Social Security
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Dad had several heart attacks before the last one killed him at age 72. Smoking didn't help him. If this had happened these days he would have had bypass surgery, hopefully quit smoking and lived a lot longer. Mom had a heart attack at age 62, quit smoking, triple bypass surgery at 83 and lived until 101.
smokedragon
Minister of Fire
I agree with that......if the men in your family all live to 90+ but are fit, and you have high blood pressure and cholesterol, you may not be making that same trek.
But I do think family history (especially if you look at grandfathers, father, uncles, etc) really gives you a good general picture. Especially if you are in similar health to them.
Lifestyle and living gets in the way too often in our family. Dad was a smoker died at 72. I don't smoke. His father died at 40, but I suspect it was from lead poisoning. He was a mine assayer for the Gugenheim family. His father lived to 84 and that was in the 1800s.
I have no desire to live to 101. In my experience over the last 20 years with relatives I ain't too fond of the idea of 88 either.
Ashful
Minister of Fire
My brother, father, grandfather, and great grandfather all passed away within a few short years, three of the four from cancer. Ages 26, 48, 74, 95. What's that mean for me?
Personally I am planning on ASAP, drawing at 62 and hoping to enjoy some of it. My FIL retired at 62 died at 63, cancer. My Dad retired at 60, is 87 now and healthy. Mom, brother, uncle and several cousins, never made it. There are no guarantees in life, my plan is to retire early and enjoy everyday. I do not need all the gadgets and new stuff, so with everything paid for I do not need much to ENJOY my life style. This next year at 54 I am relocating to St Croix with minimal taxes, low property taxes, no heating or cooling, 77-87 year round and everything paid for. Probably work part time some where for my sanity. Hopefully live another 30 years, maybe not.
It means the "big guy" has not picked your number yet and hopefully won't for many years. My Dad's Dad died at 46, my Dad is now 87 and his goal is 92, so he will double his fathers age. I figure if I use the same theory and double my Dads I will be 192.
The good man can begin collecting in May. I (the trophy bride) have to wait another 12 yrs. for "full" benefits. We've made the choice to wait. He's the major bread-winner right now (first year for my new business) and has access to benefits. That he is wiling to "suck it up" so I can get my own gig up and running is like hitting the lottery.
I will wait as long as possible to begin collecting. A function of meagre savings early on, meagre employer matched savings, and the (perhaps naïve) hope that continued savings and postponement of SS collection will make a difference.
No guarantee, as Rick has pointed out.
I will wait as long as possible to begin collecting. A function of meagre savings early on, meagre employer matched savings, and the (perhaps naïve) hope that continued savings and postponement of SS collection will make a difference.
No guarantee, as Rick has pointed out.
Im cashin in at 62 while im still healthy enough to enjoy it. If i make it into my 70s these bum knees will probably have me housebound anyways.
WHy is it just when i think i have it all figured out, someone comes along with a better plan. Sounds like heaven Iron pony.
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Ashful
Minister of Fire
You and me. I too was pushed by my mother to max out a Roth IRA from the age of 15. It now impressive to see the compounding interest now.
Lake Girl
Moderator
It's a crapshoot? I'd be shooting for genetics like those grandparents
Dementia is a concern from my Dad's family (both he and his mother). This bit of research is interesting - might explain my daughter's interest in vampires
http://news.nationalpost.com/2014/0...of-ageing-cure-alzheimers-disease-scientists/
What I want to know ... Joful and wenger.... Is how you get a high school job that pays enough to max a Roth
Especially if you need to finance a car to get to said job....
I wish my parents had been, or are, better with finances... but they where not. I developed a good appreciation for hard work and saving, but did it the hard way - paying my own way in college through scholarships and a lot of loans (still a few years to go), learning from their mistakes, helping out other family members straighten out finances and teaching my wife (who never though about saving till she met me). So in spite of best intentions I got a slow start on my 401k in my 20s and didn't really get going serious on extras like the Roth till my 30s. If I'm lucky I hope to finally be in a position to max contributions to all of them at 40.
If I had the jump start like you guys Id be on my way to retiring at 50 i think... oh well... or maybe not. I don't think I could take just sitting around for decades, wife and I have a dream to someday quit the rat race and own a working farm... maybe we just would have been able to do that sooner.
Especially if you need to finance a car to get to said job....I wish my parents had been, or are, better with finances... but they where not. I developed a good appreciation for hard work and saving, but did it the hard way - paying my own way in college through scholarships and a lot of loans (still a few years to go), learning from their mistakes, helping out other family members straighten out finances and teaching my wife (who never though about saving till she met me). So in spite of best intentions I got a slow start on my 401k in my 20s and didn't really get going serious on extras like the Roth till my 30s. If I'm lucky I hope to finally be in a position to max contributions to all of them at 40.
If I had the jump start like you guys Id be on my way to retiring at 50 i think... oh well... or maybe not. I don't think I could take just sitting around for decades, wife and I have a dream to someday quit the rat race and own a working farm... maybe we just would have been able to do that sooner.
Ashful
Minister of Fire
Max limit back then was $2k, and I worked 40 hr per week all summer, and still 24 hr/wk all school year. I think I was making about $6/hr, so I grossed about $9k /year.What I want to know ... Joful and wenger.... Is how you get a high school job that pays enough to max a Roth
I was responsible for insurance, gas, and all maintenance, but mom supplied us each with a first cheap used car.
I will be around I like the company here more than the wood burning. I will post pics of the 77 degree days sitting on the beach or scuba diving in December.
The water will be a frigid 79 then......and in case you missed it in the other thread this is the view from the back patio. low tide is the property line.
(broken image removed)
I see some driftwood in that pic.
Ashful
Minister of Fire
Lake Girl
Moderator
My question is: Are there children and grandchildren who will be joining you on that beach?
We likely could have joined you on that beach but money got diverted to enlarging house, education plans and proportional bills associated with kids. Kids laugh at us and say they don't feel sorry for us ... our choice to have them. Guess they are right for once
My question is: Are there children and grandchildren who will be joining you on that beach?
We likely could have joined you on that beach but money got diverted to enlarging house, education plans and proportional bills associated with kids. Kids laugh at us and say they don't feel sorry for us ... our choice to have them. Guess they are right for once
3 children 27, 30 32. 3 grandchildren 13, 5,5.
You can also feel confident in the fact that she will never see a dime of social security.
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