Planning for Full-Time RVing

[wdk450]

The government Pension offset only affects you if you are receiving SS as a result of your spouse.

Since I get a CalPers benefit as a result of my late wife's work for the State of California, I was very interested in the above posting. I found this webpage off the SS website on the subject. https://www.ssa.gov/pubs/EN-05-10007.pdf This seems to indicate that it just involves any SS payment you get as a result of the deceased's SS account if YOUR work paycheck was SS exempt. I am pretty sure I don't get any of that, since I made so much more income than she did, and my work paycheck DID have SS withheld. I know I DID report her death to the SS office.

When I was working, the University always used the phrase that their retirements "were coordinated with Social Security". I took that to mean that they were talking about the Medicare offset, which Calpers upped my survivor's pension from them to cover, when I reached age 65.

 

[danemayer]

When I was working, the University always used the phrase that their retirements "were coordinated with Social Security". I took that to mean that they were talking about the Medicare offset, which Calpers upped my survivor's pension from them to cover, when I reached age 65.

First time I ran into "coordination of benefits" in 1981 I discovered the meaning is they require more paperwork from me and pay less to me.

 

[george637]

I like to plan on spreadsheets. So I've attached a spreadsheet you can customize. If you don't have Excel, you can print the PDF or the JPG.

You might have to add some expense categories, or put in a general miscellaneous cash fund.

On the annual funding for RV and Truck repairs, if you don't spend it every year, you'll eventually spend it. You might go 3 years on the truck and then need $1200 tires, and a $4500 transmission. Same on the RV. Maybe no spending one year, and a bunch the next.

On site expenses, I would assume 10% inflation in rates every year.

Nice spreadsheet! Thanks for sharing it. We plan on being full-time rvers in a couple of years after we retire. This spreadsheet helps a lot with our planning.

 

[Gary521]

Since I get a CalPers benefit as a result of my late wife's work for the State of California, I was very interested in the above posting. I found this webpage off the SS website on the subject. https://www.ssa.gov/pubs/EN-05-10007.pdf This seems to indicate that it just involves any SS payment you get as a result of the deceased's SS account if YOUR work paycheck was SS exempt. I am pretty sure I don't get any of that, since I made so much more income than she did, and my work paycheck DID have SS withheld. I know I DID report her death to the SS office.

When I was working, the University always used the phrase that their retirements "were coordinated with Social Security". I took that to mean that they were talking about the Medicare offset, which Calpers upped my survivor's pension from them to cover, when I reached age 65.

If you paid into SS and have the required number of hours, you are entitled to receive SS even if you have a government pension. If your wife is entitled to receive SS, you can either receive your own benefit or 50% of your wife's, whichever is higher. This is the "spousal benefit". However, if you are not entitled to SS and your wife is, you can get 50% of hers. However again, if you get a government pension, you can get 50% of hers minus the pension offset. The pension offset may result in the SS benefit being reduced to $0.

 

[porthole]

The government Pension offset only affects you if you are receiving SS as a result of your spouse.

Not sure where you come up with that.

I do not or will not receive SS as a result of my spouse.

I will be eligible for SS like everyone else that paid into the system.
My SS will be adjusted by the GPO due to my eligibility in my State/municipal pension system.

Granted, I will be receiving a pension, but I also paid a good portion of my salary into that pension.
As I also paid into the SS system since I started working 45 years ago.
Although my municipal job did not have a SS deduction, I continued working during most of my career at jobs that did withhold SS.

I only bring it up as there are many that may have thought they would be eligible for a full SS payment when in fact they will get a greatly reduced payment.

 

[porthole]

Got my acronyms reversed - The GPO is part of the WEP, “Windfall Elimination Provision”

The WEP affects benefits paid to workers who also have a government pension.

 

[Chippendale]

Since you are researching full timing, you might find it useful to spend a little time surfing around on this web site: http://www.rv-dreams.com/ I discovered them back in 2006 when I first started thinking about purchasing an RV and have learned a lot from them. While I am not full timing, I still read their daily journal, etc from time to time. You will find some useful information on their site about living on the road and also about supporting yourself financially while doing it.

 

[brw549]

Wow thanks for all of the great information. I knew I could find assistance here. I plan to visit my state retirement office and the SS office this week. From my first job at 17 I have paid into SS but my retirement is with the State of Georgia. I am not sure if the pension prevision is different from state to state or not. Its crazy but, again those who work hard and try to do the right thing always end up with the least and pay the most.

 

[Gary521]

Not sure where you come up with that.

I do not or will not receive SS as a result of my spouse.

I will be eligible for SS like everyone else that paid into the system.
My SS will be adjusted by the GPO due to my eligibility in my State/municipal pension system.

Granted, I will be receiving a pension, but I also paid a good portion of my salary into that pension.
As I also paid into the SS system since I started working 45 years ago.
Although my municipal job did not have a SS deduction, I continued working during most of my career at jobs that did withhold SS.

I only bring it up as there are many that may have thought they would be eligible for a full SS payment when in fact they will get a greatly reduced payment.

Perhaps you should revisit what exactly is involved in the Government Pension offset or you could be shorting yourself. If you have full SS years AND a government pension for which you did not pay SS. you can get both subject to the windfall provision. I am just trying to help and not get into an issue.

 

[porthole]

Perhaps you should revisit what exactly is involved in the Government Pension offset or you could be shorting yourself. If you have full SS years AND a government pension for which you did not pay SS. you can get both subject to the windfall provision. I am just trying to help and not get into an issue.

I did make the correction above with my acronyms mixup.

Either way, I still am subject to the WEP, windfall elimination provision. I will still be eligible for SS, but it will be reduced.
One of the online SS calculators has it at an approximately 25% reduction, using genreal numbers.

The SS calculator requires you to input your SS listed income, yearly, since - forever - whenever you started working.

 

[wdk450]

If you paid into SS and have the required number of hours, you are entitled to receive SS even if you have a government pension. If your wife is entitled to receive SS, you can either receive your own benefit or 50% of your wife's, whichever is higher. This is the "spousal benefit". However, if you are not entitled to SS and your wife is, you can get 50% of hers. However again, if you get a government pension, you can get 50% of hers minus the pension offset. The pension offset may result in the SS benefit being reduced to $0.

Gary:
My wife passed in 2010. I get survivor's benefit from CalPers (which includes medical benefits), but no SS benefits for her. She passed before she was eligible for SS benefits but was getting her CalPers retirement.