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Thread: Planning retirement!

  1. #26
    Senior Member GKSM's Avatar
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    One consideration, although I don't know your situation, is severance. If you are going to receive any kind of severance package it is better to get it early in the year. That way you don't have such a large tax burden in one year.

  2. #27
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    Thanks to everyone for their input. I called Social Security and set up an appointment for later this month to discuss my retirement options. The lady I talked to mentioned the possibility of applying for half my husband's SS benefits. Doing that will not impact his benefits or mine, and I will be able to apply for full benefits when I turn 66. I can get COBRA through my work until I turn 65. Hubby and I do not have an extravagant life style so I'm hoping half of his SS will be workable for our bills.

    It sounds like retiring in January makes more sense than retiring in December. I've been working since I was 15 (only taking a year off for the birth of my two children) so waiting one extra month is no big deal.

  3. #28
    Super Member sparkys_mom's Avatar
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    Don't retire before you are eligible for Medicare! You might be able to take less Social Security and retire at 64, but you won't be eligible for Medicare until you are 65. I just saw your post on COBRA - Be sure to check what that will cost because your employer isn't going to be picking it up and it is pricey.
    Pat

  4. #29
    Super Member Edie's Avatar
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    Also (leftover from yesterday), I just checked my Medicare bill which is taken out of my SS check each month. For 2014, it is $104.90. It kind of works out that your Medicare goes up, your SS goes up and it sort of balances out with a couple of dollars left over. Last year my SS was $298.00 - net, a month, this year $304.00 - net. I get a small amount because I didn't work from 1964 to 1996 (when I had to make enough to earn my 40 quarters (that's what makes us eligible for Social Security......it is something else now.) So I had to earn enough money/time in to qualify for SS. I did it and it has worked out just fine - it is my vacation money. The rest to live on is my husband's pension, of which I get 75%. I am comfortable. Our health insurance is covered 100% except for co-pay and deductible for the rest of my life and that is good. Just dot every eye and cross every t to make sure you are getting what is absolutely- positively- without a doubt- nothing withstanding benefit you are entitled to. And don't let anyone talk you into anything unless you check with SS first and Medicare. Remember also that the gizmos that they tell you on TV that Medicare will pay for it, THEY DON'T - unless you check everything out for positive sure. Not so much for you but for other readers here.......I found out from Social Security and other places that you might not be able to retire until 65 because the monthly payment is less. DUHHHHH! Of course it will be, but I found out from our advisor, if you opt to retire at 62 you will get a lesser amount, but what you make in those three years that you have been retired you will have made up by the time you get your age 65 SS. In other words, you will come out ahead because when you turn 65 you will get age 65 payments, you just get less from 62-65 because you retired early. My sister and her husband did the same - and really didn't notice that much of a difference. Check it out. Edie (I am not really that good in explaining, but I did it and I'm almost 76 and it was no hardship for me at all.)
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  5. #30
    Senior Member roadrunr's Avatar
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    If you retire in 2014, most of your vacation days are already used, but if you retire in 2015, you will have new vacatin days for 2015 that you can take before you retire.

  6. #31
    Super Member pjnesler's Avatar
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    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!

  7. #32
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    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.

  8. #33
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    Go to your local Social Security Office and talk with them. There are lots of little tricks to get you more on your retirement. Don't wait too long to do this...

  9. #34
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    in `998 i told my boss i was retiring in jan i worked thewhole month of jan to get my 6 weeks vacation for 1998 havnet looked back best thing i ever did!!!
    QUILTNMO

  10. #35
    Power Poster solstice3's Avatar
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    If it could be financial, check with a tax person or retirement specialist. If I am lucky I will be done the end of February

  11. #36
    Super Member ccthomas's Avatar
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    Excellent advice. The benefits by year is also online.


    Quote Originally Posted by Prism99 View Post
    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.
    Carol

  12. #37
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    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.

  13. #38
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    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!
    "life is a banquet, and most poor fools are out there, starving to death!"--"auntie mame"

  14. #39
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    Quote Originally Posted by Prism99 View Post
    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.
    I agree. It made a huge difference to my retirement income to wait until I was 68 to collect full benefits!
    SS claims lady was a huge help!!

  15. #40
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    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.
    peanutbrittle

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