06:30 AM
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#77
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,428
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My husband started collecting at age 63 and I just took age 70 benefits. Yes, those two would cover expenses, for now. However, it is more likely than not that expenses will increase more than COLA over the near future and beyond.
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12-16-2018, 06:45 AM
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#78
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 2,232
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Quote:
Originally Posted by Floridatennisplayer
NW you used that top pic of our home without our consent..........lol
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this is awkward. that's MY home. The place is so big neither of us knew we were each sold the place, and as of yet we haven't bumped into each other.
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12-16-2018, 06:50 AM
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#79
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,543
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SS could cover all of our needs if we downsized our housing and downshifted our lifestyle.
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12-16-2018, 06:53 AM
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#80
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by Ronstar
SS could cover all of our needs if we downsized our housing and downshifted our lifestyle.
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+1
It could cover our needs and we could save a little every month (like my parents did) - if we didn't spend so much.
__________________
Numbers is hard
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