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I had no idea how many different forums City-Data has! I checked in to find information about Wisconsin and other places I might want to live in retirement (spoiler: WI looks interesting). Now here's the Retirement forum!
Okay. I am 66, divorced long ago, no kids, currently live with two thuggish male cats and renting a reasonably priced (for 2019 and this area) apartment. I have worked as staff for a certain private university since 2002 (and 7 years for them before that), and will have a bit of pension coming. Until a couple of years ago, when my income jumped, I was not able to assign more than the minimum to my retirement fund. I'm going to meet with the retirement advisor next week and see about increasing it -- though I know it's probably too late to make much difference.
My current income makes it possible to live decently and save a good chunk of money each month as well. I had to buy a newer car in August as my previous vehicle was totaled by a rainstorm/flood (yet another reason I want out of here). I'm not extravagant, my health is good, and I exercise frequently and look (I hope) quite a bit younger than I am.
I've seen advice on posts here to take the SS now and bank it, or to defer the SS until 70 or close to that. Don't know which I should consider.
My plan: Move to someplace where hurricanes and hot weather don't ruin your life, someplace with four seasons and people with IQs over 85, and with a lower cost of living. I have no problem with a small city -- I am fed to the teeth with traffic snarls in a city with nearly 1,000,000 people, yet only two ways to cross the big river that runs through the city. (By which you may well guess where I live.)
My vision: Getting another job at another university in said small city, taking my SS and pension as needed, renting for a while in the new area and then buying a small house that is in good condition. I could also set myself up online as a freelance editor for self-publishing authors -- and believe me, they *need* editors -- and putting my own work out as well, for some extra pocket money.
Health, well, Medicare and Medicaid, I suppose, and there are gap insurance policies that can cover the difference, aren't there? Who can advise me?
Does all this sound fairly reasonable, or wildly optimistic?
The financial advisor can tell you pros and cons of taking SS now vs working until 70.
At 66 you already qualify for Medicare. Medicaid, as I understand it, depends on income.
I think getting a job at a university or any where else at 66 is probably a bit optimistic. Could happen but if you're counting on it, find the job 1st.
I find your comment about peoples' IQs rather condescending and off-putting.
If you have specialized skills, you might get some freelancing jobs. Or you might not.
You already qualify for Medicare. I am surprised your employer has not forced you to use it. You will want a supplemental policy and a part D police for drugs. Do not neglect to choose these, because if you need them later, you will pay a penalty every year you carry them.
You probably do not qualify for Medicaid, which insures the people with no assets.
If you intend to work for another 2 years, then yes, pay more into your pension fund. Otherwise, I think you might well just save. You need to have your savings in some sort of investment fund. But get some advice from a retirement or income planner.
You might be OK if you move to a place with a lower cost of living.
If you are still working (like me at 66) then I'd wait on my SS and let it grow.
Were you married longer than 10 years and born before 1-1-54? (like me) Then you can file what they call a Restricted application on your SS and collect money on your EX's account since you are divorced. I did and collect about $1200 a month while mine grows. It's half of what my Ex Souse will collect at FRA. Does not affect her at all.
Can I collect Social Security as a divorced spouse and wait to claim my own retirement benefit?
You can file what Social Security calls a “restricted application” to claim only ex-spousal benefits and postpone claiming your retirement benefits if:
You were born before Jan. 2, 1954.
You have reached full retirement age (currently 66, gradually rising to 67 over the next several years).
You were married for at least 10 years to your former spouse.
You are currently unmarried.
Your former spouse has filed for his or her own Social Security benefits or your ex-spouse is at least 62 and you have been divorced at least two years.
Divorced spouses who don’t qualify for a restricted application are subject to Social Security’s “deemed filing” rule. Under this rule, individuals filing for retirement benefits who are also eligible for spousal benefits must claim both at the same time. The provision applies to divorced as well as married filers.
Keep in mind
There is one more exception to deemed filing for divorced spouses. Regardless of when you were born, you can file a restricted application if you are entitled to Social Security disability payments.
Deemed filing does not cover survivor benefits. If your former spouse is deceased, you can apply for and collect benefits on his or her record and delay your own retirement claim.
Published October 10, 2018
If you are still working (like me at 66) then I'd wait on my SS and let it grow.
Were you married longer than 10 years and born before 1-1-54? (like me) Then you can file what they call a Restricted application on your SS and collect money on your EX's account since you are divorced. I did and collect about $1200 a month while mine grows. It's half of what my Ex Souse will collect at FRA. Does not affect her at all.
CD can be additive.
I qualify on the second, Rakin, but not the first. Been married twice, each about 5 years.
The financial advisor can tell you pros and cons of taking SS now vs working until 70.
At 66 you already qualify for Medicare. Medicaid, as I understand it, depends on income.
I think getting a job at a university or any where else at 66 is probably a bit optimistic. Could happen but if you're counting on it, find the job 1st.
I find your comment about peoples' IQs rather condescending and off-putting.
Good luck.
Well, I have two things going for me. One, as I said, is I don't look my age. The other, besides the fact potential employers are not supposed to ask your age (yes, I know they'll research me), is that I received my bachelor's degree late, in 1994. If they assume I'm only 48 or so, who am I to enlighten them?
As for the IQs, come down here to Da Swamp and interact with the locals. You'll see what I mean. I've hated this place since I was 19, have managed to flee it twice, and each time keep getting dragged back. Denver was very nice, but everything I hear about it now is that the cost of living is horrendous and getting worse (and it was fairly high in 1997-2001 when I lived there).
Oh, yes, I know I need to find the job first. It can be part time.
As for the IQs, come down here to Da Swamp and interact with the locals. You'll see what I mean. I've hated this place since I was 19, have managed to flee it twice, and each time keep getting dragged back. Denver was very nice, but everything I hear about it now is that the cost of living is horrendous and getting worse (and it was fairly high in 1997-2001 when I lived there).
Oh, yes, I know I need to find the job first. It can be part time.
I talked to a woman a few weeks ago who moved from Denver to Scottsdale -- not an inexpensive place to live, either -- and now saves $1,000 a month in rent on a 2 bed 2 bath condo. You know things are bad in Denver when Scottsdale is a comparative bargain.
You don't talk much about savings or investments, so I'm going to guess you don't have much. Normally for a 66 year old I'd suggest waiting until 70 to file for SS but can you wait that long? Do you have any real-world skills?
It doesn't sound like you are going to retire. Instead it seems that you want to move and find another job. I would recommend getting that job first, then moving. If you are going to freelance instead, get that started before you quit and move.
First, finances: do see a Financial Advisor who HAS YOUR interest First, not one who is out to sell you stuff that makes him,/her more money than it does you.
We here can give general ideas and only our personal experiences
Next, it you are going to continue to work to age 70or after, I'd wait to collect SS.
Why? It will be a higher montly payment to you IF your highest working years are this late in the game. You might need to rely on that higher payment to you to live on IF your savings is low. But that is my take and opinion., And what we will have to do, so do what's best for you, just remember, whenever you take it, it will be locked in to that rate!
When it comes to savings and investing, save SOMETHING every paycheck. If you can dedicate X dollars great. Set it on automatic, taken out before you have a chance to spend it. Then look for more ways to save, if you can.
Stop on over to the Economics forum and subforums. Beware that those there can only give general advice, quote General "rules", and offer personal experience.
Welcome and check out several or many forums here.
And lastly, as others have said, try not to be condescending. I don't care where you live, what your education status is, your economic status is, people are people, and not everyone is going to be your equal, and there's those who have higher IQ, higher intelligence and higher education than you who might think YOU are a "dolt" or whatever. As I understand your post, it was not until recently before you got a big bump in income, so those richer than you will look down at you. And you will find these forums ARE filled with the "haves" and the "have nots", and the haves DO look down on the have nots, unfortunately. YOU may find here YOU are looked down upon.
There's an old Native American prayer that says this: " Great Spirit, grant that I may not criticize my neighbor until I have walked a mile in his moccasins". Please keep that in mind.
Best of luck as you begin your Transitioning to retirement.
And, again, WELCOME!
Last edited by galaxyhi; 10-05-2019 at 10:00 AM..
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