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 06-07-2010, 06:35 PM
 
Location: Whidbey Island, WA
12,272 posts, read 11,320,892 times
Reputation: 6114

Advertisements

I work currently full time. As I think about retiring I see the social security coming in at $2100/mo at 65 and $3100/mo at 70. I suppose I can keep working p/t til 70. Should be easy being an RN. Can one work p/t til 70? Any RN's do this or any other people here have a similar career or experience?
Reply With Quote Quick reply to this message

 
Old 06-07-2010, 09:27 PM
 
Location: Midwest
4,259 posts, read 7,144,741 times
Reputation: 7163
There are SS guidelines regarding how much you can earn, otherwise there's a reduction in bennies.

Consider your likely potential lifespan given family history especially your parents' lifespans and other factors that as an RN you're surely aware.

Also consider that SS may have considerable changes by the time you're 70.

Many unpredictables here, some of it is chance or luck.
Reply With Quote Quick reply to this message
 
Old 06-08-2010, 04:06 PM
 
Location: Las Vegas
13,886 posts, read 25,316,043 times
Reputation: 26372
Considering they may change SS makes me want to sign up on the day I'm eligible even if the bennies are reduced. I believe it would be harder to take away from the people already enrolled than to make changes for those who haven't claimed yet.
Reply With Quote Quick reply to this message
 
Old 06-08-2010, 04:12 PM
 
4,919 posts, read 19,853,905 times
Reputation: 6215
If this is that estimate thing they mail out each year, if you read the back it tells you that the future amount is based on you earning at least as much as you are making today. If you go part time, and make less, the monthly amount will also be less.
Reply With Quote Quick reply to this message
 
Old 06-08-2010, 06:01 PM
 
Location: SW MO
23,605 posts, read 31,475,774 times
Reputation: 29071
I forget how it penciled out but had I waited until 66 to draw full Social Security instead of taking it as soon as I became eligible at 62, that's four years of benefits I may not have lived to draw and I'd have had to draw the full, increased benefits for far more than four years to make up for it. That was too much of a crap-shoot for me!
Reply With Quote Quick reply to this message
 
Old 06-08-2010, 07:39 PM
 
Location: Little Rock AR USA
2,457 posts, read 6,320,162 times
Reputation: 1869
Quote:
Originally Posted by Curmudgeon View Post
I forget how it penciled out but had I waited until 66 to draw full Social Security instead of taking it as soon as I became eligible at 62, that's four years of benefits I may not have lived to draw and I'd have had to draw the full, increased benefits for far more than four years to make up for it. That was too much of a crap-shoot for me!
I agree, I did the same thing. Though I suggest to people who are happy with their work to keep working because drawing only SS will cause them to redo their budget and may find there is not enough to go around, but for me, I was more than ready to "hang it up".

I don't know what the current law is, but there is an age where you can draw full SS and still work full time without penalty, and each year they will re-calculate what you have contributed and increase your benefits.
Reply With Quote Quick reply to this message
 
Old 06-08-2010, 11:25 PM
 
Location: Los Angeles area
14,018 posts, read 17,729,443 times
Reputation: 32304
The age after which there is no reduction in benefits no matter how much you earn is your full retirement age as defined by Social Security. For most of us posting here, that age is 66. (It depends on the year of your birth - and it is 67 for the younger folks).

Since your benefit is calculated on the 35 highest earnings years (averaged), those people who have either less than 35 years of Social Security earnings (meaning they can replace a "0" with some amount), or have some very low years in there, will increase their benefit with each each year of even modest wages.

Historically, changes in Social Security have always been phased in so that people who were pretty close to retirement were not affected. While that will probably continue to be the case, there is no guarantee.
Reply With Quote Quick reply to this message
 
Old 06-09-2010, 10:09 AM
 
Location: Sacramento
13,784 posts, read 23,805,237 times
Reputation: 6195
Quote:
Originally Posted by AADAD View Post
I work currently full time. As I think about retiring I see the social security coming in at $2100/mo at 65 and $3100/mo at 70. I suppose I can keep working p/t til 70. Should be easy being an RN. Can one work p/t til 70? Any RN's do this or any other people here have a similar career or experience?
Just as a side note though, I believe that Spousal Social Security (provided for spouses with low or no working income history) is capped at what would be received at normal retirement age.

I believe this does not increase if you delay receiving Social Security.
Reply With Quote Quick reply to this message
 
Old 06-09-2010, 01:15 PM
 
16,092 posts, read 36,571,224 times
Reputation: 6277
I think if you are a single man, it's best to draw at 62. You can always pay it back if you want and draw the full amount at 65 or 70. But time is not on a man's side.
Reply With Quote Quick reply to this message
 
Old 06-10-2010, 11:07 AM
 
Location: Whidbey Island, WA
12,272 posts, read 11,320,892 times
Reputation: 6114
Responses appreciated. Food for thought.

Thanks.
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
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - 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 - Top