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Old 21-06-2010, 07:44   #16
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Originally Posted by gettinthere View Post
You'll get the amount on your statement...if you keep earning up to the retirement age of 62 or 65 or whatever.

But how do you calculate what you would get if you retire early at 57 or 59 and pay little or no money in for 5 or more years?

I suspect that for those of us in our 40's and 50's, the moving target will likely mean that you have to work till 68 to collect any meaningful amount.
The life expectancy is getting longer and the number of people paying in is getting shorter. Not good statistics.
there are only two ways i know of to receive SS payments before the age of 62. One, your spouse dies. Two, you become disabled (i'm sure you could sell some story about sailing and being an alcoholic and receive disability). not sure if you can collect your half spousal payment if the working spouse hits 62 and you are younger? Otherwise, buckle down and hope the age doesn't slide too much. i plan to have at most another 15 years in the workforce (I'll be 42). this is one taxpayer who does not plan to contribute for 35+ years.

my plans for SS is nothing. So, to answer the question, I don't plan on cruising on SS. SS is strictly a security net (and a small one to boot!). And with so much uncertainty, I don't want to depend on SS in 35 years. my statement says i'll get the max payment (which is like $3000 something/month + my wife would get half), that may just buy me a coke in 40 years...

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They aren't slumming it and its an expensive 53' boat. Their monthly came to $4,400, so with just the SS you are over half way there. Am I missing something?
I appreciated seeing their costs. The thing that stuck out to me was the $7000/yr in food. The wife and I spend like $3000/yr now on land. I wouldn't expect that to double moving onto a boat. But maybe...? And we spend about about $900/yr eating out. it's always harder to understand how anyone can live on less than you do.

Doodles, the thing you are missing is payments don't start for me for another 35 years!
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Old 21-06-2010, 07:54   #17
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It seems to me that 67 is a bit old to start cruising oceans but I am sure that it can be done.
My husband (51) does receive what is called supplemental SS but he is a retired firefighter with a mandatory retirement age of 57. He will receive 75% of his entitled SS retirement at 62 until he reaches 62 at which time he will receive his entire SS entitlement from SS. I cannot see us funding our entire cruising kitty on this amount but if I was to receive the same benefit I imagine it would be very possible.
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Old 21-06-2010, 07:57   #18
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It seems to me that 67 is a bit old to start cruising oceans but I am sure that it can be done.
My husband (51) does receive what is called supplemental SS but he is a retired firefighter with a mandatory retirement age of 57. He will receive 75% of his entitled SS retirement at 62 until he reaches 62 at which time he will receive his entire SS entitlement from SS. I cannot see us funding our entire cruising kitty on this amount but if I was to receive the same benefit I imagine it would be very possible.
does he actually get checks from SS for the supplemental SS payments? or is it part of his annuity?
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Old 21-06-2010, 07:58   #19
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As for the SS fund running out of money. Just my opinion, but I've always though this was a scare tactic of the government and the financial gurus. We've already borrowed heavy from the SS fund, so we'll just have to raise taxes and pay it back, plus some maybe. No matter what, if you cut SS payments too much you will have a huge population of destitute people and a revolution on your hands. Politicians don't like revolutions. IMHO
I agree that the politicians that let the SS system fail will be looking for new jobs after the next election. Still, I never trust any government to do the right thing, much less the thing that is right for me. For example, the "solution" to "fixing" the SS system might be capping the payouts so that those making "above average" pay the benefits to those "below average", especially if Democrats are in power. Like you said, most of us here are probably "above average". I can't imagine being off cruising, depending on my next SS check to arrive in order to continue cruising, and learn that the law changed and now my benefit is cut in half so that someone else can continue to draw their full benefit.
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Old 21-06-2010, 07:58   #20
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Doodles, the thing you are missing is payments don't start for me for another 35 years!
So, you're about 27 ... not sure whether to envy you or feel sorry for you.
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Old 21-06-2010, 08:03   #21
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It is part of his annuity so it is not drawn directly from SS but will be at 62. We will keep our fingers crossed that SS will still be around when he hits 62.
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Old 21-06-2010, 08:08   #22
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Immigrants, babies take too long to grow into taxpayers!
Yes and no. We want the immigrants that will pay more into the system than they take from it, not to mention contribute more to society than they destroy. I don't have a problem with immigration, but we can't just throw open the doors either. That's what immigration laws do for us.
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Old 21-06-2010, 08:24   #23
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So, you're about 27 ... not sure whether to envy you or feel sorry for you.
me neither...time will tell...
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Old 21-06-2010, 08:35   #24
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me neither...time will tell...
I'm with you ronocnikral
We don't plan on any SS, raising taxes is so unpopular that I don't want to count on it surviving until we need it. We just figure we're paying for our parents' retirement in the next couple years, guess they deserve it after putting up with us for 18 years
Start your own investment/retirement plan or plans - that way you're in control (MOL), and can probably do a better job managing it anyway.
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Old 21-06-2010, 10:29   #25
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First off, there is NO money in the SS Trust Fun. Nothing in there but IOUs from the US Government. The money is already spent. The SS fund just, for the first time, paid out more than it took in. That means it is broke right now. Reference Market Ticker (Google it, it will scare the pants off you). Raise taxes to pay for it? Just how do you collect taxes when the M6 employment rate is now above 20%. We have off shored our manufacturing so just how many people can Mickie D's employee? Read up on what is happening to Greece. That's what is coming here. I never figured out how Greece will pay off their current debt by borrowing even more debt. If they cannot pay their current debt how will paying for even more debt help?
To the OP's question. Certainly you can live aboard on SS income. You just have to find the right places on the correct boat. A Pearson 35 in good shape in shallow water areas and cheap marinas. One place comes to mind. Port Lavaca, Texas. Marina runs about 180 total. Store is two blocks away. You could cruise that area for a year before boredom set in. Or you just might like it there and stay. It's a depressed area with not a lot to spend on. Ken
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Old 22-06-2010, 04:46   #26
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there are only two ways i know of to receive SS payments before the age of 62. !
you've misunderstood my question. The statement you receive from SSA tells you what you'll earn IF you continue to work until 65. But what will you earn AT 65 when you retire at 55 or 57?

The amount you are shown on your statement ASSUMES you will continue to earn the same amount until you retire. There is no accounting for a stoppage of earnings prior to your retirement.
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Old 22-06-2010, 05:15   #27
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Originally Posted by gettinthere View Post
you've misunderstood my question. The statement you receive from SSA tells you what you'll earn IF you continue to work until 65. But what will you earn AT 65 when you retire at 55 or 57?

The amount you are shown on your statement ASSUMES you will continue to earn the same amount until you retire. There is no accounting for a stoppage of earnings prior to your retirement.

I understand your question. For me who hopes to stop working and sail off at 55; I reduced the amount on my statement by about 20% for collecting at 62. I'm sure there is a way to figure it out and if you find out I hope you post it. For me I just plan to call SS when the time goes and plug in into my spereadsheet; if it works great if not I guess I work another year or take the risk.
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Old 22-06-2010, 05:22   #28
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You can use one of the SSA benefit calculators...

Estimate Your Retirement Benefits
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Old 22-06-2010, 05:24   #29
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Originally Posted by gettinthere View Post
you've misunderstood my question. The statement you receive from SSA tells you what you'll earn IF you continue to work until 65. But what will you earn AT 65 when you retire at 55 or 57?

The amount you are shown on your statement ASSUMES you will continue to earn the same amount until you retire. There is no accounting for a stoppage of earnings prior to your retirement.
They assume the remaining years based on the most recent, then take the highest 35 years for an average. So, after a year of zero earning they "should" base the remainder years on zero and your highest 35 won't change after that and neither should the calculation of estimated monthly benefit. At least that's how I understand it and my SS statement seems to bear that out. I stopped two years ago and its says "0" as assumed earning for the current year.
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Old 22-06-2010, 06:42   #30
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i understand it to be the same way as doodles. a"0" sucks when averaging, but so does working and paying taxes.

here is the detailed calculator you need (from SS website).

Social Security Online Calculator

sorry for the mix up...
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