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 !
BarnBuster
Virtually Unknown Member
ooof-da
Well-Known Member
anyone else feel like at 50 their need for water intake went way way up? I know during my early working days I went to work with 4 Pepsi and a sandwich. Now, I don’t drink more than 4 sodas a month and slam water and still feel thirsty for more. If I drank 4 Pepsi’s in a day w/o water these days I think my body would collapse lol.
BarnBuster
Virtually Unknown Member
Had your A1C checked /other blood labs recently? I blew that off for years
If you're in the USA, this place is really cheap for tests, don't need a physicians order to get just sign up, go to lab corp for draw.
ooof-da
Well-Known Member
Ya I have. My bloodwork is really on point aside from high triglycerides which has been a battle for me for 10-12 years. I took medication to lower them when my life insurance was gonna triple over it but now control with diet & exercise, but A1C and everything else is in normal ranges..thankfully. But i notice my desire for water has increased like 300% or something crazy. I will mention it in my annual physical for sure but been a few years…like 4 maybe.Had your A1C checked /other blood labs recently? I blew that off for years
BarnBuster
Virtually Unknown Member
usually the older we get the more risk we are to dehydration with reduced thirst sensation so definitely talk about this with PCP.
Have the blood labs been within the last year or was that the 4 years?
@curious2garden can chime in
The Connection Between Age and Dehydration Risk
Bodily changes that come with age put older adults at increased risk of dehydration. So, here’s the question: Are you drinking enough?
health.clevelandclinic.org
ooof-da
Well-Known Member
I had bloodwork done about 4-5 months ago and they seem to order it once a year during my annual physical. This last blood draw was the 1st “normal rotation” after a 3 year stint of some pretty major surgeries (broke my damn leg in Thailand and they set it wrong abroad). During that time I had probably 10-12 bloodwork ups in that 3-yr period just because the hospitals all run it. Honestly my bloodwork and other vitals are solid but definitely noticeable that I just crave way more water these days. I like that articleusually the older we get the more risk we are to dehydration with reduced thirst sensation so definitely talk about this with PCP.
Have the blood labs been within the last year or was that the 4 years?
@curious2garden can chime in
The Connection Between Age and Dehydration Risk
Bodily changes that come with age put older adults at increased risk of dehydration. So, here’s the question: Are you drinking enough?
BarnBuster
Virtually Unknown Member
I read a lot about medical/dental tourism and how much money can be saved by having procedures done overseas/Mexico, etc but it's your accident in Thailand that makes me definitely not want to do it. Glad you're recovering OK.
I get my blood labs every 6 months now but Medicare pays for it. Thankfully my years of not doing anything didn't impact me too much. Had one problem but a horrendously expensive med ($80k) cleared it up with no residual effects as of yet. Medicare and this place...no cost to me
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