Retirement

[Marsha/CA]

Thanks Phil,

I actually took the time to do an internet search and found it.   You get a senior version of "American The Beautiful Pass".  Dummy me, I should done a search in the first place instead of taking the easy way out and asking.  I've been looking forward to that pass for several years now.

Tim and I have been mulling over taking Railroad Retirement (same as social security) at 62 instead of later.  We need to run the numbers.  But I'm thinking now rather than later.  I'm looking at every angle to help with this costly fuel situation.   

Marsha~

[Jim Johnson]

at 62 instead of later

I took a retirement briefing before I retired and the general theme was, "If you need the money to make it through retirement, wait until 65-68.  If it is not a 'make or break' deal, then take it at 62.

[Ned]

I would argue that in any case you're better off taking the money at 62.  Even if you don't need it, take it and invest it until you do and you'll be far ahead of waiting until even 65.  When I did the math on my benefits, the breakeven age for total benefits paid from 62 vs. 65 was around 81 years of age, without factoring in inflation and cost of living indexes.  Those would make taking the more valuable early dollars even more attractive.

[Marsha/CA]

Tim actually ran the numbers about a year ago and the extra we would get by taking it at 65-68 was not a lot different than taking it at 62.

I was kinda looking at it this way.  None of the Railroad/Social Security benefits pass on to the kids.  So why not get it at 62, save some of my own private money that can be handed down.  That is if anything is left over.     I also think Railroad Retirement/SS will be a mess at some point.  So why not get into the system and get started.

Hopefully someone will put this thread back on track, or staff will have to move it....

Marsha~

[Tom]

Marsha,

Maybe we should take the money before the SS systems runs dry 

[Marsha/CA]

Marsha,

Maybe we should take the money before the SS systems runs dry 

That's what I was subconsciously thinking. 

BTW, you beat me to it.

Marsha~

[Ron]

I took out SS when I turned 62.  You really can't loose taking it early.  Just remmeber who has control of it while you wait till 65.  Not a risk I care to take.

[aka Porky]

I took my SS at 62 for one very simple reason.  No male on my dads side of the family had ever lived past the age of 45 until his generation.  He and his youngest brother were the only two (out of 5 brothers) to live past 60.  What were my odds

I had my first quadruple bypass at 53, my second quadruple bypass at 62, drove the old Bounder to Alaska at 67, had a stroke at 68 and here I am going to turn 70 on the 25th of this month and still sassing all the folks on this forum .  I wasn't supposed to live this long.   I say get it while you can.

Life is good, God is great and the rest is tolerable.

[Mike Goad]

I would argue that in any case you're better off taking the money at 62. 

In my case, I have to.   

I took an option on my retirement pay that gives me significantly more money than the basic plan for the first seven years.  Then, at age 62, it drops by the amount that it was estimated I would be getting from social security, without factoring in cost of living increases. 

It made the difference between being able to retire at 55 and having to wait quite a while longer.   

[Bob Maxwell]

And Marsha, railroads are going to br doing real well $$$$ the next decade or so.

A friend of ours [and the treasurer on Bev's BoD] is setting up the new degree program at Michigan State in Rail Transportation, the first in the USA in decades. He started the project two years ago to begin this fall. Great planning!

[Pierat]

Of course, if you take Social Security before full retirement age, they'll dock you if you work and earn above a certain amount (about $12-13K, I believe) annually. That restriction goes away at full retirement age. In any case, as I understand it, Medicare starts at 65, no docking involved (so to speak). So, check it out carefully before deciding.

[Marsha/CA]

Bob....can I tell you that you look "good" in the cowboy and clerical collar.....   The new look is YOU.   I almost thought we had a new member named Bob Maxwell.

I hate to admit that we have railroad stock that has done extremely well in the last few years, and will probably do even better in the upcoming ones.  Railraod stock splits often, so Tim has hung onto every one he has.

If we take the early Railraod Retirement, it's a fixed amount like Social Security; but it's higher than SS.  He has just about as many years working with the railroad as he did in the private sector for SS.  Your friend hit it just right on the Rail Transportation program at Michigan State.  I would bet there will be lots of employment opportunities with the railroad in the upcoming years.

John, we've been doing some checking and realized that we can't earn very much i.e. the $12-13K.  What I can't remember is if that includes investment earning or just income via an employer.  If it's just via an employer, then we are safe.  Tim doesn't want to work any more.....   He wants to stay home and play with our granddaughter and that cute poddle puppy.

Marsha~

[papahog]

I believe it is just from work preformed for pay and not income from investments.

I did not get to decide at age 62 as disability forced me into retirement a year before that.  However I was going to take SS at age 62 and not look back.  Bad heart makes this decision easy.

I am happy to be retired and can not work if I wanted to, which I don't.  Life is good and grand-babies are a bonus.

[eddieelk]

Hi, y'all.  I took my SS at 62(1998) & kept working full time until 65(2001).  I worked on and off after that.  I had heard that if your kept working past 65, you would get higher monthly benefits since you continued to pay into SS.  Then in Sept. 2005 I got a suprise from SS when they deposited a extra $8,703.00 into my checking acct.  I thought it might be a mistake, but two weeks later got a letter stating they has made a mistake figuring out my benefits after age 65 because I was still working.   My monthly benefit also increased $240.00.  I'm still woring part-time when we're not on the road, and am looking for another back pay check from them.  It does'nt hurt to complain.

[Wendy]

Marsha - It's "earned income" you have to worry about, like from a job (whether paid by an employer or self-employed). Investment income doesn't count. Good reason not to work, eh? Of course, if you make too much money, earned or not, you end up paying income tax on SS.

Wendy

[Marsha/CA]

Thanks Wendy,

WhenTim and I started looking at all the info for SS and Railroad Retirement, we were indignant that we had to pay taxes on the benefits.  Then someone said something to us that it was taken out pretax, similar to a 401K, so we had to pay tax on it.  drats!!

Marsha~

[Wendy]

The year Mike retired from NPS, he got a lump sum payment from the government. I didn't like paying taxes on that but, hey, what can you do. But, that year MY social security was taxable ! I was p***ed, er, really, really mad. I even ran the numbers if we filed joint, filed separate, got divorced and filed single separately. Finally bit the bullet and paid the tax.

Wendy

[Tim Lassen]

I decided that my best option was to begin taking retirement benefits at 62 and have Marsha go back to work full-time...tim

[Marsha/CA]

I decided that my best option was to begin taking retirement benefits at 62 and have Marsha go back to work full-time...tim

Dream on Big Boy.....

Marsha~ (Tim's wife)

[harley man]

Marsha&Tim
I was late getting into a job with benefits (POST Office) so I worked past 65,  had I taken SS at 62 while still employed full time I would have had to give back one dollar for every three earned from SS.I have been retired for four years and until a year ago had to pay IRS tax on 80% of my SS income because of making too much.

I feel for the younger workers who will have to reach 67 before full SS benefits.

The internet site for SS and  Rail Road benefits have material available for downloading or information you may order by mail.

The Rail industry is going to come on strong freight wise with fuel prices parking over the road shipping.

Enjoy

[Marsha/CA]

Harley Man,

It sure seems like an unfair system, doesn't it?  You put in for all those years and you would think they would just let you have the benefits without all the limitations.  And, I agree I feel for the younger workers too who have to wait until 67 to retire.  We were lucky in that Tim could retire at 58.

I have a sister than was a Post Master in Angola, Indiana.  She is now a union grievance <sp?>examinator. 

Marsha~

[Ron]

I decided that my best option was to begin taking retirement benefits at 62 and have Marsha go back to work full-time...tim

Sounds like a good plan IF you can accomplish it.

[JoAnn]

I find this thread very interesting as Jim just turned 60 last week and will retire in 2 years.  I have a question.  I am 2 years younger and will probably continue to work until I turn 62.  So from what I'm understanding, my income will affect taxes he has to pay on his Social Security, but his pension and investment income will not???   I find all of this so confusing, I really appreciate all of your expert input.

JoAnn

[Alaskansnowbirds]

I'm sure Wendy will correct me if I wrong but it's my understanding that your income has no effect on his SS. He is only allowed to earn so much before they start reducing his SS.

[Wendy]

Your husband's social security receipts MAY be taxable. When you fill out your Form 1040, you have to calculate whether or not any SS receipts are taxable. There's a separate worksheet you use to figure this out. On that worksheet, you include half your SS $, all the amounts you listed under the Income section (wages, dividends, interest, etc), less any adjustments. If that amount is more than a certain amount ($32,000 last year for those filing jointly) then the SS receipts MAY be taxable. It's hard to explain but easy to follow the worksheet when you have all your tax info handy. If you have a copy of your 1040 instruction booklet, you can see how it's calculated there.

IRS explanation
1040 Instructions (PDF) - page 25 has the worksheet

Hope this helps and that I didn't just confuse the heck out of everyone. Bottom line, sometimes it's better to file separate returns or get a divorce and just live together

Wendy
Cortez CO

[aka Porky]

Wendy, your advice and info is right on.  I can tell you from experience, however, that divorce can play havoc with a lot of retirement dreams and finances.

Recovering nicely in North Carolina, lou 

[motojavaphil]

Just got my Army Retirement Orders over the internet.  It has been a pleasant night with big smiles and thinking when I can go on the dole in the near future.  Life is good.
Phil

[harley man]

Dear Marsha, I keep braggin bout Gary & Tom but youse and Wendy are NO slouches! I loved my work and my customers at the PO but Management did me in,the latest PO General is anti labor and employees are retiring as early as possible. my Wally World, Lowes, Home Depot and other places are their employer's now! It is so sad! I keep in touch with things and now they are trying to make it mandatory that we lose our health benifits upon reaching 65 and must rely on medicare A&B. Hell, that's why I left the Auto Business, to get a decent UMBRELLA!

[AuntSmurf]

Bill and I are taking our "retirement" early.  When he turns 62, he's drawing SS.  He plans on working that year until he draws close to the max allowed for the year, then quitting.  We figure he'll have to quit his job sometime in May.  We're going to bank his SS until then, padding our nest egg a bit more.  (He turns 62 in mid Dec 09 and will start drawing Jan 2010.)  Bill's 8 yrs older than I am, so I'm going to work until mid July.  Then we're traveling the rest of that year.  He's got a Pension from Des Moines, and figure between the two of them we should be in fairly good shape.  WorkCamping will be an option for us from then on.  I feel a bit guilty, retiring at such an early age.  But we've discussed it, and it makes more sense for us to both work part time, if needed, than for me to continue to work full time, while he sits at home.  Our health is good, and we don't want to take the risk of his taking SS later, and not being able to enjoy life after retirement.

[JoAnn]

Ok, what confuses me even more is Medicare and health supplements.  I have 3,  women who work for me who are between 65 and 72,  and they are always complaining about raising medical  and co pay costs.  What suggestions do you have for a good supplemental coverage at reasonable prices.   What about prescriptions?   We have been covered all these years under my husbands work (Teamsters) coverage. I never had to think much about it.  Just showed the card and everything from Dr. visits, prescriptions, eyeglasses, and dental have been covered, with a small copay.   The thought of worrying about paying these things scares the daylights out of us.  If he retires at 62 there will be a reduced (I know there is just not sure how reduced) gap coverage until he's 65.  I'm 2 years younger and need to find out about coverage for me during those 2 years.   Things should get less confusing as we get older and it seems to be worse.  Thanks for any help or suggestions.

JoAnn

[RREngr]

I just retired on August 1st from the Railroad after 30 years, you only have to be 60 years old if you have 30 years in. You don't have to wait to be 62 unless you have less that 30 years.

Rich & Kay

[papahog]

You my friends will wonder how you ever found time for work you will be so busy.  It is a good life we RVers have and even better by being retired.

[RV Roamer]

Good coverage at reasonble costs is pretty much an oxymoron in todays health care market. Find out what coverage you will have under your husband's policy and then look for plans that cover the gap. But expect to be shocked at the prices.

If you have coverage for major illnesses (hospitalization) and your health is OK for your age, it is probably most cost effective to go without the gap insurance and pay out of pocket if needed. Start studying the age 65 medical situation now, i.e. Medicare & Plan B and what coverage you will have, if any, from the Teamster's policy.

[NCsleeves]

Every so often I think about how it would be nice to retire, not mess with working every day and being away from home for weeks on end several times a year.  And then I start thinking about all the new problems I'd have to deal with (like insurance and SS and significantly reduced annual income) and I think, hey, I like my job and management seems to appreciate me and it's kinda cool to travel abroad a few times a year....   I ran the numbers  a few weeks ago, and for every additional year I work, I gain and extra $100/mo in pension - it's good to know that if the right opportunity comes up, or the work situation deteriorates, it won't cost me too much to move on to the next phase of my life, whether working or just playing.    In any case, while life hasn't always been a bowl of cherries, I feel very fortunate to at least have the options that I do.

[Wendy]

It's always great to have options....work or don't work, move to another spot or stay, full-time or part-time. Just don't wait too long.....life is short.

Enjoy
Wendy

[Jeff]

Every so often I think about how it would be nice to retire, not mess with working every day and being away from home for weeks on end several times a year.  And then I start thinking about all the new problems I'd have to deal with (like insurance and SS and significantly reduced annual income) and I think, hey, I like my job and management seems to appreciate me and it's kinda cool to travel abroad a few times a year....   I ran the numbers  a few weeks ago, and for every additional year I work, I gain and extra $100/mo in pension - it's good to know that if the right opportunity comes up, or the work situation deteriorates, it won't cost me too much to move on to the next phase of my life, whether working or just playing.    In any case, while life hasn't always been a bowl of cherries, I feel very fortunate to at least have the options that I do.

When the time comes you will know it. In the meantime enjoy the life you have.

[ArdraF]

And when you finally do retire, you'll wonder how you ever found the time to WORK! 

ArdraF

[Ron]

And when you finally do retire, you'll wonder how you ever found the time to WORK! 

ArdraF

Very True. Gee just think how lucky our previous employers are that we did retire BEFORE we found we don't have time to work.

[John From Detroit]

IN another time and place someone posted of a new virus that's out.... It is a very nasty virus called the WORK virus

Yup, Once you have been infected with the WORK virus you no longer have time for personal computer stuff, chatting with your friends or a social life.

Of course there is a good side to the WORK virus.. IT often attracts the MONEY worm, at least in a small degree.

Took me over a quarter century to eradicate the WORK virus though.. Sadly the Money worm left shortly after

[papahog]

John that is funny.   I have got rid of the work virus also. Not as hard as getting rid of moles but alas that work for money time is past.  Moles are still here however.  Money worm has not left me completely and continues to trickle in.  Thank the good Lord.

However I have some friends that are affected with the SS worm only and they are hurting.  I feel sorry for them.

[John From Detroit]

Yup money worm still here too... It just got thinner

[WilleyB]

Yup money worm still here too... It just got thinner

Ah! no problems with money worms up here, we have a cure for that, it also irritates the virus intp reproducing. The cure for the worm is easy to get just ask for govt. taxation

Cheers
Willey

[John From Detroit]

Ah yes, the old Tax Monster... I fear we may see more of him soon too... However I'm not 100% sure on that

Personally I'd like to see a new tax code.. All business taxes save for a new "Excess profit" tax would be repealed (And perhaps an "Excess CEO payment" tax, which is related)

Duty on ALL commercial imports would be increased to make up for the loss

Only personal imports of medications would be exempt and that per the current medical import rules (30 day supply max IIRC)

[tswms]

I guess the problem is defining what is Excess Profit".. Years ago someone told me there is only one fair tax."One that you pay and I don't".

[LtJoe]

Just remember who has control of it while you wait till 65.  Not a risk I care to take.

Boy Ron, that is certainly truer now than when you said it!!

I ran the numbers when I retired and figured I would have to live to my late 70's to break even on the 62 vs 65/68 SS.  Men in my family historically don't make it much past 65.  Figure I have a couple of good years left before 65 so I took the early.  It doesn't take a lot of money to be retired, but it takes a lot to travel like we did shortly after retirement.

[railroader1]

It is a no brainer take the Railroad Retirement and run. When I retired 11yrs ago you had to be 62 and I left at 60 with a buy/ out. I had 41yrs there. That help me until I reached 62. And never looked back. Was on the road 60 days later,6 months out of the year.    . Now you can retire from the railroad with 30yrs service at age 60 with full benefits. Railroad retirement does keep the wolf away from the door.

[Pierat]

John, a new tax code would be great, if a reasonably simple one could be passed (afraid there are too many vested interests, though). Unfortunately, like the old saw says, there are two things you don't want to see being made: legislation and sausage. - John

[Lindsay Richards]

We retired at 63 when we sold our business and the medical insurance is a huge burden. We are now paying $1946/month to Blue Cross Blue Shield until Medicare kicks in in about 7 months. This has put a big crimp in our RV’ing. We are both cancer survivors and that increases the cost, but you had better get the health insurance part nailed down before you retire early.

[geodrake]

My cardiologist retired me at 53................................ the best thing that ever happened to me.   I have never enjoyed live as much as I do now.  We have only been in the motorhome game for a year, but are now on our second one and having a ball.  We have been home 4 months this year. 

Money is important, but it doesn't have to take a lot!  Life is short and I'm guessing retirement is even shorter.  GO FOR IT!!!!!!!

[JerArdra]

> Dr Phil's advice
>
>> >Hope this helps
>> >
>> > I know that we're all feeling rather stressed out right now and
>> >trying to keep your heads above water. It's  manifesting itself in folks
>> >getting sick and just generally  feeling overwhelmed.....
>> >
>> > I am passing  this on to you because it definitely works, and
>> >we could all use a  little more calmness in our lives. By following
>> >simple advice I  heard on the Dr. Phil show, you too can find inner
>> >peace.
>>  >
>> > Dr. Phil proclaimed, 'The way to achieve inner  peace is to
>> >finish all the things you have started and have never  finished.'
>> >
>> > So, I looked around the house  to see all the things I started
>> >and hadn't finished.
>>  >
>> > Before leaving for the store this morning, I  finished off a bottle of
>> >White Zinfandel, a bottle of vodka, a  package of Oreos, the remainder
>> >of my old Vicodin prescription,  the rest of the cheesecake and a box of
>> >chocolates.
>>  >
>> > You have no idea how freaking good I feel right  now.

[CarlGeo]

Should you want to take Social Security retirement at 62 you do not want to continue working full time because you will be penalized.  However, if you wait until your full retirement age you can earn all the money you want without being penalized by Social Security.

 Further, if you continue to earn income, after starting your Social Security retirement, and that income exceeds the income base on which your Social Security benefit is calculated, your monthly benefit will be adjusted upward annually based upon your higher income.  This adjustment will occur each year that your income is greater than your previous income benefit base.

[JoAnn]

Thank you all!  You all have been very helpful.   I appreciate all the information, keep it coming.

Basically it's been decided.  Jim will work until he's 66.  We just got updated information from his union that they will pay even less toward the health insurance between age 62 and when Medicare kicks in.  Jim made the decision to keep working, as long as he remains healthy and we'll continue to enjoy our way of life and our motor home trips.  I can't say we aren't disappointed, but we will survive    I guess it's a good thing this was already decided, with everything going on right now.  I sure hope things turn around soon.

Thanks again
JoAnn

[Mexray]

been there, done that....start receiving your SS $'s at 62, it's the only way to go....

[Ron]

been there, done that....start receiving your SS $'s at 62, it's the only way to go....

Amen.

[TWMAN2468]

Let see if I understand it. I retired at 62 in 2005. Now that I'm 65 I can earn as much as I want and its not taxable now?  I know I can call the SS, but have ever tried waiting on line for them? Its cutting into my fishing and nap time gang!  Thanks Tom

[Ned]

Once you reach full benefits age, you can make as much as you like without having to repay your SS benefits.  It's still taxable income, that doesn't change.

The Social Security web site has lots of information.  You should set up your account there if you haven't already.

[JerArdra]

TWMAN,

Re Ned's previous post, don't mess up.  Based on 65 in 2005 I suspect that your "full benefits age" may be greater than 65.  Were you born in 1940??  Check it out.

JerryF

[Mike Goad]

People born from 1943 through 1954 must wait until age 66, and those born in 1960 or later must wait until age 67, for full benefits.

See the social security administration page on reduction due to age.

[Ned]

Correct, being born in 1942, my full benefits date was 65 years and 10 months.

[tswms]

I was in tyhe first group. Had to wait untill 65 + 2 MO to collect full benifits. 

Tony

[JoAnn]

If he takes his SS at 62 and is still working his full time job, what kind of % has to be paid back.  I'm not sure I understand this part of it.  So is it paid back at the end of the year when we normally do our taxes?  There's nothing like advice and suggestions from people who have been there and done that. Thanks!

JoAnn

[Ned]

Prior to full benefits age, you can earn up to a set amount each year while receiving SS benefits with no penalty.  That limit right now is about $12,000, and goes up each year.  The overpayment is $1 for each $2 that you earned over the limit.  If you earn over that amount, SSA will eventually send you notice of overpayment and the amount of that overpayment with several options for repayment.  You can either repay in a lump sum or let SSA withhold your benefits until the overpayment is repaid.  It may take a year or two before they send the notice.  I received my overpayment notice for 2005 just last November, but they took back the overpayment for 2006 last year.

If you haven't already done so, open your account at the SS Online web siteweb site where you can get all the details.

[29er]

Ned: I was also born in 1942. (june)  I took SS only when I had to pay medicare Part A.  My family has tremendous longevity, some lived over 100 years. I took a gamble and hope it pays off.  I'll let you know!

[Ned]

Same year and month as me.  I figured that by waiting I'd get paid more money but in cheaper dollars so I took the money   By the time I break even, I won't care anymore.

[Jeff]

JoAnne:

If you tell SS what you are currently making they will make an estimated reduction in your benefits to offset your earnings.

[JoAnn]

That good to know, Thank you, Jeff! 

I'm not sure if I'm reading what Ned said correctly.  1/2 of what Jim earns working will have to be paid back to SS or 1/2 of what the SS payment is?  What about the fact that I will still be working but not old enough to collect SS does that count into the earnings or would it be just my husband?

I know we need to start studying up on this stuff, but it seems every time I do I get interrupted.  Am I the only one who finds this all so confusing?   

Thanks you all are a great help.
JoAnn

[Ned]

For every $2 he earns over the SS allowable income, he will have to pay back $1 to SS.  For example, if the allowable income is $12,000 and he earns $20,000 he would have to pay back (20000-12000)/2 or $4,000.  Only his earnings are counted, not yours.  Of course, he won't have to pay back more than he received in SS benefits.

I'm sure one of our resident accountants will correct this if I've made any errors, but I've gone through this for 2 years.

[Pierat]

About Social Security and reduced benefits when you work: Be prepared for a substantial time lag in getting benefits started, adjusted or stopped. Based on my experience a couple of years ago, they don't always get it right nor do they necessarily act promptly. I worked several little jobs between ages 62 and 65. For example, I had two different short-term jobs for several months, separated by a few months without work. In each case, I notified them promptly when I learned that I was employed and when the employment ended. AFAIK, you are required to give notice promptly, not just pay them back at the end of the year or whenever.

Be prepared for a time lag during which you may not receive any benefits even if they are technically due, as they may delay and then pay you in a lump sum later (or not!). Social Security was quick to stop my monthly benefit payments, but slow to notify me of the amounts which they calculated were or would be due to me later. Usually it took at least two or three months for things to settle down. On one occasion, about two years after one job ended, they paid me several hundred dollars extra based on one of their routine audits that showed I had been docked too much while working on that job (and which I hadn't calculated right either).

I made it a practice to notify them by letter so that I had a record of doing so. However, I found that telephone calls worked best, and quickest, to get results when requesting clarifications or adjustments. Just had to stick with it, wait out the queue, and try to keep a level head about it all. Good luck!

[Ned]

You're right on the time lag.  Last year they withheld benefits to repay for 2007 but it took until late last year to get the overpayment notice for 2006.  I'm not getting any benefits this year until April, and then just a partial payment.

[Jeff]

I had deferred income in 2006 and 2007 incorrectly reported on my W2s for those years and have had both Sue's and my benefits shut off sonce October while they try to straigten it out. Checks are supposed to start next month but nobody has any idea how long it will take to repay the rest.

Best way is to get it done correctly in the first place.

[JoAnn]

Got it, thanks guys! 

JoAnn

[29er]

Jeff: Did you mean deferred EARNED INCOME?

Kerry

[Jeff]

Jeff: Did you mean deferred EARNED INCOME?

Kerry

Kerry:

Income earned prior to Aug 2005 when I retired but reported on a W-2 over the next three years as income from an unapproved retierement plan. It IS NOT supposed to be considered earned income in the years it is received because it was reported as SS and Medicare wages in the years it was earned.

[29er]

Jeff: Okay, I understand. And thanks....you have saved Beth and I some misery by sharing the SS situation.

Kerry

[utahclaimjumper]

I started collecting at 63, but to "beat the system" I went self employed, hired my wife, paid her all the money,(taxable of coarse) and kept my income under the limit. The cap came off at 65 and now yhe only problem is I'm still self employed and a captive to all my customers.>>>D

[PatrioticStabilist]

I took mine at 62.  I knew I wasn't going to work anymore and we figured it would take 12 years for me to break even if I waited longer.  Haven't been sorry.  However, if I were still working I would most likely have waited till at least age 65.  One thing that helped me was the big cost of living increase last year and the fact I don't yet have to pay in to medicare, but that's coming.

I worry about the last year my husband works, from what I'm reading they base your medicare premuim on his prior years earnings and if he is still working overseas they will be high and we will get hit hard for that 1 year.
I've read the base amount is right at $100 but can go up to as high as $300+.  They are adjusting those premiums according to income earned. I've read  that unearned income from investments and rentals won't be counted after he retires. Need to double check that, just in case.

[memmer]

I could swear that everyone that has reached the age of 65 can earn any amount of wages without any deductions of any amount.The age for full benefits does not apply.

FRED

[Ned]

You can have unlimited earnings without any payback starting in the year in which you reach full retirement age.  In my case, that was the year following my 65th birthday as my full retirement age was 65 years and 10 months.

[melvonnar]

All those that are working to get some more money; keep this in mind----no amount of money will buy you one more minute of time. 

[papahog]

I have not worked since I retired at 62.  My income, while fixed, will carry me for the rest of my life.  Money is never more important than time.  My time on the road is the best of times.  I am happy with my decisions.

[geodrake]

We have been retired for seven years, and to date it is the best time of our life.  A year and a half ago we began campground hosting, and we love it.  It is all volunteer work, but we do get our campsite free.  We get to see a lot of country and meet a lot of nice people.  We have hosted Turkey Run State Park in Indiana, Patagonia Sonita Creek Nature Conservancy in southern AZ, St. Croix National Scenic Riverway in Wisconsin, Calf Creek Recreation Area at Escalante, Utah, and will host the Caloosahatchee Regional Park at Ft. Myers Florida this winter.  So far this year we have been home for eight weeks.  Ruth won't leave now till after Christmas, and I was ready to leave a week after we got back.

[PatrioticStabilist]

Wow, not sure what is getting into my husband.  We had to drive to Liberty today to take care of business. We were talking about him getting his part of the motorhome done so DD and I can use it maybe in January to run down to Corpus Christi or those invirins for a first run.  He said oh, if you and Sue Anne really enjoy using it we might consider getting a DP and a newer one later.  What am I hearing??  He goes, well TV and satellite would be limited, I'm saying why, its just a fee. He likes driving places, that isn't an issue, so if he drove till I got good to help that would work too.  He wants to work till age 66, needs to do that to get full SS, he will be 64 this year so not that far away.  He was talking about working till age 70 but I would prefer he didn't.  Of course that depends on his health which is excellent. It's just hard as he says to give up a good paycheck since he also enjoys what he is doing.  He has to pass a physical each time he goes on a new overseas assignment, his upcoming one is in Angola.  As my doc says I'm healthy to, I just have quality of life issues, stomach problems, flat feet, very very flat feet, so back problems but nothing life threatening and yes I know we are blessed. He takes no meds, I do only for stomach issues and some arthritus.

I'm telling him that lots of folks on the forums are saying the Bluebird Wonderlodge or just a Bluebird brand is a really good motorhome, even the older ones.  He said oh we can look into that later if you decide this will be fun.  But he thinks maybe we should buy a lot maybe one in the east, west, south, and north so we can park there and stay awhile, I would prefer not as I would like to go new places.

Well what can I say?  But Sue Anne and I love to fish, hubby could care less, yes, I know very wierd in my opinion.  But that's ok, we can fish and he can fiddle.  He likes sitting around and talking about oldtimes so I'm sure he would find lots of guys to talk to around campgrounds. He also would jump inand help anyone that needed it.  So things are looking up, we shall see how it goes.  We are just so overwhelmed with work around here right now, we prioritized the things he has to do, then will have as a bonus anything else we can do.  Had to hire a carpenter to do our addition, he finally realized he just doesn't have time.  Thats new too.

 

[wdhul]

Social Security is actually a pretty good government run program.

If you start collecting at 62, and have some of it taxed because you continue working, SS recalculates your benefit and you end up with higher  benefits in the future.

If you start collecting at 62 and later start working again, you can suspend your SS benefits, and when you restart, SS will adjust your benefit to reflect both the new earnings and the fact that you stopped collecting for a period of time.

If you start collecting at 62, you can at some point pay all of it back (without interest??)  and SS will recalculate your benefit as if you started at the later date.   This may be beneficial if you have the funds, maybe from an inheritance, selling a home etc.   You then get the higher benefit from that point on.  (Could be better than purchasing an annuity!)

For couples it is worth doing a bit of research on various options, especially if one spouse has had significantly greater earnings than the other.
Since I am not married I haven't looked to closely at those options.

Dan

[DonTom]

For couples it is worth doing a bit of research on various options, especially if one spouse has had significantly greater earnings than the other.
Since I am not married I haven't looked to closely at those options.

Well, not all couples. Tom & I, together for 35 years (most of our lives together), has a large difference in incomes but the problem is the so-called DOMA.

-Don- SF, CA