40 years?? Wow, Tom!
Great you have been with employer nearly 40 years and got 8.9% average returns. H was with employer 45+ years and loved it!
I see geriatric patients daily for my job. Every few weeks I meet an 80+ patient who is doing really well, takes almost no medicine and is living independently with very few health issues. Here is what they almost all have in common: they WALK. Every.single.day. They walk at least 2 miles, sometimes 3-4. Additionally, they are no more than 20 lbs. overweight (most of them are not overweight) and they are active in some sort of community activity and sometimes even work a few hours per week. They do not smoke; they do drink alcohol a few times a week and they read daily.
Walking is the primary exercise , highly recommended for the elderly. Get the heart rate up and feed the brain with oxygen. Good stuff.
Carachel, your patients mirror what most of us know. Stay active, stay connected to your community, keep weight under control and you will stretch your lifespan.
However there are people who do all of the above but hit health cliffs unrelated to their choices. They chose the wrong parents. Their SS decisions are different.
tom1944, 40 years? Wow. You deserve every penny you have earned in your pension.
Where was I 40 years ago? Maybe just started my college!
I actually do not know what is the maximum amount of SS a person could collect if s/he has been contributing into SS for 35 years, maximum amount every year.
I know this info is on the SSA website, but the numbers in all these tables seem to be quite confusing to me. Just on top of my head, I guess it may be about $2300 per month at FRA (or is it lower than this number â But I also remember seeing a number like $1800-$1850 as well, not sure if it is for 66 yo or 62 yo.)
I do remember that, if you collect the SS 4 years before FRA, you only get 75%, and if you collect it 2 years before FRA, you only get anout 86 or 87% (roughly speaking.)
From SSA site:
"The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2015, your maximum benefit would be $2,663. However, if you retire at age 62 in 2015, your maximum benefit would be $2,025. "
My guess was about $300 off.
I think not all people worked 35 or more years. For me, will most likely work a couple of years short of 35 years. Also, my earning could be not high enough in some years, especially when I first started out.
Maximum Social Security Benefit For Worker Retiring at Full Retirement Age :
2014 - $2,642/mo
2015 - $2,663/mo
If Tom1944 is talking about a traditional pension, the 7.5% he contributed has nothing to do with the size of the pension benefit. On those plans, the BENEFIT is defined and the employer bears the investment risk. Benefits are based on a formula â I.e., 1% of highest 5 years of pay times years of service. If the employerâs contributions donât earn enough to fund benefits, the ER will have to put in addition money. These funding issues in a poor economy is part of why traditional pensions are disappearing.
A 401(k) is called a defined CONTRIBUTION plan â how much the employee puts in affects what he/she has at retirement. The investment risk in a DC plan is on the employee. What you get at retirement is based on how much you saved and whether you invested wisely.
what age is elderly???
"what age is elderly??? "
Itâs always someone who is waaaayyyy older than you!
I donât think we can ever think of ourselves as elderly, itâs that other guy.
Thanks.
Just had a quick estimate. If I did it correctly, I will be eligible for $400 less than the maximum/mo (at best), if starting to collect SS at FRA.
I really did not look up the exact numbers for each year (could not locate my login info.) So I just used the capped maximum income for all years that I worked. This is not very accurate of course.
However, I did notice this in my âexperimentationâ: Because of how the formulae works, having a few slightly lower income years wonât hurt very much. (The portion of the income that is higher than about $60,000 will be multiplied by 15% only, i.e., it is weighted less.) What hurts more is the number of years I did not work. For example, if I did not work for 10% (i.e., 3.5 years, a rough estimate here) of the 35 years, the average income will be lowered by 10%.
Countingdown -yes I have a defined benefit plan. So far the plan has met the investment side risk. The employer has failed to meet the contribution side though for a significant number of years
I read somewhere that old starts at 60 and elderly 80. Scary those words.
Well, my 98-year-old MIL thinks of herself as âelderly.â
Iâm 63 and I donât think of my self as âold.â 'Getting older," yes, but not yet âold.â
I walked into a function this weekend and it was filled with old people. As I got a better look I realized they were all my friends. Oops. Since H has gone gray I actually have a hard time picking him out in a crowd sometimes. Of course I cant tell him this.
I,on the other hand, look exactly like I did 20 years ago.
I second the first part of your statement with regards to me. Three-four years ago, I felt exactly as I was when I was 50. In just a couple of years, my memory is very noticeably failing, and one of my knees is acting up. Just curious - how do you exercise when one knee seems good and the other says âdonât push meâ - no more ellipticals, my previous favorite, no more treadmills, and am even concerned using an exercise bike.
I donât know what is the name of the list of all things youâve done, but will never do again. Mine grows every time I think about it - no more skiing, skating, probably scuba diving, âŠ
I know many regular poster here feel like itâs a waste to pay someone to manage money. I will be getting a windfall within the next several days. I really have no idea how I should invest it if I do it myself. Iâm thinking I should pay someone for at least a year or so, try to learn some things along the way, and then begin investing myself. But maybe I should just throw it in a couple of fidelity or t Rowe price funds and hope for the best? I have a pension and a pretty healthy amount in my retirement account, so I can be a little aggressive with this windfall. Advice? I do not have a bogleheads account, but am going to start reading the posts there again. TIA
The bogleheads.org site has a wiki on how to handle a windfall which is worth reading. No need to register to participate.
Thanks @Himom. Iâve known about this windfall for quite some time, and early on I did some research, but I havent thought about it much lately.