Sad days for retirees
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Category: Other Topics
Forum Name: Shops, Barns, Varmints, and Trucks
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URL: https://www.allischalmers.com/forum/forum_posts.asp?TID=190123
Printed Date: 24 Aug 2025 at 6:35am
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Topic: Sad days for retirees
Posted By: DMiller
Subject: Sad days for retirees
Date Posted: 17 Aug 2022 at 5:07am
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Had lunch with my Cuz that I used to work with yesterday, traded stories on what we are doing, farm, trucks, tractors etc, then comes up another retiree that we worked with that is my and my Cuz's junior at 60, he had a surprise AFIB issue last month when in for a routine look over at Do's office, well turned out he is suffering with only 20% heart function. Worn Slam Out, but not from over work as he always had someone else to do his grunt work, his sons, his wife, the underlings at work, where he liked to play on PC, go ride a cart and play at Golf drinking a LOT more than should and eating not so good. Has ALL caught up to him. Has not done well for his wife either, she developed Syncopy in the last few months, has been type 2 Diabetic for years but this new issue where she just drops out, falls down, cannot remember either occurrence. She is also 60, both have commented may not ever see any SSi payments at this rate. Gets sad as we age.
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Replies:
Posted By: plummerscarin
Date Posted: 17 Aug 2022 at 9:03am
| Gettin old ain’t for wimps |
Posted By: Coke-in-MN
Date Posted: 17 Aug 2022 at 9:03am
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SS is a PONSI scheme set up by government and that magic age 65 has now been moved and it looks like it will be moved again . A big deal with the idea of taxes is next as they were set onn a figure of 1983 tax law and have not been changed so any increase this year because of inflation will be met with a higher tax rate UNLESS someone sets up new IRS rules . Adding individuals into system to benefit both on the Medicare and SS side is another political move and the call for Medicare for all FREE is another When Pigs Fly promise . ------------- Life lesson: If you’re being chased by a lion, you’re on a horse, to the left of you is a giraffe and on the right is a unicorn, what do you do? You stop drinking and get off the carousel. |
Posted By: steve(ill)
Date Posted: 17 Aug 2022 at 9:16am
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Social Security was originally setup that you work 40 years, retire when you are 65 and die when you are 66.......... GOVT keeps the money.. Now the "average" life is about 78 years.... but still , a LOT of people never get back what they put in.. ------------- Like them all, but love the "B"s. |
Posted By: Lars(wi)
Date Posted: 19 Aug 2022 at 12:59pm
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I started paying into SS when was 15, by my math that ‘work for 40 yrs’. was passed a long time ago. When I reach 62 1/2, will need to really sharpen the pencil. Will get max benefit if retirement is put off until age 70 from what I have heard, but that thought is almost revolting(lol). And yes, SS is a Ponzi scheme, was never intended to last but a few years. ------------- I tried to follow the science, but it was not there. I then followed the money, and that’s where I found the science. |
Posted By: steve(ill)
Date Posted: 19 Aug 2022 at 2:48pm
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If you put off retire until 70, yes you get more money every month, buy you have give up monthly payments for the past 5 -7 (?) years. I figured it out once and the break even point was about 79-80 years old.... Meaning if you retired at 65 and made X per month, or retired at 70 years old and received Y per month... multiply by the number of months left until you reach 80 years old and you would have received the SAME AMOUNT total... Now after 80 years old you are GAINING that extra every month.. So if you think you will live to be 78 years old, you might as well retire EARLY and take the money NOW..... If your going to live to be 90, you would get MORE MONEY in the long run by Waiting... If you really need the money when you are 90 ?? ------------- Like them all, but love the "B"s. |
Posted By: steve(ill)
Date Posted: 19 Aug 2022 at 2:51pm
and retiring when your 65 is A LOT MORE FUN than working till 70 .. 
the BIG question is Medical Insurance... Medicare kicks in when you turn 65 years old.. That is a big POINT for many. ------------- Like them all, but love the "B"s. |
Posted By: DMiller
Date Posted: 19 Aug 2022 at 4:48pm
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Medicare is also a scam Are commercial insurers now being redirected Medicare funds to pay the bills as M would have but get to spell out Special Dispensation rules and limits. The Humana scam my own insurance marketer thru previous employer grandiosely noted ‘Could Pay Partial ‘ dental and optical, so far NOTHING qualifies. The ‘adjusted’ fees schedules are not really accepted as final payments to med facilities or personnel as they imply as those extra charges are most often slipped right back to the patient. |
Posted By: jaybmiller
Date Posted: 19 Aug 2022 at 4:56pm
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Up here we have CPP(Canada Pension Plan) and OAS(Old Age Security) You can take a 'derated' CPP at 60, OAS kicks in at 65. I took the derated CPP at 60 figuring 1) I might not live to be 65 2) I WANT some money now and 3) no telling IF full CPP WILL be there at 65 Big scam is 'they' force you to pull out your RRSPs when you're 70(?)... ------------- 3 D-14s,A-C forklift, B-112 Kubota BX23S lil' TOOT( The Other Orange Tractor) Never burn your bridges, unless you can walk on water |
Posted By: steve(ill)
Date Posted: 19 Aug 2022 at 5:05pm
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we have the same think Jay.. They call it a 401K savings plan... THe normally grow tax free for years.. When you hit 70 (?) or so, you have to start drawing it out over a period of years... little by little. ------------- Like them all, but love the "B"s. |
Posted By: jaybmiller
Date Posted: 19 Aug 2022 at 6:21pm
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curious, re: 401k ...do 'they' dictate, er,...say, how much you MUST pull out every year ? I pulled mine out early, in chunks, just under the 'gotta pay taxes' threshold to NOT pay taxes on the 'profits'. Someone thought I was nuts until THEY found out THEY have to 'donate' 1,000s to the Feds..... ------------- 3 D-14s,A-C forklift, B-112 Kubota BX23S lil' TOOT( The Other Orange Tractor) Never burn your bridges, unless you can walk on water |
Posted By: steve(ill)
Date Posted: 19 Aug 2022 at 7:13pm
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you have to take out a PERCENTAGE of what you have in... about 4-5 %% per year.... That way you got MOST of it out by the time you are 90 years old (???) If you DONT take it out, you probably have to pay the taxes on it anyway... I would assume most of the INVESTMENT COMP will send it to you if you dont ask for it first ... If you dont need it, you can reinvest in stocks or bonds or beer... Your choice..
------------- Like them all, but love the "B"s. |
Posted By: Kenny L.
Date Posted: 19 Aug 2022 at 8:01pm
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I didn't have to start drawing out until I turn 71 1/2 and the government determines how much you've to draw out they have a formula they go by it's something like your life expectancy mine was 83 years old and if I remember right it's was 4.5% minimum but could pull more then that if wanted, I went through it about a year ago. Also I started drawing my SS at my retirement age of 66 and kept working until I pulled the pin at 68 and could make as much money as I wanted without penalty, also just sign up for the medicare that was free because I was still insured through my employer this satisfied all the insurance requirement of obamacare, yes you could say I double dip for two years. |
Posted By: desertjoe
Date Posted: 20 Aug 2022 at 10:04am
Steve is correct. When my employer decided to "Reorganize" in 2000, there were several men that ran the numbers as to what the monetary difference would be if going out at 62 Vs 70,,,? Lots of numbers given out but the gist of it was, you could continue to work til 70 and be away from your home pleasures,,,or take your money now and enjoy life and IT's Pleasures all the time for a small difference of dollars. I decided to go talk to my favorite IRS agent and HE told me the same thing. The dollar amount per month was not worth it for him to continue to keep working,,,because,,,,if you died before 70,,,well you just lost a ton of money,,,,,,
I was always a firm believer of "A Bird In The Hand, Is Lots Better Than One In the BUSH" |
steve(ill) wrote: