My advise to new retirees is, Check everything out for yourself! Go to the source, and make decisions based on FACTS, not someone else's opinion! Our tax person retired,. she was my sister in law's, sister in law, MISTAKE NUMBER ONE! WE WENT TO A PROFESSIONAL CPA, and it took her about 2 minutes to spot a big mistake we had been making for 17/18 years! Our gross income, SS, and income from investments, put us in the bracket where we had to pay state, and federal income tax, on 80% of our SS income! Being debt free, this was more income than we needed, and she suggested we cut back on the amount of income we took, from investments, to get our gross income down to the amount where we only had to pay income tax on 20% of our SS income! The tax savings this allowed, was as much as we the cut in income from investments, so we ended up with about the same after tax income! This was a HUGE savings, and we could have been doing this all along! Take Care Of Business!
I bailed out at 62 that was 23 years ago and am glad i did, getting parttime work at 62 was no problem but around 72 i found the major companies like Walmart HomeDepot Lowes, have a their little unspoken policy of not wanting older workers, sure they will hire a few but they don't keep them long just keep replacing them just to be in compliance with the law.
Just keep this in mind and give being self employed some thought.
Just keep this in mind and give being self employed some thought.
Oh man, I'm sorry to hear that. I hope you enjoyed the extra free time that came with a few years of part time but you crossed the breakeven point 5 years ago where you will forever forward get less back from the gov't of what you paid in than you would have if you waited.
Yes i did enjoy being able to do what i wanted to do when i wanted to do it.
Now as for me not getting back what i paid in, what do you think i was getting for the past 23 years?
What was that German item posted at on the gates of Auschwitz "Work will make you free"
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Less zeros factored in to your average pay across highest 35 years. Its crazy what 0's will do to an avg.
But you can't change the past! I'm glad you are happy with your decision. Personally I want every cent back that I can get. I could have gotteb a better return on it myself so I at least want the highest value for my mandatory government insured, inflation adjusted annuity
You posted (Less zeros factored in to your average pay across highest 35 years. Its crazy what 0's will do to an avg.) Well you lost me somewhere i am guessing, but thanks for posting it.
Now about not being able to change the past:
You are wrong you can change the past it's just we have not yet found just what has to be do to do it, if you read "A Brief History of Time by Stephen Hawking" he explains there is away to reverse time, it's just we have not found how it's done but we will someday.
Now in regards to highest value from my Government being a Veteran i get my medical and medicine that i need, and i have enjoyed my SSI i just got a 8% raise not being a high roller it buys what i need and right now also you can't take it with you when your dead but maybe someday that also can be changed.
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Your social security pay is calculated based upon the 35 years of highest income during which you paid social security taxes. If you only worked 23 years, then 12 zero's are factored in which dramatically affects what you receive. Thank you for your service! Depending on when you served I hope you participated in the TSP or have a pension as well.
SSI, or supplemental security income, is something else entirely. It is means tested assistance, and I seriously hope you don't actually receive it. Our Veterans deserve better
This thread has got me to do some number crunching
When I look at numbers projected out based on my current SS statement, as of today, If I draw at 65 (4 months away) as opposed to waiting for age 66.8 for full benefit:
if I live to 70 I'll have received more money drawing at 65
if I live to 75 I'll have received more money drawing at 65
if I live to 80 I get about $900 overall less than waiting to 66.8
If I live to 85 the numbers change to getting overall about $18k less than waiting to 66.8
So 80 seems like the change over point for me. None of my paternal side men have ever lived that long. My maternal side men haven't either. I'm now thinking I'll take it at 65 plus won't be out of pocket for nearly $500 every quarter for medicare premiums they would bill me for while waiting for age 66.8 to get here.
When I look at numbers projected out based on my current SS statement, as of today, If I draw at 65 (4 months away) as opposed to waiting for age 66.8 for full benefit:
if I live to 70 I'll have received more money drawing at 65
if I live to 75 I'll have received more money drawing at 65
if I live to 80 I get about $900 overall less than waiting to 66.8
If I live to 85 the numbers change to getting overall about $18k less than waiting to 66.8
So 80 seems like the change over point for me. None of my paternal side men have ever lived that long. My maternal side men haven't either. I'm now thinking I'll take it at 65 plus won't be out of pocket for nearly $500 every quarter for medicare premiums they would bill me for while waiting for age 66.8 to get here.
67 for me. 70 is delayed with a slight increase, but I am going for it at 67.
That is a tough decision, to have longer to do what ever you do in retirement, and risk being short of money due to inflation later on, or to work longer and risk not being phyicially able to do the things you planned doing? I chose the early out, and am doing fine so far! Eggs are nearing $9.00 a dozen, I MAY HAVE TO GET A SOME LAYING HENS?
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