My Plan Is To Live Until 100.

[Mike J]

14 hours ago, Kingpin said:

Does she have a SS#? Much easier if she does, if not that's where the challenge for expats is. Some info here:

She has a number but is not eligible for her own benefits because she only worked 8 years in the USA and you need 40 quarters to qualify.  She will be able to collect approximately 1/2 of my benefits when she starts collecting.

Edited August 22, 2022 by Mike J
Clarified (I hope)

[JJReyes]

Since starting this topic, I came across a US Social Security Administration webpage called, "Retirement and Survivors Life Expectancy Calculator."  You add gender information and date of birth.  Based on my cohort and age, the actuarial table calculates 12.3 more years.  This means I don't have to worry about making sure there is enough money until I reach 100.  

My pre-retirement planning included being completely debt free.  No mortgage payments, no installment plans, no credit card balances.  The credit cards are strictly convenience cards with balances automatically paid by my bank on due date.  This makes all purchases on a cash only basis.  If I want a new car, the cash payment has to be in my checking account.  Outside of the United States, all expenses as paid on a "cash only basis" except for hotels and airline tickets.  Theft of credit card information is more likely to occur with smaller establishments like restaurants and local tour companies.  While there is recourse and a liability limit of $50 (waived for good customers), it is still a hassle disputing any unauthorized charge.

Our annual retirement income is easy to calculate.  It includes Social Security, dividends from our stock portfolio, income from conservative investments. etc.  We know the monthly limit for expenses.  The only surprises so far are unexpected medical bills.  This year it was getting shingles shots (two doses each) which is not covered by Medicare.  The cost was $747.74.  My wife needs cataract surgery on both eyes.  Medicare pays for the regular surgery.  A more advanced procedure is an additional $3,500 per eye.  Last year, I had emergency surgery for colon cancer in Quito, Ecuador.  Fantastic medical services equal to St. Lukes or Makati Medical (probably better) but everything had to be on a cash basis at a private hospital.  Luckily, my Aetna insurance reimbursed 80% later.  

Our coming 5 months trip to the Philippines is to begin scouting for the 2nd stage of our retirement wherein we need at home caregiver services.  The cost in the United States, whether at home or a care facility is very expensive.  Philippines is much cheaper.

[Dave Hounddriver]

1 hour ago, JJReyes said:

"Retirement and Survivors Life Expectancy Calculator."

I found 2 links from googling that.  Both say I have another 17 years of expected life.  The devil on my shoulder said:  Good luck with that.

[JJReyes]

58 minutes ago, Dave Hounddriver said:

I found 2 links from googling that.  Both say I have another 17 years of expected life.  The devil on my shoulder said:  Good luck with that.

Residents of Canada live longer than Americans. 

A Canadian friend of our son, studying in Hawaii for his PhD in Mathematics, had an interesting story.  While creating Canada, he explained that God decided on a beautiful land filled with large forests, clean rivers, rugged mountains, and a bounty of wild animals.  So the Canadians had to ask, "Lord, why did you decide on such perfection?"  "Perfection?" He replied.  "Wait and see the neighbors I will be giving you."

[Mike J]

6 hours ago, JJReyes said:

Retirement and Survivors Life Expectancy Calculator

Here is the link to the calculator for members who may wish to give it a try.

https://www.ssa.gov/oact/population/longevity.html

 

[OnMyWay]

On 8/22/2022 at 6:03 AM, Mike J said:

She has a number but is not eligible for her own benefits because she only worked 8 years in the USA and you need 40 quarters to qualify.  She will be able to collect approximately 1/2 of my benefits when she starts collecting.

However, she is eligible for spousal death benefit when you are gone.  That is usually about the same amount as you get.

That is what I am lacking.  My wife has to live in the U.S. for 5 years in order to get the spousal death benefit.

[RBM]

On 8/21/2022 at 11:19 AM, hk blues said:

 

Simple philosophy for me - spend less than you earn and you'll never have a sleepless night worrying about money. 

 

Find this comment of interest, after all most of us here are in our senior years and having worked hard all our life surely are entitled to spend up some what. Notwithstanding our natural obligation and wishes to provide for our nearest and dearest. In NZ reverse mortgages are gaining in popularity, meaning freeing up equity in ones house for the long awaited overseas cruise, new car what ever. Not sure how the siblings feel here how ever I say go for it.

Read with much envy about some of the comments on pensions, myself no pension in spite of paying taxes for many years, NZ is very strict on residency requirements which cuts me out having lived in Europe and Asia many years. My private pension was cashed in some time ago and with the low interest rate environment  (improving now) makes life a little challenging, fortunately we have no expensive tastes  and more importantly  debt free so life is good. Remember the best things in life are free.

[Mike J]

3 hours ago, OnMyWay said:

However, she is eligible for spousal death benefit when you are gone.  That is usually about the same amount as you get.

Not sure why you would say "usually the same amount . . . "

A surviving spouse get 1/2 of the benefits provided if they claim at the full retirement age.  You must be assuming survivor benefits to include minor children? 

<clip>The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced.<end clip>

[hk blues]

5 hours ago, RBM said:

Find this comment of interest, after all most of us here are in our senior years and having worked hard all our life surely are entitled to spend up some what. Notwithstanding our natural obligation and wishes to provide for our nearest and dearest. In NZ reverse mortgages are gaining in popularity, meaning freeing up equity in ones house for the long awaited overseas cruise, new car what ever. Not sure how the siblings feel here how ever I say go for it.

Read with much envy about some of the comments on pensions, myself no pension in spite of paying taxes for many years, NZ is very strict on residency requirements which cuts me out having lived in Europe and Asia many years. My private pension was cashed in some time ago and with the low interest rate environment  (improving now) makes life a little challenging, fortunately we have no expensive tastes  and more importantly  debt free so life is good. Remember the best things in life are free.

I'm not in retirement yet, still working here so maybe my approach is different.  I cannot afford to blow all my savings and income on having fun as I have a 10-year old and a younger wife who will outlive my by a fair bit (hopefully). 

Edited August 23, 2022 by hk blues

[OnMyWay]

2 hours ago, Mike J said:

Not sure why you would say "usually the same amount . . . "

A surviving spouse get 1/2 of the benefits provided if they claim at the full retirement age.  You must be assuming survivor benefits to include minor children? 

<clip>The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced.<end clip>

You are looking at the wrong thing.  Your quote is from Spousal Benefit (while you are alive), not Survivor's benefit.

https://www.ssa.gov/benefits/survivors/ifyou.html

Survivors Benefit Amount

We base your survivors benefit amount on the earnings of the person who died. The more they paid into Social Security, the higher your benefits would be.

These are examples of the benefits that survivors may receive:

• Widow or widower, full retirement age or older — 100% of the deceased worker's benefit amount.
• Widow or widower, age 60 — full retirement age — 71½ to 99% of the deceased worker's basic amount.
• Widow or widower with a disability aged 50 through 59 — 71½%.
• Widow or widower, any age, caring for a child under age 16 — 75%.
• A child under age 18 (age 19 if still in elementary or secondary school) or who has a disability — 75%.
• Dependent parent(s) of the deceased worker, age 62 or older receive:
  • One surviving parent — 82½%.
  • Two surviving parents — 75% to each parent.