Topic: Retirement (Read 11753 times)

RREngr · « **Reply #30 on:** September 12, 2008, 01:23:26 AM »

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 · « **Reply #31 on:** September 12, 2008, 01:47:59 AM »

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 · « **Reply #32 on:** September 12, 2008, 12:57:21 PM »

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 · « **Reply #33 on:** September 15, 2008, 07:55:38 PM »

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 · « **Reply #34 on:** September 15, 2008, 08:16:36 PM »

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 · « **Reply #35 on:** September 15, 2008, 08:47:36 PM »

Quote from: NCsleeves on September 15, 2008, 07:55:38 PM

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 · « **Reply #36 on:** October 02, 2008, 11:17:13 PM »

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

ArdraF

Ron · « **Reply #37 on:** October 03, 2008, 12:16:46 AM »

Quote from: ArdraF on October 02, 2008, 11:17:13 PM

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 · « **Reply #38 on:** October 03, 2008, 11:03:07 AM »

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 · « **Reply #39 on:** October 03, 2008, 05:39:40 PM »

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 · « **Reply #40 on:** October 03, 2008, 05:51:56 PM »

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

WilleyB · « **Reply #41 on:** October 03, 2008, 06:03:41 PM »

Quote

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 · « **Reply #42 on:** October 04, 2008, 09:06:51 AM »

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 · « **Reply #43 on:** October 04, 2008, 09:10:33 AM »

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 · « **Reply #44 on:** October 04, 2008, 09:53:44 AM »

Quote

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 · « **Reply #45 on:** October 04, 2008, 10:35:39 AM »

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 · « **Reply #46 on:** October 05, 2008, 06:38:51 PM »

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 · « **Reply #47 on:** October 09, 2008, 02:11:30 PM »

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 · « **Reply #48 on:** October 09, 2008, 06:31:20 PM »

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 · « **Reply #49 on:** October 09, 2008, 06:32:46 PM »

> 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 · « **Reply #50 on:** October 13, 2008, 10:23:24 PM »

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 · « **Reply #51 on:** October 17, 2008, 07:00:25 AM »

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 · « **Reply #52 on:** January 15, 2009, 12:56:39 PM »

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

Ron · « **Reply #53 on:** January 15, 2009, 01:47:07 PM »

Quote from: Mexray on January 15, 2009, 12:56:39 PM

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

Amen.

TWMAN2468 · « **Reply #54 on:** January 18, 2009, 12:45:02 PM »

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 · « **Reply #55 on:** January 18, 2009, 01:13:14 PM »

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 · « **Reply #56 on:** January 18, 2009, 04:04:09 PM »

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 · « **Reply #57 on:** January 18, 2009, 04:17:00 PM »

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 · « **Reply #58 on:** January 18, 2009, 04:47:22 PM »

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

tswms · « **Reply #59 on:** January 18, 2009, 09:10:24 PM »

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

Tony

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Author Topic: Retirement (Read 11753 times)