Sixty Two is coming in three months.
I am required to take Medicare at 65 by my "free lifetime insurance" that I am currently covered by.
Currently, that is about $150. a month.
With the inclusion of all of the people lately,
I am anticipating that number to get very high.
I worked as a teacher for almost thirty years.
My largest salary was under $50,000.
I quit when I became too cynical.
I do have thoughts of returning as a para....
No parents, no paperwork, no hoops to jump.
That is a whole other conversation.
My husband was military,
His SS is only a few hundred above mine.
SS will automatically default to mine until he passes.
He is going to outlive me....
Let's run the numbers!
If I take SS at 62 I will get $887.
At 65 that will go down to $737.
If I take SS at 64 I will get $1005.
At 65 that goes down to $855.
At 65 I will get $1090.
Really, with Medicare, I will get $940.
At this point, my Medicare will be started.
At full retirement I will get $1212.
BUT, I will have had to pay Medicare out of pocket for 18 months between 65 and 66.6.
Now I need to factor in the cut in SS when I turn 77.
It is supposed to be cut to 79%.
That leaves me with:
62- $582.
64- $700.
65- $742.
66.6- $838.
Do you think I will be able to, at least,
pay my electric bill?
That is just plain bleak.
I am thinking that 65 may be the number
because of the cost of Medicare.
I could take it earlier and "put it in the bank".
That is what we do with hubby's.
Will that encourage lifestyle creep????
That is what a working class person can expect.
Back to saving money in other ways.
I actually have a post coming up on this. I've no regrets on taki g it early. I figure depending on life span I get the same amount it's just divided by more years. It can be saved. It can be used to do things now like shire up a house so you can age in place later..the list goes on.
ReplyDeleteThanks for the comment Barb. My best friend says the same thing.
DeleteMy largest issue is that my mother is the youngest of three sisters aged: 92,90 and 89. I am in excellent health (and the almost the exact same weight as my mother at the same age). I am looking at a long run.
You have the (sad) advantage of knowing what your pension and SS are already. I could see taking mine if I had a good pension to lean on. I have savings, but the good pension in this house will end if my husband passes. So many things to consider.
You’re optimistic compared to me. I’m 40. I think last time I checked, nothing would be available at all for people in my cohort until age 72. The generation just behind me, sadly, I don’t expect half of them to live to be 72 with the hand they’ve been dealt.
ReplyDeleteMy kids are 35 and 32. Both are married with three kids. They are saving for no SS. They , both, feel that SS will be gone before I am in my 90s (another vote for taking it early).
DeleteThey are saving to live well past the 100 mark. I think the advancements make their optimism reasonable.
One of their problems is the lack of good education for their children. We had it better because teachers were often bright people who chose one of the few professions open to them. Now that women can do anything, the quality of teachers is dipping quickly. Either pay teachers better or the middle class will find a different way.
I took my SS early and just this year, I am now on Medicare since March. I don't worry about my future like many do. I'm one of these, "A bird in the hand..." kind of gal. Whatever happens, will happen. The best-laid schemes o' mice an' men often go astray.
ReplyDeleteI will be fine.
I appreciate your input.
DeleteI am no longer a worrier, but I do plan like crazy. I have two good friends (60&62) supporting their mother(83&89) because they simply do not have enough to live on. Ten years ago their SS and savings made it through--not anymore.
My gut still says 65, but we shall see. The good part is once I hit 62 the decision can be month by month. as when to start.
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