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01-05-2015, 12:53 AM
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#29
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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Quote:
Originally Posted by ronspradley
Just a reminder, if you and spouse are different ages, the younger can get half of older's social security when the younger turns 62. In my case, I am 9 years older than spouse. I had to start social security when I was 65. Spouse will be 62 in less than a year and she will then begin taking the dollar amount of half of my benefit. And this does not effect her being able to wait on her social security and draw full benefits when she reaches 66.
ronspradley
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I did not know this. Wife turns 66 in another year, I will be 62 next year. One of the things we did not want to do was start my check early. I will check into this option more. Thanks.
__________________
Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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01-05-2015, 08:09 AM
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#30
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Senior Member
Join Date: Nov 2014
Posts: 593
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I have found that by staying in a place more then a week at a time or more. That I have np doing it on 3k a month. We watch what we do and buy and still have a great time.
__________________
David & Carol
2008 Damon Challenger
RVing is a life style you love so slow down and enjoy
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01-05-2015, 08:47 AM
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#31
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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There is alway the possibility of monthly / longer term stay in winter where you grow the nest egg and save for more frequent moves.
Some people could not live in the space of motor home... some could live in less space comfortably. If you're comfortable in your space and play your cards right - I believe you could do it on $
3k - especially with no debt. Also - paying insurance on coach and car - Roadside and Extended service - sirus radio etc annually - removes monthly payments. Start that way - then save the money to do it again the following year. If things get tough - you have been building savings for the next year and you can adapt as needed.
More grilling out - eating in instead of out is also a plus. Domestic beer - and box wine - no way, no how. But YMMV...
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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01-07-2015, 08:49 AM
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#32
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Senior Member
Winnebago Owners Club Ford Super Duty Owner
Join Date: Jul 2014
Location: MI
Posts: 4,733
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G-JLD9,
There is another option to get you to that 2019 option. It is possible with SS that you can start drawing 1/2 of his SS. Go to the SS website and register if you have not already. I am not sure of your age and know there is an age limit for this but it gives you another option. If you want more info, I will get the papers out later and get you the exact process.
So if he gets $1200 in 2021 and you are the right age, you could claim 1/2 for another $600 coming into your monthly income. Beverage money . You can then choose to let your SS go until age 70 for you and have it as the maximum.
You might want to check into this. My DH and I feel that we are going to use their rules to our benefit.
Good luck, I say go as early as you can. What is stopping us is insurance since I would have to buy mine at $1000. a month. To me, that is gas money for the MH.
Lynne
__________________
Retired January 4th, 2018 Lynne & Jerry RVM 105
04 WBGO Itasca Sunova (Miss May) Blue Ox Tow Bar
15 Equinox (Noxi) 18 RAD Mini e-bike, 04 Tracker
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01-08-2015, 05:38 AM
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#33
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Senior Member
Join Date: Oct 2014
Posts: 186
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Gary and I are 15 years apart so I need to research the SS thing to see. I bet I will be too young.
Wow, insurance at 1000 a month, that's a lot. I'm glad we will have heath insurance through Federal and Army retirement. If not we would have to stay working.
We really want to be right next to the ocean for our spots we chill at for a month. But I can see that those RV parks can get pricy, so we will have to see if paying more to be on the beach front is worth it to us.
__________________
2004 Mountain Aire 4018
Full time RVing planned for Summer of 2019
We want to live by the ocean and never see snow!
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01-11-2015, 08:52 PM
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#34
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Member
Join Date: Nov 2014
Posts: 58
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Hi,
My wife and I have been full time since 2004 and we would not trade it for any house out there. There are plenty of used high end MH out there that will meet your price range i.E. Foretravel, Provost Liberty, Marathon etc. The people that buy these very expensive MH can afford to drive these million dollar homes off the lots while the deprecation goes at a phenomenal rate. They "usually" also can afford to keep them well maintained and usually with low mileage. I do suggest if you two buy a MH is fit into your budget a maintenance plan for it. You know as a mechanic how expensive a diesel engine or transmission can be. The maintenance plans I have purchased have limits on the year and mileage of the RV so you would want to be aware of that. My wife has MS and I still am working, to retire very soon. Hopefully a couple months. I read the part on the rentals and that was a very good point of his.
What you both can do is to go full time now to see how it goes and you will be able to see how much it could cost you both to fulltime. Like I had said previously my wife and I would not trade it for anything. Good luck to you both and thanks for your service to our country, from an ole Vet.
Later
Tagaxle
__________________
2008 Country Coach 360 Inspire FE 43FT
425 HP CAT C-9 and CAT C-28 6sp Trans
Towing 1956 Chevy P-UP 1300 Short Bed
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01-12-2015, 07:21 AM
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#35
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Senior Member
Join Date: Mar 2009
Location: N. Central AZ
Posts: 548
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We started full timing back in '01 and stayed on the road for five years. We kept good records. It worked out to about $100/day. We did a lot of boon docking and dry camping so the campground cost was low, but we were making an $1,100 RV payment to balance that out. Toad was paid for. And we tried to keep our average daily mileage below 100 miles. We did Baja and Alaska for six months each the first year. We both had decent Medical insurance so that was not included.
All that being said, your life style will dictate where you go from there. We were one the moderate to conservative end of the scale. We saw people all over the scale, from tiny trailers to 45' pushers, and they all enjoyed themselves with what they had. That was one of the things we really liked, there was not much of "Class System" out there. There were some that acted like snobs, but very few!
Good luck,
H
__________________
'01 National RV Tropi-Cal, Ford V10, '01 Suzuki GV 4X4 Blue Ox Tow Bar,300 Watts Solar, 2500 Watt '458' Inverter, NO TVs, Most light fixtures upgraded to LEDs
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01-13-2015, 07:53 AM
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#36
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Senior Member
Winnebago Owners Club
Join Date: Apr 2013
Posts: 1,061
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My budget plan for full time RVing
Quote:
Originally Posted by G-JLD9
A lot has happened since I posted, but all for the good. Gary got forced into retirement from his Federal job last month and is now collecting his pension from his Federal job about 1250 a month. Then in 2019 when he turns 60, he will get his Army Reserve pension at about 1800 a month. And he will be able to get S.S. 2 years after that. So the plan is still to full time by the end of 2019".
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Not a good idea to begin taking SS benefits early at age 62, IMO., especially since you are so much younger, limiting the lifetime amount you will receive. Most often it is advisable to wait until at least full benefit age, and in some cases wait until age 70. You really should consult a fee only CFP regarding this.
Also, you should be able to withdraw 3 to 4% of your 401K/IRA/ general Savings per year safely, which was not mentioned in your monthly income assessment.
Enjoy Retirement and
Cheers!
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01-13-2015, 08:08 AM
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#37
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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Quote:
Originally Posted by alpha99
Not a good idea to begin taking SS benefits early at age 62, IMO., especially since you are so much younger, limiting the lifetime amount you will receive. Most often it is advisable to wait until at least full benefit age, and in some cases wait until age 70. You really should consult a fee only CFP regarding this.
Cheers!
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I'm fairly confident the stats indicate that the total received is nearly identical. Less for longer time and more for less time are a near wash. You will likely live the same amount of time regardless. So if you have an idea as to how long you might live, you can calculate your break even point. There is no pat answer to this and it is a personal decision - depends on your spouses SS - do they have it, when will they draw it, is yours greater? A financial planner and or tax accountant is the best source of information and well worth the expense. My mom - drew hers at 62 and collected about 7 months before passing away suddenly. Windfall for the system. At least she got something.
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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01-13-2015, 08:20 AM
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#38
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Community Administrator
Join Date: Aug 2009
Posts: 53,378
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I believe the break even age is about 80. If you die before then , you win. If you live longer , they win. I took mine at 62.
__________________
Cliff,Tallulah and Buddy ( 1999-2012 )
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01-13-2015, 08:32 AM
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#39
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Senior Member
Fleetwood Owners Club iRV2 No Limits Club
Join Date: Sep 2012
Location: Rainbow Riding
Posts: 18,574
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Quote:
Originally Posted by Clifftall
I believe the break even age is about 80. If you die before then , you win. If you live longer , they win. I took mine at 62.
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Sounds reasonable Cliff. I've seen as high as 84 - and all the break even analysis I have looked at have investment return assumptions as well inflation and lifespan. If you need all the money to live on and make zero return, well ya gotta live on something.
__________________
Steve & Annie (RVM2)
2008 Fleetwood Bounder 38F ~ 325 ISB Turbo ~ Freightliner XC 2014 CR-V ~ Invisibrake / Sterling All Terrain
Sioux Falls, SD (FullTime Since Nov 5th 2014)
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01-13-2015, 09:36 AM
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#40
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Senior Member
Join Date: Mar 2014
Location: Oak Creek, WI
Posts: 1,141
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Quote:
Originally Posted by G-JLD9
So here is my plan:
Right now we have 125k saved for a rig. We don't want a rig payment so buying a used class A or 5th wheel and truck paid with cash is our goal.
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I would just like to throw this out there as " food for thought"... as I don't think anyone else has..
I see you're getting good advice on the monthly income questions/concerns.. but I noticed the above from your OP.. It is my feeling you should leave that $125 in the bank/investment.. I would think, with rates as low as there are, it would end up COSTING you money..
I know there is a strong feeling to have everything "paid" for.. but that is an emotional response.. I feel, these types of life decisions need to be approached with a keen business eye.. getting a loan at 3%, while your money is earning 10%, is a very smart plan.. plus, in the event you need cash for an emergency, you still have money to tap into..
I've read about putting a large enough payment down so that you can stay within an "equity position" on your loan.. Wouldn't it be a nice feeling to have money in the bank earning more interest than you're paying on the RV loan, while at the same time having the security of a rather large emergency fund to tap into.. call it being self insured..
Good luck and I wish you many happy miles ahead..
__________________
Eric & Denise
2012 Itasca Sunstar 35F W/ 5-Star Tuner
2017 Harley-Davidson Ultra Limited
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01-14-2015, 08:02 AM
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#41
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Senior Member
Join Date: Oct 2014
Posts: 186
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Gary is pretty much set at drawing SS as soon as he can. After his heart surgery he doesn't believe he will live past 70. His dad died at 64 and didn't get to draw anything so he wants to draw at 62.
__________________
2004 Mountain Aire 4018
Full time RVing planned for Summer of 2019
We want to live by the ocean and never see snow!
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01-14-2015, 08:15 AM
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#42
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Senior Member
Join Date: Oct 2014
Posts: 186
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We really like the feeling of having everything paid when we go full time. But if we can make more on our money then our loan cost would be, it would be very smart to look into this option. I don't know a whole lot about investing. 80k of the 125k rig fund is in Gary's TSP. We plan on keeping that in there till its time to full time. My TSP has 40k and I add 10% of my pay check. I don't count my TSP as part of the rig saving since I can't draw any till I'm 56.
50k is just sitting in the bank earning pennies so I should look into the best way to make that money can grow. We save 1600 a month from Gary's Fed retirement he draws now and my Army Reserve checks that we just put in the bank. So I better get educated this month on how to make the most of our money.
__________________
2004 Mountain Aire 4018
Full time RVing planned for Summer of 2019
We want to live by the ocean and never see snow!
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