I thought it was very cool. Especially in combination with the baskets. Just seemed to “work”.
1pg
that you can force her to accept anyone in her private residence.
No, the contract is written such that if the company is fired, someone (a family member or POA) is notified.
And yes, you can eventually force someone into the home in the case of guardianship (they may lack the capacity to terminate the contract) - or the senior will risk you simply having them declared incompetent and having them committed to a nursing home.
I thought it was very cool. Especially in combination with the baskets. Just seemed to “work”.
She thanks you.
CNC
Why insist on a one size fits all rather than consider all your options?
I’m not insisting on anything. I’m presenting my belief that for many people taking SS early is a logical, reasonable step.
That’s the thing. Somewhat counterintuitively, by delaying SS you will have more money to spend when you are younger. The reason is sequence of returns risk. You are essentially exchanging volatile stock market returns now for guaranteed, inflation adjusted returns later.
OK, here’s where I go full Hocus on you. I tried that. When I retired I didn’t take SS; Mrs. Goofy was still working and we had an income coming in. We were fine. Then she quit and we had nothing coming in, and it was scary to see us live solely and completely out of our bank account, even though we had plenty plenty. I went and signed up for SS, and shortly the checks began arriving and we were both calm again. Then she was invited to go back to work (and she did), and I went down to the SS office and had them put me on “pause.” (This was after the “repay and reset” option was closed down, so the best I could do was put the payments on hold.)
Again, we felt fine living on just her income, and a couple years later when she retired again we lived out of the bank account for a few months. It felt weird and somehow unnerving, so I went back to the SS office and asked them to restart me, which they did. Mrs. Goofy did not start her payments, even though she was eligible. Eventually she did, at age 68.
So the moral of the story is ??? Just that even looking at the cold, hard math sometimes it’s difficult to reconcile it in the brain and the path of least resistance is sometimes not the most mathematically astute one.
I would just finally note that now, at age 75 I have had 3 operations on my spine and I walk with some difficulty: yes, I can walk but I do not do well with distance, so travel to foreign cities is pretty much foreclosed, I am grateful for the scooters at the supermarket and home centers, and I see the narrowing path the “extra” monies would give me at age 81 or whatever the “break even” point is. Thus my advice to consider what the extra money at later ages is actually worth compared to how it makes you feel at younger ages. It’s born of personal experience. It’s not everyone’s experience, I acknowledge, but then nothing is.
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I might as well share our experience. My wife became disabled 18 years ago. Her SSI payments were made and converted to retirement benefits at her age 65. We qualified for spousal benefits with later conversion to my personal benefit (we were some of the last to qualify). We’ve been fortunate to have other income which will dramatically contract beginning Jan 2023, but we’ve had more than wee need to be comfortable and pursue the stuff we like to do.
I turn 70 in Feb and will begin my own benefit at that time, which will be almost triple my spousal benefit.
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. . . and I went down to the SS office and had them put me on “pause.” (This was after the “repay and reset” option was closed down, so the best I could do was put the payments on hold.)
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I want to add a bit more to the now defunct “repay & reset” option which I did use when it was [still] available.
It was discontinued by an internal rule change within Social Security! The primary method of announcing that change was by the Federal Register.
https://en.wikipedia.org/wiki/Federal_Register
It was not well publicized nor noted by the media/news.
I believe that the still available “pause” could suffer a similar fate. I would kindly urge anyone considering that “pause” option to enact it before it {possibly} disappears [also].
sunray
a man with SS experience
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So the moral of the story is ??? Just that even looking at the cold, hard math sometimes it’s difficult to reconcile it in the brain and the path of least resistance is sometimes not the most mathematically astute one.
So it’s an emotional decision, just like having a paid off home vs having a mortgage. That’s fine for those of you who need the maalox effect of collecting early, but for those who are looking at their options who don’t have that need, it would be reasonable to include that in your discussions of when to take SS rather than everyone pounding the table about taking it at 62.
Perhaps early retirement before 62 helps you overcome that emotional component over the need to take SS right away. By the time you reach 62, you realize that your net worth has continued to increase even though you are paying your expenses without a paycheck, and there is no need to take SS right away.
Both are valid decisions based on your personalities and economic position, but it’s not necessarily about having enough money to spend now vs too much later. It’s about whether you can sleep at night with your situation.
IP
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again we lived out of the bank account for a few months. It felt weird and somehow unnerving… Just that even looking at the cold, hard math sometimes it’s difficult to reconcile it in the brain and the path of least resistance is sometimes not the most mathematically astute one.
So you had sufficient money in the bank, you had a withdrawal plan, yet when you followed it, you experienced emotions that are not answered by your logic.
Can you talk a little bit more? Not trying to pry on you, but trying to understand what to prepare for emotionally. Financially, it is a simple math, what is your current living expense add extra 10% and then game out another 25 years. But what to expect emotionally?
Yes, it is emotional. We both just retired, and I’m six years from Medicare. Shopping the Marketplace now for insurance. It is unsettling not having income. I’ve been conditioned to save-save-save for decades. Now I have to liquidate portions to cover expenses. It’s a paradigm shift. But that’s what I was saving for.
The only real concern I have is that Congress will change SS in some manner, or even kill it. Not likely they’ll kill it, but it is a frequent target of budget-cutters/tax-cutters. If they get enough votes, they could do it. And they don’t have to worry because they have their congressional pensions.
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"The only real concern I have is that Congress will change SS in some manner, or even kill it. "
There are more than enough SS recipients and nearly at age to get SS to keep Congress from doing it. Any senator who proposes it will be out of office quickly.
Now…for 20 and 30 year old types, who knows what they will get and whether it is means tested by some formula.
t.
And they don’t have to worry because they have their congressional pensions.
Only if they were elected prior to 1984. Only a handful of Congressmen and Senators have been in office that long. Everyone else gets the Federal Employees’ Retirement System, which is basically a 401k plan with very low fees.
Today Congressmen get Obamacare and a 401k plan, just like the governed.
intercst
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Today Congressmen get Obamacare and a 401k plan, just like the governed.
I was unaware of that change. If so, that is a good thing. Incentivizes them to do right by the people since that’s what they’re getting, too. I thought that after serving 5 years they got their full salary. So senators got it after one term, and representatives got it after three.
1poorguy