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Thread: COVID lockdown strikes again.

  1. #1
    Boolit Master
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    COVID lockdown strikes again.

    My wife worked for a large healthcare Corp. She was just notified that her position is one of many being eliminated. She was planning to work there till 70 (5.5 more years) to max out social security. With PTO and severance pay we have till Feb. To juggle the new budget.
    QUIS CUSTODIET IPSOS CUSTODES?

  2. #2
    Boolit Master Murphy's Avatar
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    Sorry to hear of your situation. I will put in my prayers tonight and hope it changes in the very near future.

    Murphy
    If I should depart this life while defending those who cannot defend themselves, then I have died the most honorable of deaths. Marc R. Murphy '2006'.

  3. #3
    Boolit Master

    Winger Ed.'s Avatar
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    Hate to hear that.
    However; if she still wants to work, she might find another job, even part time that she likes better.
    FAIR WARNING:
    As often as not, I offer sarcasm rather than advice.

    It wasn't playing the blame game, finding fault, and complaining about every little thing that made America great.
    It was God, guns, and guts.

  4. #4
    Boolit Buddy
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    I started taking my SS at 68, figured it was a good compromise.
    Been collecting it but not using it, work part time 3 days a week.
    Hope things work out favorably for you and your wife.

  5. #5
    Boolit Master Handloader109's Avatar
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    I was planning 4 yrs ago to make it till I was at least 65, hopefully 66 and 8 months till full retirement. Well, at 58 plans changed. I just turned 62 this month and I've been lucky enough to work in the local census office since Jan. Looks like almost full year by the time things are finished. And at $19 an hour for easy office work (plus overtime occasionally) it's been good. I can put off till next year taking my SS. It just doesn't make sense to wait unless you are making really good money and LOVE your job more than being free from work. It will take me until I'm 78 and 8 months to catch up to my full retirement money if I take it in February. And If I waited until I was 70, I'd be 82 catching up max. Yes, My mom was 92 when she passed, but dad was only 78 and his dad was 82. Mom outlived all her siblings by 6 or more years and she was the oldest by far.

    All that to say, the difference isn't worth it if she really would like to retire. 65 isn't a bad age one way or another. She can always work PT for a while if she wants to sock away some $.

  6. #6
    Boolit Master
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    Taking a 50% cut in pay to retire would put us in the poor house. Debt more than manageable on her current salary. We could sell the house but couldn't afford anything else in the Denver market. Kinda locked in to continuing here for the time being.
    QUIS CUSTODIET IPSOS CUSTODES?

  7. #7
    Banned
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    I'm going to take SS at 62, because tomorrow is a promise to no one.

    I made sure that one income would cover everything. I retired at 47, 8 years ago, so far, so good.

  8. #8
    Boolit Master
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    I plan to hang up my full-time job hat no later than 60. I’m 50 now. Multiple income streams from a part-time job, rental property in the Florida Keys and a prospective hunting camp in SE Ohio is in the works, hopefully sooner than later.
    I would politely caution all who will be counting on Social Security income to make ends meet to not expect to count on it to remain in its current form, as either the payments will be reduced over time or inflation will reduce the purchasing power of your monthly installments.
    R/Griff

  9. #9
    Boolit Master
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    and I thought it was just a fluke that my best friends wife, a nurse, lost her job recently when the medical office where she worked shut its doors for good.

  10. #10
    Boolit Master
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    My parents sipported my grandparents. With prior planning and social security my parents were financially independent. I have a good pension. Social security helps. The way modern taxes are children will not be able to support their parents. The federal government is going to have to maintain social security. Either that or all retirees will be homeless. Given the amount of money paid out for Covid-19 maintaining social security should not be a problem.

  11. #11
    Boolit Master
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    COVID lockdown strikes again.

    Millions of Americans who fashion their standard of living through carrying high debt loads are about to learn a painful lesson in Economics 101.
    Prosperity starts with savings.
    The magic money tree theory (also referred to as Modern Monetary Theory, or MMT for short) holds that debt and deficits don’t matter. We are all about to see what a lie that is.
    R/Griff

  12. #12
    Boolit Master
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    COVID lockdown strikes again.

    Quote Originally Posted by Duckiller View Post
    My parents sipported my grandparents. With prior planning and social security my parents were financially independent. I have a good pension. Social security helps. The way modern taxes are children will not be able to support their parents. The federal government is going to have to maintain social security. Either that or all retirees will be homeless. Given the amount of money paid out for Covid-19 maintaining social security should not be a problem.
    The government green-lighted the Federal Reserve to create inflation on a scale never before seen in American history. 3.3 trillion dollars (and counting) pumped into the financial markets and Wall Street over four months does not make average Americans any better off, in fact it makes things much worse.
    Helicopter money sent to all eligible Americans creates price inflation that more than offsets the “free” currency they receive.
    R/Griff

  13. #13
    Boolit Master
    dtknowles's Avatar
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    Quote Originally Posted by Duckiller View Post
    My parents sipported my grandparents. With prior planning and social security my parents were financially independent. I have a good pension. Social security helps. The way modern taxes are children will not be able to support their parents. The federal government is going to have to maintain social security. Either that or all retirees will be homeless. Given the amount of money paid out for Covid-19 maintaining social security should not be a problem.
    With how fast younger people were to throw older people under the COVID 19 bus I would not count on them to maintain social security so that old people won't be homeless.

    Tim
    Words are weapons sharper than knives - INXS

    The pen is mightier than the sword - Edward Bulwer-Lytton

    The tongue is mightier than the blade - Euripides

  14. #14
    Boolit Master
    dtknowles's Avatar
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    Quote Originally Posted by dangitgriff View Post
    The government green-lighted the Federal Reserve to create inflation on a scale never before seen in American history. 3.3 trillion dollars (and counting) pumped into the financial markets and Wall Street over four months does not make average Americans any better off, in fact it makes things much worse.
    Helicopter money sent to all eligible Americans creates price inflation that more than offsets the “free” currency they receive.
    R/Griff
    If you adjust the amount of helicopter money for the rate of inflation eventually the poor and working class will be living off helicopter money since wages will be worthless.

    Tim
    Words are weapons sharper than knives - INXS

    The pen is mightier than the sword - Edward Bulwer-Lytton

    The tongue is mightier than the blade - Euripides

  15. #15
    Boolit Master
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    Absolutely correct.

  16. #16
    Boolit Bub
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    If you delay taking your SS as soon as possible, it takes years before you catch up to where you'd be otherwise.

    For example, if you start drawing at age 62, by age 63 you've received 12 monthly payments. If you wait to age 63 to start drawing, you have to divide that sum you've already drawn by the annual difference in payments to figure out how many years it will take before you're actually ahead by waiting. Eventually, you will be ahead, but OTOH you might not live long enough to break even. I think that's why SSA offers that temptation.

  17. #17
    Boolit Master
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    It is no stretch of the imagination to predict the SSA will gradually increase the FRA to 70 or older and move the “early” eligibility age up to 65 or older. I think it’s possible they’ll be in that range by 2030.
    R/Griff

  18. #18
    Boolit Buddy
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    When to take SS is a continuing dilemma for many Americans. It seems that many people I know just want that money ASAP at age 62, not thinking about the future. It may seem like enough money at age 62 but will it be enough in 10 more years? When taking it at age 62 you are giving up approximately 25%. Then each year after your FRA (full retirement age) you gain another 8% each year until age 70 along with the yearly increase. Every situation is different and you have to evaluate your financial needs not only now but in the future. For example, I made more money over the years than my wife who did a wonderful job raising our kids. I also get a pension from education and she will get half of that which she cannot live on. She will take her SS at her FRA of 66-2 and I will be 67 at that time. She has longevity genes in her family so she will likely live to be well into her 90's and since she will get the higher SS or hers or mine, I want her to be well taken care of. So it isn't always about one person and the current situation. In many cases, it pays for the lower income spouse to take theirs to supplement their income while the higher income earners SS gains more.

    The other argument is to take it at age 62 and invest it. If you can invest all of it, which few people can or will do, it could potentially make more than the 8% the government will give you.

  19. #19
    Boolit Buddy facetious's Avatar
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    I have to agree with Huskerguy and add that if you are married you have even more options. In my case my wife is a year older than me. I quit at 62 1/2 but haven't started my SS yet but my wife did. My wife didn't work the last 20 something years so her check isn't big, but it with hers and my pension is almost the same as when I was working add a little from a IRA distribution and I got a raise to quit.. When I start mine at 66 1/2 she will get a bigger spousal benefit and survivor benefit if she out lives me. At my FRA together we will get almost the same from SS as we are getting now from pensions and savings . That will be a big jump in cash flow.

    I know a lot of people think in terms of breaking even but the thing you need to think about is cash flow and longevity. You may get all your money back but if it's not enough to cover your costs each month you had better have the savings to cover the rest and inflation is going to eat any fixed income like pensions. By delaying the highest earners SS you are buying longevity insurance to have a higher cash flow at a time when inflation has degraded other income. Then by starting the lowest earners SS first write a way you get some income till then and it will jump up to half the higher earners.
    We go through life trying to make the best decisions we can based on the best infomation we can find, that turns out to be wrong.

  20. #20
    Boolit Master



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    Being entitled to more doesn’t mean much if you’re not around to collect it. If you’re not doing something you love, 65 is a good age to start cashing in on what you’ve paid in and enjoy your retirement, however long that may be.

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