NYEXPAT
Thinks s/he gets paid by the post
I read recently that it is expected that 10% of “babyboomers” will retire overseas in the next 15 or so years. Within that figure (based on my own observations) a large percentage will be single males.
In my own case (56/male/non-working/no health insurance) it made sense financially to move to a city similar to NYC, but with better climate and much lower cost. I had not planned on getting married and having children again, but sh*t happens!
In the USA (I planned my retirement,managed my portfolio) and otherwise spent an inordinate amount of time pondering my future. After my divorce/dot com bubble/etc. I changed my priorties and decided to forget about all that and “live life” every day and collect “experiences” instead of “dollars”.
In the back of my mind (having maxed out SSI) in my thirties (I stopped paying) and new that the benefit would be there for me in six years (when I ER). I also mistakenly assumed that if I died with a “young widow” she would collect “my benefit” for the rest of her life and my children under 21 (½ benefits).
This is a popular (urban legend) here in SA, that has benefitted many an old codger!
The subject came up over coffee at a local cafe recently and I had to do further research!
Much to my “chagrin” I learned that my son can only collect until 18-19 and my wife is not entitled to my “benefits” until she is 60 (another 30 something years)! With a few exceptions.
GOTTA LOVE EXCEPTIONS!
I learned that my Son is entitled to ½ (my full) benefits when I turn 62 and my wife as a caregiver also will start collecting half (until son is 16). If I file and suspend (waiting till 70) to collect my full benefit, I will essentially be getting my (age 66 benefit) for 8 years (starting at 62) when it runs out (for wife & son), leaving me with a much higher benefit for future years as well as dramatically increasing my wife's survivor benefit.
ALL GOOD SO FAR!
The next problem is my wife will only be 40 (when I am 70) and it will be 20years before she can get either a spouse or survivor benefit.
HMMMM!
GOTTA LOVE THOSE DAMN KIDS!
Yup, the answer is to have another child when my son approaches 16!
SO, WHATS LOVE GOT TO DO WITH IT?
Warning! The author is a professional “goldbricker” living a grand lifestyle, with no visible means of support! Readers are advised not to try this at home!
In my own case (56/male/non-working/no health insurance) it made sense financially to move to a city similar to NYC, but with better climate and much lower cost. I had not planned on getting married and having children again, but sh*t happens!
In the USA (I planned my retirement,managed my portfolio) and otherwise spent an inordinate amount of time pondering my future. After my divorce/dot com bubble/etc. I changed my priorties and decided to forget about all that and “live life” every day and collect “experiences” instead of “dollars”.
In the back of my mind (having maxed out SSI) in my thirties (I stopped paying) and new that the benefit would be there for me in six years (when I ER). I also mistakenly assumed that if I died with a “young widow” she would collect “my benefit” for the rest of her life and my children under 21 (½ benefits).
This is a popular (urban legend) here in SA, that has benefitted many an old codger!
The subject came up over coffee at a local cafe recently and I had to do further research!
Much to my “chagrin” I learned that my son can only collect until 18-19 and my wife is not entitled to my “benefits” until she is 60 (another 30 something years)! With a few exceptions.
GOTTA LOVE EXCEPTIONS!
I learned that my Son is entitled to ½ (my full) benefits when I turn 62 and my wife as a caregiver also will start collecting half (until son is 16). If I file and suspend (waiting till 70) to collect my full benefit, I will essentially be getting my (age 66 benefit) for 8 years (starting at 62) when it runs out (for wife & son), leaving me with a much higher benefit for future years as well as dramatically increasing my wife's survivor benefit.
ALL GOOD SO FAR!
The next problem is my wife will only be 40 (when I am 70) and it will be 20years before she can get either a spouse or survivor benefit.
HMMMM!
GOTTA LOVE THOSE DAMN KIDS!
Yup, the answer is to have another child when my son approaches 16!
SO, WHATS LOVE GOT TO DO WITH IT?
Warning! The author is a professional “goldbricker” living a grand lifestyle, with no visible means of support! Readers are advised not to try this at home!