Quote:
Originally Posted by suesiegel
So many thoughts to share-
First as mom used to say-MAN PLANS AND GOD LAUGHS.
If, I recall if you choose to take social security at 62 compared to 65, it is about 30% less for life. Increases are also a percentage of what you are getting.
Medical insurance will cost you about 12,000 for two people until you reach 65.
We all need to decide, how much do I need to have saved to??????
All you need to know is exactly when you will die, exactly when your wife or? will die. Rate of inflation for the next 40 years or so. Rate of inflation for medical care. Investment returns for the next 40 years. Money you plan or do not plan on leaving for your heirs. WHAT OUR GOVERNMENT WILL DO-NOT THIS YEAR BUT OVER THE NEXT 40 YEARS.
OH AND ALL THE THINGS I'M SURE I DID NOT MENTION-THEN YOU CAN KNOW EXACTLY WHAT YOU CAN AND SHOULD DO.
|
I missed where he said he was going to start collecting SS at 62, he just said that he was retiring at that age.
None of us know how long we will live, but having a rock-solid pension that covers all living/recreation costs, with substantial savings/investments as an additional buffer and then SS as a sweetener, allows some of us the peace of mind to know that even if we make it to 100 years old our lifestyle will not be in jeopardy.