Got fired today...

[timstoy]

Just curious. How can you retire at 60 and be eligible for SS? Isn’t 62 the minimum age to collect when you retire. Unless you’re disabled of course.

You are probably correct, I was just using a number. SS changes every year. I retired three years ago and lm sure there has been changes since then. I must say lm enjoying retirement but make sure you get all the benefits you are intitiled to. You have to do your homework!

 

[HubbaHubbaLife]

Just doing my nephew some favors...

Good correction.... happy this all seemed to work out for you. Sometimes its best to roll with destiny and embrace what life throws your way. Sounds like a zero stress life is ahead

 

[HubbaHubbaLife]

The way it was explained to me from the SS people a few months ago. At my age of 63 I’m only allowed to make $1780.00 a month. Any amount over that I get penalized $1 for every $2 I make over that number.

That sound accurate.... a friend of mine took early retirement last year at 64 and got sloppy thinking he'd try double dipping so made some income and got flagged. So this year he's not working and his SS payments are reduced by a negotiated reduction of $325/ mth until the "overpayment amount" is repaid. They get ya so don't think you can go unnoticed ... unless CASH is earned as stated earlier.

 

[SoCalDave]

For me 66 and 3 months would have got me $3,603 per month. Electing to take it now I'll receive $3,365 per month. If I waited until 70 I would have recieved $4,050 per month. For my situation I elected to take it now and supplement it with part time work at some point if needed.
We don't have any debt, have a decent home in a decent neighborhood and owe no one nothing at this point so we're fine with our course for now.

 

[v6toy4x]

Just curious. How can you retire at 60 and be eligible for SS? Isn’t 62 the minimum age to collect when you retire. Unless you’re disabled of course.

Pretty sure earliest is 62, I am planning on drawing it at that age.
I knew there were limits to how much paid work you could do after starting SS, I dont plan on doing anymore paid work but does your monthly pension impact your SS benefit amount? I never considered that?

 

[Bobby V]

For me 66 and 3 months would have got me $3,603 per month. Electing to take it now I'll receive $3,365 per month. If I waited until 70 I would have recieved $4,050 per month. For my situation I elected to take it now and supplement it with part time work at some point if needed.
We don't have any debt, have a decent home in a decent neighborhood and owe no one nothing at this point so we're fine with our course for now.

You will get a 3.2% COLA raise for 2024.

 

[Bobby V]

Pretty sure earliest is 62, I am planning on drawing it at that age.
I knew there were limits to how much paid work you could do after starting SS, I dont plan on doing anymore paid work but does your monthly pension impact your SS benefit amount? I never considered that?

No penalties for pensions and 401 type accounts From SS. Taxes are a different issue.

 

[v6toy4x]

No penalties for pensions and 401 type accounts From SS. Taxes are a different issue.

Thats a relief, I was worried I was gonna have to put my bags back on, but I still ain't wearing pants

 

[Bobby V]

Thats a relief, I was worried I was gonna have to put my bags back on, but I still ain't wearing pants

Ha Ha..I haven’t wore long pants since May 31st. Only shorts.

 

[Mr. C]

For me 66 and 3 months would have got me $3,603 per month. Electing to take it now I'll receive $3,365 per month. If I waited until 70 I would have recieved $4,050 per month. For my situation I elected to take it now and supplement it with part time work at some point if needed.
We don't have any debt, have a decent home in a decent neighborhood and owe no one nothing at this point so we're fine with our course for now.

Agree. Take it now. Real quick in my head math says you’d be in your 80’s before a break even point for waiting.

 

[v6toy4x]

Ha Ha..I haven’t wore long pants since May 31st. Only shorts.

like minds!

 

[Orange Juice]

Agree. Take it now. Real quick in my head math says you’d be in your 80’s before a break even point for waiting.

It's a floating 10-11 year window to break even. If you retire at 65, you need to live until your 75-76 to break even.
I know a lot of people who continue to work and draw SS. It works out well if you need the cash flow to straighten out your finances, before retirement.

 

[timstoy]

And don’t forget you have to pay for Medicare insurance which I believe is 142 dollars a month minimum and they take that deduction right off your monthly income!

 

[BabyRay]

And don’t forget you have to pay for Medicare insurance which I believe is 142 dollars a month minimum and they take that deduction right off your monthly income!

For my wife and I, after paying for part A, part D and our Medigap supplement, Medicare is saving us a total of approximately $1500 per month versus what we previously paid for medical insurance. Also, the coverage is much better. I’ll gladly let them take the deduction from my SS check.

 

[Orange Juice]

For my wife and I, after paying for part A, part D and our Medigap supplement, Medicare is saving us a total of approximately $1500 per month versus what we previously paid for medical insurance. Also, the coverage is much better. I’ll gladly let them take the deduction from my SS check.

Retiring before 65, for most of us, is not doable, because of healthcare costs.

 

[Mr. C]

It's a floating 10-11 year window to break even. If you retire at 65, you need to live until your 75-76 to break even.
I know a lot of people who continue to work and draw SS. It works out well if you need the cash flow to straighten out your finances, before retirement.

Different return for everyone . Did the math for my wife. she is taking hers at 66 1/2 instead of 70. The break even window for her was 83-84 ish. I’m still a believer in take it now. You never know what might happen and why leave anything on the table for the gov.

 

[timstoy]

Retiring before 65, for most of us, is not doable, because of healthcare costs.

And don’t forget prescriptions prices which show’s no sign of getting cheaper regardless of what Biden says!

 

[cofooter]

Different return for everyone . Did the math for my wife. she is taking hers at 66 1/2 instead of 70. The break even window for her was 83-84 ish. I’m still a believer in take it now. You never what might happen and why leave anything on the table for the gov.

And even if you don't need it, take it and invest it, and/or use it for living expenses and delay taking money out of your retirement accounts and let that continue to accumulate interest. Pushes that break even date out quite a bit further......

 

[Singleton]

Retiring before 65, for most of us, is not doable, because of healthcare costs.

Bingo.
Just talked to my money man. Due to the increase in HC costs, the money he forecasted I need to pay for future HC costs post retirement is insane. Even with Medicaid, the number was 7 figures. Might work full time to age 65, then part-time until 70 to keep the corporate HC. Lucky my company allows you to go part-time with full benefits at age 65. Grey hair helps close deals, is what I tell folks.

 

[Bobby V]

Retiring before 65, for most of us, is not doable, because of healthcare costs.

Just started paying for my own insurance thru my retirement plan. $345.00 a month. Same insurance as when I was still working. Not sure what will happen when I turn 65.

 

[bowtiejunkie]

Pretty sure earliest is 62, I am planning on drawing it at that age.
I knew there were limits to how much paid work you could do after starting SS, I dont plan on doing anymore paid work but does your monthly pension impact your SS benefit amount? I never considered that?

typically only a government pension (and only one where you did not pay social security taxes) would reduce your social security benefits.

Unrelated to your question:
Full Retirement Age = age in which social security benefits are not reduced. Those born after 1960, it’s 67 years old.

Age 70 is the age where social security benefits are the highest.

I’d advise those ready to apply for social security benefits, get a one on one evaluation with the SSA. You don’t want to make costly mistakes.

 

[C-2]

typically only a government pension (and only one where you did not pay social security taxes) would reduce your social security benefits.

Yup, just found out about the Windfall Elimination for pension employees who do not/did not contribute to SS. SS reduces your monthly benefit, and rightfully so. Typically, LE and public safety workers do not contribute to SS.

You're exempt if you have 30-years of "qualifying" income where you paid into SS.

Ouch lol, I thought I had the exemption cleared due getting hired by the .gov at age 50, but "qualifying income" is the key word here.

It will be 70 for me, but that's cool because I love my job and going to work.

 

[jet496]

Pretty sure earliest is 62, I am planning on drawing it at that age.
I knew there were limits to how much paid work you could do after starting SS, I dont plan on doing anymore paid work but does your monthly pension impact your SS benefit amount? I never considered that?

Hold it! So we pay into SS our entire life, we should be able to take our due amount anytime we chose even if we're making a hundred thousand per year working. It's our money, is it not?

 

[v6toy4x]

Just started paying for my own insurance thru my retirement plan. $345.00 a month. Same insurance as when I was still working. Not sure what will happen when I turn 65.

Is that just you or will you be covering others? Either way that is a great deal!

 

[v6toy4x]

Hold it! So we pay into SS our entire life, we should be able to take our due amount anytime we chose even if we're making a hundred thousand per year working. It's our money, is it not?

I agree, I thought I should still be able to work my union job AND collect pension once I was eligible, FAT CHANCE CHARLEY

 

[jet496]

Hold it! So we pay into SS our entire life, we should be able to take our due amount anytime we chose even if we're making a hundred thousand per year working. It's our money, is it not?

I just found this online:

At what age can you earn unlimited income while drawing Social Security?

If you work, and are at full retirement age or older, you may keep all of your benefits, no matter how much you earn. 67 is usually full retirement age.

This is perfect, because I plan on making money for a long time but still want some of what I paid into SS back.

 

[v6toy4x]

Retiring before 65, for most of us, is not doable, because of healthcare costs.

Thats why my wife will work 4 more years, to cover health care costs. In the meantime I will hold down the fort

 

[Bobby V]

Is that just you or will you be covering others? Either way that is a great deal!

It covers others in my family. About 15 years ago during our contract negotiations we created a RESA allowance to our contract. The current workers contribute a small amount of their hourly wage to help the retirees with insurance once they retire. I payed into it and now I’m getting a better monthly rate.

 

[clarence]

I’m still a believer in take it now. You never know what might happen and why leave anything on the table for the gov.

Compare SS at 62 plus 4% (or whatever withdrawal rate you use) of your portfolio vs setting aside 8 years worth of your age 70 SS amount in cash and withdrawing 4% from your remaining portfolio plus 1/8th the set aside amount.

 

[v6toy4x]

It covers others in my family. About 15 years ago during our contract negotiations we created a RESA allowance to our contract. The current workers contribute a small amount of their hourly wage to help the retirees with insurance once they retire. I payed into it and now I’m getting a better monthly rate.

One of the best decisions you probably made, for me to cover more than one non medicare dependent BEFORE I reach medicare age is $1830/mo. Thus why the wife cant retire until she reaches 59-1/2.

She doen't seem to think that is a good idea

 

[HubbaHubbaLife]

I just found this online:

At what age can you earn unlimited income while drawing Social Security?

If you work, and are at full retirement age or older, you may keep all of your benefits, no matter how much you earn. 67 is usually full retirement age.

This is perfect, because I plan on making money for a long time but still want some of what I paid into SS back.

How bout you post that link so us Hommies can read same..... we share the love here on RDP

*** We in pre Baja 1000 party mode down here fellas.... Party Disclaimer on future posts over next 12 hours.

 

[Bobby V]

How bout you post that link so us Hommies can read same..... we share the love here on RDP

*** We in pre Baja 1000 party mode down here fellas.... Party Disclaimer on future posts over next 12 hours.

No google down in Mexico

Social Security Earnings Test in Year of Full Retirement Age

If you reach full retirement age in 2019, Social Security will withhold benefits if your income exceeds $46,920 before the milestone birthday.

www.aarp.org

 

[HubbaHubbaLife]

How bout you post that link so us Hommies can read same..... we share the love here on RDP

*** We in pre Baja 1000 party mode down here fellas.... Party Disclaimer on future posts over next 12 hours.

No google down in Mexico

Social Security Earnings Test in Year of Full Retirement Age

If you reach full retirement age in 2019, Social Security will withhold benefits if your income exceeds $46,920 before the milestone birthday.

www.aarp.org

Cute I get ya brutha

 

[mjc]

Just started paying for my own insurance thru my retirement plan. $345.00 a month. Same insurance as when I was still working. Not sure what will happen when I turn 65.

Most I have heard about basically will pay your supplemental Medicare for you as retirement medical.

 

[jet496]

How bout you post that link so us Hommies can read same..... we share the love here on RDP

*** We in pre Baja 1000 party mode down here fellas.... Party Disclaimer on future posts over next 12 hours.

Copy & paste this in the Google search: How much money can i make and collect full social security benefits

The answers pop up right away.

 

[BabyRay]

Compare SS at 62 plus 4% (or whatever withdrawal rate you use) of your portfolio vs setting aside 8 years worth of your age 70 SS amount in cash and withdrawing 4% from your remaining portfolio plus 1/8th the set aside amount.

Meh. Too much math.

 

[n2otoofast4u]

Y’all talk about retirement…. I continue to say us folks with work ethic and skill they’ll never let us retire. Reduced load, maybe. But the guys with the skill and the background won’t get a day off. We’re too stubborn to say no, and we’re too proud not help.

 

[jet496]

Copy & paste this in the Google search: How much money can i make and collect full social security benefits

The answers pop up right away.

Actually, that's the way I searched for it. There wasn't a link for what I read, it was just there. Now, I'm sure there are links but that was all I needed.

 

[v6toy4x]

Meh. Too much math.

Thanks, I thought I was the only one!!

 

[SoCalDave]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

 

[buck35]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

Good on you!

 

[Bullet28]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

Great to hear Dave, like you I’ve put in my 50 and it certainly helps.

 

[SoCalDave]

TY, it does help and I'm ready to move on and enjoy family/life more...it's short.
Hope you and your family are doing well.

 

[HNL2LHC]

So good to see that things are working out for you. I hope to be there with you shortly.

 

[Bobby V]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

Congrats. You will get a 3.2% COLA in January.

 

[HNL2LHC]

Congrats. You will get a 3.2% COLA in January.

Great Dave just starts his new position and gets a raise. Looks like I gotta work harder to pay for this.…..

 

[TimeBandit]

Welcome to Retired Dave's Place!

 

[v6toy4x]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

If I can ask, at what age did you start your SS? If youd rather not say I understand.

 

[timstoy]

Got my first monthly direct deposit today from SSA in the amount of $3,399. I've worked hard for over 50 years and paid into SS for the last 48 so my time is due. Cheers!

Welcome to the club!

 

[boatpi]

As noted above the windfall act, it’s a Congress way of screaming people that really stuck their neck out for many years. Police officers and firefighters would be at the top of that

So I pay thousands of dollars of Social Security every year and have for other jobs that I work, and of course, for many years self-employment
It all goes down the toilet I should be getting over $2000 a month. I think I might get 600 tops.

I’m blessed to be in a financial position where it’s not gonna change my life somebody others that work so much of their life and many cases worked 50 years and are getting pennies every month just because they happen to work for a government agency, and receive a pension, no matter how large or how small.