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I went and signed up for Social Security based on my 65th birthday in February so I will be receiving my first check in March.
The main reason I felt I needed to do this now is because of health issues and the Dementors at old Voldemorte, Inc are sucking the life out of me.
So after speaking with my investment guy, we determined that although I do not have a whole lot to work with, we can get my monthly income from converting various funds: 401k IRA and just plain money in the bank to annuities and other plans plus SS.
Ironically after crunching the numbers, he came up with an amount that is actually more than I am earning from my job. And I am pretty much used to living on a "fixed" income since I haven't had a raise in three years.
But it's scary because this will be the first time I have ever stopped working full time for good since I was 18 without the intentions of ever coming back to it. If I had to I could next year without penalty from SS. But that would be difficult.
I am hoping to supplement what I will be getting with a part time job in which I can earn up to the max without SS making dedcutions from their check for this year though for sure. Eventually I plan to move to a less costly city than the one in whichi I live so that will be of help.
I am excited to join the ranks of the retired or semi-retired. I want to spend the first month with my feet up, in front of the TV or a good book with the cat by my side in the oldest sweats I own. And not think about due dates, deadlines, demands and petty bosses.
Congratulations on your retirement and discovering you'll have more income than expected.
Retirement for me has been a mixed bag. I enjoy the free time (what I have of it), but I find myself still trying to to remember what I have to do for clients tomorrow .
I "retired" July 1st. I do work occasionally, but only for certain clients, and only on a limited basis. I can work 140 hours in a year before going over the SS limit so I won't get too carried away.
I think, from the facts you provided, that you made a very rational and logical decision. The penalty for taking your benefit just one year early (at 65 as opposed to 66) is fairly small, especially compared to taking it at 62, as I did and as so many people do. Good work, and enjoy yourself.
I am excited to join the ranks of the retired or semi-retired. I want to spend the first month with my feet up, in front of the TV or a good book with the cat by my side in the oldest sweats I own. And not think about due dates, deadlines, demands and petty bosses.
A whole new chapter in my life will begin.
Quote:
Originally Posted by Tek_Freek
Congratulations on your retirement and discovering you'll have more income than expected.
Let me add my best wishes as well. Congratulations!
Congratulations Minervah! I know exactly what it is like to be trapped in a horrible work environment. Having to deal with enormous stress on a daily basis. I was lucky enough to get out at age 62. The day I walked away from my job was the happiest day of my life. I have never looked back and the nightmare of that existence is now gone forever. I am proud of you for sticking it out so long. I know it was not easy.
Congratulations, Minervah! I know what you mean about the Dementors in the office! Enjoy!!
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