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Thread: Planning retirement!

  1. #1
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    Planning retirement!

    I will be 64 years old in December. My daughter is pregnant with her first child, and the baby is due December 10. Since I would like to spend as much time as possible with my first grandchild, this makes me think retiring is definitely the right thing to do. I was planning to retire at the end of the year, December 31, but a friend told me I should retire in January 2015. When I asked why I should wait until January, she said "It starts a new year." Other than extending the medical benefits I receive from my job for January, are there any other benefits to retiring at the beginning of the year versus the end of the year?

  2. #2
    Super Member Stitchnripper's Avatar
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    I don't know about benefits to timing, but, unless you spent a lot of $$ on commuting, lunches out, and dry cleaning, etc., I found my expenses did not decline at retirement. And there is so much more time to be "out and about"!! See how much more your benefits would be with the different retirement dates.

    Have to say, as worried as I was about being retired, I am loving it.
    Alyce

  3. #3
    Moderator QuiltnNan's Avatar
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    no thoughts about dec/jan... but think about the amount of social security you will get... do you have funds to hold you to full retirement age? taking early social security could be a mistake... everyone is different. good luck.
    Nancy in western NY
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  4. #4
    Super Member kydeb's Avatar
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    I don't know about where you work, but I work for a University. We don't get the normal holidays everyone else gets throughout the year but we have a week or so off between Christmas and New Year's. I would wait until January just to get all of my holidays ;-)
    Debbie in Kentucky
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  5. #5
    Super Member SueSew's Avatar
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    Does your daughter need you to retire to help with the baby? My sister-in-law thought she would have all the time in the world for her sons' kids but their mom's didn't go for the plan! LOL I believe they referred to her as a helicopter Grandma!

    I would certainly not make a life decision without calculating how long you except to live after 65 and what your post-retirement income and expenses would be.

    Maybe instead of retiring you could take a week or two off to help her out until she is up to speed.
    SueSew
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  6. #6
    Power Poster Prism99's Avatar
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    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.
    Last edited by Prism99; 09-02-2014 at 08:50 AM.

  7. #7
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    I have no advice, I just wanted to say congratulations!!!

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    I agree with Prism99. Check with someone at your local social security office. Make an appointment, don't just show up, it will take forever to get in. If you have an appointment you just go in, even if others (without appointments) have been waiting. I retired at 65 because I could get Medicare, retiring before that was way too expensive to get insurance! Good luck.

  9. #9
    Senior Member Ginaky's Avatar
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    My reasons for working till January 1, too! I also work for a University in KY and we get off about 10 days for the holiday and I want my pay!
    Regina in Richmond, KY

  10. #10
    Super Member LynnVT's Avatar
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    I think you're getting some good advice here. Waiting until you are able to get full SS, unless you have a health concern, is so much wiser in the long run. When I retired at 66 I realized what a difference that would make for my life. Using the "New Year" as a goal sounds emotionally satisfying, but I hope you take your time and do as others suggest by going to your Social Security office to learn all the ins and outs of it, unless you have a LOT of money stashed away for the decades to come. And do consider carefully how the new mom feels about it. Do you have other plans for your life after work? Lots of quilting? Volunteering? Maybe a part time job? Everybody's needs are very different. Good luck!
    "The business of life is making memories. In the end, it is all we have." Butler Charlie Carson, Downton Abbey, season 4, episode 3, PBS.

  11. #11
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    My dil asked me to babysit my new grandson so I quit my job and then my dil decided she did not want me to babysit after all. Luckily I got another job.

    Checking with social security is very good advice. Holiday pay is another consideration. I found health insurance to be very expensive. This was a while back but be sure to check out cost before retiring.
    Last edited by Seaside gal; 09-03-2014 at 04:10 AM.

  12. #12
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    You need to visit your nearest Social Security office and find out what your options are. You will do better if you wait until you are 65 years old for sure. They can tell you all the ins and outs and you can then decide what is best for you.

  13. #13
    Super Member Edie's Avatar
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    My husband retired at 58 - (Thank God we had twenty years to enjoy it) and the first year was sheer hell. Hate to say it, but...................everything changes but the bills!!!!!! The salary dropped way down. I had to wait until I was 62 until I could put in for SS and that was 14 years ago and I only make $304.00 a month now - started at $198.00.. Thank God for my husband's pension. Be sure of what you want when you retire, who you want your health insurance with, the best you can get, etc. Also, if you retire at 64, you will not get the full benefit of SS that you would if you waited until you were 65. Even if it just a few weeks.

    You will be cutting back quite a bit, you may not think so, but you will be getting less and the heating prices go up, food goes up, gas goes up, and your raise from your pension or SS does not amount to that much. It gets a lot better after the first year, because you have gotten yourself into a groove and you will do just fine. I am just saying that every case is different and you have to figure this out what is best for YOU. As it turned out my husband was on full pension and when he died, we had it set up to take a lower pension while he was alive and I would get 75% of his pension when he died. That worked out just fine and I flowed into it with no problems.

    There are things you will want that you can't have, but you can save for them. That makes it so much more rewarding. Good luck to you, enjoy your retirement and your first grandchild. They are such a blessing and don't spend a lot of money on the baby. They outgrow everything. Hate to sound callous, don't save for his college education either. Give your love to him, which is so much more important, and your time to him/her, equally important. Save for his first bike!!!!!!!
    Edie
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  14. #14
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    I stopped working 1/31/2014 after forty years in work force. I babysit my granddaughter born on 12/10/2013. I 'm eligible for SS in December, spouse is still working so insurance is not an issue for me. Do I miss the money? Yes, BUT I have enough sewing supplies to last a lifetime ( with the exception of thread which I go through at a phenomenal rate) and I cannot believe how much I am enjoying the baby! I hope to get a part time quilt shop job someday just to keep social and keep me from spoiling this child rotten.

  15. #15
    Junior Member Brandi's Avatar
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    Quote Originally Posted by ScrappyAZ View Post
    I will be 64 years old in December. My daughter is pregnant with her first child, and the baby is due December 10. Since I would like to spend as much time as possible with my first grandchild, this makes me think retiring is definitely the right thing to do. I was planning to retire at the end of the year, December 31, but a friend told me I should retire in January 2015. When I asked why I should wait until January, she said "It starts a new year." Other than extending the medical benefits I receive from my job for January, are there any other benefits to retiring at the beginning of the year versus the end of the year?
    I retired in June of this year. I chose June because I worked for the State and that was the best time for my benefits. Go talk to your social security office and see what they say. I am glad I retired while my health is still good and I can help with my grandkids and I love every minute of it. I don't know how I had time to work. Go for it and enjoy it.

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    If you retire in Jan. you will be able to collect your social security for the whole year, I think. I am 68 and was forced to retire due to my husband's illness at age 66. When I went in to the S.S. office of the year I was 64 .(to inquire about Medicare) the man told me I was eligible to collect from Jan. of the year I turned 65. I thought I would have to wait until I actually was 65. Check it out, may be different since you are younger than I am.

  17. #17
    Super Member Wanabee Quiltin's Avatar
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    I was a benefits coordinator a long time ago. Please go in and talk to the retirement people about your benefits before making a decision. Also I suggest you talk to your daughter about how much time she wants you to be with 'her' child. I have known many hurt grandma's because of this.

  18. #18
    Super Member Snooze2978's Avatar
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    I retired earlier than I wanted due to an injury at the job and they wouldn't let me do a desk job to recuperate. Had my time in so that was not a problem. Was hoping to have the house sold before though. It was a bad time for the housing market and took 3 years to sell. I was smart enough to buy most all my toys before I retired as I knew my pension would not be nearly as much as what I was used to getting. Now that I've moved from Florida to IA, my pension goes much farther, I have a larger house with a basement for my sewing, gardens out back for veggies and now on S.S. so hopefully by next year I'll be in the black from the move, buying a larger quilt system,etc. Having the time of my life though and keep busy doing what I love to do.
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  19. #19
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    Prism99 hit it right on the head. Talk to the SS folks. I retired early at age 64 mainly because DH and I were planning to move across the country to be closer to the DD's. I did not want to have to renew my licenses. The difference financially was not that great between retiring then and retiring later according to the SS folks. We decided earlier to be able to move during the summer as opposed to the winter. I will say, enjoy the grandchild. They grow so fast. Every age is wonder full and exciting for both of you. Talk to those folks, talk to your daughter and her partner and then decide what you are going to do. Then relax and enjoy.
    Last edited by Iraxy; 09-03-2014 at 09:30 AM. Reason: forgot something

  20. #20
    Super Member cashs_mom's Avatar
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    I agree with Prism99. Be sure to check out your benefits. I'm 61 and I can't retire until age 66+ to get full benefits and they are quite a bit more than I would get if I started taking them at 62. I am currently insured thru our business on a small group health insurance policy. We're with BCBS and I have a $5,000 deductible and still pay $350 a month for my coverage on a group policy. Insurance ain't cheap.
    Patrice S

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  21. #21
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    I took my Social Security 2 years ago due to health concerns after being diagnosed with breast cancer. The extra money was going to be helpful. That is the only reason for me. If I were you I would wait atleast through Dec. 31. Then apply the next week. They check on what you've paid into through the year. If you apply before then, they will check through 2013 instead of 2014. So for a few extra weeks and throw in 2014, it's worth it.

  22. #22
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    Well done, Prism99, your post was excellent on all the points.

    I would like to emphasize that Medicare starts the month you turn 65. I don't know your insurance situation but if you have to purchase an individual plan then this will be a major expense. Also, Medicare does not cover dental or glasses.

    Good luck. You have received a lot of really good advice to consider and help with your decision.


    Linda

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  23. #23
    Super Member pamesue's Avatar
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    I would so love to retire and spend time sewing and enjoying life....my full retirement age is 66 years and 8 months...I got a long way to go..I'm only 56...Unless..... I win the lottery :-)

    whatever your decision, enjoy it :-)
    Pam H.

    "Those that mind, don't matter and those that matter don't mind" ~ Dr. Seuss

  24. #24
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    Quote Originally Posted by Wanabee Quiltin View Post
    I was a benefits coordinator a long time ago. Please go in and talk to the retirement people about your benefits before making a decision. Also I suggest you talk to your daughter about how much time she wants you to be with 'her' child. I have known many hurt grandma's because of this.
    My daughter lives in New York City. She and her husband run their own business, and she asked me to help with the baby whenever possible. She and I talked last year about my work schedule, and she planned the baby around the time I told her I would retire. Neither my daughter nor I want to fly all the way to NY just for a few days at a time. She is thinking of 3-4 weeks at a time, which is why I want to retire and leave my schedule free. My stepson and his children also live in NY so I will spend time with them too.

  25. #25
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    RE: Collecting Social Security. The Social Security website http://www.ssa.gov has a very good calculation program. It can tell you how much you will get per month at various ages using your actual data. Income goes up every month you delay and program can only do by year but it is a good starting place. Medicare starts at 65 don't miss application date, because your cost goes up every year you delay. You can start the paperwork a couple months early and I would recommend it (Just had my first medicare doctors visit Tuesday). At 63 or 64, medical insurance can be very expensive, if available. My husband worked long enough to make sure we had access to his health plan until we were both 65.

    Make sure your plans coincide with the Grandbaby's parents. Our son lives about 30 minutes away. Far enough that we are readily available for emergency babysitting or the fun stuff but not everyday. There is a reason that women our age don't get pregnant. Hauling 20 or 30 pounds of wiggles up the stairs is a lot harder than it was when I was 35.

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