evilanne
Recycles dryer sheets
The IRS Life Expectancy Tables go out to 120 now...so I'm just approaching middle age.
Here is an article with the 10 Best Life Expectancy Calculators https://www.newretirement.com/retirement/longevity-trends-and-life-expectancy-calculators/
Here's another one that I found interesting https://exrx.net/Calculators/HealthAge
Since I expect to live for at least 30-40 years, I don't plan on taking it until 70 unless my situation changes significantly. It is adjusted annually for inflation
When I started work I started contributing to my retirement plan because I didn't expect SS to be there when I reached retirement. Interesting article addressing crisis in early 1980's https://www.brookings.edu/articles/the-crisis-last-time-social-security-reform/ The deal in 1982-83 increased full retirement age from 65 to 66-67 years old for those born in 1943 or after. They also made up to 50% of SS benefits taxable (this was increased to 85% in 1993) The Federal Government's Retirement System changed in 1987, which placed government employees into Social Security System, expanding the pool contributing and
At age 70, SS is expected to be at point of insolvency with about a 24% reduction in payments (without major changes or a large number of beneficiaries dying off sooner than expected), which would be equivalent of taking SS at FRA for me if that actually happens. I believe taxes will increase in the future and doing conversions to Roth is a great idea. They keep extending the age for RMDs so I will have more time to do so. From 70-75 I can use the SS to pay the taxes (which is a limiting factor right now in how much I can convert comfortably).
Happy Trails!
Here is an article with the 10 Best Life Expectancy Calculators https://www.newretirement.com/retirement/longevity-trends-and-life-expectancy-calculators/
Here's another one that I found interesting https://exrx.net/Calculators/HealthAge
Since I expect to live for at least 30-40 years, I don't plan on taking it until 70 unless my situation changes significantly. It is adjusted annually for inflation
When I started work I started contributing to my retirement plan because I didn't expect SS to be there when I reached retirement. Interesting article addressing crisis in early 1980's https://www.brookings.edu/articles/the-crisis-last-time-social-security-reform/ The deal in 1982-83 increased full retirement age from 65 to 66-67 years old for those born in 1943 or after. They also made up to 50% of SS benefits taxable (this was increased to 85% in 1993) The Federal Government's Retirement System changed in 1987, which placed government employees into Social Security System, expanding the pool contributing and
At age 70, SS is expected to be at point of insolvency with about a 24% reduction in payments (without major changes or a large number of beneficiaries dying off sooner than expected), which would be equivalent of taking SS at FRA for me if that actually happens. I believe taxes will increase in the future and doing conversions to Roth is a great idea. They keep extending the age for RMDs so I will have more time to do so. From 70-75 I can use the SS to pay the taxes (which is a limiting factor right now in how much I can convert comfortably).
Happy Trails!