I Guess I just Retired

[mary and bob]

Greg: At 63 you can start collecting Social Security early, but there are earning restrictions until you reach full retirement age. If you start collecting part way through a year there is a monthly restriction of about $1180 a month, then a yearly restriction of around $14000. If you go this route, get the info directly from a SS office, ask the questions more than once, and from more than one person if possible. There is a lot of misinformation out there, so be sure of the source and double check everything. I retired at 64, started collecting my pension and Social Security, and got a part time job, and my income hardly changed from when I was working full time. I'm working 20 hours a week doing maintenance at a small private retirement home, and they like me so much they're letting me take the winter off to go south and sit on the beach! That changing the goals until they are unreachable is a typical act to get an excuse to get rid of someone. Good luck, hopefully this will end up improving your life. Bob

[Shadow Catcher]

You receive less if you retire early and there is a political party that if they get in want to raise that age to 67.

[mary and bob]

One way of thinking is that by taking SS early, you're getting all that money now and it would take years to make it up if you wait until 66. But the longer you wait, the higher the monthly payment. Now if we only had that crystal ball to tell us how long we have to live, the decision would be much easier.

[Ron Dickey]

The only advantage of holding on is that your SS money will be more each year that you can hold off. if they lay you off you can collect unemployment for a year, but you will have to apply for other jobs opening yourself up to ID theft. You have all that ID stuff on each app. Or if you have enough in the bank to hold off until you are the next age you will see more yearly money from the SS.
Other wise talk to your lawyer or financial adviser and see if you can start using your savings then 401 k money and the SS later on down the line so it will be higher.

Consider a part time job. Many retired folks who are use to making a little more work for the City at parking structures or information desks. You have connections use them.
There is always that greeter at Walmart (everyone but everyone points out that job to older folks) Laughing

Make sure you Roll over your 401k before you leave. To your bank or where ever you fill you will get the most out of it.

My boss is 21 years old as of last month, he keeps asking me to do things he does with out thinking or knowing he has no experience and does not ask his dad or grandpa what he should be asking of his older employees.

So Ask lots of questions of Gov.. employer, retired friends, lawyer, bank, SS, City Senior Centers offer a lot too. You might consider joining ARP They are up on that sort of thing there might be an office in your city.
Also look for things written by Suzie Orman http://www.suzeorman.com/ sometimes PBS at fundraiser time has her on and she will tell you all.

The last thing is can you afford to retire are most of your bills paid off. You may have to talk with companies to see if you can reduce your payments or interest.

Do not be surprised if the company begins to loose ground after all those people with experience are gone and all the connections they had are gone too. Do not tell them what you did or teach your replacement there is a chance they may ask you to come back out of retirement if they realize they made a big bo bo.

I worked for Mervyn's for 23 years one day the came up and said we are not paying for your insurance anymore over 75% of the employees left the company went under not to soon after.

Class action law suit is there and they might work out a deal to end it. But there is time and money lost. (the Stress involved could kill you or change your life) So think it through.

Some young accountant said if you do this it will save you this and they have not taken into account the experience you have. If they ask you to train your replacement just give them the basics and move on.

If you retirement is the right direction you enjoy it and don't join a lot of organizations until you find you are board. You can investigate non profits and see which fit your life stile. Your Church is a good place to start but do not take on head of chairs just help out and watch and learn. You might look at SCORE http://www.score.org/ Don't take big steps you are here to enjoy life not Work.

[eamarquardt]

You receive less if you retire early and there is a political party that if they get in want to raise that age to 67.

True enough and if they do so, there might be some money in the fund so our children can retire. SS is, at best, a Ponzie scheme.

I promise not to say another word.

Cheers,

Gus

[jstrubberg]

If it was left as a retirement fund, social security would be fine.

I've never met a politician who could keep his hands out of the till, though. Social Security now pays for as many non-retirement benefits as retirement oens.

Add to that increased lifespan and everyone drawing for longer and the picture gets pretty grim.

I still reccomend talking to a lawyer. Companies and supervisors who act in this manner deserve to get their heads slammed in a car door.

[Bigwoods]

I have learned that if you take SS early and keep working, you monthly payment is re-evaluated when you reach full retirement age, so it can go up. For my immediate future my main concern is health ins. I have not heard anything about cobra or when my ins. ends.

Also, I have heard that some are looking at a class action suit and I'm being sent the low down on that.

[mary and bob]

I never heard about the monthly payment going up at full retirement age. I was told at the SS office that I was restricted to $14180 per year until I reached 66 years old, but for the remainder of the first year that I retired in, it was a monthly restriction of $1140. Those figures may not be exact, but are close. If I earned over those amounts, SS took some back. Like I said before, get the info directly from Social Security because there is a lot of distorted information out there. I did the COBRA thing too, I think that lasted 18 months, now I'm on Medicare and supplementary Blue Shield from my wife's former job in a school, she's retired too.

[Wolffarmer]

From the info I am reading that I got from the SS is payments DO NOT go up after you start taking SS. The possible payments go up the longer you wait to start taking SS until you reach age 70 then they max out.

Randy

[mary and bob]

I agree with Randy, but I made at least three trips to my local SS office, asked the same questions to different people there, before I was satisfied that I had the right answers and then started taking my payments. And when you hit 65 and go on Medicare, there's more confusion, choices, and stuff coming in the mail. I have to say we are really lucky, because of the union contract my wife retired under, her former employer reimburses me the cost of Medicare that is taken out of my SS check, and I have my supplemental health insurance from them too. How crazy is that!!!

[Wolffarmer]

Yeah, that is crazy. But at least you got something. Not like me. I don't have a thing but SS. I am really up a creek



Randy

[rowerwet]

Yeah, that is crazy. But at least you got something. Not like me. I don't have a thing but SS. I am really up a creek



Randy

glad somebody is getting the benefit of a program that I expect to pay into my whole life and get nothing back from... feel very sorry for my kids, born with thousands of dollars in debt over their heads. Hope I can leave them with enough of a head start to overcome what our country has become.

[S. Heisley]

I never heard about the monthly payment going up at full retirement age. I was told at the SS office that I was restricted to $14180 per year until I reached 66 years old, but for the remainder of the first year that I retired in, it was a monthly restriction of $1140. Those figures may not be exact, but are close. If I earned over those amounts, SS took some back. Like I said before, get the info directly from Social Security because there is a lot of distorted information out there. I did the COBRA thing too, I think that lasted 18 months, now I'm on Medicare and supplementary Blue Shield from my wife's former job in a school, she's retired too.

Bob is correct, you are restricted on how much you can make during early SS retirement years and the penalties for going over are stiff. If you continue to work and pay into social security, even at $14,180 or less per year, that extra SS pay-in is considered and your SS is re-figured. Also, the way I understand it, if you go back to work full-time, you can defer your social security payments; thus, preventing penalties and increasing your SS pay when you start taking it again. (Double check me on that; but, that's the way it was 4 years ago.) Of course, once you reach full retirement age, you can make as much money as you want and still collect your SS. (Ha! Not that many people over 65-66 go back to work!)

Health insurance is the big problem and you get hit hard at and after age 60. Even with retiree company insurance, my monthly insurance payments sky-rocketed then. If you are a veteran, you can probably use their services.... In 2014, there is supposed to be Federal health insurance available; but, that's if the laws remain as they are planned to.

Not having medical insurance is bad, too. The husband of a couple that I know spent 2 days in the hospital because he had to have a stint put in after a heart attack. They didn't have insurance and were hit with a bill for $123,000. ...not nice. What all this means is that lots of thought and planning are very important to you. ...But, you are already aware.....

Best wishes.

[Bigwoods]

Just a quick update. I have started the COBRA ins. at 400. a month. It is very good ins. so an agent said to stay with it. Mt wife with SS disability has Medicare now so we started a supplemental for her.

As far as my former employer goes yesterday they dismissed the regional manager that terminated me for of all things, unfair labor practices. I was actually told that be a friend I have at unemployment.
Seem like they are starting an investigation into 6 dismissals and she tells me the company wants to make it "right" with everyone. We will see.

[S. Heisley]

Just a quick update. I have started the COBRA ins. at 400. a month. It is very good ins. so an agent said to stay with it. Mt wife with SS disability has Medicare now so we started a supplemental for her.

As far as my former employer goes yesterday they dismissed the regional manager that terminated me for of all things, unfair labor practices. I was actually told that be a friend I have at unemployment.
Seem like they are starting an investigation into 6 dismissals and she tells me the company wants to make it "right" with everyone. We will see.

That's good news!