| << . 1 . 2 . |
| Author |
Message |
MJW
Member
|
# Posted: 23 Jun 2012 16:30
Reply
Quoting: Martian What's up with that? (Pardon the pun.)
hahaha...good one. 
|
|
MtnDon
Member
|
# Posted: 23 Jun 2012 17:09 - Edited by: MtnDon
Reply
Quoting: neb @ what age do you have to be to get on Medicare in the US.
When you turn 65 you become eligible for Medicare. Where I live I had the choice of going with the Government run plan, presenting my Medicare card for services. (not all doctors accept Medicare; that can be an issue in some locations. OR, I could (and did) choose to select a privately run plan. I chose to continue with the healthcare system we have used for "forever". They offer a senior care plan. Medicare pays them whatever the monthly fee is. The government withholds $99.90 from my Social Security payment as my contribution to the heathcare insurance coverage. That is way down from the $850 a month I paid for myself to have health insurance before I turned 65. In return I have a $5 copay for regular doctor visits,  $25 specialist, $55 ER, $5 Rx for generics, $40 Rx for Brand name. The copays went down when Medicare kicked in. I also get a free membership at a health/exercise club. I see the same doctors as before, nothing has changed much except for the costs to me every month are lower.
So for me reaching 65 has paid off. Makes up for the years before when at times being self employed seemed to be costing us money.
And I still say there is something wrong with a system that leaves many with no health coverage insurance because it costs so much. In the past there were years when I took a job in the corporate world because I would have great benefits. That usually lasted a few years before I would get pissed off enough and went back to working for myself/ourselves.
|
|
Borrego
Member
|
# Posted: 23 Jun 2012 17:17
Reply
Quoting: Montanagirl there is no guarantee that I will get to retirement . . .yes, I started saving early . . . (bad news, the last 4 years pretty much wiped out 40% of my savings)
I'm 58 and figure I'll be workin' another 10 years. Although I'm self-employed and can set my own schedule which makes it a lot better. And we lost 100% of our savings since late 2008 so I can relate!
Re social security, I've read and heard a lot lately advising to grab it as soon as you reach 62, Do the math for yourself and see how it adds up, plus the odds of it being there period lessen every day 
As for health insurance, I've been self-employed and paying for it myself since I was 23. It is a huge expense for basically no coverage but a necessary evil as a family man. And like Mtn Don, I resent paying (what I hear now is 35%) for those that refuse to insure themselves. A basic safety net is fine in a civilized society, but for the leeches, deny them care, I say.
Anyway, back to topic, retirement is really not an option for an old contractor like me, not with today's realities. I was almost there until 2009 hit, but now anticipate grovelling on into my senior years (picture a guy with carpenter bags on a walker). Fortunately I enjoy what I do and am good at it, get to set my own hours and time off (as long as I bring in the required $$ per month) so I can definitely see a semi-retirement coming real soon. (I don't know if I could ever fully retire anyway, just wired that way, and not because i don't have a life other than work)
|
|
MtnDon
Member
|
# Posted: 23 Jun 2012 18:36
Reply
Quoting: Borrego Re social security, I've read and heard a lot lately advising to grab it as soon as you reach 62, Do the math for yourself and see how it adds up, plus the odds of it being there period lessen every day
The choice/selection of when to begin drawing is a gamble, like so much in life. There are many variables. The S/S website has lots of info that can help. Also lots of advice on other private sites. If a person is already close to 62 I personally don't think they will see all that much change in benefits received down the road. The people who may be hit harder are the younger ones. Just a personal opinion so nobody should stake their retirement on what I say.
|
|
neb
Member
|
# Posted: 23 Jun 2012 20:10
Reply
Quoting: rayyy Who ever come up with the age of 65 anyway?They got ta be nut's.In your 50's your eye site goes,your sholders,knees,elbows,hips,ancles and back all take turns seeing who can hurt the most today.Enlarged prostrate,gout,virdago,stomic and gut problems.Arthritus,hearing goes,your feet hurt.Your stamina is about 1 tenth of what it use to be.Yah I wanta work another 15 years.!!!NOTTT!!!
You are right!!!!
|
|
MJW
Member
|
# Posted: 23 Jun 2012 21:05 - Edited by: MJW
Reply
I remember when my wife and I took our first sea cruises. One of the things I noticed was all of the older folks on them carrying around their little oxygen bottles, walkers and such and I thought, this is what we work all our lives for? To be able to retire when we are no longer able to really DO anything?
You take a cruise but don't get off the ship in any of the ports because you can't walk the length of the dock without passing out?
That is when we started planning for our escape from the rat race.
Step 1: Free yourself from a JOB working for someone else. Set yourself up with a way to make an income that you can do from anywhere.
Step 2: Buy a used RV in good working and mechanical shape and let someone else take the depreciation hit. Lower your expenses by living in it and travel seeing the country.
Step 3: Travel for a few years seeing the country, going or staying anywhere you like for as long as you like. Get a feel for each area and what you like/dislike about each place. Weather, people, cost of living, etc. Some things you just can't get from a book.
Spend this time also learning all you can about construction and off the grid life. Meet as many people as you can who are actually living the life.
Keep expenses low, pay off any debts you currently have and become debt free.
Step 4: Once you are debt free and have saved your monetary goal to build and outfit the home you want, compare notes and decide on where you want home base to be. Buy land and build our home.
We figure we are 1-2 years from step 4 and I can't wait! There is still alot of the country to see and I am extremely happy at the thought of "retiring" and having our home built and 100% paid for and being totally debt free at our age. Our 5 year old will never really remember a time when we weren't all together as a family all the time.
We both work from "home" but only have to "work" a few hours a day. While this will probably continue even after we build, we can do it from anywhere and when you are debt free, it takes so little to live.
|
|
Borrego
Member
|
# Posted: 23 Jun 2012 21:17
Reply
Here's what I mean by doing the math:
If we do the math based on living to 77, we get the following total payout over the years we draw out, which does not include any interest that could be earned with that money:
Retire at 62: $140,400 ($780/month x 180 months).
Retire at 66: $142,560 ($1,080/month x 132 months).
Retire at 70: $122,976 ($1,464/month x 84 months).
That's right, despite the rather large discrepancy in the monthly benefit estimates, if you live the average lifespan, you may be better off retiring earlier; especially if you think you can invest the money at a better return than Social Security estimates it will make, at the Treasury-bond rate.
|
|
neb
Member
|
# Posted: 23 Jun 2012 21:42
Reply
To me it would only make sense to take it at 62. I may not live to 66!!!
|
|
|
rayyy
Member
|
# Posted: 24 Jun 2012 07:22
Reply
I agree,Neb.Both my parents retired at 65 and both past away with in the year.What becomes of all that money they worked so hard for all their lives.I can remember my mother made up a wish list of all the things she ever wanted to buy brand new,once she retired.It totaled about $600.00 worth of stuff.A new clock canopener,a new 4 slice toaster,a new iron and ironing board.A real (store bought) bbq grill,,,lol.I still chuckle when I think of that list.Both their retirement plans were very simple,,,work in their veg & flower gardens and just take life easier.
|
|
turkeyhunter
Member
|
# Posted: 24 Jun 2012 07:40
Reply
Quoting: neb To me it would only make sense to take it at 62. I may not live to 66!!!
go for it Neb---ya never know about life or your health--get out while you can still do things you enjoy....
i went to work as a consultant for 5 months after i R E T I R E D ---1 or 2 days a week--still dealing with the same people---made a LOT more money than i was worth!!!! LOL more money than i had ever made in my life---a flat hour rate---driving to a meeting/comuting etc--same pay , taking people out the lunch etc... all on the company dine--i did not like it at all---so i went out west hunting and my boss kept calling , he asked when did you get home---i said 3 weeks ago---you want another project--i said not at this or time---or any time within the nest year--he still calls me about evry six months--he says you got bored and ready to come back to work--i said not yet
NOW!!! if my cell phone rings( i answer when my children /wife/ mother etc) --i may or may not answer other phone calls===i just enjoy my day at my own pace and have no schedule!!!!!
|
|
neb
Member
|
# Posted: 24 Jun 2012 08:57 - Edited by: neb
Reply
turkeyhunter
you are right if you can and it is right I believe people should get out and do the things they love full time and enjoy life. I will but have to do a few more years.
rayyy
I have seen that many times where people work to 66 and then these people pass away not long after they retire. I quess it was their choice but I don't want to take that path. I will be looking in to high deductiable health insurance to help make it happen. I also have many hobby's that cost money so I will have to take a long look at what it really costs me to do the things I want to when I retire. I will retire as soon as I can!!!!!
|
|
steveqvs
Member
|
# Posted: 24 Jun 2012 09:51
Reply
MJW - I like your 4 steps. I have been working toward those exactly. Still looking for that income producing idea.
Been debt free for awhile. But still need to get 1 kid through college yet and that starts next year. And I agree with most on here. Earlier the better.
|
|
neb
Member
|
# Posted: 24 Jun 2012 10:30
Reply
MtnDon
Thanks for the informantion.
|
|
tsvoyager
Member
|
# Posted: 24 Jun 2012 19:24
Reply
At 57 years old (or young) I plan on being up at our piece of heaven in the next couple of years. I bought 10 acres of woods in 2003 and when I have gotten the time to head up, we have gotten a few things done but not as much as I'd have liked. We have 2 campers on the land and an outhouse (6 sided but that's another story)
Finding the time to head up north (a 4 hour drive) has been a challange
The cabin is planned on for next year and once we have that in place, there is nothing preventing us from moving. With a Veterans disability (hence no med or insurance bills for me (wife is another story) and what pensions we have, we can live out our lives up north comfortable.
I plan on getting back into stained glass as a side hobby along with some small wood working projects to keep myself busy. But regardless, I plan on being retired before I turn 60 so I can enjoy my peice of heaven as long as I can.
|
|
tsvoyager
Member
|
# Posted: 24 Jun 2012 19:28
Reply
OH the cabin will be passive solar and solar to keep energy bills to a minimum. It shouldn't cost to much to live life as long as we can be happy getting out of the rat race and living off the land so to speak
|
|
neb
Member
|
# Posted: 24 Jun 2012 20:23
Reply
tsvoyager
Sounds like a great plan. The insurance is the issue in most cases and for you it wouldn't be as bad.
|
|
MtnDon
Member
|
# Posted: 24 Jun 2012 22:46
Reply
I believe you can find many instances of where a person has died within a year or two or retiring. My belief it is often due to the person not being properly prepared mentally for the big change. A plan is necessary.
Similarly many spouses die shortly after their long time partner passes away. Again, I believe it's the mental adjustment that is required that makes it hard for them to cope and they say "what the heck....."
Does everyone have an up to date will? A last directive or whatever it's called where you live? A DNR that stipulates under what conditions, etc?
|
|
hattie
Member
|
# Posted: 24 Jun 2012 23:09
Reply
Quoting: MtnDon Does everyone have an up to date will? A last directive or whatever it's called where you live? A DNR that stipulates under what conditions, etc?
Yup....We have all of those.
|
|
neb
Member
|
# Posted: 25 Jun 2012 00:53
Reply
A living will is that what you mean??? I have a will but not a living will yet. Can someone tell what a living is about??
|
|
TomChum
Member
|
# Posted: 25 Jun 2012 01:43 - Edited by: TomChum
Reply
Quoting: Borrego And like Mtn Don, I resent paying (what I hear now is 35%) for those that refuse to insure themselves. A basic safety net is fine in a civilized society, but for the leeches, deny them care, I say.
35% for those that refuse to insure themselves plus 35% to insurance company profits is actually approaching 70% to leeches. About 30% is left to pay doctors and nurses etc to do the work. And from that 30%, pay reasonably well too.
Current system actually works well for the insurance companies they hold massive political and financial power. You can bet that they will not allow any changes. Not much point in proposing ways to get the non-payers out, there's no chance of a price break - we'll still pay the same.
|
|
MtnDon
Member
|
# Posted: 25 Jun 2012 02:39
Reply
Quoting: neb Can someone tell what a living is about??
My memory was failing me... living will, advance care directive, those are more terms/names that are used. Our health care company has information available. So do some banks and financial advisors. A "google" will bring up results.
From the Mayo Clinic... Living wills and other advance directives describe your preferences regarding treatment if you're faced with a serious accident or illness. These legal documents speak for you when you're not able to speak for yourself — for instance, if you're in a coma.
Living wills and other advance directives aren't just for older adults. Unexpected end-of-life situations can happen at any age, so it's important for all adults to have advance directives.
Advance directives are written instructions regarding your medical care preferences. Your family and doctors will consult your advance directives if you're unable to make your own health care decisions. Having written instructions can help reduce confusion or disagreement.
Mayo Clinic info
|
|
cabingal3
Member
|
# Posted: 25 Jun 2012 07:11
Reply
Quoting: rayyy Who ever come up with the age of 65 anyway?
we would be better once up in our woods healthwise but getting there is the problem.
we went to church this weekend.was i ever glad when i read on the church program-"kneel for prayer but only if u can!"
i was so grateful.something happens to me in the woods though.i perk up like an old hound dog...almost hop out of the jeep,start unloading this and that.i think its cause the ground is pumice and soft and the air is so good.some of these basics i try to keep in mind in town.to walk,to drink water,and read all i can on cabin-ing to keep encouraged that one day we will make it out to our woods to live.
|
|
Martian
Member
|
# Posted: 25 Jun 2012 07:44
Reply
Our society creates a conundrum.....we need the people who work in lower paying jobs, but we expect them to be able to afford everything that higher paid workers have. For instance, we expect them to pay for their kids educations, save for retirement, buy health insurance.....the list goes on and on....all while earning less than $10/hour. Its impossible! Add in the fact that many lower paying jobs are physically hard, and you have a situation, where by age 60, they are beat! But, they still have 5 years before full retirement and government health care is available. Until we learn to value all "work", there will be a certain number of people that are going to need help.
We all seem fixated on health insurance, but from personal experience with my mother, we really need to plan for long term care during the last years of life. We spent $3800/month for the last 10 years of my Mom's life. She was a very healthy (never smoked, active, well educated) person, but developed Alzhiemers in her 80's, and it became impossible for family to take care of her. She was 93 when she died.
Tom
|
|
COTTON PICKER
|
# Posted: 16 Jul 2012 08:50
Reply
I am 76 years old & still working full time (Civil Service) I don't have to work, I work because I want to.
I am a 20 year Military retiree. I established & ran my own business for over 20 years. (Auto Repair)
I can build buildings. I can make, modify or repair almost anything.
I was born & raised on a farm.
I consider myself to be self sufficient in almost all areas.
If my Wife would agree I would liquidate all our assets, buy 20 acres in Alaska, build a cabin & kick back.
She, however, would never agree so it is all a pipe dream.
Meanwhile I found this site & dream! LOL
|
|
| << . 1 . 2 . |
