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I actually don’t know anyone that thinks it’s a good idea to live on SS only. It also depends on the lifestyle you want. If I couldn’t have traveled in retirement it would have been very disappointing. I also traveled before retiring but getting older is promised to no one.
However, retirement allowed us to travel in our motorhome for extended periods with all 4 dogs. As I turn 70 the long flights to Europe are exhausting so after next year I’m probably done. Plus after 7 trips I have seen what interests me.
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Once your home is paid for [no debt], and you quit working many of your expenses drop way down. Commuting is less, wardrobe expenses are less, and eating a meal while in mid-workshift stops completely....
Yes, it's amazing how much less you need to spend when you have complete control over your time and environment. Being able to stay home and surround yourself with hobbies and projects that enrich and fulfill your days frees up extra money for travel... and sometimes the best part of that is coming back home...
Yes, it's amazing how much less you need to spend when you have complete control over your time and environment. Being able to stay home and surround yourself with hobbies and projects that enrich and fulfill your days frees up extra money for travel... and sometimes the best part of that is coming back home...
In nearly every one of these 'retirement' threads, I am amazed by how much people think that they will need in retirement.
It makes sense, I guess.
People in their 40s and 50s, are in the mindset of buying a first time home, raising children, maybe stepping up into their second home and wanting to get it paid off. They are producing money and consuming at a high rate. Without any real experience of what retirement is like.
So they project that they will continue to need a high income.
Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
NONSENSE!!! (I'm being polite!)
SS began to take deductions from my pay checks, when I started working full time, at the age of 19. At that point in time, I had no way of knowing the future, and how my financial life would turn out. (none of us do!!) As it turned out, I spent the next 37 years working, at many points in time, in excess of 40 hours a week, which racked up the overtime pay, which was also subject to SS deductions. I was totally self-sufficient financially, for all those years.
I'm currently 72 years of age, been retired for a fair amount of time, and began drawing the SS that I EARNED, at 62. I managed my finances wisely, and am in good shape (so far). WTH should I have to support someone else, who chose not to consider their future situation, in their earlier life??? Or WTH should I have my SS means tested, today, when 2 years from now, I, or my wife, could develop some sort of serious medical situation that requires us to dip into our savings, in a big way. We planned for this, and allocated our funds accordingly....
A working class individual is accustomed to a lifestyle that their full-time career has allowed. They are commonly intimidated by the idea of living on 1/4 of that income.
But the 'problem' is entirely a matter of perception.
Once your home is paid for [no debt], and you quit working many of your expenses drop way down. Commuting is less, wardrobe expenses are less, and eating a meal while in mid-workshift stops completely.
I have been retired 23 years, it is not as difficult as people will imagine.
Yes - I am retired military. When I purchased my home - only had a 15 year mortgage - so no house payment.
The other half is a 100% disabled veteran - so in Texas - no property taxes.
I have military retirement, VA pension and now SS. So does he - so we are doing okay. Well he has civil service retirement - not military.
SS began to take deductions from my pay checks, when I started working full time, at the age of 19. At that point in time, I had no way of knowing the future, and how my financial life would turn out. (none of us do!!) As it turned out, I spent the next 37 years working, at many points in time, in excess of 40 hours a week, which racked up the overtime pay, which was also subject to SS deductions. I was totally self-sufficient financially, for all those years.
I'm currently 72 years of age, been retired for a fair amount of time, and began drawing the SS that I EARNED, at 62. I managed my finances wisely, and am in good shape (so far). WTH should I have to support someone else, who chose not to consider their future situation, in their earlier life??? Or WTH should I have my SS means tested, today, when 2 years from now, I, or my wife, could develop some sort of serious medical situation that requires us to dip into our savings, in a big way. We planned for this, and allocated our funds accordingly....
If I had $100 for every time the government screwed me over with an idiotic plan, I would be a multi millionaire.
I am not supporting means testing of SS, I am just predicting it. I am going to be taking SS next year. Believe me, I don't want them to touch it. That won't stop them from doing so.
[quote=jiminnm;66658969][quote=BugsyPal;66658486]Starting now until 2030, 30.4 million Americans are expected to turn 65.
Quote:
How many of that number have already retired? Boomer birth years are 1946-1964, so boomers have been retiring for many years. I retired at 52, 25 years ago, and know many folks who retired earlier than 65. Seems that CNBC is using an issue that may be a new issue to get clicks.
Exactly along the lines of what I thought. Plus, even if every single boomer retired at 65, almost 3/4 of the boomers would have already retired by now, so not sure how the next 6 years are supposed to be special. The oldest boomers are turning 78 this year.
Baby Boomers were born between 1946 and 1964. The oldest Boomers are ALREADY 77+ years old, and the youngest Boomers are 59+ years old. So, in effect, the majority of Boomers are already past the age of 65.
Chances are that if these Boomers haven't already made solid financial plans for their retirement years, it is likely too late for the vast majority of them.
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Right. I just posted the same before I got to your post :-).
To my understanding, the bulk of Baby Boomers are in front of me.
There is a huge herd of people aging, our healthcare system has developed to accommodate these geriatrics. Treatments like joint replacements which used to require 6 months to heal properly, are now outpatient procedures. You can literally walk into a clinic one morning and walk out again that afternoon with new knees.
That is amazing.
And to those of us who were born a bit later, as we age, we stand to benefit from these geriatric advancements.
SS began to take deductions from my pay checks, when I started working full time, at the age of 19. At that point in time, I had no way of knowing the future, and how my financial life would turn out. (none of us do!!) As it turned out, I spent the next 37 years working, at many points in time, in excess of 40 hours a week, which racked up the overtime pay, which was also subject to SS deductions. I was totally self-sufficient financially, for all those years.
I am 4 years your junior and can remember that most of the guys working in heavy OT jobs in the late 1970's maxed put their SS Deductions within the first 5 months of each calendar year. By June 1st, none of these guys were paying any SS taxes!
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