Results 1 to 10 of 12

Hybrid View

  1. #1
    Join Date
    May 2015
    Posts
    13

    Default Re: Types of Income Included in Early Retirement Income Limits

    Yes, the issue is whether the wife could/should go for early bennies. She is not in good health, FTR.

    Wild horses could not drag her to Obama's exchange, period. We have a farm worth maybe a million and a half (bought with blood, sweat and tears, not inherited), which cost us far, far less than we have paid in medical insurance over the years. The thing was: if one became ill, there was a chance it couldn't be purchased. That's the way it used to be, when it really was insurance, lol.

    Thanks to all.

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Types of Income Included in Early Retirement Income Limits

    Quote Quoting fair
    View Post
    Yes, the issue is whether the wife could/should go for early bennies. She is not in good health, FTR.

    Wild horses could not drag her to Obama's exchange, period. We have a farm worth maybe a million and a half (bought with blood, sweat and tears, not inherited), which cost us far, far less than we have paid in medical insurance over the years. The thing was: if one became ill, there was a chance it couldn't be purchased. That's the way it used to be, when it really was insurance, lol.

    Thanks to all.
    With an asset like that you are going to want the wife to be insured. The 25k or so that she will pay in insurance until she hits 65 and qualifies for medicare will be worth it. However, you still need to do a real cost analysis of whether locking her into the early rate, based on what she might be earning, is really worth it in the long haul.

    Sadly, one has to look into real life expectancy/quality of life decision when making decisions about SS retirement benefits.

    For example, a person who is healthy enough that they could easily work to age 70 or beyond and therefore collect max benefits and that will be their only income beyond age 70, might be better off delaying SS benefits until they are 70, even if they die only a few years later, because those higher benefits improved their quality of life for the years after age 70.

    However others might have very different situations where the extra income from age 62 might improve the quality of life that they have left.

    And there are others who mess up and take early retirement and live to 80 or 90 plus and live in poverty because they chose to retire early.

  3. #3
    Join Date
    May 2015
    Posts
    13

    Default Re: Types of Income Included in Early Retirement Income Limits

    Quote Quoting llworking
    View Post
    With an asset like that you are going to want the wife to be insured.
    We never went 5 minutes without medical insurance, and never would, even though it was after FICA cost for self employed, so a tremendous burden. Too risky for our blood. When Obamacare shut down the state's high risk pool, which she bought when I went on Medicare, the wife nearly had a heart attack finding another individual plan. She chose Assurant through a private broker. Two years later it stopped issuing on account of Obamacare mandates, so round again. It has been a nightmare, but folly to stop now with three years to go and forty some under out belt.

    1. Sponsored Links
       

Similar Threads

  1. Calculation of Support: Other Child Support Included in My Income but Not Received
    By sandnsurf in forum Child Custody, Support and Visitation
    Replies: 1
    Last Post: 03-30-2013, 01:13 PM
  2. Should Rental Income Be Included in Trust Accounting
    By CASanDiego_Trustee in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 06-15-2011, 09:57 AM
  3. Unemployment Benefits: Is Retirement Income Reportable As Income for UI
    By some_questions in forum Employment and Labor
    Replies: 2
    Last Post: 12-02-2010, 12:23 PM
  4. Chapter 7: Disability Income Included in Monthly Income
    By Lawr49 in forum Bankruptcy Law
    Replies: 1
    Last Post: 11-18-2009, 05:32 AM
  5. Disability Benefits: SSDI - How Do They Categorize Types of Extra Income
    By NOPD in forum Social Security Law
    Replies: 2
    Last Post: 06-01-2009, 08:20 PM
 
 
Sponsored Links

Legal Help, Information and Resources