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Old 02-14-2016, 07:49 AM
 
7,341 posts, read 16,662,001 times
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First, no matter what some think, I see absolutely nothing wrong with giving someone advice. To me, the saying "mind your own business" is not helpful at all to a relative and sometimes, not even to a friend. For some things "mind your own business" is ok, while other things being helpful is better. I have never had anyone tell me "mind your own business" and I'd be really offended if someone did say that to me........more offended than the person I'm trying to help!

Now, with that out of the way, I took SS/Early Retirement when I turned 62 b/c I was unemployed, had used all of my UI Benefits from my previous job and wasn't finding the kind of job that I needed/wanted. I don't have a college degree and/or certification and that made my job hunting extremely difficult. And, due to physical limitations, had to have an office/computer "sit down" type job. Wife and I decided that, since I had no money coming in at all, at least my SS would be some. She was right and we are glad that I took it.

OTOH, my wife loves to work. She wanted to stay on her last job until she turned 70 to get a little more money from SS for Late Retirement, but that didn't happen. She was told her job was being eliminated, but we really think it was more due to her age (67). So, we decided that she should go ahead and take her SS/FRA after she left that job. Fortunately, she got another job within a month of leaving the other one and it pays her better. So, she will now get a descent yearly salary, plus her SS.

I have no problems finding things to do at home, but she isn't so much like me. Boredom sits in too much for her sometimes, especially during winter time (even here in northeastern Florida).

A big issue for some, as they go over 60 and stay working too much, is health. Some companies won't put up with to many health issues appearing in people in that age bracket.

Sooner or later, we will be living strictly off of SS and her retirement savings. Some things will definitely change for us, one being........will only have one vehicle, not two.
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Old 02-14-2016, 08:17 AM
 
Location: Dallas
5,602 posts, read 4,945,587 times
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Quote:
Originally Posted by KKVegas View Post
Not only that, but the sister would also be working part time. If she earns over about $16,000 per year and is collecting Social Security before FRA, she will lose $1.00 in Social Security benefits for every $2.00 she earns above that $16,000 threshold.
That's why I thought it might be best to retire early and only work part time. The SS + part time work would equal what she would receive working full time, and she'd have the ability to enjoy some free time and her life while she still has her health.

The worst scenario I can think of is working until 70 to get the most from SS and then dying only a few years later. I know people live into their 80s and beyond but many more die in their 70s.
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Old 02-14-2016, 08:28 AM
 
2,446 posts, read 2,078,370 times
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Quote:
Originally Posted by aquietpath View Post
That's why I thought it might be best to retire early and only work part time. The SS + part time work would equal what she would receive working full time, and she'd have the ability to enjoy some free time and her life while she still has her health.

The worst scenario I can think of is working until 70 to get the most from SS and then dying only a few years later. I know people live into their 80s and beyond but many more die in their 70s.


The worst scenario would be going to the social security office to sign up and kicking the bucket before you open the door.
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Old 02-14-2016, 09:03 AM
 
Location: Jamestown, NY
7,841 posts, read 7,342,827 times
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Quote:
Originally Posted by aquietpath View Post
That's why I thought it might be best to retire early and only work part time. The SS + part time work would equal what she would receive working full time, and she'd have the ability to enjoy some free time and her life while she still has her health.

The worst scenario I can think of is working until 70 to get the most from SS and then dying only a few years later. I know people live into their 80s and beyond but many more die in their 70s.
Living in grinding poverty in "retirement" for 10 years is much worse than living better in "retirement" even if for only 2 years. It's not like your sister will be enslaved for those 8 years she intends to work full time. She'll have money to live decently and a significantly bigger SS benefit than if she bolted out the door at 62. What's she supposed to do for health insurance between 62 and 65? That's where what her part time wages would go to, y'know.

You do not seem to understand what a 55-60% increase in SS benefit would mean to somebody who only has SS. It can mean the difference between eating at a soup kitchen and going out to lunch with friends once a month. It can mean the difference between keeping her car (and independence) or not.

55% more of a $1000/month SS at 62 is $1550 ... $ 6600 more a year.
55% more of a $2000/month SS at 62 is $3100 ... $ 13200 more a year.

Moreover, your sister's benefit might go up even more. Many women who worked only part time or stayed home to raise families may have a lot of $0 or low wage years figured into their SS awards. By working at a decent paying FT job for 8 more years, your sister can replace 8 of those years where she earned less, raising her award significantly. I raised my SS benefit 58% by working only until FRA, which included not being penalized for early retirement and replacing for 4 really low wage years with my significantly higher current salary.

A single/divorced/widowed woman has to look out for her own future, and your sister seems to have a plan that fits hers. What's to "enjoy" about "shopping" at the local food pantry or collecting returnable cans in city parks and along the roadsides?
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Old 02-14-2016, 09:04 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,594,478 times
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Quote:
Originally Posted by Disgustedman View Post
Here's my situation:


I would have to pay $400-$650 just for rent for an apartment. Then the utilities, then gas, insurance (Car&renters) then food then cable, then internet....

Instead, I live out of my van.

No rent
Showers/wifi/workout $37 a month (I'd do Planet Fitness but they are across town)
Gas $160 a month
food $75-125
Vehicle Insurance $34 a month ($206 every 6 months)
Mailbox $75 a year ($6 a month)
Some other expenses, but can crunch $450 easy.

Changing job to $1,450 a month....So if careful, save $800 a month?

Thing is, if I work till 62, I'll get $759 a month. I can easily survive at that rate as I have shown....
Bless your heart.
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Old 02-14-2016, 09:04 AM
 
10,819 posts, read 8,079,355 times
Reputation: 17034
Quote:
Originally Posted by aquietpath View Post
The worst scenario I can think of is working until 70 to get the most from SS and then dying only a few years later. I know people live into their 80s and beyond but many more die in their 70s.
Quote:
Originally Posted by jasperhobbs View Post
The worst scenario would be going to the social security office to sign up and kicking the bucket before you open the door.
For a single woman with no savings and no other source of income, the worst scenario would be taking a severely reduced SS pension at age 62, then living for 30 more years.
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Old 02-14-2016, 09:07 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,594,478 times
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I believe in family. Could you take your sister in and give her a room? We are becoming more and more like Europe after all.
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Old 02-14-2016, 09:15 AM
 
536 posts, read 633,061 times
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I am retirement age but continue to work because (most days) I enjoy working. I am not sure I have enough to retire on my current savings given that I have always worked hard and spent freely, though also saving a percentage of my income for retirement. While the retirement kitty won't increase too much in the next two years or so, by working I will be adding something to savings rather than possibly drawing from them.

My response to the OP is that a part-time job is not a sure thing in this job climate. They are not always available for older workers. People who work in grocery and box stores, for instance, have to lift and carry and be physically strong. Same for many types of home health-care workers. Employers may prefer younger people for such work.

Your sister might simply prefer working to retirement--I do myself. It's the Known versus the Unknown.

My closest friend had to leave S FL and retire to rural Georgia because of limited retirement income. When we spoke by phone this week, I asked him how hard it was to live on his limited budget. This is a super-cheerful person usually, but his answer was sad: "It's hell, Alice. Pure hell."
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Old 02-14-2016, 09:56 AM
 
4,451 posts, read 2,626,458 times
Reputation: 10380
Quote:
Originally Posted by lenora View Post
I skipped most of the post because OP and her sister will eventually reach an accord. That's what good sisters do.

However, I wanted to correct your misunderstanding regarding Social Security Disability. Your SSDIB will not be reduced at 62. When you reach your FRA your disability check will stop and begin receiving your retirement check will will essentially match your last disability check. Your earnings record was "frozen" when you became eligible for disability benefits. I understand that you have some 0 years in your earnings record - those 0 years are already accounted for in your disability check. There will be NO change when you begin drawing your retirement check.
Um ,no, I respectfully disagree.

Unless they changed it for those born after a certain year {which might apply to me} EVERYONE I know on SSDI who has had it transitioned to regular SS has had It DROP based on their prior earnings record. And actually, now that I think of it, I was informed of the same by SS when My SSDI started, that is that my SS would likely drop in value when I reached the transition part.

My AUnt was the first to lament over the drop in her SS from her SSDI. ANother relative said the same, however, that relative was drawing work disability vs SSDI transition before 62. The work disability may have been different than the SSDI he received.

It MAYbe due in part I am born just after 1960, which those of us thusly born are SS penalized by some 30% just for being tail end of baby boomers{those born '60 to '64}, instead of height of boomers. My spouse {MOH} will actually get more in SS than I would if I had the same earnings as MOH was born 1959.

Ultimately, by the time I get to transition, a whole new set of laws could entail, as we were going to look into file and suspend to see if it made a bigger difference, but they have now taken THAT option, and other popular options away.
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Old 02-14-2016, 11:10 AM
 
Location: OH>IL>CO>CT
5,249 posts, read 8,430,817 times
Reputation: 7214
Quote:
Originally Posted by reed303 View Post
Folks paid on the 3rd of the month are "Beneficiaries receiving benefits prior to May 1997 or
receiving both Social Security benefits and SSI payment"

The SSA calendar is at https://www.socialsecurity.gov/pubs/EN-05-10031.pdf
Quote:
Originally Posted by NewbieHere View Post
Not true, my husband receives his SS on the 3rd Wed, next week in fact, he is in neither of the two categories.
I should have been more specific. See addition above. FWIW, mine is on the 4th Wednesday.

Last edited by reed303; 02-14-2016 at 11:27 AM..
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