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Old 03-23-2024, 07:14 PM   #2
Mosbonian Mosbonian is offline
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Originally Posted by jerryaldini View Post
Hey Stewie and BRC that's impressive you can meet expenses with just SS. The data I've seen is the average retired couple household is around 5k spending a month. Which if they are both drawing they could be covered. I did a quick budget and could see my discretionary spending as low as you suggest, simple life, single, just don't want/need much.
My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)
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Old 03-23-2024, 08:16 PM   #3
jerryaldini jerryaldini is offline
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Originally Posted by Mosbonian View Post
My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)
That's great, how much is that combination per month? Just A&B? I'm still a few years from Medicare. Thanks.
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Old 03-23-2024, 08:40 PM   #4
BigRedChief BigRedChief is offline
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Originally Posted by Mosbonian View Post
My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)
I was totally surprised that Medicare was so good. I always heard it was shit.
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Old 03-23-2024, 09:01 PM   #5
Buehler445 Buehler445 is offline
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I'd go crazy if I retired.

We will see in 10 years if I feel the same way.

Enjoy it, man. My father retired years ago and he's handling it great. Has a lot of hobbies, keeps occupied. My mother, not so much.
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I was totally surprised that Medicare was so good. I always heard it was shit.
Nah, you want Medicare My parents (self employed) got on as soon as they were old enough even though they weren't getting social security and paying the monthly premium because it is good. Still have to buy the supplemental insurance, but yeah, it's what you need.
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Old 03-23-2024, 09:05 PM   #6
BigRedChief BigRedChief is offline
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Nah, you want Medicare My parents (self employed) got on as soon as they were old enough even though they weren't getting social security and paying the monthly premium because it is good. Still have to buy the supplemental insurance, but yeah, it's what you need.
I’ve been telling everyone that if you are 65 and paying more than $175 a month for insurance through your work, you are overpaying. Almost every doctor takes Medicare and the “g” plans these days.
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Old 03-23-2024, 10:12 PM   #7
Mosbonian Mosbonian is offline
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I was totally surprised that Medicare was so good. I always heard it was shit.
The only downside to Medicare is that if you tend to get booted from the hospital quicker than if you have company paid insurance.

But yes....like you I was surprised about how good it is.

But I will say that once a person decides to retire and switch to Medicare, start the process 6 months ahead.

Trust me...you will be glad you did.
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Old 03-23-2024, 10:19 PM   #8
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Originally Posted by Mosbonian View Post
The only downside to Medicare is that if you tend to get booted from the hospital quicker than if you have company paid insurance.

But yes....like you I was surprised about how good it is.

But I will say that once a person decides to retire and switch to Medicare, start the process 6 months ahead.

Trust me...you will be glad you did.
I just learned that the lookback period for Medicare income-based surcharges goes back two years, so you should start planning two years ahead of time. I had no idea of that.

I did a notable Roth conversion this year, and it's going to end up costing me a Medicare surcharge, which really stinks. I ran the numbers and I'm still ahead of the game to do the conversion, but the surcharge bites into my advantage.
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Old 03-23-2024, 08:32 PM   #9
BigRedChief BigRedChief is offline
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Originally Posted by jerryaldini View Post
Hey Stewie and BRC that's impressive you can meet expenses with just SS. The data I've seen is the average retired couple household is around 5k spending a month. Which if they are both drawing they could be covered. I did a quick budget and could see my discretionary spending as low as you suggest, simple life, single, just don't want/need much.
I was talking about what I could get from SS. Not our planned income. We are above 7K in monthly money coming in. We have a house that’s tripled in value in the last 7 years. We will be fine.
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Old 03-23-2024, 06:49 PM   #10
Rainbarrel Rainbarrel is offline
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Old 03-23-2024, 06:56 PM   #11
Ming the Merciless Ming the Merciless is offline
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congratulations man

find a purpose.

read, write, make music, volunteer, drink of the nectar of life

you earned this
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Old 03-23-2024, 07:04 PM   #12
Graystoke Graystoke is online now
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Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.
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Old 03-23-2024, 07:09 PM   #13
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Graystoke View Post
Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.
Best to stay busy in some way, I walk for 40 minutes twice daily and play the stock market during trading hours. Keeps me happy.
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Old 03-23-2024, 07:26 PM   #14
Mosbonian Mosbonian is offline
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Originally Posted by Graystoke View Post
Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.
I won't say I was scared as much as apprehensive...I have worked all my life since I was 18 years old at a regular full time job.
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Old 03-23-2024, 08:10 PM   #15
Iowanian Iowanian is offline
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Congratulations. Now go do the things you want to do, with the people you want to do them.
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