I worked my last Friday ever

[PlymCrazy]

 

[Greg Ducato]

Congratulations on this milestone, I keep putting my retirement off looking for the softest landing, but it won't be too much longer before I join the ranks of the rest of you who have made the jump.

 

[Fran Blacker]

Congratulations on this milestone, I keep putting my retirement off looking for the softest landing, but it won't be too much longer before I join the ranks of the rest of you who have made the jump.

If you hang on SS pays more 5% it maybe 68 to 70. You could ask what you'd collect at 70.

 

[Greg Ducato]

If you hang on SS pays more 5% it maybe 68 to 70. You could ask what you'd collect at 70.

Thanks, I'm 66 now hopefully I'll chew through the restraints and go over the wall before then. Social Security won't cover my property taxes and insurance so I need to bank another year or two.

 

[68BabyBlue]

If you hang on SS pays more 5% it maybe 68 to 70. You could ask what you'd collect at 70.

Pays 8% more a year for each year you work until 70, or postpone claiming your benefit. I took mine at 70. Take home pay ended up being more than my average on the truck my last three years. My situation was skewed a bit by high earnings in the middle of my career.

 

[Budnicks]

Max earnings, 3% you &/or your employer too paid into S/S at 6% if self empoyed,
IIRC & it's 'your best 40 years' is what they go by
& waiting till 70, pays max benefits $5,108 for those 'paying in' max monthly/annually in 2025
*-/minus IIRC appr. 17% of your check, automatically goes for Medicare insur., mandate
after age 65 no matter what
*some states taxes if you make enough also
*depending on the amount you make, you may have to pay federal taxes on it too
there's a new deal that gives you another $6k in deductions, for seniors
recent, Big Beautiful Bill

sad part is
But the average recipient gets like $1200 a month,
not even min wage

 

[BSB67]

Pays 8% more a year for each year you work until 70, or postpone claiming your benefit. I took mine at 70. Take home pay ended up being more than my average on the truck my last three years. My situation was skewed a bit by high earnings in the middle of my career.

8% for each year you keep working. It is something less for each year you’re retired but don’t claim the benefit. 5% could be correct.

 

[OneWheelPeel]

I have family that claimed as soon as it was available because they worry it might not be around in a few years. Not sure how valid that really is, even with some recent news stories.

 

[BSB67]

I have family that claimed as soon as it was available because they worry it might not be around in a few years. Not sure how valid that really is, even with some recent news stories.

Nobody knows for sure, but I think it’s valid concern. You just need to bake that into your planning as you see fit.

I will say that the Baby Boomers is a pretty large voting block of people to piss-off.

AARP is your friend.

 

[Budnicks]

I have family that claimed as soon as it was available because they worry it might not be around in a few years. Not sure how valid that really is, even with some recent news stories.

it's not going anywhere, that'd be political suicide
the age to be able to qualify to receive benefit 'may change'
they were talking about 70, maybe (for both S/S or Medicare ?)
like for people only born in the US after the year 2000/Y2K, huge #s
(? not 100% sure, don't quote me)
but;
even that is BS (fear mongering) speculations right now

 

[68BabyBlue]

8% for each year you keep working. It is something less if you stop working and don’t claim the benefit. 5% could be correct.

It's 8% of your current credited earnings. I quit at 69, but didn't claim until 70. "Credited Earnings" are your best 35 years. My best 35 were not my last 35. Your results may vary. I attended elder law seminars for a decade to process this stuff before I ditched my attorney license. I would consult an elder law attorney if you want to determine your specific numbers. Budnicks is right about the Medicare tax. I pay about $170 per month, and partial federal tax because I earn too much. Good problem to have. About half of social security beneficiaries avoid federal income tax. I put up with PA weather, because I pay no state or local tax on IRA distributions or social security.

 

[68BabyBlue]

it's not going anywhere

A good litmus test is all the insolvent private pensions that have been bailed out. As stated earlier, the baby boomers are a huge force. If there is a problem, it will be shouldered by younger generations. Historical precedent.

 

[BSB67]

One of the few advantages of PA. Some other state’s are the same regarding pensions, SS and tax advantaged retirement accounts.

Your situation is likely not typical having a significant step change in income mid career. I had a 40% decrease in annual earnings 5 years ago, but these last years will still be in my high 35 year window. But your correct, you need to to do the analysis for your specific circumstances.

 

[68BabyBlue]

One of the few advantages of PA. Some other state’s are the same regarding pensions, SS and tax advantaged retirement accounts.

Your situation is likely not typical having a significant step change in income mid career. I had a 40% decrease in annual earnings 5 years ago, but these last years will still be in my high 35 year window. But your correct, you need to to do the analysis for your specific circumstances.

Social Security uses a rather arcane formula for indexing earlier earnings for inflation. I had a non typical scenario of top 5% earnings early in my career, and in the middle, not so great after. This was the basis for my personal attorney advising me there was no financial advantage to working after 68, although she advised me to take social security at 70.

 

[Hey-O]

This is another reason I'm on the fence. Don't hate the work, have a good boss, bunch of flexability, some really good co-workers.

I get that, but at some point, all that won't matter. I gave up a ton of good reasons to stay, to go home.

 

[Hey-O]

I have family that claimed as soon as it was available because they worry it might not be around in a few years. Not sure how valid that really is, even with some recent news stories.

About 20% of Americans 65 and over received at least 90% of their total incomes from Social Security. Social Security alone was never considered sufficient for a secure retirement. I was never worried about SS going away, it won't. If it did, the whole country would collapse. My biggest worry was me being around to enjoy it. I retired at 52 from my real job and took my SS at 62. My take home from SS, after taxes and medicare is $2064.60. That's about a 100 dollars more than my house payment, which I didn't have for years, and years, till 4 years ago. Even if I didn't have the payment, taxes and insurance on it are scary and getting worse. The rest I deduct.

 

[68BabyBlue]

There are no definite right or wrong answers on the question of when to retire, or whether it's financially prudent, because none of us know exactly how long we are going to live. Another quote I remember from the experts was that about half of retirees are in a poor financial position for a long retirement, but it doesn't matter, because they will die before their money runs out.

 

[Hey-O]

There are no definite right or wrong answers on the question of when to retire, or whether it's financially prudent, because none of us know exactly how long we are going to live. Another quote I remember from the experts was that about half of retirees are in a poor financial position for a long retirement, but it doesn't matter, because they will die before their money runs out.

Your right Adam, it's the unknown that drives us to do the things we do. My cousin told me once she was good financially to 82, she's 75. This is the same woman that spends 45 a week for fresh flowers for her kitchen table and has clothes in her closet from ten years ago with the price tags still on them. She drove two states over to drop over two thousand on a dog. They give you this plan and it's designed with the thought that you die right before you become broke. Pick an age and save money with that thought in mind. My father always told me the definition of wealthy was being able to live off the money your money makes. I was always afraid of being broke, it drove me to be the person I am today. That's not saying much, it is, what it is.........

 

[OneWheelPeel]

Your right Adam, it's the unknown that drives us to do the things we do. My cousin told me once she was good financially to 82, she's 75. This is the same woman that spends 45 a week for fresh flowers for her kitchen table and has clothes in her closet from ten years ago with the price tags still on them. She drove two states over to drop over two thousand on a dog. They give you this plan and it's designed with the thought that you die right before you become broke. Pick an age and save money with that thought in mind. My father always told me the definition of wealthy was being able to live off the money your money makes. I was always afraid of being broke, it drove me to be the person I am today. That's not saying much, it is, what it is.........

Its interesting how a parent can influence those things, in some cases its not the parent giving good advice tho. My mom was pretty much useless with financial planning, and my father worked hard but was always looking for the big payday from either gambling or the lottery. He even gave up a cabinet shop business that seemed to be sustaining if not outright successful, in search of a big payday. I often think what if he kept it and it became an & Son biz.
I never really learned financial planning from them as a result, I learned what not to do.
Like not to leave a good job unless you have another option lined up (I only threw the rule out the window once around 2017), and to control debt and have a good credit rating. I do think in some ways I also played it too safe but thats 20/20 hindsight. I think I would have it made in the shade now if not for a terrible relationship choice that bled a lot of my money.

 

[451Mopar]

I'm quitting my six figure job next week for my health and I'm only 60years 8 months old. I need to see if I can collect on my wifes SS as a widower?
I have some savings so not too concerned short term. If my health gets better I will likely get at least a part time job. If things get worse, I'll have alot of cars and tools to sell.