...and I thought I was ready

[ivinsfan]

Here's what I keep seeing about non-working spouses...

Your retirement benefit if you are a non-working spouse would be the greater of your own Social Security benefit or a percentage of your spouse’s benefit. For a rough calculation, you could expect to receive about 35% of your spouse’s disability benefit if you file at age 62. If you wait until your full retirement age, you’d get about 50%.

Your are reading about disability benefits not regular SS benefits. This doesn't apply unless you yourself are disabled. Do a little bit more reading..your number looks high. the 64K number.

 

[Dtail]

Here's what I keep seeing about non-working spouses...

Your retirement benefit if you are a non-working spouse would be the greater of your own Social Security benefit or a percentage of your spouse’s benefit. For a rough calculation, you could expect to receive about 35% of your spouse’s disability benefit if you file at age 62. If you wait until your full retirement age, you’d get about 50%.

Yes you are correct.
You are truly good to go. Many on this site retired in their mid to late 50's.

 

[ivinsfan]

Yes you are correct.
You are truly good to go. Many on this site retired in their mid to late 50's.

I don't see him saying he is disabled...the number is half his FRA benny minus the wife's age reduction.

 

[Dtail]

I don't see him saying he is disabled...the number is half his FRA benny minus the wife's age reduction.

I thought it was for regular SS.
See attached.
Separately, I am not sure the 64k is too high, as wouldn't the calculation be 64k/1.5 which would be 42k yearly.

https://www.schwab.com/resource-cen... when a nonworking,up to an additional $1,000.

 

[ivinsfan]

I thought it was for regular SS.
See attached.
Separately, I am not sure the 64k is too high, as wouldn't the calculation be 64k/1.5 which would be 42k yearly.

https://www.schwab.com/resource-cen... when a nonworking,up to an additional $1,000.

The OP used the example he would wait till 70. Spousal is not based on that number

 

[cat4ever]

I don't see him saying he is disabled...the number is half his FRA benny minus the wife's age reduction.

Retirement and Disability are regarded the same in this regard, same calculations. I sure hope that's the only regard that it's the same.

From https://socialsecurityintelligence.com/stay-at-home-parents-and-social-security/

If Your Spouse Retires

This one is easy!

If your (working) spouse retires, the benefits available to you are identical to the benefits you would be entitled to if they were disabled.

 

[cat4ever]

From: https://socialsecurityintelligence.com/stay-at-home-parents-and-social-security/

If Your Spouse Retires

This one is easy!

If your spouse retires, the benefits available to you are identical to the benefits you would be entitled to if they were disabled.

Resources:
Social Security’s page on Retirement Benefits for Children

 

[cat4ever]

How often are you planning to rent out your vacation home, and do you need to do that in order to afford it?
Each person has a different level of comfort with that scenario.
Personally, there is no way that I'd rent out my home if I had plans to utilize it myself.

I would guess we'd spend a month or two per year at the vacay home, more as we get older, and rent as much as possible the rest of the time.

Regarding renting (e.g. AirBnB) and using a vacation home, just wondering if your's is a common notion? Is the issue not wanting to reside in a space that has been shared by many strangers, or something else?

 

[ivinsfan]

From: https://socialsecurityintelligence.com/stay-at-home-parents-and-social-security/

If Your Spouse Retires

This one is easy!

If your spouse retires, the benefits available to you are identical to the benefits you would be entitled to if they were disabled.

Resources:
Social Security’s page on Retirement Benefits for Children

Yes the benefit is the same, yet your spouse's benefit will be capped at half your benefit at FRA......not the age you start taking your benefit. her % of your benefit will rise from 62 to her FRA but will not increase after that.It caps out at your FRA. You do see the difference right..

 

[REWahoo]

Sorry, I don’t know what FRA means.

This should help:

* Acronyms and Slang Frequently Used on the Forum *

 

[ivinsfan]

Sorry, I don’t know what FRA means.

Quit reading the disability page and start reading on the actual SS page disability isn't concerned with your age. ..full retirement age varies for everyone depending on the year they were born.

 

[cat4ever]

Yes the benefit is the same, yet your spouse's benefit will be capped at half your benefit at FRA......not the age you start taking your benefit. her % of your benefit will rise from 62 to her FRA but will not increase after that.It caps out at your FRA. You do see the difference right..

So she will receive half of my calculated benefit at age 67, regardless whether I start actually taking SS at 67 or 70, right?

 

[ivinsfan]

So she will receive half of my calculated benefit at age 67, regardless whether I start actually taking SS at 67 or 70, right?

Yes but she will only get half if she herself it at her FRA. And you must actually be taking your benefit for her to get a spousal. Now please take my advice and go do a little reading on your own. In my experience it much easier to understand that way then asking strangers questions on the internet.

 

[tominboise]

I would guess we'd spend a month or two per year at the vacay home, more as we get older, and rent as much as possible the rest of the time.

Regarding renting (e.g. AirBnB) and using a vacation home, just wondering if your's is a common notion? Is the issue not wanting to reside in a space that has been shared by many strangers, or something else?

In our case, the mountain house is way nicer and more expensive than our regular place, and we want to keep it that way. We want to be able to go there when we want, on a whim, rather than blocking out time in our own house.

Mainly, we don't need the $$ from the rent to support it. I wouldn't buy a second home that required rent to subsidize it. But that's just me. It works for a lot of people.

 

[bja1234]

in summary: LAUNCH

 

[FLD3C]

One caveat.
Tuition, room, board and books even at a public university may exceed 100k for 4 years.
For example for an instate student at Penn State costs are estimated at 140k for 4years

 

[USGrant1962]

One caveat.
Tuition, room, board and books even at a public university may exceed 100k for 4 years.
For example for an instate student at Penn State costs are estimated at 140k for 4years

Your point is well taken, but Penn State is a bad example. It is not part of the state university system, and is actually a weird hybrid between public and private. It is not state-owned but rather state-related, but it does get some money through appropriations. So are Temple and Pitt.

Here's their own discussion of it: https://sites.psu.edu/psutuitionreform/public-vs-private-debate/

 

[Out-to-Lunch]

Here's their own discussion of it: https://sites.psu.edu/psutuitionreform/public-vs-private-debate/

I will admit to learning something from that link. But you do recognize that was a submission (laden with typos and grammatical errors ) from some random student for a class project, don't you?

 

[USGrant1962]

I will admit to learning something from that link. But you do recognize that was a submission (laden with typos and grammatical errors ) from some random student for a class project, don't you?

No, I missed that. But already knew the basics from going to school just down the road, and in modern times checking it out again for DS1 and wondering why PSU was so much more expensive than Maryland, Rutgers, etc.

 

[Gumby]

No, I missed that. But already knew the basics from going to school just down the road, and in modern times checking it out again for DS1 and wondering why PSU was so much more expensive than Maryland, Rutgers, etc.

Cost for our flagship University of Connecticut, for an in-state student, is currently $33,937 per year, which would be approximately $136k over the 4 years. https://admissions.uconn.edu/cost-aid/tuition

 

[pb4uski]

Yeah, but who pays full retail?

 

[WhenIsItTime]

You have a solid nest egg. Congrat’s. At that point, life to short to be miserable at work. Would only suggest you make sure you are comfortable with spend (health insurance, travel when Covid clears, hobbies, club memberships, etc). Also, I second the notion on thinking through 2nd home rental. For me, that would be a hassle, wear and tear, too limiting on how I’d fit it out and when I could use it, tax implications. But, for sure many folks go the rental route.

 

[RandomPJ]

Retire! I was in the same position, but single with lower income. I retired the minute I could retain my med insurance and get a pension. I have had to supplement with a p/t job every once in a while, but I love the job and it's good to get out. Always been a creative and now I'm living the life intended for me. YOLO. Blessings to you!

 

[2cheap2eat]

Looks like your good to go, congrats! Especially if you hate your job, I would call it a day!

 

[Live Large]

Welcome to the Land...

I played it pretty well with my investments and my net worth was down 20% in March which was a little scary, and I think there were a large percentage of folks down 30% or more. If you're anywhere near the edge it makes you think twice, especially for such a one off event as this.

of Retirement

Not Ez just to walk away from what most consider “security” of income ~ your job? Then there are the gyrations of the market we all feel, the ups and downs ~ you have done a great job as most in this thread would attest. We worked way through college > expensive in 80’s but still cost money! $100K for each kid? FIREcalc #’s good but Hate your job? I’ll look forward to your - I pulled the plug post in two weeks say no later than mid Aug.

TIME over Money ~ we only get so much ‘play’ time you’ve worked hard and even if the kids need just a little more to supplement that final year of college,
you will have the means. I’ll repeat what has been posted already ~ Go, leave, retire, Now! Polite notice.

Our second home, condo 1ba/1bd 700sf Hills w/view of SF owned since 2002 ~ never rented just 70mi from primary ranch home in Central Valley Ca 3/2 2500sf. Condo is pop’in place went to the Ocean yesterday 40min from coast ~ just had coffee on the condo balcony...oh it’s Saturday? I thought yesterday was...lol ~everyday! That’s what your country retreat will be...really, why give up spontaneity that’s why you retire, isn’t it? Your Time.

Lost condo use 1x allowed two week stay~realized then air B&B or renting, sub-renting was NOT the purpose-~no thanks to the income, we’ve managed, love our privacy!

Great ideas here, I appreciate reading others posts!
ER just wished me Happy B.day recently, my 54th.
pulled the plug 3.5yrs ago after a 30yr run...Do it
Sun is out no overcast clouds so play time...think we’ll take a ride back to the Ocean...why Not?