SS Income

[db-2]

No elk or moose for me either. But retire and time on my hand so:

The wife and i started paying SS in 1969. I have done my own income tax over all those years and my numbers are:

Total SS paid in by the wife, me along with the employer over those years totals $415,738. In 69 it was $203 and in 21 it was $460.

Started drawing in 2012 at age 66 and wife also at age 62 based on my SS income. I retire at age 73.
Since then and including April of this year we have received $413,403. Am close now to getting the funds we put in over those years. Did pay income tax on that income and it probably was around 20% of the funds we did receive back to Uncle Sam. Thanks Gore.

About 7 years ago i did calculate on what those funds would have been with a 3% return and the number at that time was over $500,000. Will need to update as i have time until we go to northern Canada and shed hunt again after a lapse of 3 years. At least we hope for that.

Yes, SS is a big part of our retirement no matter what they say. Just hope it keeps up and we live another 10 years with good health and just maybe we will get back what i consider a good return as it does provide a good share of our retirement. Have not touch our savings these last two years.
Just not sure were the wife spent all those funds. db

 

[snow1]

Good for you db....,in my old age I can't get by on my SS income,tapped out my 401k few years back,medical issues after my company dropped our group health insurance,my dog doesn't get SS income and I can't claim him as dependant dang-it! looking around my small town trying to pick-up a pt time job,it seems once your over 65yrs old you have the plague.

 

[BrokenBackJack]

Snow,
Here in Payson, the town is around 60% retirement age we were told.
Yet quite a few of the workers at the bigger places are us old geezers.
Going to get worse now with the Inflation and high gas prices. Heard electricity is going to be going up here again.
Let's go Brandon.

 

[db-2]

Snow:
Besides SS i do get a check from my time in the Army in nam. That income plus the SS takes care of all the basics.
Do some lawn care for addition funds. Put a bid of $12,900 for one job that last year i had close to 300 hours into it plus my gas and repairs. Will know in a couple of days if i get. i hope to keep the time at that job to around 225 hours.

Electricity, i did use more this winter but the winter bills were 150 too 200 dollars more each month. db

 

[snow1]

db, my small town and my elderly neighbors that don't ask for help or assistence,yard work ,snow removal etc,I do it willingly my pay is a hardy hand shake or baked goods on occassion which I'm fine with,life is short,as we age we realize just how short it is as we reach the end/home stretch

BBJ,I thought about retiring in AZ once ,passing thought rather than texas or florida,AZ has nice weather,no tornado's or hurricanes but I'm still able to hunt which is a high priority still (birds)

 

[Up Y'oars]

As I get nearer to retirement age (I'm hoping to choose to retire earlier and not work until 70), I wonder if I will be able to afford all of these inflationary prices. It's rare that they really go backwards, so we have to account for them in the monthly budget.

Minus taxes I was hoping to clear $50k per year upon retirement, which is above average for ND retirement income they've stated is $45k right now. It's tough, the only thing on my mind these days is when is THAT time to pull the plug and not look back? Ugh

I don't have any debt, other than the mortgage, and my time in the military (Tricare) helps take care of the health insurance rates. I'm likely on the better side of the flipped coin than most, too.

 

[db-2]

UP:
Budget will tell the story for you. Did one before retirement and not since. Work to 73 to get additional funds in savings.
Our gross is $60,000 with SS and army pay. No debt but health insurance supplement is $500/month. Federal tax was $900 last year.

This income does cover needs and fun things (for me deer hunting and probably spent 4000 on that with the only deer the one my Dodge ran over). Overall, our needs are not high, but it does take all the 60,000. db

 

[snow1]

db....did ya at least salvage the road kill?.

buddy lived down the road from me,farmer....called me one day after hitting a deer,he needed help loading it in his truck,I looked for front end body damage when I got there under all the corn stalks then noticed the figure 8 just off the road in his cornfield,asked him what gives,he said he missed the deer the first time and the some beech tried to hide in the corn field....

 

[db-2]

Son came, called sheriff, put tag on and meat in freezer. Hams and back straps. 2 point buck (4x4) that got clean with hydro-peroxide and now on wall. Probably only vehicle killed buck i will ever have, at least i hope so. db

 

[MarbleEyez]

What is/was your guy's "Magic Number" for retirement?? How do you guys supplement your income? I'm not banking on SS being there in 25+ years for me when I'm at the eligible age! I figured once our "Income Earning Assets" are paid off, we'll be sitting "comfortable" enough to retire from our day jobs!

I look forward to the day I can do what I want to do, rather than what I need to do!!

 

[db-2]

Quit the day when you feel you have enough to make it without a salary from work for the rest of your life which can be a wild ass guess. Just make sure you're ready to quit. The days can get long without a plan and then sometimes things happen that upset the best laid out plans. Best of luck. db