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OT - Retirement and Social Security delayed payments

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  • #16
    How do you do that George? Insurance and all........

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    • #17
      One factor in my decision to take my deferred pension early was seeing some companies bail out on their pension plans, leaving the retirees in the hands of the Pension Benefit Guaranty Corporation, where they collected a fraction of what they had been promised. I also took Social Security early, since my breakeven age was 82.

      In my case, it won't make a whole lot of difference in how much I collect. My pension and SS payments are pretty small because I quit working at age 46. That's about the only downside, though.

      When I was young, I really thought I'd never collect a dime from Social Security, so I treat it like found money.
      Any products mentioned in my posts have been endorsed by their manufacturer.

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      • #18
        Originally posted by John Stevenson View Post
        Probably.
        My brother who has never given a damn, never paid national insurance contributions only draws half a pension compared to me.

        However because he's below the full pension he gets pension credit and obce you are on pension credit it opens up other doors.
        He gets part of his council tax paid, free glasses, free dental treatment.

        I have paid everything but still have to pay full council tax, glasses and dental.

        So yes blow it while you can.
        You're not wrong there,if you haven't saved and spent most of what you've earned you'll be better looked after than if you've tried to save for your retirement.
        I saved in a personal pension for most of my working life,never had a company that I worked for putting into it either.

        If I hadn't saved in a pension for my my old age I would have my council tax paid,but because I tried to save for my future I pay full council tax which equates to a 50% tax on the pension I get,so my small pension I saved hard for is only worth half what it should be.

        No wonder the governments push for people to save in a pension, it just means that you're saving to to stop getting any benefits.

        Allan

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        • #19
          Originally posted by John Stevenson View Post
          Probably.
          My brother who has never given a damn, never paid national insurance contributions only draws half a pension compared to me.

          However because he's below the full pension he gets pension credit and obce you are on pension credit it opens up other doors.
          He gets part of his council tax paid, free glasses, free dental treatment.

          I have paid everything but still have to pay full council tax, glasses and dental.

          So yes blow it while you can.
          It starts to make sense now.
          AIUI when this new 'Universal Credit' thing becomes universal, the basic state pension will be roughly equivalent to the present (basic pension + pension credit).
          Sounds generous on the face of it (it's still not a lot of money), but it'll probably mean that all those people on pension credit currently eligible for extra benefits - won't be so.
          So the gubbinsment makes itself appear generous by raising pensions but the outlay from the exchequer is reduced. Neat.

          Tim

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          • #20
            I choose to take my government service pension from age 50 the downside being that I would only get half the full pension. At age 58 I was diagnosed with cancer which the insurance company deemed severe enough to pay me out on the "Sorry, you are going to die" clause. It looked like I had done the right thing regarding my service pension! But I am still here nearly 10 years later (although the cancer does appear to be on the move again) and the longer I live the less advantage I have from taking the pension early.

            Just play the cards and let the game move on!

            John.

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            • #21
              Originally posted by dp View Post
              In Joe Biden's 2010 annual report of the White House Task Force on the Middle Class there is this on pg 28:
              (http://www.whitehouse.gov/sites/defa...ddle-class.pdf)


              This is seen by many as Obamacare for retirement funding. It is in line with the other long time pro-government growth goals. The promise is if you like your investments you can keep your investments.
              dp,

              A quick read wasn't threatening to me unless you're thinking that those of us who are okay financially will have to support the rest.

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              • #22
                I had no idea that my OP would generate such interest. There are a few tidbits our family has learned the hard way that I would like to share with you. if you are in the USA they might be of great value to you.

                My Brother:

                I was born about 20 years after the birth of my closest sibling, a brother, who is now in a veteran's nursing home. He earned the privilege of his stay there the hard way, as a severe casualty of the Korean War. He led a normal life after the war and his injuries were not debilitating enough to require special care. But even if he had not been in war he was qualified to take advantage of the nursing home facilities provided by the U.S. government in his old age. He is in an outstanding, modern facility receiving the very best of care and he and the other veterans are visited often by VFW groups, Boy Scouts of America and many other organizations. I honestly believe he is actually happier there than he was at home. If you are a veteran of advanced years it would behoove you to begin looking into the options for admission NOW, not when you need it. He has had to turn over his military pension and Social Security but his family pays no other compensation to the best of my knowledge, and his benefits include most medical care. I think the family did have to pay something for a major dental procedure when he was first admitted but that is all. Have all of your service papers available for family members NOW in the event you are not able to aid them in finding them later, and discuss these benefits with your local veterans association. You earned them - make sure you GET them.

                My Sister:

                My brother-in-law died two weeks ago. He had drawn a living trust and power of attorney long ago which provided that his wife would become the beneficiary of the trust in the event anything happened to him, and in the event of my sister's demise the estate would go to his children. About 5 years ago my sister began to slowly succumb to dementia. It was slow at first but in the last year she went downhill quickly. The family was forced to place her in a nursing facility two years ago. Much like my brother's situation she is in a wonderful place, and she is getting very good care, but the costs are quite high. Here's where it gets messy. My sister was scheduled to become eligible for a "Medicaid bed" whereby the government would have paid the lion's share of the nursing home costs after 5 years, but given that my brother-in-law has passed away she is now considered the owner of the trust making her ineligible until the entire contents of the estate are depleted. Had my brother-in-law changed the trust 5 years ago, and placed the trust in one or both of his children's names, upon his demise she would have still been eligible for the benefits she was on the way to receiving. It is probable that the inheritance he and my sister had planned for their children to receive will be entirely spent on my sister's future care ... all on a technicality.

                No one thinks that they will have to face these realities, but realities they are. It would be well worth the cost of getting an estate attorney to discuss these things to make a plan in advance which encompasses ALL eventualities. In fact, it would be well worth the cost of enlisting SEVERAL professionals and comparing what they say. My brother-in-law's estate planner failed to warn him of the possible eventuality which now confronts his children.
                Last edited by DATo; 01-26-2014, 07:15 PM. Reason: Spelling

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                • #23
                  Originally posted by danlb View Post
                  If I die after 84 they win.
                  If you don't want "them" to win you can always play a game of Polish roulette when you hit 84.
                  The shortest distance between two points is a circle of infinite diameter.

                  Bluewater Model Engineering Society at https://sites.google.com/site/bluewatermes/

                  Southwestern Ontario. Canada

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                  • #24
                    Originally posted by DR View Post
                    dp,

                    A quick read wasn't threatening to me unless you're thinking that those of us who are okay financially will have to support the rest.
                    Anything that is universal (think Obamacare) requires full participation. Not everyone who participates can actually afford the service, so yes, those people will be subsidized by the rest of us. Actually, Obamacare (not trying to redirect the thread) is rife with exemptions for participation and so the cost burden is carried by a smaller able population. That is a contemplated program, and there is little public information about it. This is the other way the long arm of the government reaches out:

                    WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit.
                    The same government that cannot balance its own budget and manage its finances wants to do that for us. That's just a little creepy.

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                    • #25
                      If you enjoy your job then by all means continue working -- but do it because you enjoy it, not for the financial gains.

                      You may live to be 100, but chances are you won't be doing a heckuva lot during those last few years. So what if you get a bigger SS check -- what will you do with the money as you drool in front of the TV?

                      Also, if you have a nice nest egg that you plan to leave to your kids, why wait until you die? Why not start giving it to them now, so they can enjoy it while they are healthy enough to enjoy it?

                      My dad was very frugal and invested carefully all of his life, so he has quite a nest egg stashed away. It made sense to save for his retirement, but he's been retired for 20 years now and he has spent most of that time parked in front of a TV.

                      If my mom lives to be 100, then I'll be 79 when I receive any inheritance. If I'm even alive then, I may be in a nursing home. WTF am I going to do with an inheritance when I am in a nursing home?

                      Folks, you can't take your money with you. Do something useful with it.

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                      • #26
                        Originally posted by MTNGUN View Post
                        Folks, you can't take your money with you. Do something useful with it.
                        Best thing I've read so far!

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                        • #27
                          One aspect of waiting longer for retirement is that for every year you wait the joints get stiffer and the pains of age increase and the probability of enjoying doing nothing in comfort decreases. While you can still get around and do things is the time to retire. I have watched my much older siblings and they started to get too old in the mid to late 70's. If you are like me, traveling around town, engaging in activities and such you will know what I mean by too old.

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