Retirement questions....

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12-18-2013, 08:27 AM

#21

tessagin

Power Poster

Join Date: Mar 2013

Location: Corpus Christi, Tx.

Posts: 16,105

I guess you can say I am semi-retired. Being a real estate agent, you are pretty much in control of your own income. I started drawing SS a year ago. I am able to write off expenses. Just got my yearly letter informing me that I get a raise in January, not to much but some. 66 is the current "full" retirement age. I may have waited longer had I known more about the cancer scare but went ahead and drew SS. Since I chose to draw early, I am limited to $15120 a yearly income. If I make more than that, $1.00 for every $2.00 will be deducted from benefits. Had I waited for full retirement, I would've been allowed to make $40,050 limit. This irritates me because I was not told the amount. I have the paperwork from the SS office with the information. I have worked over 50 years and paid into SS since 1968. Go to the SS office and get everything in writing.

12-18-2013, 11:31 AM

#22

carolynjo

Super Member

Join Date: Jul 2010

Posts: 6,430

Go visit your local Social Security office and they will do the numbers for you. Good luck.

12-18-2013, 01:04 PM

#23

madamekelly

Super Member

Join Date: Jul 2010

Location: Central Willamette Valley, Oregon, USA

Posts: 7,695

Quote:

Originally Posted by Stitch124

I'm seriously wanting to retire. My DH is retired and draws SS monthly and works part time, although he wants to go full-time. I don't want him to go full-time unless he knows he's going to be working steadily with no layoff, and if not, then I'm definitely going to retire. I've been supporting him since we married - 10 yrs ago. I'm tired and I need to de-stress.

I've got a substantial 401K and a pension plan with my employer, and I save each payday to my 401K, and my medical coverage will come with retirement plan. DH also has a pension and 401K but cannot draw on it until he is 65. He's 63 now.

Just wondering if there is a way to predetermine if retirement is feasible? What questions to ask, how do you know you can live on whats coming in? I won't be able to start drawing SS for 2 more years, but I just don't think I can hang in there for another 9 yrs until I'm 70. Ugh!

People my age at work are retiring left and right. Everyone asks me when I'm going to retire and I always say ' when they pay me to leave.'

How do you know: #1 it is something you can afford to do, #2 when do you 'know' it's the right time?

Social Security has a way to get an estimate of your retirement or disability income if you retired today, so you would know what you would get. (Remember that each day you work, that amount will grow. Might get you through "those days" at work to know this...lol!) Go to www.SSA.gov and look for the estimated benefits option. I would get a copy of that report, and take it to a financial planner or a really good insurance agent might also be a good person to ask. I hope this is helpful. If you need more info PM me.

12-18-2013, 01:36 PM

#24

carol40965

Junior Member

Join Date: Apr 2013

Posts: 121

I retired at age 60 with a retirement plan and insurance provided by my employer. At age 62 I started receiving SS benefits. The two added together is a good amount but let me tell you, it's not like having a paycheck. It was very difficult to scale my living expenses. My home is paid for but I have a car payment. I did substantial improvements on the house but it's old (1950) with age related problems. I had to lay a new sewer line this spring, repair the air conditioner, and in the fall repair the furnace. These are things I did not take into consideration when retiring. On the other hand, I love not having a schedule. I returned to work for 15 months at a craft shop and loved it. But, again, I had a schedule and I was tired of someone else planning my life. In sum, thing about those unexpected expenses.

12-18-2013, 01:59 PM

#25

Super Member

Join Date: Mar 2008

Location: Pacific NW

Posts: 4,392

A good financial planner should be able to address your concerns (at no charge). That's what we did and have been happily retired for 6 years now. Best wishes!

12-18-2013, 02:37 PM

#26

Carol34446

Super Member

Join Date: Sep 2012

Location: Homosassa, FL

Posts: 2,267

Quote:

Originally Posted by Pinkiris

My husband retired early, when he knew that his company was closing. He didn't take SS until he was 62 years old. We found out at the SS office that when I reached 62, I could collect half of his payment amount, My payment would have been a lot lower because I stayed home many years with the kids and had much lower paying jobs. That was a pleasant, unexpected surprise. It works for whichever spouse is entitled to the lower amount. If I had been the big wage earner, he would have been entitled to half of my SS amount. I had heard about this, but had it confirmed at the Social Security office. We also spoke with a financial planner.

Check out all your options.

My husband retired in 1996 when he was 63. We married in 2000 (together since 1996) and when I was 62 no jobs here so I took SS. I DO NOT get half of his retirement, and would like to know if you actually got it. I had quit work to look after my mother when I was 59, and she was in 90's. I spend years at home and didn't make big money when I worked and my SS is not good at all. Would LOVE to get half of my husbands SS. Several hundred a month more than I get now.

12-18-2013, 04:05 PM

#27

JoanneS

Super Member

Join Date: Mar 2008

Location: AZ and CT

Posts: 4,898

My mom 'practiced' living on her retirement income + my dad's and their combined soc security for a year before actually retiring. She discovered it worked, so she retired at age 62. You could try that for 6 months or so to see if it works for you.

Bonus: she had the additional savings from that year of not using all her income!

12-18-2013, 04:33 PM

#28

RugosaB

Super Member

Join Date: Mar 2010

Location: Ohio, just east of Toledo

Posts: 1,369

I'm 55, my husband 57, and we are 'planners' We were talking about retirement a few days ago and he said, since he worked for the railroad for a little over 10 years early in our relationship, ss was different.
So he called the railroad retirement board, and got the info.

If someone has railroad employment in their history, they might be entitled to more each month. He's thinking of retiring at 62, and she said he will not get ss checks, they will come from the railroad retirement board. The figure she told him was $350 more per month than what ss says, when retiring at 62.

When we're in our 90's that might buy a gallon of milk and a pack of toilet paper!

12-18-2013, 06:57 PM

#29

kathyd

Senior Member

Join Date: Jan 2008

Location: Illinois

Posts: 909

To start with, I have not read all the previous posts.
One of the first things you need to do is find a financial planner that you trust and feel comfortable talking with. They will ask you lots of questions that you need to honestly answer about how you want to live when you retire. Talk with friends to get recommendations. DH and I "interviewed" 4 planners before making our decision. DH company was closing, he was losing his job and we had a company 401K we needed to move.
Good luck in making you decision and I hope retirement works for you.