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Long story shortened. I expected to work at my former job until retirement. When the recession started the company decided to change their mission. Those of us that worked with communities were laid off. It was a shock to say the least.
I did get part-time temp work but another shock was the fact that I couldn't find a job. I'd always been able to find a job & was a pro at writing my resume but companies were looking for young people who would accept a lower salary. Even though I stressed that I did not expect to receive the salary I'd had but no one called with a job offer.
Then I saw my 401k go lower & lower & panicked. In trying to save my house I took what I had in the 401k to pay my mortgage & buy some time. Stupid I know.
Then there was the car accident, which I'm starting to get monies for. Most of this is being invested. Also, I received a letter saying a former employer owed me pension. I'll start getting that when I turn 65 (I'll be 62 in another month) so that will be included in my income.
Those are the things missing from the poll. It's nice to be able to explain the why of depending on SSDI for my income.
Please, vote in the poll only if you have already applied to receive Social Security retirement benefits. Comments welcome by all, of course.
My idea behind the poll is the lamentation in another thread about the probable lack of SS COLA this year. I figure those who rely on SS for a large part of their retirement income are those who are most concerned about the SS COLA. Those of us with very small SS benefits (i.e., a very low percentage of retirement income from SS) do not care about the SS COLA.
With the current and upcoming drain on the SS system from retirees (myself included), and the working population/retiree ratio ever decreasing I know some measures need to be taken to try and keep the system solvent. I figure I would rather forego the COLA increase (which never goes very far anyway) rather than to lose more of it later. Of course that may happen anyway.
I've gotten used to no raises. When I retired about 4 years ago, it had been five years and counting since the rank and file employees had gotten any raises at all. So to me its a special event to get even a miniscule raise. Sure makes a person more motivated to live within his means, including going without the latest and greatest as needed.
My thinking is we'll retire at 58 or so, as in close the business. At that point we can 72t our SEP-IRA and IRA monies at 100% of our living expenses until I hit 62, and I'll take my SS which is tiny, so like 5% will be SS. When hubs hits 67, he can file and his amount should be about 1/2 our living expenses.
That will allow our nest egg to last until we hit 100.
We care about it because, although we do not receive Social Security (paid into Civil Service retirement instead of SS) our Civil Service pensions are pegged to the same COLA-meter. Thus, we won't get a COLA.
Quote:
Originally Posted by Escort Rider
Those of us with very small SS benefits (i.e., a very low percentage of retirement income from SS) do not care about the SS COLA.
Not retiring for a couple of years - but expect that my pension will bring in 30K. Spouse will be 62 when I retire at 65. I worked for a governmental entity that does not pay into SS. I expect that my and my spouses SS will be about 2000 a month combined.
Our investments will bring us to where we can afford a move to California. I figure if we can swing it - living on 55-60K year will be the minimum we will need. We've lived on $40K a year and saved the rest for years....
Between my wife's SS and my spousal benefit, it is 42% of our income. The rest comes from our IRA withdrawals, income from my stock trading and a small pension. When I hit 70 and stop spousal benefits and start my own SS, the % should jump up to about 65%.
My idea behind the poll is the lamentation in another thread about the probable lack of SS COLA this year. I figure those who rely on SS for a large part of their retirement income are those who are most concerned about the SS COLA. Those of us with very small SS benefits (i.e., a very low percentage of retirement income from SS) do not care about the SS COLA.
Why would people expect to receive a cost-of-living increase if the cost of living did not go up?
because most people do not understand that the cpi is just a price index of price changes and not an actual cost of living index and so it it may or may not reflect their actually cost of living .
i don't care what the index shows when it comes to my personal costs.
my rent went up and my healthcare coverage went up a lot and that says i do not have zero inflation this year since those two easily eclipse any energy savings i saw ..
but i understand that the index is not supposed to match my personal cost of living nor can it .
not everyone gets that point .
as an example being diabetic i live daily on eggs , peanut butter and or plain yogurt for breakfast . if other food products drop it likely will not effect me . but if those 3 items increase the mere fact that i use so much of it makes it a different story .
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