Hey old farts..how many over 50 yrs?

BarnBuster

BarnBuster

Virtually Unknown Member
"Nearly half (47 percent) of Americans age 50+ failed a basic 5 true/false question quiz on Social Security retirement benefits. Three years ago when MassMutual surveyed the nation with a broader 10 true/false question quiz in 2015, 62 percent age 50+ failed, and out of the general adult population, 72 percent failed."

https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2018/05/nearly-half-of-americans-age-50-fail-a-basic-social-security-quiz
https://www.fool.com/retirement/2018/05/19/nearly-half-of-us-adults-lack-basic-social-securit.aspx
https://www.fool.com/retirement/2018/05/20/why-smart-people-take-social-security-at-62-even-w.aspx?fs_test=False
 
Sour Wreck

Sour Wreck

Well-Known Member
BarnBuster said:
"Nearly half (47 percent) of Americans age 50+ failed a basic 5 true/false question quiz on Social Security retirement benefits. Three years ago when MassMutual surveyed the nation with a broader 10 true/false question quiz in 2015, 62 percent age 50+ failed, and out of the general adult population, 72 percent failed."

https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2018/05/nearly-half-of-americans-age-50-fail-a-basic-social-security-quiz
https://www.fool.com/retirement/2018/05/19/nearly-half-of-us-adults-lack-basic-social-securit.aspx
https://www.fool.com/retirement/2018/05/20/why-smart-people-take-social-security-at-62-even-w.aspx?fs_test=False
Click to expand...

good links, thanks.

i will read and digest next another time, when i am not waking n baking and very stoned !!!!!

all i can think of right now is coffee, bacon and eggs :bigjoint:
 
too larry

too larry

Well-Known Member
BarnBuster said:
"Nearly half (47 percent) of Americans age 50+ failed a basic 5 true/false question quiz on Social Security retirement benefits. Three years ago when MassMutual surveyed the nation with a broader 10 true/false question quiz in 2015, 62 percent age 50+ failed, and out of the general adult population, 72 percent failed."

https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2018/05/nearly-half-of-americans-age-50-fail-a-basic-social-security-quiz
https://www.fool.com/retirement/2018/05/19/nearly-half-of-us-adults-lack-basic-social-securit.aspx
https://www.fool.com/retirement/2018/05/20/why-smart-people-take-social-security-at-62-even-w.aspx?fs_test=False
Click to expand...
I got 9 out of 10. The one I got wrong was about dependent children, of which, I have none.
 
BarnBuster

BarnBuster

Virtually Unknown Member
The worst retirement advice I ever gave​
Ben Taatjes Financial Planning
May 25 2018

Five years ago, I made the biggest mistake of my career.

I gave some untimely advice to a new client and quickly realized the full impact our work can have on our clients’ lives — not just on their wallets.

When Jim first visited my office, he was 62 years old and simply gathering information to see if he could retire at 65. I saw he had built up a sizable nest egg in a 401(k) and was debt free. He was a diligent saver over his entire career and was in an excellent financial position, so I gave him the most surprising news of his life. I told him, “Jim, I have great news for you. If you want to, you can retire right now.” He replied, “You mean I don’t have to wait until I’m 65? Will I have enough money?”

“That’s right," I told him. "We’ve calculated for risks and inflation, and with your planned spending, you will have plenty of income to retire today."

About a week later, Jim visited our office and was very excited. He said, “Guess what, Ben? I took your advice and put in my two-week notice.” With that, Jim said goodbye and left happy as can be.

Now, you may be wondering why this was such bad advice. After all, the plan was financially sound, and he was certainly ready to retire — on paper, that is.

Three months later, Jim and his wife came into our office for a review. Even though only a few months had passed, he looked as if he had aged three years. I could immediately tell something was wrong.

As we talked, I learned that all of Jim’s friends were his former coworkers. Now that he had retired, he was spending most of his time alone, watching television while his wife was at work. Besides a small amount of yard work, he was bored and had no plan. Additionally, because he had such a physically demanding career, his new sedentary lifestyle was negatively affecting him. He was inactive, sleeping later and moving visibly slower. Mentally, he was already slower and seemed disengaged from life. He certainly wasn’t the same upbeat man who had strutted into my office celebrating his retirement. He seemed like a man disconnected from his purpose.

Without realizing it, Jim had left his purpose at work and didn’t have a new one to take its place. He didn’t retire to a fresh purpose, but rather from his old one. In essence, it was like he had moved into an empty house that he expected to be furnished. Reality did not match the dream.

What I finally understood was that Jim hadn’t initially come in to retire. He had been planning to retire at 65, and those three years would have given him much more time to process, to slowly say goodbye to his friends, and to prepare mentally for his retirement.

Jim helped me see that preparing well for retirement means far more than financial planning. To truly serve clients holistically, advisors should work with them to create plans that address their purpose, relationships, health and legacy.

Simply put, if you don’t address the non-financial issues, the financial ones will not matter.
 
18B

18B

Well-Known Member
I retired at 48...i had several businesses that i sold...it is hard to go from 120 mph to 0...i had a hard time adjusting and yes finding things to do. Now i have hobbies and friends who are retired. I bought a boat, we fish the bay and Ocean which takes preparations etc...you just have to build a new life that has in it what you want.
 
BleedsGreen

BleedsGreen

Well-Known Member
18B said:
I retired at 48...i had several businesses that i sold...it is hard to go from 120 mph to 0...i had a hard time adjusting and yes finding things to do. Now i have hobbies and friends who are retired. I bought a boat, we fish the bay and Ocean which takes preparations etc...you just have to build a new life that has in it what you want.
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That is my retirement dream, lagoon house with boat and the bay a few minutes away at most, Enjoy!
 
too larry

too larry

Well-Known Member
ttystikk said:
I've retired before and found that it wasn't anything I'd ever want to do again.

Working at what I want to do gives me purpose and a reason to get out of bed.

Why look forward to doing nothing and making no difference? There will be time enough for that when I'm dead.
Click to expand...
When I came out of the Navy I went a couple of years without a real job. Got the not working bug out of my system. I do love my job, and don't want to lose it. But a 6 months leave to take a walk would be nice.
 
GreatwhiteNorth

GreatwhiteNorth

Global Moderator
Staff member
ttystikk said:
I've retired before and found that it wasn't anything I'd ever want to do again.

Working at what I want to do gives me purpose and a reason to get out of bed.

Why look forward to doing nothing and making no difference? There will be time enough for that when I'm dead.
Click to expand...
too larry said:
When I came out of the Navy I went a couple of years without a real job. Got the not working bug out of my system. I do love my job, and don't want to lose it. But a 6 months leave to take a walk would be nice.
Click to expand...
I remember at the Transition seminar while retiring from the CG the instructor said on the average, people went through about a half dozen jobs before they found a good fit.

My first post CG job - I was hired sight unseen and became foreman/manager 6 months later and still hold the position.
That was 18 years ago.
 
newgrow16

newgrow16

Well-Known Member
Just end it now, financial planners on Rui???? Reading that post took years off my life. SS and full retirement age next month, my purpose, get to figure that out every day.
 
Javadog

Javadog

Well-Known Member
I must appreciate the effort NG....having NO sense about financial issues.

But I am often less-than-well prepared to absorb technical concepts when I am here. :^)
 
BarnBuster

BarnBuster

Virtually Unknown Member
BarnBuster

BarnBuster

Virtually Unknown Member
"If you meet certain income and resource limits, you may qualify for Extra Help from Medicare to pay the costs of Medicare prescription drug coverage.

In 2018, costs are no more than $3.35 for each generic/$8.35 for each brand-name covered drug.

Other people pay only a portion of their Medicare drug plan premiums and deductibles based on their income level.

In 2018, you may qualify if you have up to $18,210 in yearly income ($24,690 for a married couple) and up to $14,100 in resources ($28,150 for a married couple).

If you don't qualify for Extra Help, your state may have programs that can help pay your prescription drug costs. Contact your Medicaid office or your State Health Insurance Assistance Program (SHIP) for more information. Remember, you can reapply for Extra Help at any time if your income and resources change.

Countable resources include:
  • Money in a checking or savings account
  • Stocks
  • Bonds
Countable resources don't include:
  • Your home
  • One car
  • Burial plot
  • Up to $1,500 for burial expenses if you have put that money aside
  • Furniture
  • Other household and personal items"
https://www.medicare.gov/your-medicare-costs/help-paying-costs/save-on-drug-costs/save-on-drug-costs.html#1320
https://secure.ssa.gov/i1020/start
https://www.shiptacenter.org/

also this:
https://www.businesswire.com/news/home/20180611005249/en/eHealth-Review-Million-Consumer-Calls-Reveals-Seniors
 
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