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I start retiring on January 1st when I take on a four day work week (every Friday off) while taking a 20% cut in pay.
On July 1st I will take on a three day work week (every Monday and Friday off) for another 20% cut in pay and during this time I will celebrate my 68th birthday. Three days will be my time on training wheels because what I receive after taxes working 3 days is about what I can expect from social security if I start drawing at 68.
On January 1st, 2015 I will start working one day a week, probably Wednesday when I feel like it, and live down a bit so I can put off drawing ss until I am 70 for the increased benefit. At this time the big question would be could my wife and I survive on $2,045/month which would be the amount left over AFTER we paid our Medicare Part B (it went up), our supplements and dental insurance? Can we live on the equivalent of $472 per week so I don't have to draw my ss benefit???
With the COL and tax-friendly posture in Dalton, GA - why not? Your house is paid for. You've got enough coming in to cover whatever Medicare payments you require. Utilities are low. You can use your golf cart to mitigate gas, insurance and wear and tear on your car(s). October (?) November (?) (open enrollment season) is right around the corner if you want a different Medicare plan that mitigates out of pocket expenses.
Thus, two of your potentially debilitating fixed costs (housing and health care) are under control. IMHO, enjoy the area's scenery. Get a dog to walk in the state parks. Get a library card for movies and books. What do you care, lol! You're not living according to anybody else's playbook.
PS - pls be aware: I have put Dalton on the itinerary for the Grand National Parks Tour! - lol! Georgia is terrifically tax-friendly for retirees. I'd be a dunce to pass up the opp to talk to somebody who has a track record of actually LIVING there! I like facts.
Best to you and Mrs. Nicet! With Good Wishes, Jane
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by jane_sm1th73
With the COL and tax-friendly posture in Dalton, GA - why not? ...
PS - pls be aware: I have put Dalton on the itinerary for the Grand National Parks Tour! - lol! Georgia is terrifically tax-friendly for retirees. I'd be a dunce to pass up the opp to talk to somebody who has a track record of actually LIVING there! I like facts.
Best to you and Mrs. Nicet! With Good Wishes, Jane
Need local info on Dalton, GA just ask? I have a cousin that has been there and Rocky Face for 20 yrs.
He is now in Ringgold.
I used to go a couple times / yr, but have been absent for the last 4. I personally prefer the mtn towns nearby. (Elijay is pretty nice and many orchards (a hobby for me... being an ex-grower))
Last trip I was using the SWA $39 specials to see the east coast (leaf peeping). Based myself out of BWI and was able to get to Greenville, SC for $39. picked up a $12 hotwire car and did the Blue Ridge Parkway / Smokey NP and on down to Cedartown, GA and back up through the Mtns of Northern GA.
Great trip with the smells of fall and crisp apples and cider! (and wood stoves). I used $10 'guest homes' and stayed in several log cabins built in the late 1700's and early 1800's.
If you have retired already, at what age did you retire?
I'm not sure if I'm retired or just taking a long break.
I'm 64 now and have been un-working for about 3 years. I decided I could afford to hop around and experience different places if I didn't get tied down with a home, although I admit I'm getting a little tired of wandering. I always thought I'd retire in Florida but then I got sick of the heat and the bugs. I'm currently in the beautiful Smoky Mountains in Western NC and the views are breathtaking. I've seriously considered buying one of the villas in this community because it's so quiet and peaceful. (and affordable)
However, every time I'm ready to settle down, I get restless and want to pack up and drive somewhere else. There's probably a pill for that.
I was forced to retire as a police officer at age 53 when I broke my back and had surgery.
I was given a pension of 50% of base salary and tax exempt. Unable to work much due to my physical limitations now at age 58.
No one wants to hire a disabled retired cop at age 58 with my work experience as I couldn't even work as a security guard to supplement my income because I could not physically perform.
So, I try and stay busy each day to some degree. Always in pain. Take my pills and think of days gone by when I was healthy and strong. I wish I could be more productive and since I am unable to gain employment I may volunteer at the VA Medical Center.
Thank G*d I have my healthcare via VA because 1/3 of my police / state retirement income would have gone to healthcare! I always thought a retired and or disabled police officers should have free healthcare for their service such as a veteran - i.e. VA Health.
I work for the VA and all veterans do not receive free healthcare. Many veterans that do not have a service connected disability and are above a certain income threshold pay copays for physician visits, medication, and other services. My late father was a 25 year career Navy veteran, fought in WWII, Korea, and Vietnam and fortunately had a great retirement health insurance benefit from the job he had for 35 years post military retirement so he did not utilize the VA because if he did he too would have been paying copays.
There are many opportunities to volunteer at the VA, and if you are an able driver the DAV transport service is always looking for volunteers to transport vets that can no longer drive. Lots of opportunities are available to serve your fellow vets within your abilities.
Need local info on Dalton, GA just ask? I have a cousin that has been there and Rocky Face for 20 yrs.
He is now in Ringgold.
We lived in Rocky Face (just south of Tunnel Hill, just east of Varnell ) for a couple of my teenage years. That was definitely out there back then. We lived in a neighborhood on a little lake in Rocky Face and at the time I don't know if there was another development truly in Rocky Face (the "town" where the stop sign was, not the exit on 75) that I would have called a neighborhood.
20% of people in America working at age 65. I wonder what percent of them are doing the same type of full time professional job they did in their fifties with the 60 hour work week, heavy office politics and a two hour commute.
Anyone know what percent of the people who are working at age 65 are working full time, vs. part time?
With the COL and tax-friendly posture in Dalton, GA - why not? Your house is paid for. You've got enough coming in to cover whatever Medicare payments you require. Utilities are low. You can use your golf cart to mitigate gas, insurance and wear and tear on your car(s). October (?) November (?) (open enrollment season) is right around the corner if you want a different Medicare plan that mitigates out of pocket expenses.
Thus, two of your potentially debilitating fixed costs (housing and health care) are under control. IMHO, enjoy the area's scenery. Get a dog to walk in the state parks. Get a library card for movies and books. What do you care, lol! You're not living according to anybody else's playbook.
PS - pls be aware: I have put Dalton on the itinerary for the Grand National Parks Tour! - lol! Georgia is terrifically tax-friendly for retirees. I'd be a dunce to pass up the opp to talk to somebody who has a track record of actually LIVING there! I like facts.
Best to you and Mrs. Nicet! With Good Wishes, Jane
Actually not Dalton but south Georgia down around Thomasville.
It's warmer here, I do not want to ever see snow again.
We both have very good Medicare plans; my wife has a plan through state government that covers nearly everything and I have a Medicare Plan G with leaves me a maximum of $147 out of pocket for the year.
Through my wife's small state government pension we both have pretty good dental insurance so medically we're pretty well covered I think.
I kind of like the idea of the challenge of two people living on $2,045/month because it doesn't scare me in the least; if it becomes to much of a hardship I can instantly cure it by filing for my ss benefits and and more than double our monthly income the very next month. Kind of like tightrope walking wearing a safety harness. Brave me.
Georgia is very friendly towards retirees which has to be one of the reasons a lot of Florida retirees are relocating around my area.
In addition to a moderate climate and year-round warm weather, the state of Georgia offers tax breaks for seniors, including generous exclusions on retirement income. Although Georgia maintains a state income tax, you may be able to exclude a large portion of your pension if you meet certain requirements set by the state.
When calculating Georgia income taxes, both Georgia pensions and out-of-state pensions count as sources of income, which means these funds are subject to taxation. Fortunately, Georgia offers a large retirement exclusion, which allows you to deduct a portion of your retirement income from your taxable income to help lower your tax burden. As of 2012, you can deduct up to $35,000 of retirement income if you are between the ages of 62 and 64 or permanently disabled. Once you reach the age of 65, you can deduct up to $65,000. If you are married, both you and your spouse can qualify for this deduction, but you must qualify separately based on age or disability.
Nearly all of our retirement income will be exempt from both federal and state income taxes.
And then there's property tax.
Compared to many other areas of the country our property taxes tend to be laughably low. I remember when I first learned what my property tax would be I assumed it would be for the quarter but it was for the entire year.
f I moved to the same house back home up north it would cost me an additional $300 per month more in just property tax and for what?
Another biggie, a huge one actually, is how much less our homeowners insurance premiums are compared to someone living right over the line. In many cases we pay only 25% of what someone else would pay on the other side of the line.
Small town and a golf cart does very well getting you to about anywhere you want to go.
If I want the big city Tallahassee is only an hour away.
Wow, that IS a great deduction! Essentially state tax free for a hefty retirement income up to $130k per couple! Virginia's is only $6k per between 62 & 64 & $24k per couple at 65!!
I work for the VA and all veterans do not receive free healthcare. Many veterans that do not have a service connected disability and are above a certain income threshold pay copays for physician visits, medication, and other services. My late father was a 25 year career Navy veteran, fought in WWII, Korea, and Vietnam and fortunately had a great retirement health insurance benefit from the job he had for 35 years post military retirement so he did not utilize the VA because if he did he too would have been paying copays.
There are many opportunities to volunteer at the VA, and if you are an able driver the DAV transport service is always looking for volunteers to transport vets that can no longer drive. Lots of opportunities are available to serve your fellow vets within your abilities.
I retired from the US Navy, I pay enrollment fees and co-pays for my healthcare. The fees are not very high, but they do exist.
When I retired we returned stateside and lived near a Navy base. At that location we were required to get all of our healthcare on-base via Military-Medicine for free.
Then we moved away from bases. Now I enroll in a plan and I can go into any doctors office, clinic or hospital anywhere in the nation with this plan. The best part of it is that now all or our healthcare is provided by MD doctors who have completed college, medical schools and residency programs. We are no longer treated by HM Corpsmen.
I have nothing against corpsmen, they were our healthcare for decades. But for some things we really prefer to see MD doctors.
There was a surgery that I needed to have done for many years. A number of corpsmen offered to do it for me, but I just never had that much faith in any of them. Last October I finally had it done, by a civilian surgeon who used the DaVinci robotic assisted surgery machine.
20% of people in America working at age 65. I wonder what percent of them are doing the same type of full time professional job they did in their fifties with the 60 hour work week, heavy office politics and a two hour commute.
Anyone know what percent of the people who are working at age 65 are working full time, vs. part time?
I would be willing to bet the majority of people that are working past 66 have jobs that are not too difficult physically. Also the more money people make the less likely they are to retire on time.
For instance if your 66 and making 500K a year, the guy that is making that much will never retire because he is leaving too much money on the table ( not counting on people that receive state pensions or fireman or cops who are forced to retire)
A guy who makes minimum wage is much more likely to retire early. A lot of it is greed, if people are bored they can always volunteer.
My dad is 68 and still working but he is very honest about it. He says I work because I love money. He said he laughs at the people who say they are bored. He says if you're bored volunteer. He says it's always about $$$$
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