Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-12-2017, 02:16 PM
 
2,951 posts, read 2,507,523 times
Reputation: 5292

Advertisements

Quote:
Originally Posted by nicet4 View Post
Another way I look at it is by waiting to 70 it is exactly as if your employer gave you, this is in addition to your salary, a Christmas bonus of $20,190 every Christmas from age 62 to 70. Yeah, that $20,190 after tax Christmas bonus is yours every year and that makes it awful hard to quit. Working full time that's an extra $10.00 per hour added to my hourly pay.

Social security isn't a retirement it's "old age insurance" for against the time you can no longer work and I believe a good portion of people would be better off it more looked at it that way.

Also speaking of ObamaCare and health insurance.

At 65 you will be picking up Medicare and it ain't free. With my supplements it's the best insurance I've ever had but the total cost of Part B, Plan G and Plan D is right at $300 every month and the Part B, currently $134/month, comes right out of your social security benefit so that $891 will be coming to you less $134 so your can expect a check for $757. From here expect to spend an additional $165 or so for the supplements.

In retirement you can never have enough money...
Been saying that for years, few listen. So many friends in 50's talk about retiring. Finally told them I have 10 times or more than what you have and you are in worse health than me. Self employed and did work 'for the man' years ago. So I know how bad working for someone can be.

Told them to go talk to a retirement pro if they won't listen to me.
Reply With Quote Quick reply to this message

 
Old 09-12-2017, 02:36 PM
 
Location: Central Ohio
10,823 posts, read 14,898,817 times
Reputation: 16537
Quote:
Originally Posted by foundapeanut View Post
Been saying that for years, few listen. So many friends in 50's talk about retiring. Finally told them I have 10 times or more than what you have and you are in worse health than me. Self employed and did work 'for the man' years ago. So I know how bad working for someone can be.

Told them to go talk to a retirement pro if they won't listen to me.
I know I am one of the lucky ones.

The man I work for is a great guy to work for and I absolutely love what I do in the sense I don't want to quit something that is that much fun to do.
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 02:41 PM
 
106,242 posts, read 108,237,907 times
Reputation: 79781
i liked what i did too . it would not be an issue if i had to put in more time
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 05:29 PM
 
8,583 posts, read 15,979,764 times
Reputation: 11355
Have only glanced at the details here, but have you factored in the income limit of 15K when drawing SS.
SS is reduced after that .
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 05:50 PM
 
11,171 posts, read 15,964,111 times
Reputation: 29874
Quote:
Originally Posted by foundapeanut View Post
Been saying that for years, few listen. So many friends in 50's talk about retiring. Finally told them I have 10 times or more than what you have and you are in worse health than me. Self employed and did work 'for the man' years ago. So I know how bad working for someone can be.
All the more reason for them to retire early.
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 06:23 PM
 
Location: OH>IL>CO>CT
7,490 posts, read 13,540,408 times
Reputation: 11853
Quote:
Originally Posted by kelly237 View Post
Have only glanced at the details here, but have you factored in the income limit of 15K when drawing SS.
SS is reduced after that .
Currently, if working,
up to year of FRA, $1 for $2 reduction starts at $16,920
during year of FRA, up to month of FRA, $1 for $3 reduction starts at $44,880
after FRA, no reduction at all

Plus the reduction is not "lost", but deferred

See https://www.ssa.gov/pubs/EN-05-10069.pdf
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 07:11 PM
 
Location: Central Ohio
10,823 posts, read 14,898,817 times
Reputation: 16537
Quote:
Originally Posted by reed303 View Post
Currently, if working,
up to year of FRA, $1 for $2 reduction starts at $16,920
during year of FRA, up to month of FRA, $1 for $3 reduction starts at $44,880
after FRA, no reduction at all

Plus the reduction is not "lost", but deferred

See https://www.ssa.gov/pubs/EN-05-10069.pdf
At that rate if I had taken at 62 I would never have seen a penny and I am not that highly paid.
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 08:05 PM
 
Location: OH>IL>CO>CT
7,490 posts, read 13,540,408 times
Reputation: 11853
Quote:
Originally Posted by reed303 View Post
Currently, if working,
up to year of FRA, $1 for $2 reduction starts at $16,920
during year of FRA, up to month of FRA, $1 for $3 reduction starts at $44,880
after FRA, no reduction at all

Plus the reduction is not "lost", but deferred

See https://www.ssa.gov/pubs/EN-05-10069.pdf
Quote:
Originally Posted by nicet4 View Post
At that rate if I had taken at 62 I would never have seen a penny and I am not that highly paid.
When my wife passed at age 60, and I filed for Survivor's benefits, and I continued working for $14/hour for 6 years, I didn't get any payments until I hit FRA at 66, at which time I did quit working.

But the good news, which I didn't understand at first, is when I did start getting payments, they were for the full FRA amount (on the wife's record). Had payments started at age 60, they would have been reduced for "early" retirement.

And so I was financially able to stay on that Survivor's benefit until age 70, and then switched to my own record with the 32% DRC increase.
Reply With Quote Quick reply to this message
 
Old 09-12-2017, 08:55 PM
 
Location: Central Ohio
10,823 posts, read 14,898,817 times
Reputation: 16537
Quote:
Originally Posted by reed303 View Post
When my wife passed at age 60, and I filed for Survivor's benefits, and I continued working for $14/hour for 6 years, I didn't get any payments until I hit FRA at 66, at which time I did quit working.

But the good news, which I didn't understand at first, is when I did start getting payments, they were for the full FRA amount (on the wife's record). Had payments started at age 60, they would have been reduced for "early" retirement.

And so I was financially able to stay on that Survivor's benefit until age 70, and then switched to my own record with the 32% DRC increase.
Staying until 70 was a smart move.
Reply With Quote Quick reply to this message
 
Old 09-13-2017, 07:51 AM
 
2,094 posts, read 1,919,390 times
Reputation: 3639
I'm a fan of waiting as long as you can on SS. I plan on taking out as far as I can to get close to 870 if possible. IF not, no way do I take it before FRA. The benefits are huge.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement

All times are GMT -6. The time now is 06:48 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top