Social Security

begreen said:

Lifestyle plays into it too.

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I agree with that......if the men in your family all live to 90+ but are fit, and you have high blood pressure and cholesterol, you may not be making that same trek.

But I do think family history (especially if you look at grandfathers, father, uncles, etc) really gives you a good general picture. Especially if you are in similar health to them.

smokedragon said:

But I do think family history (especially if you look at grandfathers, father, uncles, etc) really gives you a good general picture. Especially if you are in similar health to them.

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My brother, father, grandfather, and great grandfather all passed away within a few short years, three of the four from cancer. Ages 26, 48, 74, 95. What's that mean for me?

Personally I am planning on ASAP, drawing at 62 and hoping to enjoy some of it. My FIL retired at 62 died at 63, cancer. My Dad retired at 60, is 87 now and healthy. Mom, brother, uncle and several cousins, never made it. There are no guarantees in life, my plan is to retire early and enjoy everyday. I do not need all the gadgets and new stuff, so with everything paid for I do not need much to ENJOY my life style. This next year at 54 I am relocating to St Croix with minimal taxes, low property taxes, no heating or cooling, 77-87 year round and everything paid for. Probably work part time some where for my sanity. Hopefully live another 30 years, maybe not.

Joful said:

My brother, father, grandfather, and great grandfather all passed away within a few short years, three of the four from cancer. Ages 26, 48, 74, 95. What's that mean for me?

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It means the "big guy" has not picked your number yet and hopefully won't for many years. My Dad's Dad died at 46, my Dad is now 87 and his goal is 92, so he will double his fathers age. I figure if I use the same theory and double my Dads I will be 192.

The good man can begin collecting in May. I (the trophy bride) have to wait another 12 yrs. for "full" benefits. We've made the choice to wait. He's the major bread-winner right now (first year for my new business) and has access to benefits. That he is wiling to "suck it up" so I can get my own gig up and running is like hitting the lottery.

I will wait as long as possible to begin collecting. A function of meagre savings early on, meagre employer matched savings, and the (perhaps naïve) hope that continued savings and postponement of SS collection will make a difference.

No guarantee, as Rick has pointed out.

Im cashin in at 62 while im still healthy enough to enjoy it. If i make it into my 70s these bum knees will probably have me housebound anyways.

ironpony said:

with everything paid for I do not need much to ENJOY my life style. This next year at 54 I am relocating to St Croix with minimal taxes, low property taxes, no heating or cooling, 77-87 year round and everything paid for. Probably work part time some where for my sanity. Hopefully live another 30 years, maybe not.

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WHy is it just when i think i have it all figured out, someone comes along with a better plan. Sounds like heaven Iron pony.

Seasoned Oak said:

WHy is it just when i think i have it all figured out, someone comes along with a better plan. Sounds like heaven Iron pony.

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I dunno about that. 77-78 year-round? He's going to miss us.

Joful said:

Oh, definitely! I was lucky to have a mother who hounded me on the principles of compounding interest, so I maxed out my Roth IRA contributions every year from age 18. In my 20's, that meant driving old broken cars, and not going out as much as my friends, but I'm glad for it now. I also contribute the max allowable limit to my 401k every year, and have two separate wealth management accounts (one managed, one DIY), for the balance. Paid my first house off at age 35, second house will be paid by age 52.

My plan: have so much squirreled away that Soc Sec is irrelevant.

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You and me. I too was pushed by my mother to max out a Roth IRA from the age of 15. It now impressive to see the compounding interest now.

Joful said:

My brother, father, grandfather, and great grandfather all passed away within a few short years, three of the four from cancer. Ages 26, 48, 74, 95. What's that mean for me?

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It's a crapshoot? I'd be shooting for genetics like those grandparents

Dementia is a concern from my Dad's family (both he and his mother). This bit of research is interesting - might explain my daughter's interest in vampires
http://news.nationalpost.com/2014/0...of-ageing-cure-alzheimers-disease-scientists/

What I want to know ... Joful and wenger.... Is how you get a high school job that pays enough to max a Roth Especially if you need to finance a car to get to said job....


I wish my parents had been, or are, better with finances... but they where not. I developed a good appreciation for hard work and saving, but did it the hard way - paying my own way in college through scholarships and a lot of loans (still a few years to go), learning from their mistakes, helping out other family members straighten out finances and teaching my wife (who never though about saving till she met me). So in spite of best intentions I got a slow start on my 401k in my 20s and didn't really get going serious on extras like the Roth till my 30s. If I'm lucky I hope to finally be in a position to max contributions to all of them at 40.

If I had the jump start like you guys Id be on my way to retiring at 50 i think... oh well... or maybe not. I don't think I could take just sitting around for decades, wife and I have a dream to someday quit the rat race and own a working farm... maybe we just would have been able to do that sooner.

jharkin said:

What I want to know ... Joful and wenger.... Is how you get a high school job that pays enough to max a Roth Especially if you need to finance a car to get to said job...

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Max limit back then was $2k, and I worked 40 hr per week all summer, and still 24 hr/wk all school year. I think I was making about $6/hr, so I grossed about $9k /year.

I was responsible for insurance, gas, and all maintenance, but mom supplied us each with a first cheap used car.

Joful said:

I dunno about that. 77-78 year-round? He's going to miss us.

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I will be around I like the company here more than the wood burning. I will post pics of the 77 degree days sitting on the beach or scuba diving in December.
The water will be a frigid 79 then......and in case you missed it in the other thread this is the view from the back patio. low tide is the property line.

Nothing wrong with burning a night fire on the beach. I see some driftwood in that pic.

ironpony said:

I will post pics of the 77 degree days sitting on the beach or scuba diving in December.

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If you keep doing that, I might start to hate you, just a little.

ironpony said:

I will be around I like the company here more than the wood burning. I will post pics of the 77 degree days sitting on the beach or scuba diving in December.
The water will be a frigid 79 then......and in case you missed it in the other thread this is the view from the back patio. low tide is the property line.

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My question is: Are there children and grandchildren who will be joining you on that beach?

We likely could have joined you on that beach but money got diverted to enlarging house, education plans and proportional bills associated with kids. Kids laugh at us and say they don't feel sorry for us ... our choice to have them. Guess they are right for once

Lake Girl said:

My question is: Are there children and grandchildren who will be joining you on that beach?

We likely could have joined you on that beach but money got diverted to enlarging house, education plans and proportional bills associated with kids. Kids laugh at us and say they don't feel sorry for us ... our choice to have them. Guess they are right for once

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3 children 27, 30 32. 3 grandchildren 13, 5,5.

fossil said:

Maybe he's smarter than a whole lot of other people. If I hadn't started thinking about and planning for my daughter's education when she was about 3 years old, she'd still be saddled with student debt now at age 30. I took care of all that (and lots of other things) starting long ago by looking ahead, planning, and acting.

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You can also feel confident in the fact that she will never see a dime of social security.