One of the things on the back of my mind, as dh and I get older and on the backstretch to retirement age is when dh should start taking his social security. Since he doesn't work, starting at age 62 would be nice additional income to us. But, should he wait until he's older and get a higher amount? Should he wait until I start collecting and then take a benefit equal to half mine? We still have over 4 years to figure this out, but I did do some basic calculations. Taking at 62 is a lower benefit amount, but it's also 5 years of income he wouldn't get, if he waits until 67. What's the break even age? I did the calculations and his break even age is 79. Well dang. That's pretty old. He'd only start to earn more at that age than he's already earned, in total, if he started taking at 62 vs 67. Honestly, with his health, diet, and aversion to doctors, I'd be surprised if he makes much over that age and even if he does, by then he's probably not got very many more years, just to earn another $4000 or so per year. By then he'll probably be in nursing care/medicaid anyway.
I haven't calculated him waiting until I retire and start taking social security. My plan, barring any health issues, is to work until I'm 70. That will be next to figure out, but for now, just based on his social security numbers I would probably just have him start at 62. That extra income might help to get me to be able to retire maybe a couple years earlier than 70 (by paying off our mortgage sooner). I'll have to work on some figures. I can't remember what my amounts are at 67 and 70, his might already be equivalent to about half, so then it doesn't matter.
Linda/moreparsimony - you will be as happy as I am to know that birdie lamp for my desk finally shipped! Only took 6 months.
I'm hoping we get the wagon wheels for the wood bridge delivered this week. If not, I'm calling Tractor Supply customer service to complain. I paid $92 for shipping these and they are just sitting at the delivery place, or get loaded on their truck and don't get delivered because the driver runs out of hours. The lady at the delivery place told me I can pick them up there, if I want. No thank you. I paid $92 for delivery. I'm not driving 100 miles round trip to get them, unless they want to credit me for my shipping charge. They shipped them on 5/26!!
In the UK you can buy extra years if you don’t want to work till you drop but there’s a financial point at which it doesn’t make sense.
ReplyDeleteWould you want to work till your 70? You seem to enjoy your job and I reckon you’re good at it.
Would you be happy in complete retirement?
I’m guessing you like being busy and good at something you get paid for. It’s a tough one!
As long as I'm healthy I think I can work till 70. At least probably will have to to earn the most in Social security and get my house paid off. Preferably, I'd like 68, LOL. We'll just have to see. As long as I can keep doing this job from home, it's easy and good money. My neighbor is 70 now and she's not retiring until next May, haha.
DeleteWhen a person is deemed 100% disabled, full ss benefits apply. I was going to ask about the bird lamp today. Does it have a harp? That was a long time for delivery.
ReplyDeleteDH couldn't get approved for 100% disability. They said he could work like 2 hours a week or some stupid thing, years back when we tried to apply and then appealed. He's not eligible for full SS until 67. No harp on the lamp. I'll post a picture when I get it :)
DeleteOh my, I couldn't for the life of me imagine working until I was 70 - but then again you don't have the horrendous commute that I did. Still, commute or no commute, I'm so glad I went at 60 (but I know all our situations are different)!
ReplyDeleteHonestly, at this point I think I'd be too bored, I'd at least want to work part time. If dh had been working these past years, we most likely could have retired in our early 60s, but that was not the cards we got dealt.
Deletekeep in mind that your dh will not qualify for medicare coverage in a nursing home until all your assets are basically drained. If you think he will need a nursing home, you need to start saving for that!
ReplyDeleteNot true. There are medicaid protections for the healthy spouse. If the healthy spouse is still working/earning income, that (up to a point) is not counted. Also, (with limits) the home is protected so that the healthy spouse may continue to live in the home and the unhealthy spouse the possibility to return to living in the home. Yes, I would expect savings to get drained for care, first, but that is what that money is basically saved for, in the first place. A spouse going into nursing care doesn't drain all of the couples assets. I also learned this when researching for my inlaws. I don't have all the exact numbers and amounts, but I do know your income and home are not drained to be eligible for medicaid, if you are married.
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