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08-19-2022, 01:29 PM
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#101
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Quote:
Originally Posted by pdxgal
The unexpected part of the house painting was that they'd planned to do it themselves, as they did 15 years ago, but my friend had a bike accident last year and had to have a hip replacement. That's limited her physically. I am sympathetic to their having to pay more for medical than they'd anticipated. Our healthcare system is a mess, and many, many people are blindsided by astronomical out-of-pocket costs (the #1 cause of personal bankruptcy, IIR).
OP was hypothesizing IIR as to reasons for unretirement. My friend is an example of someone who quit or was laid off during COVID and aspired to retire -- maybe even announced it -- but then realized it wasn't financially feasible.
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Yeah, even though ACA can be nearly free in terms of the monthly premium those on it need to keep in mind the (2023) out-of-pocket max is over $9,000 per person!
Then at 65 that switches once on Medicare (w/ traditional Medigap plan)...more expensive monthly premiums but much lower maximum OOP.
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08-19-2022, 02:55 PM
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#102
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,926
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Quote:
Originally Posted by Teacher Terry
A friend of mine is making good money doing this and I looked up which medical issues exclude you and unfortunately if you are on a beta blocker for a heart issue it’s not wise to do it or donate blood.
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No expert on issues with plasma though I donated in my youth. I was never deferred for blood donation due to beta blockers.
Quote:
Originally Posted by JoeWras
Well I was kind of joking. The mad money is nice, but I don't do it for the money. I do it because platelets are desperately needed, especially by cancer patients since many treatments wipe them out. It takes many, many units of whole blood to make up a single platelet donation. Additionally, some patients need single-source platelets instead the aggregate. Platelet apheresis is a sacrifice. It takes 60 to 120 minutes, depending on my count and whether I'm willing to give triples. It is only 1% of blood so the process takes time to extract the sliver in the centrifuge column.
Plasma is easy to give in comparison. The column is so large (55%) they can split it off in no time.
Geez, now I sound like I'm tooting my horn and falling on my sword for humanity. Back to un-retiring.
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Yeah, I used to stop taking my 81 mg ASA 2 days prior to blood donation to insure the platelets could be used.
By all means, toot your horn (or others of us will toot it for you!) Donating blood is a sacrificial gift (time, slight pain, scar tissue) that saves lives. I wish more people would take the time to give the gift of life. If I'm proud of anything I've done in life, it would be blood donations. I'm so disappointed that I can no longer donate. I think I got to almost 150 units. (Now look who's tooting!! - Sorry about that.)
Returning you now...
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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08-19-2022, 03:51 PM
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#103
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,054
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You can donate blood and plasma if you take beta blockers for HBP. If you take them for a heart issue you can not as you may experience a adverse reaction.
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08-19-2022, 05:39 PM
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#104
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,265
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Quote:
Originally Posted by pdxgal
OP was hypothesizing IIR as to reasons for unretirement. My friend is an example of someone who quit or was laid off during COVID and aspired to retire -- maybe even announced it -- but then realized it wasn't financially feasible.
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I've known a few people who jumped into this boat without thinking it through. The two biggest issues are 1.) Not taking inflation into account over the 15-30 years of their retirement, and 2.) Not taking periodic big expenditures into account such as the need to replace the old gas-hog jalopy with a newer gas-hog car, or perhaps an EV.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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08-19-2022, 10:06 PM
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#105
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 336
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Quote:
Originally Posted by Turbo29
I took SS shortly after my full retirement age so I am carefully monitoring my work so I can avoid the dreaded tax torpedo.
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Forgive my ignorance, but... what is this torpedo of which you speak? I thought once you reached FRA you could earn any amount without penalty.
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08-20-2022, 07:04 AM
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#106
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Thinks s/he gets paid by the post
Join Date: Jan 2010
Location: dubuque
Posts: 1,174
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I also was wondering about the tax after retirement at full retirement age. I thought you could earn as much as you want without affecting your ss income. I usually am not much of a budget kind of guy. usually I look at my net worth every so often and if it is going down, I will adjust. usually it is increasing. I do some part time work for research companies if they have a project that interests me, but mostly for something to do.
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08-20-2022, 07:09 AM
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#107
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,926
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Quote:
Originally Posted by Teacher Terry
You can donate blood and plasma if you take beta blockers for HBP. If you take them for a heart issue you can not as you may experience a adverse reaction.
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They never asked me why I take beta blockers - and I do have heart issues as well as HBP. It may differ from area to area. We are chronically low on donations so maybe they don't worry about it.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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08-20-2022, 07:25 AM
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#108
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Thinks s/he gets paid by the post
Join Date: Mar 2011
Location: North TX
Posts: 1,834
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I've been busy reading the 6 pages, so here's our plan (DW just doesn't know it yet).
I've trimmed back to half time compared to 4 years ago. She still "likes" her j*b. It's very flexible. We have a 6 year old and 8 month old GB's & live 1 street over, so we're likely here for a while. Based on basic expenses, we're at a 2% WR of assets, with travel, closer to 3%.
Options are moving out of the city & to 1 car which would drop 25% of the basic costs. We've done this before and are on the same page if needed.
We really have balance in our lives so a little w*rk is a good thing. Plus I get to help neighbors and friends with projects when I feel like giving back.
One of my curiosities is living in a small home off-grid and being more self sufficient. Maybe in the future cards...
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08-20-2022, 07:26 AM
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#109
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Administrator
Join Date: Apr 2006
Posts: 23,041
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Quote:
Originally Posted by GaryInCO
Forgive my ignorance, but... what is this torpedo of which you speak? I thought once you reached FRA you could earn any amount without penalty.
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Turbo29 can certainly speak for himself, but I thought he was referring to earning less than the amount where your social security starts getting taxed (which generally would be $32k minus 1/2 of your social security (if you are MFJ))
__________________
Living an analog life in the Digital Age.
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08-20-2022, 07:56 AM
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#110
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Moderator
Join Date: Jul 2017
Posts: 5,776
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We don't really have a formal back-up plan and I tried to get our ducks in a row before we retired.
Our biggest expense was, and continues to be, taxes. We could "reduce" them temporarily by not doing Roth conversions this year, but I don't see the point. We could take my SS early while continuing to postpone DH's, but we're not there yet (and that is contraindicated with the Roth conversions).
There is some flexibility in discretionary items. For example, DH wanted to buy me a new car this year, I didn't want it anyway (I like the vintage Honda), and he eventually backed off about that.
Our "unexpected" expenses turned out to be DH's parents who over extended themselves (again) and count on DH to bail them out.
__________________
Use it up, wear it out, make it do or do without.
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08-20-2022, 09:22 AM
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#111
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,544
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Quote:
Originally Posted by MarieIG
Our "unexpected" expenses turned out to be DH's parents who over extended themselves (again) and count on DH to bail them out.
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^Definitely discretionary. Not easy to say no, but I would try.
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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08-20-2022, 09:38 AM
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#112
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Moderator
Join Date: Jul 2017
Posts: 5,776
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Quote:
Originally Posted by Bigdawg
^Definitely discretionary. Not easy to say no, but I would try.
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I wouldn't let them go cold or hungry (i.e. would send the a monthly supplement to FIL's pension) but there is a sense of entitlement. Last year was to pay property taxes on a third piece of property and pay a lawyer to get it ready for sale (and then FIL changed his mind about selling it). Most recently, FIL brought a 4k hearing aide because the one covered by the government didn't work, and then BIL called DH to wire him the money to pay for it
I hit the roof because they didn't even have the courtesy to run it by us first. I would have wanted to investigate if we could have bought the same model here (the US) cheaper. I would have caved if we couldn't find it but still!
__________________
Use it up, wear it out, make it do or do without.
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08-20-2022, 01:56 PM
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#113
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2015
Location: the prairies
Posts: 5,049
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Quote:
Originally Posted by MarieIG
I wouldn't let them go cold or hungry (i.e. would send the a monthly supplement to FIL's pension) but there is a sense of entitlement. Last year was to pay property taxes on a third piece of property and pay a lawyer to get it ready for sale (and then FIL changed his mind about selling it). Most recently, FIL brought a 4k hearing aide because the one covered by the government didn't work, and then BIL called DH to wire him the money to pay for it
I hit the roof because they didn't even have the courtesy to run it by us first. I would have wanted to investigate if we could have bought the same model here (the US) cheaper. I would have caved if we couldn't find it but still!
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They own 3 properties and are hitting you up for money?
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08-20-2022, 04:57 PM
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#114
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Moderator
Join Date: Jul 2017
Posts: 5,776
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Quote:
Originally Posted by Music Lover
They own 3 properties and are hitting you up for money?
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Yes. A two family home in town with my BIL and his wife living upstairs; a small beach house; and a piece of property with olive trees. They live in Europe. FIL spent a lot of money on BIL over the years, and it is my understanding that his old age government pension (like our SS) was reduced due to the country's fiscal mess. My DH is a very good man and he is soft-hearted. I feel like the Wicked Witch of the West.
__________________
Use it up, wear it out, make it do or do without.
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08-20-2022, 05:18 PM
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#115
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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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Quote:
Originally Posted by MarieIG
Yes. A two family home in town with my BIL and his wife living upstairs; a small beach house; and a piece of property with olive trees. They live in Europe. FIL spent a lot of money on BIL over the years, and it is my understanding that his old age government pension (like our SS) was reduced due to the country's fiscal mess. My DH is a very good man and he is soft-hearted. I feel like the Wicked Witch of the West.
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Seems to me they are trying to take advantage of you and your DH.
Anyway, IMO these are not nice people, and your DH may never figure that out because they are his parents. Either way, you most definitely are NOT the Wicked Witch of the West.
__________________
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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08-20-2022, 05:26 PM
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#116
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Moderator
Join Date: Jul 2017
Posts: 5,776
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Quote:
Originally Posted by W2R
Seems to me they are trying to take advantage of you and your DH.
Anyway, IMO these are not nice people, and your DH may never figure that out because they are his parents. Either way, you most definitely are NOT the Wicked Witch of the West.
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Thank you.
__________________
Use it up, wear it out, make it do or do without.
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08-20-2022, 06:45 PM
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#117
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Posts: 2,929
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Quote:
Originally Posted by W2R
Seems to me they are trying to take advantage of you and your DH.
Anyway, IMO these are not nice people, and your DH may never figure that out because they are his parents. Either way, you most definitely are NOT the Wicked Witch of the West.
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I agree 100%.
If the FIL has spent so much money on the BIL over the years, seems like it's time for the BIL to step up and help.
OP: why is your BIL asking your husband to pay?
__________________
"Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for." - Epicurus
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08-21-2022, 01:24 AM
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#118
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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I agree with you both on the above. Unfortunately we can't pick family so much, and they can collectively be a big load of baggage.
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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08-21-2022, 06:13 AM
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#119
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Dallas
Posts: 1,155
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Our backup plan has several layers as well:
0. Start with 3% SWR and enjoy life.
1. We already have some froth in almost every category so we can trim back during cyclic economic environment as necessary.
2. If we go in to an extended recession/depression/inflation then discretionary spending will be cut which is about 40% of the total expense.
3. If we really go down as a country with no sign of recovery then turn acreage into a working farm. Farming has been my dream for life and I dabble on a small scale garden that can feed us partly. Farming would be profitable when all other economic activities collapse for good.
4. If SHTF then I got ammo and tools to use it.
Old age scenario: If we lose mobility and/or need extended nursing care AND we are out of money then sell the acreage.
Did we miss any scenarios?
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08-21-2022, 06:46 AM
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#120
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,486
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Quote:
Originally Posted by old medic
I'm in the unfortunate position that I can't unretire.. I did love my job, and they are still trying to get me back even after 8 months. My problem is insurance... If I work PT.. most would end up going to ACA premiums. At times I wonder if I should have stayed one more year....
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That’s exactly why I unretired two times. They kept needing me and begging me. In fact the first time I unretired was three days after I retired, but to a much easier part time position. I worked as a contracted self-employed physician, and our ACA premiums were a line item deduction on top of the standard or itemized deduction, so it was quite helpful protecting and building the nest egg. Spiking premiums and the fact that the ACA was one Senate vote away from being wiped out in 2017 sent me back to employed status for another year and a half.
However, when I went back the second time the job stress was unbearable and I felt like I was losing skills and had lost interest in keeping them up.
With the ACA changes in 2021 and this year, there won’t be an ACA cliff until 2026. Less May go to premiums than you think. That may affect your decision.
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