Planning retirement!
09-04-2014, 08:23 AM
#31
Super Member
Join Date: Feb 2011
Location: Rochester, Minnesota
Posts: 1,795
It's been very interesting reading through this post - I turn 59 this month, I'm hoping to retire at 63, so I know it's important to be planning now. As many of you have said the insurance issue is a huge consideration, is it still as much of an issue now with OBAMA CARE? A friend of mine retired a few years ago at 62 - his insurance was huge at $600 something a month (high deductible too) the plan wasn't available after OBAMA CARE so he needed to shop around for new, and has a "slightly" better plan for $350... I work as a Nursing Assistant and can't imagine going past 63, if I still had an office / management job things would be different, but that's how life goes!
09-04-2014, 08:26 AM
#32
Senior Member
Join Date: Sep 2011
Location: Seward Alaska
Posts: 319
I would look at your retirement plan if it is a defined plan some require that you work a certain amount of days into the new year for it to count. By retiring on the first of the month some do not start even processing benefits until the last day of the month in which you retire. It is wise to sit down with your retirement counselor for your plan. Every one is different.
09-04-2014, 06:45 PM
#36
Super Member
Join Date: Aug 2010
Location: Kentucky live in WV
Posts: 8,482
Excellent advice. The benefits by year is also online.
Originally Posted by Prism99
You need to make an appointment at your local Social Security office and sit down with a rep to go over your history and benefits. They can tell you ***exactly*** what different retirement dates will mean to you.
One possible difference between Dec 31 and Jan 1 is that it may affect the quarters used by SS to determine your benefits. SS uses a certain number of quarters of work history, and usually the most recent quarters are the ones in which you earned the most money and therefore will yield the bigger SS benefits. I think the quarters worked must be full quarters, so a 1-day difference in your retirement could result in a smaller monthly benefit.
Make an appointment with SS so you know exactly what your options are; then you can make an informed decision.
Edit: Also, full retirement age as calculated by SS varies by your year of birth. I am older than you, and full retirement for me was at age 65. Being younger, your full retirement age might be 66. I believe this affects when you are eligible for Medicare. Before that, you are entirely responsible for your own medical insurance -- and for older women, that can be very pricey! This is another aspect of retirement you need to figure out before you actually retire. Even with the affordable care act, good medical insurance coverage for a woman in her 60's can be quite a large monthly amount -- which you may need to pay for an extra year, depending on when you qualify for Medicare.
Edit2: I Googled, and it looks like everyone is eligible for Medicare at 65 (even if their full retirement age is later). There are so many different things to consider for an individual, it really is wise to sit down with someone at SS and go over your options. They are the experts.
One possible difference between Dec 31 and Jan 1 is that it may affect the quarters used by SS to determine your benefits. SS uses a certain number of quarters of work history, and usually the most recent quarters are the ones in which you earned the most money and therefore will yield the bigger SS benefits. I think the quarters worked must be full quarters, so a 1-day difference in your retirement could result in a smaller monthly benefit.
Make an appointment with SS so you know exactly what your options are; then you can make an informed decision.
Edit: Also, full retirement age as calculated by SS varies by your year of birth. I am older than you, and full retirement for me was at age 65. Being younger, your full retirement age might be 66. I believe this affects when you are eligible for Medicare. Before that, you are entirely responsible for your own medical insurance -- and for older women, that can be very pricey! This is another aspect of retirement you need to figure out before you actually retire. Even with the affordable care act, good medical insurance coverage for a woman in her 60's can be quite a large monthly amount -- which you may need to pay for an extra year, depending on when you qualify for Medicare.
Edit2: I Googled, and it looks like everyone is eligible for Medicare at 65 (even if their full retirement age is later). There are so many different things to consider for an individual, it really is wise to sit down with someone at SS and go over your options. They are the experts.
09-04-2014, 08:07 PM
#37
Super Member
Join Date: Sep 2012
Location: Homosassa, FL
Posts: 2,267
I retired at 62 as I had to quit work and look after my mother, and when she -passed things were really bad here and no jobs. MY SS did not go up at 65, and I don't get only 550 after Medicaid is taken out, and I don't get half of my husbands SS, a very small amount from him. He gets $1400 a month and I sure don't get half of that. Wish I did.
It is rough as everything has gone sky high price wise here in FL, some food is almost double what it was 5 years ago.
Enjoy that baby, know you will have fun with her.
It is rough as everything has gone sky high price wise here in FL, some food is almost double what it was 5 years ago.
Enjoy that baby, know you will have fun with her.
09-05-2014, 05:49 AM
#38
Senior Member
Join Date: Jul 2010
Posts: 673
it gives you a little more "credit" on your years spent working. i don't know how much advantage it might bring, but go to the social security site on the internet. there are calculators there that can help you figure out pretty closely just how much you'll gain or lose by retiring sooner than later. it doesn't make you commit to anything--it's just a help to find out how much you'll have coming in. (i retired early to take care of the hubster, who no longer felt comfortable at home alone, with his parkinson's. it was helpful to me to find out that the money i'd lose by retiring a year "early" in my plans, was about equal to the amount i spent on gas, commuting to work. win/win. i'm home, he's happier and feeling stronger.) and i'm babysitting two new grand babies, too! another win/win!
09-05-2014, 06:10 AM
#39
Senior Member
Join Date: Aug 2011
Posts: 727
Originally Posted by Prism99
You need to make an appointment at your local Social Security office and sit down with a rep to go over your history and benefits. They can tell you ***exactly*** what different retirement dates will mean to you.
One possible difference between Dec 31 and Jan 1 is that it may affect the quarters used by SS to determine your benefits. SS uses a certain number of quarters of work history, and usually the most recent quarters are the ones in which you earned the most money and therefore will yield the bigger SS benefits. I think the quarters worked must be full quarters, so a 1-day difference in your retirement could result in a smaller monthly benefit.
Make an appointment with SS so you know exactly what your options are; then you can make an informed decision.
Edit: Also, full retirement age as calculated by SS varies by your year of birth. I am older than you, and full retirement for me was at age 65. Being younger, your full retirement age might be 66. I believe this affects when you are eligible for Medicare. Before that, you are entirely responsible for your own medical insurance -- and for older women, that can be very pricey! This is another aspect of retirement you need to figure out before you actually retire. Even with the affordable care act, good medical insurance coverage for a woman in her 60's can be quite a large monthly amount -- which you may need to pay for an extra year, depending on when you qualify for Medicare.
Edit2: I Googled, and it looks like everyone is eligible for Medicare at 65 (even if their full retirement age is later). There are so many different things to consider for an individual, it really is wise to sit down with someone at SS and go over your options. They are the experts.
One possible difference between Dec 31 and Jan 1 is that it may affect the quarters used by SS to determine your benefits. SS uses a certain number of quarters of work history, and usually the most recent quarters are the ones in which you earned the most money and therefore will yield the bigger SS benefits. I think the quarters worked must be full quarters, so a 1-day difference in your retirement could result in a smaller monthly benefit.
Make an appointment with SS so you know exactly what your options are; then you can make an informed decision.
Edit: Also, full retirement age as calculated by SS varies by your year of birth. I am older than you, and full retirement for me was at age 65. Being younger, your full retirement age might be 66. I believe this affects when you are eligible for Medicare. Before that, you are entirely responsible for your own medical insurance -- and for older women, that can be very pricey! This is another aspect of retirement you need to figure out before you actually retire. Even with the affordable care act, good medical insurance coverage for a woman in her 60's can be quite a large monthly amount -- which you may need to pay for an extra year, depending on when you qualify for Medicare.
Edit2: I Googled, and it looks like everyone is eligible for Medicare at 65 (even if their full retirement age is later). There are so many different things to consider for an individual, it really is wise to sit down with someone at SS and go over your options. They are the experts.
SS claims lady was a huge help!!
09-05-2014, 03:26 PM
#40
Junior Member
Join Date: Oct 2010
Location: Casa Grande AZ/Wisconsin
Posts: 208
I retired when my husband did but I started getting my S S at 62 because the difference in waiting until i am 65 didn't make that much difference.I was a stay at home mom most of my life. I do know that they take the total of the last 6 or 7 years pay and use that as your base for your income when you retire. My husband worked a lot those last years to get what he has coming. It made a big difference. God Bless and good luck in your choice.Enjoy your grand child.
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