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Old 02-07-2016, 03:39 PM   #21
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Thanks for sharing. I'm staring at another OMY right now and this thread really helps.


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Old 02-07-2016, 03:55 PM   #22
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OMY?
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Old 02-07-2016, 03:57 PM   #23
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OMY?
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Old 02-07-2016, 04:04 PM   #24
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Forgetting for a second whether the individual has enough money for one more year, the hourly earning for the one more year is totally wrong as you have to multiply it by the number of years, you cannot take a some of money and only give one years income from it! I hate it when an article makes a point using totally wrong math as the justification. Just the increase in Social Security alone will be worth $21.00 per the hour worked to enjoy for the remainder of their retirement. You addd on the $36,000 (4% of portfolio withdrawal) and 20,000 they saved you get an additional $14.00 per hour, the gains or losses otherwise would have been the same whether they worked or not for a total additional of $35.00 per hour worked not $1.21.
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Old 02-07-2016, 04:48 PM   #25
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Forgetting for a second whether the individual has enough money for one more year, the hourly earning for the one more year is totally wrong as you have to multiply it by the number of years, you cannot take a some of money and only give one years income from it! I hate it when an article makes a point using totally wrong math as the justification. Just the increase in Social Security alone will be worth $21.00 per the hour worked to enjoy for the remainder of their retirement. You addd on the $36,000 (4% of portfolio withdrawal) and 20,000 they saved you get an additional $14.00 per hour, the gains or losses otherwise would have been the same whether they worked or not for a total additional of $35.00 per hour worked not $1.21.
Scott Burn's oversimplistic arithmetic also annoyed me but I thought perhaps that he was intending to be humorous? I've heard of him but his column is not available in my local paper.
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Old 02-07-2016, 05:06 PM   #26
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I agree on his fuzzy math since the couple do get a year's salary along with the increased benefits. I think that he is trying to make the point that for some, it isn't really worth it to go OMY. here is a link to his own blog at the Asset Builder website.
Link- https://assetbuilder.com/knowledge-c...rs/scott-burns
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Old 02-08-2016, 03:51 PM   #27
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If I retired today, my net worth at some point in the future would be 8% less than it would be if I retired 1 year from now. I'd give up 8% of money but gain 1 extra year of "life." 8% isn't trivial. It can do a lot of good for me and/or for others.
8% more can indeed improve your life if there isn't much slack in your plan.

However at some point, the extra 8% won't buy you much more that you really want cause' you already have everything you need. That's when you say I have enough and more won't really help, and I certainly won't put up with working another year for the extra 8%.


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Old 02-09-2016, 10:25 AM   #28
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The correct medical term is anal glaucoma.
I've also heard it diagnosed as rectal blindness
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Old 02-09-2016, 02:39 PM   #29
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When I hit my 60's a very good friend , who is also a financial adviser that specializes in retired folks, told me something I never forgot.
He told me that over a career of managing retirement accounts and becoming friends with MANY MANY retirees he has developed a theme that he tells his "older" friends.
The you hit the 60's the VAST majority of us have about 10-15 years to do all those " things" we plan to do in retirement. Sure sure there are the Jack LaLane , George Burns types that defy the odd but for damn near ALL of us the mid 70's is the beginning of a serious slowing down. My own experience with my parents and all of my older previous generations relatives/friends has re-inforced this theme. By the time most of them are late 70's and ( for sure) early 80's they have slowed considerably AND they just don't spend a lot of money on the " things" anymore.
My friend asked my a prophetic question :....." how many of these dozen years you have do you want to spend at work building your war chest ?" Now remember that , for me at least, you add about $40,000 to $50,000 a year to retirement funds ..spread that out over the 25 -30 years left and its pretty easy to understand Burn's logic. Is losing another 1-2 or 3 years of good health and prime time in exchange for a few hundred dollars a month in retirement " income" worth it ? IF the 10 year theme is even remotely accurate and these are years you can NEVER recover do you REALLY want to spend them in a job ?
That conversation changed my life.
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Old 02-10-2016, 09:22 AM   #30
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I'm doing OMY's in my mid 50's, but I will absolutely NOT NOT NOT be doing them at 60+.
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