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Retirement Discussions / Retire Well on Less
|Subject: Re: Win the lottery...and keep working?||Date: 2/9/2013 5:04 PM|
|Author: RetiredVermonter||Number: 1452 of 1641|
I just checked your "Info" and see that you probably know more than I do, in terms of education, about finances. CFA?
I have to admit that having 2 SS checks coming in DOES help, perhaps, but remember that we also have to feed, clothe, and insure two people, too.
When we started SS (at 62), we accepted the lower amount. We also later had her sign up as my spouse vs starting her SS on her own hook, because that way she got a lot more than she would have gotten on her own. (She had been a teacher and an aide and had not earned as much, etc.) As my spouse, she got (and still gets) about half as much as I do, which, added to mine, makes a decent amount, even at the lower amount (which we started nearly 10 years ago). If I die first, she will be eligible for MY higher SS income, of course, but she will then lose hers. I think she'd do okay that way, even with the drop in income.
Medical costs also were killing us until we got to 65 and started Medicare! My Blue Cross went from $325/month to $700 in 4 years!
Now, we have about $95/month deducted from each SS check apiece each month for Part B Medicare, but we also pay AARP/United Health Care another $340/month combined for our Medigap coverage. But that Medigap is well worth it because it covers hospital deductibles and (fingers crossed) has so far meant almost no payments to doctors or hospitals, including for two surgeries for me in the last 3 years.
Again, I think more people could do a lot better with their investments (within and outside their IRA's) if they'd just spend some time getting better educated about managing their own money, and by being willing to get on line and adjust their investments as often as they need to to keep pace! Far too many people sit and stare at their TV's (we do, too, actually), but pay little or no attention to their money!
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