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.
Ah, yes. I am told by those wise in the ways of diving that the ones behind Pizza places are the best. I am a bit concerned, however, that if those with a $2800 pension and 300k in a 401k can't make it, then there's going to be quite a scuffle over the left-over deep pan. I'm also a tad concerned that if things go that way there won't be enough people with disposable income to keep Pizza franchises open. But I digress; I must go now and reconnoiter bridges for potential covered sleeping spots.
Every situation is different, people need to find out how social security applies to them. Blanket statements here may or may not apply to the individual.
Everyone had their opinions when I retired at 55. People scared me about ss and how the last 7 yrs. between 55 and 62 would drastically reduce it!
Social security isn't based on the last years worked but an average more or less throwing out the low, and high. If I worked longer, retired later, I would have more money.
I'm not poor, I get by on what I have, big amounts of money are not important to me. When people talk about having to have half a million, hundreds of thousands of dollars to even get by, I guess their idea of necessity and what it takes to live is far different than mine.
Every situation is different, people need to find out how social security applies to them. Blanket statements here may or may not apply to the individual.
Everyone had their opinions when I retired at 55. People scared me about ss and how the last 7 yrs. between 55 and 62 would drastically reduce it!
Social security isn't based on the last years worked but an average more or less throwing out the low, and high. If I worked longer, retired later, I would have more money.
I'm not poor, I get by on what I have, big amounts of money are not important to me. When people talk about having to have half a million, hundreds of thousands of dollars to even get by, I guess their idea of necessity and what it takes to live is far different than mine.
A lot of that talk about half a million minimum came from the personal finance magazines (Kiplingers and Money). Many of the articles though had those people retiring to lifestyles richer than how I live while working . I don't need $90K post retirement to live. I got by on $40K net last year and I'm still working with a kid at home. I already know I have enough to be able to take early retirement and live the lifestyle I want.
its all about lifestyle and where you live, here in new york 40k after taxes and medical would have you living a life style not many of us would find much fun or care to do
Ah, yes. I am told by those wise in the ways of diving that the ones behind Pizza places are the best. I am a bit concerned, however, that if those with a $2800 pension and 300k in a 401k can't make it, then there's going to be quite a scuffle over the left-over deep pan. I'm also a tad concerned that if things go that way there won't be enough people with disposable income to keep Pizza franchises open. But I digress; I must go now and reconnoiter bridges for potential covered sleeping spots.
LOL! I will be right behind you. I am eligible for full SS benefits in two years. What I have now is a total of about $80,000 in my 401k, IRA, Annuity and a bit of savings. I plan to always work part time but I sure could live on a lot less than what the money magazines all suggest.
$2800 pension and $300k would allow me to live like a queen. As it is, my "throne" will be perched on top of the dumpster but I prefer an Appleby's over a pizza franchise; more variety.
Hopefully someone can clarify this for me. I've called social security three times and gotten two different answers to the same question.
Question: If I collect early (reduced) social security at age 63, work part-time within the earnings limit to not lose $1 for every $2 earned, will my benefits be recalculated at my full retirement age (66) to adjust for the additional income. Right now I have seven years with earnings below $2,000 (high school and seasonal jobs as a stay-at-home Mom). Of course, I am aware that working four years at $14K will not generate a big monthly increase.
Answers: Two reps told me the benefit would automatically be calculated at my full retirement age.
One rep said once I agree to the reduced rate, that's all I am entitled to for life except for COLA increases.
I will make more phone calls and schedule a visit to the social security office if this option becomes a reality due to my unemployed status. In the meantime, if someone knows the answer, I'd appreciate the peace of mind.
Hopefully someone can clarify this for me. I've called social security three times and gotten two different answers to the same question.
Question: If I collect early (reduced) social security at age 63, work part-time within the earnings limit to not lose $1 for every $2 earned, will my benefits be recalculated at my full retirement age (66) to adjust for the additional income. Right now I have seven years with earnings below $2,000 (high school and seasonal jobs as a stay-at-home Mom). Of course, I am aware that working four years at $14K will not generate a big monthly increase.
Answers: Two reps told me the benefit would automatically be calculated at my full retirement age.
One rep said once I agree to the reduced rate, that's all I am entitled to for life except for COLA increases.
I will make more phone calls and schedule a visit to the social security office if this option becomes a reality due to my unemployed status. In the meantime, if someone knows the answer, I'd appreciate the peace of mind.
No, once you take reduced benefits, that's it for life.
The only way today to get full is to cancel your SS when you reach the age (66), pay back all they sent you and re-apply for SS at 66.
There is no automatic recalculation at 66.
Happy Texas has it right and even though a few pages back people talk about it, ask it a few different ways, once you take early that is what you are locked into unless there are COLA increases.
Thanks HappyTexan and susancruzs. I hate calling government agencies....ask the same question to different people and you get different answers. I even asked each of them their name!
I did think that the payback and reapply option was only at the age of 70. Will have to consider this, but in three and a half years who knows if the option will still be around. Hopefully I will have gainful employment soon and won't have to consider taking social security until full retirement age.
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.
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.
