U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
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 12-04-2012, 09:44 PM
 
31,025 posts, read 37,027,514 times
Reputation: 13320

Advertisements

Quote:
Originally Posted by tom1944 View Post
At 62 I will have 40 years in a government pension. My pension plus my ss will be significatly more than my net salary. I am not sure it would make sense not to retire and take the ss at that point.

The only consideration is if my pension will not continue to have a COLA benefit. If I continue to work my ss and pension increase 8% a year.
Over the 40 years of working you have received COLA and longevity increases that have helped you keep up with inflation and get ahead of the game. Once you retire, gone will be the longevity increases and the future value of the SS COLA is currently up for debate. So look back on your 40 years working and consider what your current working income would be if pay increases were only based on indexed COLA increases. Project that out over the next 40 years and decide how comfortable you will be. Your initial pension and ss income will only increase based on a COLA decided by a cash strapped government.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 12-05-2012, 05:09 PM
 
2,432 posts, read 2,254,643 times
Reputation: 1720
Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2012, 05:50 PM
 
31,025 posts, read 37,027,514 times
Reputation: 13320
Quote:
Originally Posted by tom1944 View Post
Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.
If you are responding to me please note I said over 40 years you have received increases. If you havent than not getting them over the next 40 years is something you will be use to and it probably won't impact you as much as it might someone else. My comments are related to the impact of inflation on your income stream and that income stream might be impacted by inflation for 40 years or more hopefully. Hey with medical advances it could be another 50 years. We all can look at our SS statement and see our income history and how much it has and or hasn't grown. Will the next 40 years or so reflect that or will it be better or worse?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2012, 05:56 PM
 
48,508 posts, read 88,499,335 times
Reputation: 18187
Also remmebr if you can afford to take it early with reduced amount your likely to enjoy using it more also than waiting too long.Financially and enjoyment wise no one can tell you specfically.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-05-2012, 06:43 PM
 
31,025 posts, read 37,027,514 times
Reputation: 13320
Quote:
Originally Posted by texdav View Post
Also remmebr if you can afford to take it early with reduced amount your likely to enjoy using it more also than waiting too long.Financially and enjoyment wise no one can tell you specfically.
You know one thing that I think folks need to consider is what happens to the trust fund down the road if no changes are made. If there were a say reduction of 25% because the trust fund can't keep up with payments which would a person prefer. It is a personal decision.
75% of a benefit started at 62 or
75% of a benefit started at 70.

Everyone has to decide if the even want to consider something like that or not and if so which do they want maximum total payout or maximum income stream down the road.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-06-2012, 03:42 AM
 
85,554 posts, read 83,022,350 times
Reputation: 61281
my opinion is they are coughing up billions out of now where for hurricane sandy damage and assistance. keeping something like ss solvent which is rooted right in the core of american culture ,which will be 75% solvent on its own anyway shouldnt be even a burp.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-08-2012, 09:19 AM
 
Location: Coastal New Jersey
67,227 posts, read 62,806,326 times
Reputation: 82350
Quote:
Originally Posted by tom1944 View Post
Actually that is incorrect. I am not in a union and despite excellent reviews have no salary increase since 2007.
Same here (2008) except that they don't even bother to give us reviews anymore since they aren't giving us any money!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 12-10-2012, 05:13 AM
 
16,434 posts, read 20,152,144 times
Reputation: 9564
Quote:
Originally Posted by Mightyqueen801 View Post
Same here (2008) except that they don't even bother to give us reviews anymore since they aren't giving us any money!
We didn't get a raise for five years straight and then they dropped a 20% pay cut on us!
Rate this post positively 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

All times are GMT -6. The time now is 11:58 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top