Hey old farts..how many over 50 yrs?
- Thread starter Coho
- Start date
BarnBuster
Virtually Unknown Member
Summarized: Scary (and sad) how little is known, understood or worse, misinterpreted, (a friend of mine who recently retired wasn't aware that every year she waited to collect SS (after Full Retirement Age (FRA) would result in an 8% increase in her monthly benefit for each full year of delay up until age 70. Known as "delayed retirement credit")
"55% of Americans don’t know how Social Security is funded.
Only 45% know current workers pay for retirees and future workers will pay for their benefits.
23% believe their Social Security taxes are saved in a personal account for them.
55% believe its main purpose is to replace seniors’ income.
Only 45% believe the program's original intent is preventing poverty among seniors.
79% of non-retired adults don’t believe they’ll receive their full scheduled benefits in retirement.
13% expect to receive no benefits at all.
Only 25% correctly estimated the average yearly benefit to be between $20,000–$29,000.
91% didn’t know the maximum annual benefit can reach $60,000.
60% know that workers paying more receive higher benefits; 15% think all retirees receive the same benefits.
74% incorrectly think seniors have less or the same wealth as middle-aged Americans.
If no changes occur, benefits could be cut by about 25% starting in 2033. 77% of adults are aware of the projected 2033 shortfall; 93% of seniors know about it.
37% favor raising taxes to fix the problem.
28% favor cutting benefits.
35% support Congress borrowing to cover the shortfall.
38% would support switching to a flat monthly benefit (~$1,800) for all retirees.
Democrats and Republicans show similar support for a flat benefit (~44% Democrats, 40% Republicans).
Younger Americans (18-29) are more likely to think Social Security taxes go into personal accounts (34% vs. 17% of seniors)."
++++++++++++++++++++++++++++++++++++++
I would add to this to make sure you absolutely understand the deadlines that are attached to both SS as well as Medicare and their various plans, ignorance of which can result in life long penalties.
Thoroughly investigate Medigap plans and decide if you could afford the additional expenses a catastrophic medical event would/will generate. The Medigap plans help reduce the risk and cost of unexpected and potentially overwhelming bills.
Finally the one area I myself fell short in was not evaluating the pros/cons of converting some of my traditional IRA plan(s) to Roth's (called a Roth Conversion) while I was younger. This will drastically reduce the amount of RMD (Required Minimum Distribution) which will commence at/about age 72 (depending on birth year) and increase percentage wise as you age. You are taxed on traditional IRA's NOT on Roth.
"55% of Americans don’t know how Social Security is funded.
Only 45% know current workers pay for retirees and future workers will pay for their benefits.
23% believe their Social Security taxes are saved in a personal account for them.
55% believe its main purpose is to replace seniors’ income.
Only 45% believe the program's original intent is preventing poverty among seniors.
79% of non-retired adults don’t believe they’ll receive their full scheduled benefits in retirement.
13% expect to receive no benefits at all.
Only 25% correctly estimated the average yearly benefit to be between $20,000–$29,000.
91% didn’t know the maximum annual benefit can reach $60,000.
60% know that workers paying more receive higher benefits; 15% think all retirees receive the same benefits.
74% incorrectly think seniors have less or the same wealth as middle-aged Americans.
If no changes occur, benefits could be cut by about 25% starting in 2033. 77% of adults are aware of the projected 2033 shortfall; 93% of seniors know about it.
37% favor raising taxes to fix the problem.
28% favor cutting benefits.
35% support Congress borrowing to cover the shortfall.
38% would support switching to a flat monthly benefit (~$1,800) for all retirees.
Democrats and Republicans show similar support for a flat benefit (~44% Democrats, 40% Republicans).
Younger Americans (18-29) are more likely to think Social Security taxes go into personal accounts (34% vs. 17% of seniors)."
++++++++++++++++++++++++++++++++++++++
I would add to this to make sure you absolutely understand the deadlines that are attached to both SS as well as Medicare and their various plans, ignorance of which can result in life long penalties.
Thoroughly investigate Medigap plans and decide if you could afford the additional expenses a catastrophic medical event would/will generate. The Medigap plans help reduce the risk and cost of unexpected and potentially overwhelming bills.
Finally the one area I myself fell short in was not evaluating the pros/cons of converting some of my traditional IRA plan(s) to Roth's (called a Roth Conversion) while I was younger. This will drastically reduce the amount of RMD (Required Minimum Distribution) which will commence at/about age 72 (depending on birth year) and increase percentage wise as you age. You are taxed on traditional IRA's NOT on Roth.
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BarnBuster
Virtually Unknown Member
I love it, a day of not working is another day in paradise...j/s
MickFoster
Well-Known Member
I retired at 62 (13 years ago) and I don't regret it at all. I make $2400 a month tax free and I have no debt........including no house or car payment. I can easily save a grand a month. Life is good! 
I won't post numbers, but I'm making more now than when I was working full time.I retired at 62 (13 years ago) and I don't regret it at all. I make $2400 a month tax free and I have no debt........including no house or car payment. I can easily save a grand a month. Life is good!
I LOVE RETIREMENT !
