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04-10-2011, 03:43 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 2,487
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Quote:
Originally Posted by Westernskies
?? ??
Understand from your post that you may believe this is the "Land of the Free", but the OP has stated over 1M in retirement assets and a comfortable income stream with SS starting in a few years...
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+2
I think if you have a million in savings, and you FIRE, you shouldn't be collecting freebies from the govt. Joining Medicare at 65 is a different story, as it is something available to all, and essentially all who have worked have contributed at least some to the pot. But to have a million in the bank and take free medical care that is supposed to be for the needy, all I can say is
R
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04-10-2011, 05:02 AM
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#22
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Recycles dryer sheets
Join Date: Dec 2010
Posts: 230
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Quote:
Originally Posted by Rambler
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Is it even possible "to have a million in the bank and take free medical care"? If one can do so without being fraudulent it might be distasteful, but would just be an indicator the laws needed changing. Similar argument to GE not paying taxes. Sorry if this is hijacking a "hi" thread or getting too political.
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04-10-2011, 05:45 AM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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Quote:
Originally Posted by Rambler
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+3
However... I think most (if not all) of those major welfare programs factor in assets owned... they may exclude an average dwelling and vehicle. But that is about it.
But... it does explain why many people are angry about govt spending.... people do game it!
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04-10-2011, 07:04 AM
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#24
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 2,487
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Quote:
Originally Posted by Arnie
Is it even possible "to have a million in the bank and take free medical care"? If one can do so without being fraudulent it might be distasteful, but would just be an indicator the laws needed changing. Similar argument to GE not paying taxes. Sorry if this is hijacking a "hi" thread or getting too political.
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Quote:
Originally Posted by chinaco
+3
However... I think most (if not all) of those major welfare programs factor in assets owned... they may exclude an average dwelling and vehicle. But that is about it.
But... it does explain why many people are angry about govt spending.... people do game it!
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Exactly. You would think that someone with that kind of money wouldn't be able to access fund for the truly needy. If yer FiREd with about a million as post #14 indicated by reference to Jeff's original post, presumably you could have kept working for those health benefits...without FI, you simply REd so you could steal out of other people's pockets. If you are disabled, and can no longer work, that is a different topic altogether, but poster 14 seems to indicated he/she is FIREd.
Upon a closer look, the poster in #14 notes he is from Chicago. Could this be related?
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Find Joy in the Journey...
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04-10-2011, 09:28 AM
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#25
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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04-10-2011, 09:54 AM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Notice that the following quote was written by observer, not Jeff. I didn't see any indication that Jeff, whose financial situation we are discussing, planned to take health care for the needy. Observer may be in a financial situation in which this health care is appropriate and may have missed the fact that Jeff is better off.
Quote:
Originally Posted by observer
Healthcare is the next issue. Here, I'd check your local county or state for low income health care benefits. They may provide free medical coverage as my county did for me.
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Rescueme mentioned my approach to SS:
Quote:
Originally Posted by rescueme
Rather than depend on a long ago poster who was married (different SS options), not near claiming benefits, and also based that the SS program has changed in that time (e.g. payback option eliminated), I would suggest that you confer with folks on the board on that currently have the same situation, in today's SS "environment".
For instance W2R has a similar situation in some ways as you. She is retired (great! ) and is also single (at this time, but who knows what the future may bring ).
She has mentioned that at this time, she is delaying SS. While I/DW are delaying SS (we're both SS age) in order to "maximize benefits" in our situation, W2R may give you some ideas on why she is currently choosing to delay, as a single person.
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I am currently choosing to delay SS, though I reserve the option to change my mind! I am 62, single, and have sufficient financial resources to easily cover my needs if I wait for SS. With good health, plenty of centagenarians in my family tree, and only a very tiny pension, I would like to have a larger SS check coming in regularly in my old age. So, I am waiting. I intend for SS to be more like old age insurance for me than it may be for some folks.
If we assume that SS benefits will remain as they are now, it makes sense to me for a single person to wait before claiming SS if they can afford to do so since they increase quite a bit for each year that one waits. However, we don't really know that SS benefits will not be reduced or taxed more or somehow diminished during the next few years. Some people choose to claim SS at 62, to get what they can before SS runs out of money or before benefits are reduced or taxed more than they are now. That makes sense too.
Whether or not to claim SS benefits early has become like a gigantic game of "chicken". So far, I have not and I do not plan to claim them until at least 66. If I make it to 66 I will reassess at that time, and maybe wait until 70. Every few months, headlines indicate that massive changes are in store for SS but so far they have not scared me enough to claim SS.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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04-10-2011, 10:02 AM
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#27
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by W2R
Whether or not to claim SS benefits early has become like a gigantic game of "chicken". So far, I have not and I do not plan to claim them until at least 66. If I make it to 66 I will reassess at that time, and maybe wait until 70. Every few months, headlines indicate that massive changes are in store for SS but so far they have not scared me enough to claim SS.
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Thanks for your response, since you are in a similar situation as the OP. You are reflecting your decision on SS, based upon your "unique" situation...
While the OP may not follow your direction, at least they have the opinon of one who has/is "there"...
Much better than one who is giving their opinion, yet not being in the same situation, nor making the same decision ("do as I say - not as I do")...
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04-10-2011, 08:39 PM
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#28
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Recycles dryer sheets
Join Date: Mar 2011
Location: Brooklyn, NY
Posts: 197
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Quote:
Originally Posted by pimpmyretirement
Depends how much you plan on spending.
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If Jeff moves to move to a clothing optional community in Florida, I'm sure he won't spend any money on clothing.
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04-10-2011, 08:41 PM
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#29
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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
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But his sunscreen bill will go through the roof...
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Numbers is hard
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04-10-2011, 09:21 PM
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#30
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Full time employment: Posting here.
Join Date: Jan 2011
Posts: 586
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04-10-2011, 10:22 PM
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#31
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gone traveling
Join Date: May 2008
Posts: 3,864
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04-11-2011, 12:14 AM
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#32
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Recycles dryer sheets
Join Date: Mar 2011
Location: Brooklyn, NY
Posts: 197
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Quote:
Originally Posted by REWahoo
But his sunscreen bill will go through the roof...
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Not if Jeff stays under the umbrella drinking margaritas enjoying life of clothing optional. Come to think of it, clothing optional may not be a good idea if all the community members are retirees. I was daydreaming about young hot chicks exercising their options on clothing.
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04-11-2011, 10:45 AM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Think of the benefits, though! If some of the seniors are getting forgetful and drifty, they wouldn't even have to worry about remembering to get dressed in the morning.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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04-11-2011, 10:15 PM
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#34
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gone traveling
Join Date: Dec 2010
Posts: 30
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Quote:
No. You can thank the undefunded and overly generous pension system and all the years your and my taxes didn't cover things like deteriorating roads, bridges, schools, etc. Illinois had the lowest rate of any similarly large population state during those years.
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04-11-2011, 10:27 PM
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#35
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Recycles dryer sheets
Join Date: Mar 2011
Location: Brooklyn, NY
Posts: 197
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Quote:
Why didn't I think of that. Also, with bad eyesights and forgetfulness even now, I would definitely would like to move in the community that Jeff is considering.
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The time to take counsel of your fears is before you make an important battle decision. That’s the time to listen to every fear you can imagine! When you have collected all the facts and fears and made your decision, turn off all your fears and go ahead! – General George S. Patton
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04-11-2011, 10:42 PM
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#36
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gone traveling
Join Date: Dec 2010
Posts: 30
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Quote:
Originally Posted by Rambler
Upon a closer look, the poster in #14 notes he is from Chicago. Could this be related?
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Poster #24 seems to think that private health insurance rates are affordable in ER, and that even though you pay into the system all your life, it's somehow stealing when accessing those system's benefits.
Instead of criticizing others here with personal comments, come up with your own ideas and suggestions for managing medical premiums for the OP. This should not be the political and personal football it's become. I'd ask the Moderator to monitor these comments.
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04-12-2011, 10:39 AM
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#37
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
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Quote:
Originally Posted by Ubuntu
Hi, I am Jeff. I just got laid off of my job last week. I have been in the software development, maintenance and life-cycle support business almost continuously since I graduated college from Penn State in 1974.
Anyway, I have been lurking here for a few days, looking at the posts about when to take SS, and learning terms like FireCalc, SWR, and DW. I am single, by the way. My Dad passed away recently and I should be inheriting about $350K from the family trust (that probably won't happen for 6 or 8 more months, though). Right now, I have a $600K portfolio (after the inheritance, I'm saying the portfolio would be $950K), invested moderately aggressively, $55K in cash and a $68K 401K from my former employer. I turned 59 in March, 2011. My only significant debt is a $68K home equity line of credit at prime-1/2 (currently 2.25%) .
I'll have to check with some local realtors, but the townhouse I live in should be worth about $250K or so... I'd like to sell it and move to a clothing optional community in Florida!
Judging from the advice I've seen here, I would take SS at 62 ($1695/mo) and I can also choose to begin receiving a pension from my first employer, which at 60 years old would be $7759/yr and it goes up by $665 for each year I delay, so at 62 it would be worth $9089/yr.
How am I doing so far?
Jeff
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Welcome to the boards! I agree with previous posters to run your numbers through FireCalc and other calculators after you figure out your projected (and actual) expenses.
A lot of people here seem to have high-deductible HSA plans that work well for them. You don't have to wait for cobra to run out before moving into one.
You'll save a lot of money on clothes if your plans to move work out .
(and Observer, from an early post of yours in December 2010: "I'm 58 and plan on retiring from federal service next year under MRA+10. Only 7 months to go. Really dislike my job, but the FEHB medical plan that retirees get is the only thing that motivates me to get up in the morning and schlepp my way in every day." Did you leave early? No FEHB?)
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04-14-2011, 02:17 PM
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#38
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
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Quote:
Originally Posted by Westernskies
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I know that this particular issue is off-topic to the thread but after I decided that I wanted to comment, my choices were either to begin a new thread, or just to comment here, so I'm taking the latter approach.
The county in which I live has a medically indigent health service program for which the main requirement is that you are making less than 200% of the Federal poverty level (currently $21,780). It offers a comprehensive package of health and dental benefits with very reasonable co-pays. Although most other counties here in California require that the applicant have no more than $2,000 in liquid assets, my county does not have that requirement. Intrigued, I called the county healthcare services agency to ask about this. I was told that it is perfectly OK with them if you have liquid assets. They want you to declare them, but don't use them to determine eligibility. The lady even volunteered the information that it's also fine if you are living off your assets; they are only concerned with the income you are drawing.
I'm still amazed by this. I notice that this particular program is called the "Medically Indigent Health Service Program", which seems to indicate that their attitude toward assets is by design and an integral part of the program; I did find a mention somewhere on their website that the program can often help those who have been disqualified from Medi-Cal (California's version of Medicaid) as a result of having too many assets.
Having grown up in England and even after having lived in the US for almost 25 years, it is still interesting to me how these kind of things vary so much, not only from state to state, but also from county to county.
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