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Financial planning and PCa

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Posted 2/25/2019 11:42 PM (GMT 0)
Yep, I’ll likely be shopping at WalMart. 😉
Posted 2/25/2019 11:52 PM (GMT 0)
my primary financial plan is to become a best selling author.

My back up plan is working for Home Depot.
Posted 2/26/2019 12:25 AM (GMT 0)
Man Im losing it...I was sure I deleted that post...oh well I

Saipan its true what Santa Zia said...I read it myself somewhere...its set up so that statistically actuuarrily...in a Brazilian bueracratic...redundancy kind of 5th dimensional... MarolynianMccooian kind of way...to equal out...but only if you can count beans...jelly beans to be exact...so be reaganesqe when pressed BTW Santa Zia do you have a SS number...or are you a zip code...didn't they film The Lost Boys near you>>>>
Posted 2/26/2019 12:41 AM (GMT 0)
JNF would be a good source.... I think he is a PFP.
Posted 2/26/2019 5:03 AM (GMT 0)
I had a good public works job but it came with a lot of stress, so I retired at 56 and turned my hobby into a commercial apiary business. Beekeeping. I am frugal and got on an all cash basis around 40 yr old. My take on this looking back is retire early. I could have worked longer and had more retirement money, but you don't feel like doing as much after 75. Without PC, your body just slows down. We got out young and toured the US, Canada and Alaska twice. 6 different RV tours each lasted around 90 days. Now I am content to stay near home, run my bird dogs, hunt and fish with my kids and grandkids.
Posted 2/26/2019 12:04 PM (GMT 0)
Saipan here is the quote from the U.S. Government Accountability Office https://www.gao.gov/assets/670/662727.pdf : "The Social Security benefit formula adjusts monthly payments so that someone living to average life expectancy should receive about the same amount of benefits over their lifetime regardless of which age they claim." page 1 intro letter.
Just to be clear, this shouldn't be taken to mean that it doesn't matter when you take benefits. If you're fortunate enough to live well into your 80s or beyond, then waiting will indeed result in a larger lifetime haul.However -- and this point reveals the shortcomings of an impersonal breakeven analysis -- squeezing every last dollar out of the Social Security system isn't the typical American's main objective in retirement. You can infer this from the fact that 62 remains the most prevalent age at which people apply for benefits.

Post Edited (SantaZia) : 2/26/2019 5:09:38 AM (GMT-7)

Posted 2/26/2019 2:48 PM (GMT 0)
SantaZia et al. - All pension, SS, etc are actuarial based so there is no free lunch or best route for the “average” person. You have to guess what the future will be, better or worse than average, to make the computation. That is all the paper said in way too many words.

My basic question remains: Once you have PCa, how do you view long term financial planning like the social security option of postponing for a higher future benefit with say a 12 year payback period. Or saying hell with it, I am buying a new car or iPhone and screw the financial considerations.

Keep in mind that postponing benefits may provide a higher survivior benefit for a spouse who may outlive you so it is not all math. Just trying to get my mind straight since I don’t have a long history with PCa and all has not settled down yet.
Posted 2/26/2019 4:36 PM (GMT 0)

Mumbo said...

My basic question remains: Once you have PCa, how do you view long term financial planning like the social security option of postponing for a higher future benefit with say a 12 year payback period. Or saying hell with it, I am buying a new car or iPhone and screw the financial considerations.
.

My statistics say I should have been dead 6 years ago. So planning is pretty much proven wrong no matter what I do. I worked as long as I could after diagnosis, then bailed and took SS. After it was all done, I discovered I could have left the company on 80% salary disability several years prior. The absurdity is that no matter how well you plan, some critical detail will get past you.

So for the first part, No, I did not, and still would not, wait for the higher SS amount. I don't expect to be here long enough for the waiting game, and wanted to be done with the 24x7x365 job. If I live forever, it will be on a bit less money then. But I saved for that.

For the second part, No, I won't fritter away what I have on what people want to sell me for no good reason. I don't need a new tv or a new phone. I might change out vehicles, as at certain points they become maintenance pits. Not that I can't pay the price, I don't want to spend the time
Posted 2/26/2019 4:53 PM (GMT 0)
Another thing to consider is what your spouse will receive in SS benefits after we are gone. I did not want to take early SS and screw her out of a few hundred dollars a month. I want her to have my full benefit after I am gone.
Posted 2/26/2019 5:37 PM (GMT 0)
No wife or kids here, so not a consideration. But no matter what you lock in, I'll bet the wife outlives you by enough that she'll cuss you for starting too early ;)

What many miss is that your uro / onco can help a lot with the SS Disability. If your PCa goes undetectable but returns, and your ability to work is impaired (Lupron and chemo will assure that), there are some possible "compassionate" allowances. Mine was approved, and I had a 6 month rather than the normal 2 year wait. The payment brings my total of SS and SSD to be what it would be if I had waited to age 66.
Posted 2/26/2019 6:23 PM (GMT 0)
That is interesting information 142. I’m starting lifelong ADT soon. My time on the forum has shown there is a broad spectrum of impairment for guys - from not so bad all the way to pretty bad. I’m sure hoping for the best, but it sounds like there MAY be a safety net if it doesn’t turn out well.
Posted 2/27/2019 5:05 PM (GMT 0)
I lost a job about 45 days before I was diagnosed so financial planning kind of went out the window. We were fortunate enough to receive some inheritance and with the assets we already had we paid off most of our debt and are able to live comfortably on very little.
Posted 3/1/2019 2:41 AM (GMT 0)
Thanks all for the replies, my thinking gets a little better with every passing day now. There are setbacks along the way but it seems that you get over them faster as time goes on with this nasty malady.

I will probably go for SS in 2020 just to get that on autopilot and paying our Medicare charges. I am still thinking about the iPhone though but no hurry, maybe next model. New car was a fleeting thought as I have a 2017 Honda, part of my retirement preparations to get rid of the old car first. I had it all figured out then the dam PSA test got me. Live and learn...
Posted 3/1/2019 2:53 PM (GMT 0)

Mumbo said...
I am still thinking about the iPhone....I have a 2017 Honda, part of my retirement preparations to get rid of the old car first.

FYI, my son is an engineer at Apple and says to check out the refurbs direct from Apple. They have the best value.

I tell my wife since we've both been through cancer in the past 3 years maybe we should treat ourselves to a new car. I have never had one myself. She asked what I'd want and outside of something that would be an exotic toy, I am interested in nothing. I drive an '83 Volvo wagon that I bought in '89. It has 210K on it and runs perfectly and still looks good. I like it so I'll be keeping it. I told her that I'd rather plow new car money into restoration of by '59 Volvo and '65 Triumph TR4. That would probably cost less than a new car anyway.
Posted 3/1/2019 4:32 PM (GMT 0)
Mumbo and all

As you may have guessed, I am an engineer, and just took some time of away from investigating a siphon for lowering water level behind a dam. Any ways, I am fortunate that I have put some money away. I am a numbers guy, have a beautiful wife, and young ladies in college. So between tuition, increasing life insurance policies and other such considerations I plan.

Matmaxx - I get what you are saying, and live my life that way. However, a financial plan is just that you put info in, and you info out. Being a numbers guy, it helps that I am able to look at various scenario's and make sure my bride is set.
Posted 3/1/2019 6:23 PM (GMT 0)
Vince - The only problem is you get a healthy iPhone trade-in allowance on a new phone currently which is $200 off for a 6s. At that point, the prices are pretty close. Also, I have a '99 Miata that I should probably spend some time on this summer, replace seats, etc. Absolutely a useless vehicle in the winter so it sits covered up.

kmclark - It sucks to get PCa at 66, it sucks even more at 55 which I can not even imagine from a planning standpoint. I wish you much luck in your journey.
Posted 3/2/2019 1:07 AM (GMT 0)
My wife and I have an interesting situation. At 58, my long time career came to an end--and we were no where ready for retirement. At the time I had a plan: Retire at 62, debt free. And it was definitely possible. Then, at 58, job over. Find something else. Move half-way across the country to do the something else. Wife leaves her position. She takes 18 months to find something. I lose the job I came here to do (long story). Unemployed for 3 months. Find something new. It's working well. Our income has dropped 25% from the peak 2 1/2 years ago. Housing costs have doubled--and we're renting.

We made the decision a month or so ago to look at houses to buy to get out of renting. The idea of signing a 30 year mortgage at age 60 feels weird. But I think it's the right thing. Retirement? I'll be 66 and 3 months (full SS age) in January of 2025. It feels like a good target. Oh, by the way, the house we lived in for 26 years is under contract for sale on a mortgage carry back, they are due to get a real mortgage in september 2020. And, the final cash out from that is going to less than 1/3 of what a house here will cost.

I just saw that Walmart is eliminating the position of people-greeter. Darn, that was my ideal retirement job.
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