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Nearing retirement

  1. #16
    Join Date
    Aug 2016
    Nrw Jersey
    Quote Originally Posted by Knight View Post
    $325,000.00 which may grow a little by the time your are age 62 translates to about $1100.00 a month if you each live 25 years retired. $325,000.00 divided by 25 equals $13,000.00 a year. No mention of investments that can reduce the draw down. Soc. Sec. an iffy amount with lower possible, there is concern that Soc. Sec. will be cut by 23%. Health an issue you can't plan for in your senior years, you can do your best to be healthy but there are no guarantees.

    Lets suppose after deductions taking Soc. Sec. at 62 your combined soc. sec. amounts to $3000.00, could be more but taking it early does reduce the amount. Add the $1100.00 Can you live well on $41,000.00 a year to pay for living expenses, & all taxes reduce what you have left to enjoy your last years ? Factor in cost of living increases and then ask any friends that are getting a Soc. Sec. check what they think about the increases over the last 4 years. $325,000.00 might seem like a lot but with no investments it shrinks pretty fast.
    What cost of living increases? Are you talking about Social Security COLAs? If so, those get eaten up by increased Medicare payments. It happened to my mom and it happened to me. I got a $24 a month COLA. Big deal. Well, they increased my Medicare premium by $24. Others I know have been blessed to net an entire dollar or maybe two with their COLAs!

  2. #17
    Join Date
    Jul 2016
    bayside ,queens , ny
    the only ones who got to keep the full increase are those like myself who recently started collecting and recently went on medicare . we were paying the higher rates day 1 . everyone else who was collecting did not get the increase everyone else did the last 2 years because there was no cola so under hold harmless you cannot have medical increased .

    consider yourself lucky if you got 2 bucks . that means you saved a whole lot than you got increased the last 2 years .

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