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Retirement

Posted: Fri Nov 18, 2022 12:15 pm
by CaptNoize
Since I quit my job, I have applied to all the places that were offering me jobs, when I was working. No one is calling, nobody sending me replys. I hate when people blow smoke up your a**. So much for those idiots. I'm busy,somewhat, in my shop, but business isn't back to the way it was, several years ago. I'm 62, headed to 63. So my friends encouraged me to go on the SSA website, and set up my account, and see what my payouts will be, when I choose to retire. I may just retire when I turn 63. My issues with neuropathy and knee pain, make it hard to stand on concrete, for long periods of time. I need to consider all my options over the next 8 months, if I survive.

Re: Retirement

Posted: Fri Nov 18, 2022 5:08 pm
by crosscourt
You lose a lot of cash if you retire before 66 so take a look at your options.

Re: Retirement

Posted: Fri Nov 18, 2022 11:18 pm
by CaptNoize
Roughly, $300 a month. For me. I hear SS is going to give everyone retired, a $120-150 a month raise, starting 2023. Does anyone know the facts ?

Re: Retirement

Posted: Sat Nov 19, 2022 12:27 am
by crosscourt
The raise will be 8.7% of what youre getting per month. Mine will start in February of next year but it depends on what month you signed up.
Also realize that depending on how much money you are making per year you may have to pay taxes on SS. Next year will be my last year paying taxes on SS. The amount of money you get from SS is based in part on your entire life of working but the last 10 years are the biggest influence. $300 seems very low to me even for getting SS early. Waiting to 66 will net you a lot more cash and at 70 youll get the max amount. I took mine at 66 and I socked away the money to build up my retirement fund so I could have the option to retire early if needed.
In your case the 8.7% will net you another $26 a month, thats it.

Re: Retirement

Posted: Sat Nov 19, 2022 3:45 am
by CaptNoize
$ 300 isn't what I'll be getting a month if I retire at 63. I will get way more than double of that, plus. And if I wait till I'm 64, it will be more than a grand, and that's not with the raise. I also have 3 annuities, that I can draw from,also. I understand that I'll have to get health insurance,until Medicare. I might apply for disability, instead. I really need to talk with my financial planner,and figure out which way is most profitable. I intend to still work in my shop, or some part time job.

Re: Retirement

Posted: Sat Nov 19, 2022 4:02 am
by crosscourt
Sorry I misunderstood your prior comment. I would think you would qualify for disability given your situation. I would talk to your financial planner so he can advise you on all aspects of your situation.

Re: Retirement

Posted: Sat Nov 19, 2022 4:10 am
by wove
A financial planner is generally good for crunching out numbers. I tend to take everything they say with a grain of salt, but overall their advice has been solid, even if I ignore it in the end. I retired early and am glad that I did. My wife and I have always been frugal and we have found retirement life costs less than working life. No driving to work, it looks like we will get through 2022 on 2 tanks of gas.

But everyone knows what makes them content and what resources are needed for that contentment. We go from being kids to teens, to young adults, to middle age in transitions that just sweep us along. A nice aspect to retirement is that it is a transition where we have complete control.

Re: Retirement

Posted: Tue Nov 22, 2022 1:55 pm
by CaptNoize
Spent a few hours yesterday working in my shop. My legs, then feet, started acheing so bad, from neuropathy, I had to quit and come in and sit down. I was talking with my cousin and she said she didn't think I would get disability, even as bad as my legs are. She said, SSA will say you can still work, sitting down. Good Luck with finding a good paying job around here doing that. Nevertheless, after the first of the year, I 'm going to talk with my financial planner, and see which way is best.

Re: Retirement

Posted: Tue Nov 22, 2022 2:10 pm
by wove
The SSA throws up lots of road blocks to getting disability as you near retirement age. Generally it is almost impossible to get SS disability after 55. It is always good to explore your options if for no other reason than finding you do have options. You can continue working after you retire. You would need to check the rules, but as far as I recall you can make ~10 grand a year before you have to pay income tax. You will have to pay SS & Medicare taxes on income until you are 72.

Re: Retirement

Posted: Tue Nov 22, 2022 7:30 pm
by crosscourt
Actually thats not true as depending on your income youll have to pay taxes both social security and medicare taxes regardless of age. In regards to disability in fact a large percentage of people actually do get disability after 55 as I went thru this with my wifes family and SSA. You really have to preach your case and have all the facts/medical info. Wouldnt hurt to have representation either if you go down the disability route as we did that and were successful 4 times. In my community alone Im aware of 10 people that got disability over 55.