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Old 06-07-2008, 05:57 PM
 
Location: home...finally, home .
8,235 posts, read 18,509,075 times
Reputation: 17765

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I guess I should not want to seem too anxious. lol

okay, just give me the money , guys.
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Old 06-07-2008, 11:01 PM
 
Location: Atlanta suburb
4,728 posts, read 9,086,222 times
Reputation: 3463
Quote:
Originally Posted by nancy thereader View Post
If you do take it at 62 and don't have to spend it, plan to pay it back (without interest) when you reach full retirement age and you can reapply for the larger payments and keep the earnings from the investment.

I am surprised that I never heard anything about this business of paying back and reapplying. I guess it is not too publicized or maybe I just have not applied yet, so I never heard about it.
Thanks for this info and for the website, Happy Texan. My husband retired at 63, but we are having second thoughts about the wisdom behind it. He is too young to have nothing to do and I can see the wheels turning in his head all the time.

I think within 5 or 6 months he is going to look for a consulting position to take care of all his creative juices for a couple of years. He started to draw social security as of May, this year.

It is good to know that this can be returned at 66 and reapply at the higher rate if he does decide to return to work.

I, on the other hand, do not have enough credits for myself to draw on my own. I have almost always either taught school or worked for municipal governments, neither of which contribute to SS.

We should be fine either way. Our medical is taken care of for life with a health plan from the 80's when my husband retired from a major pharmaceutical company when the company was acquired by another drug company. He retired with a pension at 40 yrs. old and a terrific medical insurance plan for our entire lifetime. That type of health insurance doesn't exist any longer, I don't think. We were very fortunate.
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Old 06-08-2008, 10:22 AM
 
2,222 posts, read 9,472,059 times
Reputation: 3270
Quote:
Originally Posted by eureka1 View Post
It's my understanding that even with the lower benefit at 62 you can earn up to $13K+ before there are any reductions. Please correct me if I'm wrong!
Yes you can earn while on SS. I believe that amount is about right. My husband retired last year at 62 years. He still works part-time to supplement the SS benefit. If you make over the specified amount, they deduct those earnings from your future benefit, so you do need to be careful. They don't notify you immediately, so it could come at a time when it might make your finances difficult if you are unaware.
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Old 06-09-2008, 07:58 AM
 
Location: On the plateau, TN
15,205 posts, read 10,596,934 times
Reputation: 9984
Gem, send DH over to my house. My honey-do list keeps getting longer with the more projects being completed....

Health insurance paid by a former employer is great. However, if they go belly up, you have nothing.....
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Old 06-15-2008, 06:24 PM
 
Location: Atlanta suburb
4,728 posts, read 9,086,222 times
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I think that for many younger retirees, a part-time job or a job out of the home that brings in $12 or $13,000 a year would be a double benefit.

A little extra cash never hurts any budget and so many become "lost" without a to-do list everyday after so many years of productivity.

Now, folks like Bones there, who just enjoy tinkering around the house are fine, but what about those high-achievers who are left with a library card and a lawn that they hate to take care of?

Part-time work sounds great to me. I did not know, Beth56, about the notification slack time. That could hurt a retiree. Good advice - watch your income for yourself.
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Old 06-15-2008, 06:31 PM
 
Location: Atlanta suburb
4,728 posts, read 9,086,222 times
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Wink SS while working part-time.

Here is the SS website that explains the amount deducted ($1.00 for every $2.00 earned over the allowed $13,560/year).

https://www.socialsecurity.gov/retir...leworking2.htm
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Old 06-21-2008, 11:47 PM
 
12 posts, read 29,490 times
Reputation: 18
I have a question??
I am 64, and my husband is 60, we were separated for awhile and I was unable to get social security because I didn't qualify, I couldn't get disability because I had never worked, I couldn't get social security through my husband now, because he was to young and working, but I could get social security from my former husband who is deceased can I receive social security even if I am married or not.
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Old 06-22-2008, 09:09 AM
 
Location: In the real world!
2,178 posts, read 8,477,663 times
Reputation: 2790
So what do you do if you retire at 62 for medical insurance? I just turned 62 this month and wanted to retire but couldn't figure that out so I didn't retire yet.

I am a young 62 and love working and would hate to think I had to sit around the house all day so I know I would find a part time job somewhere but I am scared to be without medical insurance.

My brother in law did the math and figured in the long run 62 was the best option for him (getting more in the long run) but he is retired Navy and had medical through them and worked part time until recently.

Then there is this inflation thing going on now and no telling how bad that is going to get so I am scared that what was doable before, could be impossiable in 6 to 12 months on a fixed income so I want to work longer to see how bad that is going to get.

What to do for insurance that won't take a big chunk out of the retiremant income for those years to 65 or 66?
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Old 06-22-2008, 11:19 AM
 
Location: WA
5,394 posts, read 21,388,001 times
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Quote:
Originally Posted by Laura707 View Post
...
What to do for insurance that won't take a big chunk out of the retiremant income for those years to 65 or 66?
There are very few options if you do not have insurance from an employer. Buying insurance is expensive but the only choice so many choose to stay employed until 65. I retired early but insurance costs have been a major factor as they are escalating faster than any other expense I have.
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Old 06-22-2008, 04:23 PM
 
13,773 posts, read 33,900,148 times
Reputation: 10560
Quote:
Originally Posted by Sherella View Post
I have a question??
I am 64, and my husband is 60, we were separated for awhile and I was unable to get social security because I didn't qualify, I couldn't get disability because I had never worked, I couldn't get social security through my husband now, because he was to young and working, but I could get social security from my former husband who is deceased can I receive social security even if I am married or not.
I collect SS from my LH and have since I was 60. I was told by SS if I got remarried I would no longer get his SS.
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