audreyh1 said:If you want to retire because there are some things you want to spend a lot more time on, or you have something else you really want to do, that can settle the "now or later" debate.
If you really have no idea what you'll do with yourself once you retire, it's easy to keep working, it's easy to keep accumulating because there is a lot of security in accumulating, in a regular paycheck, in all those benefits.
Audrey
your DW should get the greater of her own ss, or 50% of yours. that said, i'd suggest you consider that you're looking at numbers 14 years out ... and given the state of the ss system, there just might be a few changes before they send you your first checks.Can anyone confirm this?
Alan said:Great cartoon and sums up the dilemma many of us face.
In calculating "do I have enough" I have to check what SS I should expect to receive and I'd just like confirmation of what DW will expect. I downloaded the estimator from the SS website and if I stopped work at 52 (6 months time) I should get SS of about $2K/mo at 66 and 2 months. DW is entitled to $750/mo based on her earnings history. We are the same age but will she get $750/mo or $1K/mo?
The SS website appears to indicate the higher figure. If that is the case then combined SS of $3K/mo is better than I had been planning on. Can anyone confirm this?
i sure wouldn't count on 100%! either directly or indirectly, it would likely be wise to employ a healthy "discount".faith that they will not totally erode in my lifetime
tiredofwork said:Also, at your age, the various studies I've reviewed indicate you may take a 10-15% haircut on your benefits due to Social Security "fixes".
i would expect at a minimum that "cost of living" increases will be modified, and that s.s. will be fully taxed.i cant imagine any politacal group telling them they are cutting their ss or raising their tax brackets.
mathjak107 said:i wouldnt worry about ss running out of money.being federal it can be funded at anytime by the sale of bonds...]
i dont believe retirees will have any taxes increased ,the baby boomer group is 1/3 the entire voting population.i cant imagine any politacal group telling them they are cutting their ss or raising their tax brackets.
i do think working america will get hammered,i see social security taxes being raised big time,i see medicare taxes becoming rediculious ,maybe some increases in sales tax etc.
i expect so.If you saved and your neighbor of the same age didn't, expect to share.
mathjak107 said:just the opposite seems to be happening.each year the tax brackets are extended upward increasing the 15% and 25% tax brackets higher and higher by about 3,000 bucks.its been doing so for quite a long time now.at this rate you can earn 100,000 bucks or so and still be in the 15 % bracket in a bunch more years
... at which time that will be worth how much?at this rate you can earn 100,000 bucks or so and still be in the 15 % bracket in a bunch more years
Tadpole said:If you saved and your neighbor of the same age didn't, expect to share.
You're right, FIRECalc does not account for taxes. You have to enter your expenses into FIRECalc, and those expenses have to include your estimate of your taxes. Of course in ER those taxes are usually a good bit lower, as the FIRECalc documentation discusses.JohnEyles said:> If I run FIRECalc (the most conservative of the calculators I've found), I can withdraw > almost as much as my current "take home" with a 95% success prediction.
Help me here - I am new here and just started messing with FIRECalc ...
Why are you comparing FIRECalc's SWR against your current "take home" ?
FIRECalc does not back out axes does it ? (It can't really, since it doesn't
ask how much of your investment is iax-advantaged, taxable, etc).
So why would your SWR being equal to "take home" be ok ?