Gonna do it at 65, when the government cheese starts rolling in. Between my wife and me, we will get max Social Security that the system permits, which just alone will cover all monthly mortgage payments, household bills, food, and Medicare supplements. If we followed the conservative 4% rule on our combined retirement and other investment accounts, we would have more income in retirement than we do now while we're working, while not drawing on principal over the long term (historically speaking; who knows?). She's an airline employee, and is already vested in lifetime free flights for us both. We love to travel, and that's what we will do in retirement, without the stress/time hassle/worry about fitting it in with work schedules and issues. We're both quite healthy, but you never know what could come up.
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What's Your Number?
- Thread starter r32
- Start date
Sorry JI know this sounds really morbid, but does anyone's plan hinge on the previous generation's passing????
I never thought about it much but my 86 year old mother is undergoing a rapid descent into dementia and immobility. Two years ago she was fine but then had a fall and was knocked unconscious. My sisters decided she should not live by herself in a two story house. They moved her out and that's when her condition deteriorated. The isolation of quarantine probabaly didn't help. Then they moved her again to be closer to one of my sister's and she just never settled in. She thinks she' in a hotel. She's basically hallucinating all the time now. She started seeing her long deceased mother. She often thinks I'm there (when she tells my sisters I'm there, I'm always sleeping in the other room). It's been really sad to see.
believe me I can relate, you're her son and by culture if your mom is the same as mine you're her number one concern/focus.
My 92 yr old mom wasn't too bad off last year but just took a dive for the worse this year due to a rapid onset of mini strokes which she had been dealing with since her big one in 2008. And even though we've lived in the same family house for the past 30 years, she would always ask my sister/brother where I was every time they were with her. I wrote if off as her asking for my father who has the same name and passed away in 2006. Of course I was usually always at work where I've always spent most of my waking hours and only was able check in to be with her upon returning from work. It's the isolation that kills them, my mom isolated herself from everyone except family after her stroke because she was embarrassed about her inability to verbally communicate. Loss of independence to our kupuna kills them more than disease. Covid isolation made things worse.
You need to start getting ready
For the effect of alzheimers/dementia on a loved one is the worse thing to witness/survive. Let me know if you need any ideas on what I wish we did better.
Best wishes from our family to yours
I'm hoping what I have put away these past almost 50 years will last what time I will have left after retirement which was planned for 70 to max out my SSN but I'm not so sure now. I have been very lucky and blessed most of my money goes to taxes (zero deductions) and I don't have any complaints.
On the topic of inheritance, I told my parents a long time ago that I think it's an insanely stupid idea to work your whole life, save up to retire, only to leave it to your kids who in turn is going to do the same for their kids. To me that sounds like insanity and of a life half-lived.
I told them that I want absolutely nothing and to enjoy all their hard savings. I will in turn provide for my kids as best I can and give them as much opportunity possible, but the only thing I'll leave behind is the memory of a fun old prick that made them smile often.
I told them that I want absolutely nothing and to enjoy all their hard savings. I will in turn provide for my kids as best I can and give them as much opportunity possible, but the only thing I'll leave behind is the memory of a fun old prick that made them smile often.
Oh come on, man, you make me sound like a free loaderGood friends with trust funds. I’ve invested heavily in a few of those, hoping it pays off when we’re all old lol
in fact I’m hoping @Random Guy leaves his house to me instead of his kids. That’s why I always grab the check when we double date with the wives
You don’t always pick up the check
as far as my number, I don’t see retirement in my future, so I haven’t picked a target number that I probably won’t ever hit
No big deal
And if I get to retire, yay!
my mom is 92, has some money, and is in excellent health. nevertheless, i'll probably come into something when she passes - i'm guessing low 6 figures, but i don't know for sure, really don't even want to know for sure (coz if i did, then i'd start to consider it), and it feels creepy to consider it. so there it is.I know this sounds really morbid, but does anyone's plan hinge on the previous generation's passing????
I never thought about it much but my 86 year old mother is undergoing a rapid descent into dementia and immobility. Two years ago she was fine but then had a fall and was knocked unconscious. My sisters decided she should not live by herself in a two story house. They moved her out and that's when her condition deteriorated. The isolation of quarantine probabaly didn't help. Then they moved her again to be closer to one of my sister's and she just never settled in. She thinks she' in a hotel. She's basically hallucinating all the time now. She started seeing her long deceased mother. She often thinks I'm there (when she tells my sisters I'm there, I'm always sleeping in the other room
Please tell me what you wish you had done differently. My mom is 77 but a very old 77. She has dementia. She is depressed and would rather be dead. My older brother back on the east coast is a rock star and looks after mom but younger brother back there is worthless and will never lift a finger. I've been back there for 17 weeks this year with 2 more coming in November. Am I naive to think I can keep her out of a home?
That's hard, Gary. It pretty much depends on how much your older brother is willing to and can handle. I would at least investigate residential care options for your mom.
This question - when to take SSI - deserves a thread in itself. Fwiw, have been wrestling with it for the past year and was also thinking hold off as long as possible, max it out, hit the retirement savings first. But I turn 62 in December and my thinking has done a 180 degree turn in the last few months. This is probably the last best decade of my life, surfing and health-wise. The $100k I will defer by waiting until 70 will eventually come back to me, but mostly at a time when I will certainly be unable to do most of the the active things I love - if I am around at all. By taking it now, I get a lot less but enough to be free enough to enjoy my 60's freely, and work as needed, at my leisure. If I have to hit my retirement $'s for any shortfall, it will be minimal and should not seriously impact the principal.
I literally put in for it just yesterday, to start in December. It doesn't pay all the bills but it's a nice base that will be coming in for the rest of my life. I feel good about it. Ymmv.
Everyone is different, but I look at it as an 8% guaranteed investment every year that one defers taking SS between age 62 and 70. That's the extra amount you get for each year of deferral.
Well, I’m not sure about numbers either but..... I have been thinking about retirement. I’ve been working for Ca. Judicial system for 21 years now and have been contributing to the retirement fund (Calpers) as well as 401k. About 15 years ago we were offered the option to buy up to 5 years of additional retirement which I jumped on and maxed out immediately. Add to that an IRA and Roth IRA that I built while working in the mutual fund industry and though they’re far from substantial, they’ll still help; I hope to call it quits within five or six years thanks to these investments. Add to that, my wife has a few nuggets in the background and with some frugal travels and rent our home for steady income, we should be able to make an early retirement in our early 60’s. Five years to go assuming things go well.
FWIW my rich uncle took SSI as soon as possible cause he said he wanted his money asap cause he’d invest himself
Right, but what kind of shape will you be in after 70? And what is the cost of foregoing it? For me, the cost is free time in relatively good health - something I cannot buy or get back at any price. As you point out, everyone is different. Free time in good health has become a precious commodity to me, upon which I cannot put a price.
Exactly.
lets be honest: what the fcuk are you good for at 70?
Certainly not trying to live some version of a surfing life.
Help your kids and community, live with some dignity.
Not play with toys and waste money.
lets be honest: what the fcuk are you good for at 70?
Certainly not trying to live some version of a surfing life.
Help your kids and community, live with some dignity.
Not play with toys and waste money.
Don’t hesitate to put her in a home. Regardless of the down side of a loved one being in a home, it is nothing compared to the havoc in your home if you try to care fore her. If married, your marriage will suffer eventually. You may transfer your anger towards your loved one unintentionally. Check out the local homes, find one near by and do it. Visit, get the doctors OK for her to drink a little wine, bring her some wine and cheese weekly. Be positive with her. Try not to show impatience or anger, get her out in the car if she’s mobile. It will work if your patient and you love her like you would want to be loved when its your turn and, hope your kids are kind as you hope to be…
My mom is 92. She's charging. Stoked for her. There'll be nada when she cruises but whatever. Tengo suficiente. No le hace.
I have hung with dudes in their 70's and one who is 84 that still surf, sail, ride motocross, hike, camp, etc. I will absolutely be doing the same if no health issues get in the way. if I have to hang it up by 70, might as well put a gun to my head. Eat right, train and be healthy and barring any health issues, you can easily still be playing pretty well into your 70's.
sure.
fine line though.
70 year olds acting like teenagers is a bad look.
I guess it's something we will get used to though as anti-ageing science becomes more functional.
And for those hopped up on being an individual in a hyper-consumer society probably a new normal.
fine line though.
70 year olds acting like teenagers is a bad look.
I guess it's something we will get used to though as anti-ageing science becomes more functional.
And for those hopped up on being an individual in a hyper-consumer society probably a new normal.