Good Sam Club Open Roads Forum: Who Else Will Retire To Full-time In 2018?
Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in Full-time RVing

Open Roads Forum  >  Full-time RVing

 > Who Else Will Retire To Full-time In 2018?

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 5  
Prev  |  Next
rockhillmanor

On the Road

Senior Member

Joined: 12/06/2003

View Profile



Posted: 12/21/17 06:34pm Link  |  Quote  |  Print  |  Notify Moderator

IMHO I would sit down and do the math on taking SS at 62. Do the financial figures and then sit back and think about if in 3 years if you SS will even be there for you. Seeing all what is going on.

Burning thru your savings and borrowing for all new TT and TV could be disastrous if you find you don't like fulltime RV'ing. Just saying.


We must be willing to get rid of the life we've planned,
so as to have the life that is waiting for us.


Walaby

Georgia

Senior Member

Joined: 11/10/2014

View Profile



Good Sam RV Club Member

Offline
Posted: 12/21/17 07:40pm Link  |  Quote  |  Print  |  Notify Moderator

rockhillmanor wrote:

IMHO I would sit down and do the math on taking SS at 62. Do the financial figures and then sit back and think about if in 3 years if you SS will even be there for you. Seeing all what is going on.

I agree. Compare drawing your SS at 62 (at reduced rate of course), and then if you wait until full rate. By my calculation, in my situation, I would 'break even' at age 73 or 74 (my spreadsheet is at work). After that age, I would lose (reduced rate vs full rate). I figure I will take it when I can because Im not sure it will still be around when Im mid-70's.

Mike


Im Mike Willoughby, and I approve this message.
2014 Ram 2500 CTD (aka FRAM)
2016 Lacrosse 324RST


DallasSteve

Texas

Senior Member

Joined: 05/28/2015

View Profile


Offline
Posted: 12/21/17 09:01pm Link  |  Quote  |  Print  |  Notify Moderator

rockhillmanor wrote:

IMHO I would sit down and do the math on taking SS at 62. Do the financial figures and then sit back and think about if in 3 years if you SS will even be there for you. Seeing all what is going on.

Burning thru your savings and borrowing for all new TT and TV could be disastrous if you find you don't like fulltime RV'ing. Just saying.


My degree was in Accounting so I can and have done those types of analysis. It's true that I won't break even until mid-70s so if I die sooner I lose money. But I don't get to spend that money in the afterlife so it doesn't make much difference to me. My kids will have a little less money, but they are healthy and smart and hard-working so they will do just fine.

On the other side if I live into my 80s I may be happy to have that extra monthly income. As for whether the money will be there in 3 years, I put the likelihood at 99%. I trust my forecast in that regard, but you can make your own estimate. Seniors aren't going to stop voting. If there is another recession the government will just print a little more money. If there is a tremendous financial crisis there will be more cuts, but it won't go to zero. If we are destroyed in nuclear war or a meteor what difference does it make?

There is talk that in about 15 years the SS trust fund will run out, if Congress doesn't make changes. That doesn't mean SS payments go to zero. That means they would be automatically cut by about 25%. I'll still be happy to have 75% of more than 75% of less. But once again, seniors aren't going to stop voting. They probably won't cut current benefits; they will probably cut future benefits and raise the FICA tax. In other words, it's somebody else's problem.

There is one more reason that I like my strategy. Some seniors get senile or they make bad decisions and they lose a large part of their savings to fraud or, as I said, bad decisions. By waiting I am effectively converting some of my savings into a government-insured annuity for life. Something that (for the most part) can't be touched by lawsuits either. I like that. I still like my plan better.

John&Joey

Summer-North,Winter-South

Senior Member

Joined: 05/20/2007

View Profile



Good Sam RV Club Member


Posted: 12/21/17 09:36pm Link  |  Quote  |  Print  |  Notify Moderator

Just wondering did you factor in inflation? Been pretty low for awhile, but that's what killed my F&MIL after 10-15 years of their retirement.

DallasSteve

Texas

Senior Member

Joined: 05/28/2015

View Profile


Offline
Posted: 12/21/17 09:44pm Link  |  Quote  |  Print  |  Notify Moderator

John&Joey wrote:

Just wondering did you factor in inflation? Been pretty low for awhile, but that's what killed my F&MIL after 10-15 years of their retirement.

Social Security payments get an annual cost of living increase based on the amount of inflation, so I will stay at about the same level of real income. The increase is not perfect and it's not a lot (in 2017 it was 0, in 2018 it is about 2%). But currently it can also get eaten up by Medicare premium increases. Maybe that is where your in-laws got wrecked, I don't know.

Rover_Bill

NE. Ohio

Full Member

Joined: 04/22/2016

View Profile



Good Sam RV Club Member

Offline
Posted: 12/21/17 10:01pm Link  |  Quote  |  Print  |  Notify Moderator

If your DW is already on SS, you may be able to get an extra 50% in spousal benefit even while you're working full time or just waiting to start drawing your own SS payment. That extra money will not count against you when you start on SS so it pays to wait.

PghBob

Pittsburgh PA

Senior Member

Joined: 08/16/2013

View Profile



Good Sam RV Club Member

Offline
Posted: 12/22/17 07:10am Link  |  Quote  |  Print  |  Notify Moderator

You need to consider that SS increases can be imaginary. For example, my DW got the 2% increase for next year, but her Medicare contribution and tax increased so that she will net the same amount as this year. A 2% gross increase, but no net increase. By contrast, I will see about a $9-10 increase after increased Medicare and tax withholding.

lj2654

Weeki Wachee, Florida

Senior Member

Joined: 01/26/2012

View Profile





Offline
Posted: 12/22/17 07:42am Link  |  Quote  |  Print  |  Notify Moderator

We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.

We are tired of paying for having yard work and repairs done on the house and RV both. Consumes too much income with mortgage and home insurance and upkeep of having both.


2001 Beaver Contessa Naples 40
2012 Cadillac Srx
retired AirForce 1979-1992


TechWriter

On The Road

Senior Member

Joined: 12/22/2002

View Profile



Good Sam RV Club Member


Posted: 12/22/17 10:53am Link  |  Quote  |  Print  |  Notify Moderator

lj2654 wrote:

We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.


I think you're in great shape -- RV paid for + very good monthly income. Also, I assume you'll be on TriCare for medical care, right?


2001 Newmar Mountain Aire 4095 DP
Full Timer since May 2013
www.rvSeniorMoments.com
DISH TV for RVs

DallasSteve

Texas

Senior Member

Joined: 05/28/2015

View Profile


Offline
Posted: 12/22/17 01:01pm Link  |  Quote  |  Print  |  Notify Moderator

lj2654 wrote:

We are going full time in June 2018:

We are 63 and 61.

I am medically retired from the Military. And on SS disability.
Wife is on SS disability due to a car accident.

We have a DP thats paid for.

We are selling our home before we go full time.

We have a low auto payment and only a cell phone and insurance payment.

Able to use Military for campgrounds.

Also 1/2 price on State parks in Florida and COE parks too.

Income of $5000 a month.

We are tired of paying for having yard work and repairs done on the house and RV both. Consumes too much income with mortgage and home insurance and upkeep of having both.

$5,000 a month is great. I wish I had that, but I can make ends meet with what I've got.

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 5  
Prev  |  Next

Open Roads Forum  >  Full-time RVing

 > Who Else Will Retire To Full-time In 2018?
Search:   Advanced Search

Search only in Full-time RVing


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:

© 2018 CWI, Inc. © 2018 Good Sam Enterprises, LLC. All Rights Reserved. | Terms of Use | PRIVACY POLICY | YOUR PRIVACY RIGHTS