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Author: FuwlEd Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19378  
Subject: Soc Sec Date: 12/28/2007 1:51 AM
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My father is considering retirement in mid 2009, when he turns 66. Mom has already left her job earlier this year, same age.

As for determining their social security benefits, is it a simple matter of adding together their expected benefits via their social security statements?

Outside of the general living expenses, what other expenses can they expect, primarily healthcare related? I know there is some sort of insurance they need to purchase, but that's the extent of my retirement knowledge.
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Author: 0x6a74 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12186 of 19378
Subject: Re: Soc Sec Date: 12/28/2007 2:07 AM
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As for determining their social security benefits, is it a simple matter of adding together their expected benefits via their social security statements?


dont know


Outside of the general living expenses, what other expenses can they expect, primarily healthcare related? I know there is some sort of insurance they need to purchase, but that's the extent of my retirement knowledge.


sort of need to.

at 66, they're eligible for Medicare.

are they getting any retirement benefits from previous employers? (if so, they might not need any more Ins.)

roughly (as best as i can understand it)
there's Medicare -A ..which is mostly just Hospitalization (and no charge)
Medicare-B which covers some (most?) other medical (costs me about $100/mo)
Medicare-D which kinda sorta covers Meds
( A and B are through the govt, D is through private insurers.)

Medicare Supplemental (through private insurers.) which covers almost everything not covered by A & B
and ( maybe available ) Medicare Advatage (through private insurers.) which is like Supplemental + -D

for these last two, there are about a zillion different plans, depending on their zip code (i had to choose between 34 different plans)
There are web sites to help them choose...

i can't think of any other differences when retired.
Food's more expensive cuz i go out more often (but could go out less)
Gas less so because i don't have to commute

... o ... at 70, they'll have to start withdrawing from IRAs (if any) ..they may want to start planning for that


-

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Author: Bobcatkitty Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12187 of 19378
Subject: Re: Soc Sec Date: 12/28/2007 8:59 AM
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As for determining their social security benefits, is it a simple matter of adding together their expected benefits via their social security statements?

+++++++

Your Mom will receive 50% of her spouses benefit, unless hers is higher than that figure, then she will receive on her own record. Have one of them contact SS and they can give a ball park figure for both parents. Their benefits could be taxed if their total income is above a certain amount, but I don't know what that amount is.

I've read some not-so-good things about going with a Medicare Advantage plan instead of regular Medicare, so be sure to make the right decision on that.

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