|
|
05-28-2020, 04:53 PM
|
#1
|
Dryer sheet aficionado
Join Date: May 2020
Posts: 28
|
Down the Rabbit Hole
Hi Guys
been a lurker for about 6-8 months now. have read lots of threads and followed lots of links for Bogleheads, firecalc, etc.
turned 50 Oct. of last year and just now decided i really need to get serious. will try to use the search function but definately will probably start redundant threads and ask stupid questions.
but i am over here now...
So where do i start? lol
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
05-28-2020, 05:00 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
|
Welcome to our forum.
No questions are stupid here. Ask away. We are here to assist you.
__________________
TGIM
|
|
|
05-28-2020, 05:07 PM
|
#3
|
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: 50,021
|
Quote:
Originally Posted by Dtail
We are here to assist you.
|
+1
Satisfaction guaranteed or your money will be grumpily refunded, no questions asked!
__________________
Numbers is hard
|
|
|
05-28-2020, 05:18 PM
|
#4
|
Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
|
Welcome to the forum... It's a great place to learn/ponder/decide what path is for you.
I know I asked a bunch of questions when I first joined... and posted my plans... which brought up questions I hadn't thought about... which made me refine/work through things.... So questions are good!!!
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
|
|
|
05-28-2020, 05:19 PM
|
#5
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
|
__________________
I thought growing old would take longer.
|
|
|
05-28-2020, 08:47 PM
|
#6
|
Full time employment: Posting here.
Join Date: Jul 2013
Posts: 953
|
Quote:
Originally Posted by cxr133
So where do i start? lol
|
There are two generally accepted ways to introduce yourself and start a lively discussion. One is to definitively declare that you know the correct time to start taking social security, the other is to explain how confident you are in your future retirement because you have embraced variable annuities.
Other than that, feel free to ask questions that may be on your mind!
Welcome to the boards!
__________________
Well it's all right, we're heading to the end of the line...
|
|
|
05-29-2020, 06:11 AM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
|
Quote:
Originally Posted by Clone
There are two generally accepted ways to introduce yourself and start a lively discussion. One is to definitively declare that you know the correct time to start taking social security, the other is to explain how confident you are in your future retirement because you have embraced variable annuities.
Other than that, feel free to ask questions that may be on your mind!
Welcome to the boards!
|
Also, lest we be remiss, one should also have a definitive and universal decision about carrying a mortgage (or not) while retired.
Welcome!!
__________________
Never let yesterday use up too much of today.
W. Rogers
|
|
|
05-29-2020, 07:08 AM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,726
|
Welcome! I went through the same thing, asked redundant and dumb (no question is really dumb) questions, made political comments. The posters here generally guide you through. Stay away from politics in every way, shape or form. That's what I like and appreciate about this forum and what makes it unique and helpful. There are many intelligent and knowledgeable posters here.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
05-29-2020, 03:29 PM
|
#9
|
Dryer sheet aficionado
Join Date: May 2020
Posts: 28
|
ok so 1st question...
how does the Social security estimator work if i want to retire early?
im 50m now, thinking of if i going to retire @ 55 or 60.
i just made an account at SS and it shows my estimated benefit a full retirement @ 2,777 a month. How do i calculate the amount if i want to start taking at 58,62, 65, etc? and where do i account for this in my retirement planning/portfolio?
( remember i just started thinking about this yesterday)
Also need info on Medicare. i have a Pension so i am deciding whether to take the lump sum without any healthcare or the monthly pension with healthcare included. but i didn't want to start another lump sum thread
|
|
|
05-29-2020, 04:27 PM
|
#10
|
Recycles dryer sheets
Join Date: Apr 2020
Posts: 68
|
There's a page that has a "calculator" on it to calculate what you'll receive. it will ask you what you plan on receiving between now and when you stop working, i put in 0.
|
|
|
05-30-2020, 09:18 AM
|
#11
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,726
|
Quote:
Originally Posted by cxr133
ok so 1st question...
how does the Social security estimator work if i want to retire early?
im 50m now, thinking of if i going to retire @ 55 or 60.
i just made an account at SS and it shows my estimated benefit a full retirement @ 2,777 a month. How do i calculate the amount if i want to start taking at 58,62, 65, etc? and where do i account for this in my retirement planning/portfolio?
( remember i just started thinking about this yesterday)
Also need info on Medicare. i have a Pension so i am deciding whether to take the lump sum without any healthcare or the monthly pension with healthcare included. but i didn't want to start another lump sum thread
|
This is a great website. Check Advanced Options at the top. Then, at the bottom...scroll way down, check alternative strategies.
https://opensocialsecurity.com/
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
05-30-2020, 02:33 PM
|
#12
|
Dryer sheet aficionado
Join Date: May 2020
Posts: 28
|
Quote:
Originally Posted by Rianne
This is a great website. Check Advanced Options at the top. Then, at the bottom...scroll way down, check alternative strategies.
https://opensocialsecurity.com/
|
i didnt know what the PIAA was so i left it at 1000
but says dont take until 62/70 so i have to account for those funds from 55-62? or do i consider that a raise at 62? and still trying to find out best for Lump Sum wiht no healthcare or monthly payments with helathcare
where do i got to ee what medicare covers and prices? ACA is basically dead right
You file for your retirement benefit to begin 5/2032, at age 62 and 7 months.
Your spouse files for his/her retirement benefit to begin 6/2038, at age 70 and 0 months.
The present value of this proposed solution would be $417,158.
|
|
|
06-01-2020, 04:02 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,726
|
Quote:
Originally Posted by cxr133
i didnt know what the PIAA was so i left it at 1000
but says dont take until 62/70 so i have to account for those funds from 55-62? or do i consider that a raise at 62? and still trying to find out best for Lump Sum wiht no healthcare or monthly payments with helathcare
where do i got to ee what medicare covers and prices? ACA is basically dead right
You file for your retirement benefit to begin 5/2032, at age 62 and 7 months.
Your spouse files for his/her retirement benefit to begin 6/2038, at age 70 and 0 months.
The present value of this proposed solution would be $417,158.
|
Your PIA is 2777.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
|
|
|
06-01-2020, 05:51 PM
|
#14
|
Thinks s/he gets paid by the post
Join Date: May 2005
Location: Portland
Posts: 1,713
|
Quote:
Originally Posted by Red Badger
Also, lest we be remiss, one should also have a definitive and universal decision about carrying a mortgage (or not) while retired.
Welcome!!
|
Quote:
Originally Posted by Clone
There are two generally accepted ways to introduce yourself and start a lively discussion. One is to definitively declare that you know the correct time to start taking social security, the other is to explain how confident you are in your future retirement because you have embraced variable annuities.
Other than that, feel free to ask questions that may be on your mind!
Welcome to the boards!
|
It's the Holy Trinity of RE advice! Or the Third Rail. I'm not sure which
Welcome aboard from the back of the classroom. We are just goofing on ya.
|
|
|
06-01-2020, 11:22 PM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,433
|
Download the AnyPia calculator from SSA: https://www.ssa.gov/OACT/anypia/anypia.html
This lets you input your earnings for every year you work and estimate the resulting benefit at various retirement ages.
|
|
|
06-02-2020, 03:26 PM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 2,555
|
Quote:
Originally Posted by stepford
|
+1. This is by far the most accurate way to determine your benefits. You have to enter each years's SS earnings, and put 0s for the remaining years.
__________________
Balance in everything.
|
|
|
06-09-2020, 03:15 PM
|
#17
|
Dryer sheet aficionado
Join Date: May 2020
Posts: 28
|
lol i don't know what i am doing wrong but firecalc has me -7 million for a 0.0 chance of success
|
|
|
06-09-2020, 03:37 PM
|
#18
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
|
I think that means you must keep working for another 150 years.
Seriously, make sure you enter your info correctly, make sure you hit every page, and do NOT use defaults, unless they are really what you intend.
If you have a specific question, most here are happy to assist.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
06-09-2020, 04:05 PM
|
#19
|
Dryer sheet aficionado
Join Date: May 2020
Posts: 28
|
Quote:
Originally Posted by CardsFan
I think that means you must keep working for another 150 years.
Seriously, make sure you enter your info correctly, make sure you hit every page, and do NOT use defaults, unless they are really what you intend.
If you have a specific question, most here are happy to assist.
|
Pension Income is monthly or yearly in the calculator? when i put in a yearly amount im now 100% i think the spending estimates are confusing to me.
from what i understand estimate what my expenses are now and multiply by 25, correct? that puts us at about 2.5 million. i think with our current 401K (about 1.2m) and my estimated lump sum pension estimator (1-1.3m) we should be ok.
i just dont know about healthcare, taxes, etc.
|
|
|
06-09-2020, 04:13 PM
|
#20
|
Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
|
Quote:
Originally Posted by cxr133
Pension Income is monthly or yearly in the calculator? when i put in a yearly amount im now 100% i think the spending estimates are confusing to me.
from what i understand estimate what my expenses are now and multiply by 25, correct? that puts us at about 2.5 million. i think with our current 401K (about 1.2m) and my estimated lump sum pension estimator (1-1.3m) we should be ok.
i just dont know about healthcare, taxes, etc.
|
All income and spending inputs in FC are annual. Sounds like that was your problem.
You do need to account for healthcare and taxes in your spending number. Don't forget to input future SS as well as the pension (in today's dollars), if applicable. It can make a big difference.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|