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Medicare tax is another $650 of wages
Retirement is wonderful if you have two essentials — much to live on and much to live for. Invest wisely and get good returns.
What about if one passes away on just S/S
This was a good way to explain what the gurus are pushing with the 70 % replacement model with no real explanation of why. I used the Smart Asset retirement calculator prior to my retirement to do this exact style of planning but I don't think I've seen any U-Tubber's explain it this way. Good Job. Everyone's situation is of course their own situation and level of comfort needed to retire or invest " Ulcer index " Retired with only 62 % gross replacement from a pension at age 58. In my last years of work I was making double house payments 11% (payed off) ,Pension, cash savings, and 401 contributions 28 % =28+11+62= 101 % Health cost premiums stayed about the same in my situation. I'm 3 years older than the wife so will try to hold off on my SS until 70 and we will take hers whenever we need it. Or if I die she will be able to take mine and hold off on hers between 60-70. Again everyone's situation is their own but knowledge overcomes fear. Thanks for the knowledge.
numbers flawed,$170.10 part B
This is the way I do it. If we were to retire today this would be our expenses.
Prop tax 325
Home Ins. 100
Auto Ins. 250
Gas/Elec. 350
Water/Sew 50
Cell. 100
Gas(Cars). 200
Food. 875
House Maint. 175
Car Maint. 200
Per Care. 100
Med Ins. 350
Medicare. 270. 3344
Total expenses $3345/ month
Doesn’t include discretionary spending.
Some expenses are higher.
No mortgage and no debt.
Medical insurance at $300 includes scripts.
Now my SS and my wife’s SS combined will easily cover the above. But the kicker is I’m not comfortable including her SS. That’s why we need at least $500k in retirement savings todays dollars. If we collect at 67 and I die when I’m 77 she gets 1 SS plus she’ll have $500k plus to last the rest of her life to cover expenses. If we didn’t have retirement savings how is 1 SS of $2200 a month going to cover expenses without having savings?
If we want discretionary spending then we would need more than $500k.
Preach it brother Josh! The Gospel of Retirement Hope
I love the walkthrough in detail and the numbers work with one caveat. This fails if one spouse dies since you need both drawing social security to live on unless you can reduce your costs by the same amount. That is not a fatal flaw but it is something to consider when planning. What happens if one of you dies? How will the other survive on the single social security income?
I looked at it a little simpler. The income replacement needs in retirement is between 70-80%. SS security replaces 40% at your FRA. DECs equal 8% per year. For me I had 4 years so I can add 32% to 40 and have a 72% replacement income with adjustments for inflation. Believe me the COLA with DECs are substantial this year. I can easily live on SS alone. I had the mindset that even if I spent all of my IRA to get to 70 I would be fine.