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This suggests continuing to work after applying for SS. Doing so carries a big hit. Do some careful research first.
Yes please understand the whole picture. If you are drawing SS there is a limit to how much you can work and earn. Go over the limit and they reduce your monthly check. There are also tax issues to consider.
Having gone back and forth on this very issue for years on this board it has become very clear to me that a person should only file at 62 if they have no other financial options or they have a terminal illness etc. If you are working you absolutely should wait to file, the check goes up between 5-8% for every year you wait.
I am a 64 year old hospital based RN and I investigated retiring this year, UNTIL I found out that my COBRA for medical alone (don't even mention the absurd cost of dental) would be about $900/month. Just for me! No spouse!
So tho I am very tired after chasing around on my feet for 44 years (we don't have a nurses station or desk, working on portable computers... always standing) I am singing the same song as everyone else my age "We are working for the medical insurance..."
Ariadne - OMG! $1000/month???!!! We are well and truly in deep doo-doo as a nation. Time to dust offthose manuals on dual citizenship. I wonder how close (generationally) you need to be to the auld sod?
Terrifying prospect! Thanks for the information. Best, Jane
When teachers retire from the school district where I work, the monthly premium cost for the employee and spouse is about that much, or a couple hundred more. I didn't think it was that unusual.
I was "retired" prematurely but returned to work at 61 because I could not afford the $2K per month health insurance premiums for my wife and myself. That was with a $2K per deductible.
I really do not think it is feasible for most people to retire prior to getting Medicare at 65.
Very interesting answers and responses from everyone. Thank you very much. After reading all of the comments I believe my wife an d I will continue to work until 65 and have medicaid! Thanks again everyone!
Nothing live having a guy in a loin cloth dancing around you with a bone and fire when you are sick.
One "R" strategically placed would change this sentence entirely.
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