I think I’d take the look. Could probably buy that swan for $100, but all the money in the world won’t make you young, fit and beautiful.
Thanks for the welcome @Iglooo.
Feels pretty amazing after 41yrs full time work, raising 2 kids and putting up with, oh, I mean loving DH for 37 of them.
No contest…I’d choose to be even HALF as fit and beautiful as the swan lady!
?♀️?♀️
@shawbridge
“when we did our financial plan in 2011, it assumed that my estimated benefit is $3,000 per month would start at age 70 and my wife’s spousal benefit would be $1,100 per month starting at age 66. I actually have no idea if these numbers are reasonable or likely.”
If you want to get an updated estimate, download ESPlanner. It will give you an accurate estimate of SS $$ that you can expect .
Has anyone ever heard of this. We went to a terrific financial planner whose group specializes in teachers retiring in this state. They know all of the ins and outs and rules…and have a great way of helping folks like us plan when, and how! I know at least 30 others who have used them.
I recommended them to a former colleague. She went to one of their large presentations and liked how they did it. So…she contacted them to make an appointment. She plans to retire within the next two years.
Well…they flatly refused to see her because they said she has “too much debt”. Say what! They are financial planners and she is looking for their advice…including how she can manage this during her retirement.
I was shocked. Is this a thing?
@musicmom , wishing you a wonderful retirement!
I quit my job twice last October due to the stress … just didn’t want it any more. My boss was relatively new & talked me into staying because she could fix things. Then H got an automaker buyout/retirement package. So even though things didn’t get better, I stayed.
I have finally decided, after yet another extraordinarily stressful admissions season, that I have to quit. I really don’t want to retire quite yet. We just visited our planner last week, and all is on track. But of course I decided to pack it in a couple days later. It is scary to know that I could retire, but also to know that if I work 3 more years, it will be that much easier for us. Here is hoping some company will want to hire a gray-haired 59 year old who really has a lot of working days left in her!
@thumper1 - That’s outrageous. I can understand then silently judging your colleagues, but refusing to avail their services to someone who clearly needs help is hard for me to wrap my head around.
I wonder if with @thumper1’s colleague is what it really comes down to, is that if you have a lot of debt, you won’t be able to invest much. Perhaps the group is masquerading as financial planners, while what they really want is to get commissions from your investments. Seems like an organization I’d want to stay away from, either way!
well, how do you think most of the financial planner make their $$. need to find one that charges you a flat fee for service. i am sure they exist
This group never sought to sell us anything. We paid for their services to look at our various retirement accounts, my pension, SS, etc. and give us decent advice on when to retire.
They also know our state teacher retirement system inside and out, and the first time I saw them, they ran the numbers and wisely advised me to work an additional two years as it would make a huge difference.
They won’t even SEE my friend. She isn’t interested in buying anything…she wants advice…and is willing to pay for it…just as I and all my friends have.
It’s funny…we really had no debt…but I don’t even recall them asking about that. If they had, I’m not sure I would have given them the info anyway as I was looking at my retirement benefits, timing, etc. Paying off the debt was MY issue.
That’s weird, @thumper1. Do you think there’s something more to the story than what your friend said? If they are charging a flat fee, I can’t imagine why they won’t talk to her. Maybe there’s some misunderstanding?
Yep…it’s a flat fee. I don’t want to pry…so I won’t ask…but I did tell her I thought it was very strange.
Re: #14963
Seems like excessive debt is common enough that if a financial planner is not confident in being able to give good advice to those with excessive debt, s/he should have a referral list of those who can better help such people.
This person wants advice on when and how to take their teachers retirement in this state…not on how to pay off their bills. I think the person who called her misunderstood what she was asking for. This group has a fixed cost for helping determine your state retirement benefit now…two years from now, etc. They also look at other retirement accounts you have to help you know about what your retirement income will be.
This is what this colleague wanted to know. She doesn’t want to buy annuities or anything else. She just wants help with the projections if she retires this year, next or the year after that.
Frankly, I think they had a lot of nerve asking her debts!
" I think the person who called her misunderstood what she was asking for. "
@thumper1
perhaps she should try calling again and this time ask to speak to someone knowledgeable about her particular question/ situation ?
I was just going to answer the same way @menloparkmom did. Not even mention that she called earlier, and if they ask her about debt, to tell them it’s not relevant to her questions.
I gave her the same advice…as well as the name of the FP we used who was awesome.
Hoping she gets the info she needs.
The CFP Board lists certified financial planners who are fee only. And it’s a big deal with them. If claim to be fee only and you’re not, you are publicly barred. Have any problems - they are publicly censured suspended or barred.
Requires college degree, five years of experience and graduate a financial planning program of study, usually takes about 18 months. At many universities. Then pass a two day competency examination with less than 50 percent pass rate. 32 hours of real continuing education, two hours board approved ethics training and signing off on a comprehensive code. Every two years.
That’s where I would go.
Are there online SS calculators that let you play around with different scenarios about timing of who takes what benefit and when?
Are there any general strategies that should be followed for married couples? Because I didn’t work my entire adult life my own projected benefits equal about 30% of dh’s. He is a year older than I. We are currently mid-fifties. Assuming SS still exists when the time comes and we don’t anticipate needing the $ for our day-to-day existence, are there any guidelines/rules as to what would work best for our situation? Or somewhere I can read about this? I did some googling, but I like asking the hive mind here. 
@Hoggirl - This is what I know about current rules based on your ages. When you apply for benefits, SSA will defer to the higher amount that you are eligible to receive - yours or spouse, that will be your benefit. You can increase the amount of your own benefit by delaying filing but amount from spouse is calculated by their benefit at full retirement age (even if they delay.
So if you don’t need the money and you have longevity in your genes, wait until 70.
download ESP Planner. it gives you the ability to run through various SS and retirement planning scenarios.