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03-11-2017, 08:12 AM
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#43
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Senior Member
Join Date: Nov 2015
Posts: 773
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For those of you who have received a copy, I made an interesting observation the other day regarding when to start taking retirement benefits. I was playing with the interest rate for tax sheltered assets, changing it between, 5.8, 7.5 and 10%. Then I changed the date when SS benefits begin. At 5.8%, age 66 was the optimal age. At 7.5% and higher, age 64 was optimal.
Your situation will vary.
__________________
2012 Dodge C3500 DRW 4x4 Long Box, WeatherGuard 90 Gal transfer tank, B&W Companion Hitch
2012 Keystone Montana 3100RL, 520W Solar, 460AH batteries, Morningstar MPPT 45 CC, Bogart 2030RV monitor.
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03-18-2017, 07:16 PM
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#44
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Junior Member
Join Date: May 2015
Posts: 24
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Quote:
Originally Posted by drdarrin
For those of you who have received a copy, I made an interesting observation the other day regarding when to start taking retirement benefits. I was playing with the interest rate for tax sheltered assets, changing it between, 5.8, 7.5 and 10%. Then I changed the date when SS benefits begin. At 5.8%, age 66 was the optimal age. At 7.5% and higher, age 64 was optimal.
Your situation will vary.
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Yes. I believe most publications state delaying SS is worth about 8% per year until age 70.
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03-18-2017, 07:31 PM
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#45
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Quote:
Originally Posted by ChrisRVLivin
Yes. I believe most publications state delaying SS is worth about 8% per year until age 70.
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That assumes (1) that you will live to 70 and (2) that you have funds to live on until 70 or that you keep working. In our case, we wanted to retire early (so we could enjoy our healthy years) and didn't want to pay large tax amounts withdrawing out of our IRAs. So we took SS at 62 and have never regretted doing so. Our IRAs have doubled in that time and while we now have to take RMDs, our daughter will get them if anything is left when we die (unlike SS). So between our SS and pension, we have lived a comfortable life and the IRAs keep working for us. We will hit the break-even period at about 78, but the memories we've gained by taking it early are priceless.
Barb
__________________
Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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03-20-2017, 08:44 AM
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#46
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Senior Member
Join Date: Aug 2016
Location: Twin Cities
Posts: 741
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I would be reluctant to take SS at 62 even though I plan to semi-retire at 60. I am toying with the idea of living off part-time wages (very part-time) and proceeds from the sale of my business. At 67, I would draw my full SS and begin drawing from retirement accounts. Each situation is different. (Investments that double can also drop just as quickly.)
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03-20-2017, 10:21 AM
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#47
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Quote:
Originally Posted by TJFogelberg
I would be reluctant to take SS at 62 even though I plan to semi-retire at 60. I am toying with the idea of living off part-time wages (very part-time) and proceeds from the sale of my business. At 67, I would draw my full SS and begin drawing from retirement accounts. Each situation is different. (Investments that double can also drop just as quickly.)
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How can you travel fulltime and make enough working part-time to afford it? Since we wanted to travel (because I am an ovarian cancer survivor and Dave had survived a stroke, plus stents) while we were in good enough health to enjoy it. Either IRAs or SS funds had to be used - - we went with SS. Like I said, the point at which we will break even is 78, still a ways to go. We have an emergency fund in place that we wouldn't have if we had used the IRAs and we are able to live comfortably.
__________________
Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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03-20-2017, 11:19 AM
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#48
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Senior Member
Join Date: Aug 2016
Location: Twin Cities
Posts: 741
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Not knocking your choices...so many here have inspired me. I confess, won't be FTing...we've decided to keep our low cost townhome as a base. I'm ok with spending capital, I have no one to worry about except me. I will be spending down. I live on a budget and have proven my ability to live on one, otherwise this wouldn't work. I can make all my wages in 3 months (tax business).
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03-20-2017, 11:34 AM
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#49
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Our retirement plans got seriously altered by the late DW's liver cancer. I could be debt free, but it'd cost me about $100,000 in income taxes to do it. So, for now, I'll continue making monthly payments on the MH and stick house. Planning on selling the house next year, that should clear enough to pay everything off, if not, well I'm 70 now and my kids can figure it out!
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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03-20-2017, 01:49 PM
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#50
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Senior Member
Alpine Owners Club
Join Date: Sep 2005
Location: Traveling in North America
Posts: 2,248
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Quote:
Originally Posted by Mr_D
Our retirement plans got seriously altered by the late DW's liver cancer. I could be debt free, but it'd cost me about $100,000 in income taxes to do it. So, for now, I'll continue making monthly payments on the MH and stick house. Planning on selling the house next year, that should clear enough to pay everything off, if not, well I'm 70 now and my kids can figure it out!
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Yup, that's what we did. When you have a lot of money in tax deferred accounts you have to carefully plan withdrawals to minimize tax bit.
Barb
__________________
Barbara & David O'Keeffe
Figment II (Alpine 2002 36 MDDS)
On The Road since 2006
Blog
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03-20-2017, 05:43 PM
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#51
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Senior Member
Join Date: Aug 2016
Location: Twin Cities
Posts: 741
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Retirement
For many (with pensions), retirement is a "slam dunk". Not so when one is balancing investment risk against never ending low interest rates. In a worst case scenario, I will have a big enough SS so that I could live on that alone. Even under the worst scenario, I would be 80 at that point and my spending will flatline if I am still kickin'. A huge % of retirees live on just SS. Being debt free is a must for most.
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03-20-2017, 07:35 PM
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#52
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Senior Member
Join Date: Aug 2016
Location: Holbrook Long Island New York
Posts: 1,369
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Wow, all of this is very interesting and sure seems very, very complicated.
Rule number 1, there is no rule number 1 because everyone's situation is different and no one knows what tomorrow will bring and so forget about 2,5 and 10 years from now.
Rule number 2, in my opinion, take your social security as soon as it becomes available while it is still there to take and under the terms in which you take it There is not a soul on this earth that will convince me that SS while intended as a good has become nothing but a bankrupt ponzi scheme. Why else would the government ever "pay you more" if you just "wait a little longer"? They are more like the "house" in a casino than your benevolent grandmother.
Rule number 3, live your life while you still can, you have labored for others long enough, this time is for you to enjoy and to enhance your soul which is always in the present.
Rule number 4, someone else once said "A happy and fulfilled life has three simple things to it: a) having something to do; b) having something to look forward to and c) someone to love." Pretty simple.
Rule number 5, and the most important rule of all, Smile, Father loves you
Through my career, I have seen many things come and go, while trying to be on the cutting edge of it all. It doesn't really work for all the effort and time you put into it because the floor just keeps changing. Presently speaking, I'm not too sure there is a floor anymore...(lol). I figure all we really have in life is time itself, its like having a bank account only you don't know how much is in it. So do you really want to spend your time trying to figure out how much is in it?
__________________
Smile, Father Loves YOU
Daniel
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03-21-2017, 08:05 AM
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#53
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Senior Member
Join Date: Mar 2015
Location: Platte City, MO 64079
Posts: 104
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Quote:
Originally Posted by Barbaraok
How can you travel fulltime and make enough working part-time to afford it? Since we wanted to travel (because I am an ovarian cancer survivor and Dave had survived a stroke, plus stents) while we were in good enough health to enjoy it. Either IRAs or SS funds had to be used - - we went with SS. Like I said, the point at which we will break even is 78, still a ways to go. We have an emergency fund in place that we wouldn't have if we had used the IRAs and we are able to live comfortably.
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Since you asked our plan for making money while traveling is to take our long time hobby of antiques and do a series of flea markets & shows. I "retire" in 11 days at age 58 and plan to spend the next 9 years or so selling at these venues, then taking SS at my full retirement age of 67 and 11 mos. Meanwhile leaving the IRA to percolate over that time. By my calculations, at 68 I will be drawing income comparable to my best working years. Debt free of course .
__________________
2002 Monaco Dynasty Baroness,
2023 Jeep Wrangler Rubicon
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03-22-2017, 10:53 AM
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#54
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Senior Member
Join Date: Aug 2016
Location: Holbrook Long Island New York
Posts: 1,369
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A “debt” is money you have and pay to a third party. In my opinion, there is no such thing as being “debt free” an often misused term.
There are three types of debt, past, present and future. “Past debt” is for things that you already have done. Bought a house, took a trip, bought a car, an RV, paid your taxes, clothes and other “stuff” you thought you needed at the time. If you bought above your ability to pay (credit/mortgage) it will eventually cost you even more than you paid.
“Present debt” is what you have to pay for necessities of life, such as shelter, food, utilities, fuel, cable/internet these days, liability/medical insurance, taxes, and the like. These debts never go away and depend to some extent on what you think you need and want. They are paid as you go.
“Future debt” is what you have to pay for things you neither have nor used so far. Funeral expenses, taxes (deferred) and on sales or transfers, medical or hospital expenses, trust fees, accounting fees, legal fees and other such expenses. Even passing costs you money.
When people claim to be “debt free” they merely speak about “past debt”. Certainly being free from past debt is a leg up on most other people "stuck" in paying past debt (85%). But no one is ever debt free. Society itself is constructed so that the money train never stops. Past debt is a form of monetary slavery, present debt is always going up and future debt is inevitable.
So the next time someone claims to be “debt free”, or worse tries to tell you how you can become debt free too, ask yourself these three questions. Just saying
__________________
Smile, Father Loves YOU
Daniel
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03-23-2017, 08:00 AM
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#55
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Senior Member
Join Date: Mar 2015
Location: Platte City, MO 64079
Posts: 104
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Quote:
Originally Posted by Rvlegaleagle
So the next time someone claims to be “debt free”, or worse tries to tell you how you can become debt free too, ask yourself these three questions. Just saying
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It is indeed a sad and strange world when something as healthy, positive and satisfying as being debt free has to be declared impossible by those that can't or won't recognize it as a real achievement. What about a definition of "love", or "success", or "happiness"? Are they equally unattainable?
Agree or not with the concept, but trying to eliminate it through definition serves no productive purpose other than to demotivate and offend.
Yes, I'm debt free
__________________
2002 Monaco Dynasty Baroness,
2023 Jeep Wrangler Rubicon
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03-23-2017, 08:05 AM
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#56
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Senior Member
Join Date: Mar 2015
Location: Platte City, MO 64079
Posts: 104
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Quote:
Originally Posted by Rvlegaleagle
Debt free and cash in YOUR pocket is the ONLY way that makes any sense and is within YOUR control.
Debt free and when it is your time, it is your time.
Debt free, a great spiritual relationship, some cash and it will all work out
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Oh... just read some back posts and found the above quoted tidbits from the same poster who now declares there is no such thing as being debt free.
__________________
2002 Monaco Dynasty Baroness,
2023 Jeep Wrangler Rubicon
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