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  #61  
Old 02-13-2019, 10:04 AM
Nyghthawk Nyghthawk is offline
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I am going to retire this Summer at 63. Time waits for no man and my grandchildren are getting older by the minute.
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  #62  
Old 02-13-2019, 10:08 AM
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Originally Posted by Nyghthawk View Post
I am going to retire this Summer at 63. Time waits for no man and my grandchildren are getting older by the minute.
Good for you. As I said previously, nobody ever wished on his deathbed that he'd had more time to work....
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  #63  
Old 02-13-2019, 01:03 PM
rokdog49 rokdog49 is offline
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Originally Posted by DCCougar View Post
I just worked this out for my wife's situation. She was a professor with a pretty good salary, so she paid A LOT into SS over the years. She's going to wait until she's 66 to take SS, and she'll only have to live till 69 or 70 to make up for the benefits she didn't get because she didn't take SS earlier. So it depends!
It definitely does depend. For sure, if I lived long enough, holding off until 70 on receiving my benefits would have given me a significantly higher draw. I would have to live to 76 to hit the break even point and I wasn't going to roll those dice.
I took mine at 66 because I have other sources of retirement income and besides, I wanted to start getting back what I paid the government all those years. I admit, part of not waiting was an emotional response as in "I want my money and I want it now."
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  #64  
Old 02-13-2019, 06:53 PM
Pitar Pitar is offline
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I have no impetus to retire. I enjoy what I do employed much more than what I'd be doing unemployed. I'm a workaholic and derive my energy from being a relevant part in a productive life. If I slid into retirement I'd have to re-enact my employed life, which would be easy as a DIY homeowner and mechanic on my cars, but there'd be no income from it. I'd feel disconnected (irrelevant) if I threw in the towel now (63).

That said, I am ferreting out a self-employment proposition that would be a glorified retirement that maintains relevance in life's (as I see it) larger picture.
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  #65  
Old 02-14-2019, 12:33 AM
1neeto 1neeto is offline
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Good for you. As I said previously, nobody ever wished on his deathbed that he'd had more time to work....


This right here. Amazing how most people take TIME for granted. Nobody ever listens to Pink Floyd?

One of my ex co workers who I consider a dear friend worked until 71 years old. I used to tell him over and over again he should retire or heís going to miss out spending precious time with his family. A few months after he turned 71 his wife fell ill to a very aggressive cancer and died about a month after being diagnosed. He retired so he could spend the last few weeks with her. We still keep in touch and he still regrets not retiring sooner. I really feel for him, itís been almost two years now and heís still grieving.

Donít wait until 62, make plans to retire as soon as possible. Social security insurance should not be the deciding factor of when you should retire.
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  #66  
Old 02-14-2019, 04:33 AM
AX17609 AX17609 is offline
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This is my final post to this forum.

I retired just prior to turning 60. Although I carefully cultivated my finances to support such a decision, I failed to account for the fact that my wife would develop wanderlust. We just completed our 4th move in 9 years. The first two were during the worst housing crisis since the depression. She also totaled her car, resulting in a significant outlay of funds.

Finally, I didn't account for the fact that my daughter would develop a brain tumor and become disabled after running up a mid-5 figure education debt. Her husband has a low paying job, so they can no longer support their two kids. They'll also need some kind of home health care until she eventually is forced into hospice. I don't have a solution for that, but it will certainly take all of my remaining funds and probably more.

In my case retiring early was unwise, because I failed to plan for entropy.
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  #67  
Old 02-14-2019, 05:55 AM
rokdog49 rokdog49 is offline
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AX17609, my heart goes out on you and most especially for your daughter's situation. We have already helped out relatives financially since I retired. This includes includes my Dad, our son and a niece. ( my wife's sister died from cancer).
I don't need to tell you that life is unpredictable and no matter how well you plan, things can go sideways. I'll be thinking and praying for you.
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  #68  
Old 02-14-2019, 06:11 AM
Fogducker Fogducker is offline
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My wife and I didn't have to equivocate very long making the decision,------both of our fathers died when they were 62, both were victims of a CVE!

Fog
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  #69  
Old 02-15-2019, 04:45 PM
CASD57 CASD57 is offline
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Originally Posted by Murphy Slaw View Post
I realize the SS check will be less, but males in my family rarely make it much past 70 so I'm seriously considering this now. Will be 62 next Feb.



When should one start the process? Before the birthday or do you have to wait until you're 62.



If your birthday is in Feb., is there any benefit in working Jan. of a new year or does it just go off of the last fiscal years (5 ? ).



What about gigging for $. If you are drawing SS and decide to gig a little (or work a little part time), do they deduct that from your income next year/month, how do you legally report earning money on the side? I have a friend who's scared to do anything for fear it'll mess up his check.



Rumors say you can make all you want after 66 without claiming Jack. True?



Man, I need to bone up, but all my old friends hang out in guitar Forums....



Educate me old dudes.....
Im 62 in May, i have daughter under 16 and a younger wife, all positives for retirement. 1100 for me $750 for my daughter until 18 and $750 for my cargiving wife until my daughter turns 16 oh but wait anything over $17600 a year income the SS folks keep $1 of every $2 you make over the $17600 so with my current job i would get $0 per month until i turn 66 so unless i change jobs ill wait till 66.6 to file, ill still get a few months for my wife, and 3 more years for my daughter so all is good, oh and you can't file and delay anymore, one last kicker, your 66 year or retirement FRA year you can make up too 46900 anything over that is $1 lost out of $3 my numbers could be a little off due to memory lol
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Old 02-16-2019, 05:50 AM
Murphy Slaw Murphy Slaw is offline
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Originally Posted by CASD57 View Post
Im 62 in May, i have daughter under 16 and a younger wife, all positives for retirement. 1100 for me $750 for my daughter until 18 and $750 for my cargiving wife until my daughter turns 16 oh but wait anything over $17600 a year income the SS folks keep $1 of every $2 you make over the $17600 so with my current job i would get $0 per month until i turn 66 so unless i change jobs ill wait till 66.6 to file, ill still get a few months for my wife, and 3 more years for my daughter so all is good, oh and you can't file and delay anymore, one last kicker, your 66 year or retirement FRA year you can make up too 46900 anything over that is $1 lost out of $3 my numbers could be a little off due to memory lol
I don't get it ?
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  #71  
Old 02-16-2019, 11:38 AM
CASD57 CASD57 is offline
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Originally Posted by Murphy Slaw View Post
I don't get it ?
Depending on your age...when you can be considered Full Retirement Age
Using me as an example.. FRA is 66.6 years
If I retire/ pull SS at 62, not FRA(Full Retirement Age) I am penalized $1 out o every $2 dollars I make over $17,600(you'll need to check for the right number, it went up this year)
At 62 I would make $1050 a month but if I make $40,000 a year I would deduct the $17600 from $40,000 = 22400...A $1 SS will keep out of every $2 I make over $17600 So I make 22400 over so $1 out of $2 is 50% $22400/2 =$11200
$1050x 12 = $12600 So $12600-$11200=$1400 Now that is what you will get per year until your FRA year $1400/12= $116 a month
They don't keep that money it is added to your payments after you turn FRA per month.. So instead of $1050 you might get $1100 a month

Because I make more than $40,000 I get nothing until the FRA year...
The FRA year for me would be between 62 birthday "May" until .6 month "Nov" or (maybe .6 of my FRA year is June?? I'll check on that)
FRA year... During the time between birthdate and FRA which for me is 6or is it 1 month after birthday .6 (I could have the 6mo=.6 wrong) anyway the time between your birthday and FRA date you can make up too $46900 before your penalized and even then it's only $1 out of every $3 so not so bad
But remember starting SS before FRA will reduce your SS payment for life, Waiting till after FRA will increase it for life...

At FRA you are not penalized anymore you can make as much as you want and get full SS

I know it's confusing... I'm still thinking about talking to a Specialist because of my younger child and wife.. So That I make the Most of SS for me and My family after I take my final walk

One last thing you need to sign up on the SS site to review your work history and they will give you est. on your payments...Spousal payments etc.,,
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Last edited by CASD57; 02-16-2019 at 11:45 AM.
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  #72  
Old 02-16-2019, 01:14 PM
Mr. Jelly Mr. Jelly is offline
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My wife had a phone appointment with SS yesterday to sign up at FRA. I have an appointment late next month as my birthday is in June. After the SS gal got done talking to my wife she asked to talk to me. I just happened to be home at the time. Well she started in signing me up and asking all the data questions a person has in life. Birthdates and anniversaries stuff like that. I wasn't prepared but I nailed it. Phew!
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  #73  
Old 02-16-2019, 03:43 PM
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I did mine online. Took less than 8 minutes. They called me a week later to confirm everything before they pushed the GO button.
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  #74  
Old 02-17-2019, 02:37 PM
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I retired at age 64, after 21 years in the classroom, in order to take up writing full time. First book just came out in November, and the second has been placed with a publisher. I'm hoping to publish a third book before I retire full-time. I haven't yet applied for social security. Although I loved teaching at the university level, I'm enjoying the heck out of the fact that I don't have to teach tomorrow.
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