social security

PeteK

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I started working at a state college right after I turned 23, and paid into a state pension system for 31 years.

I retired one month before I turned 54.
Today is the one year anniversary of my retirement. :cheers:

So happy that I don't have to deal with any of that bullshit anymore. :thumb:
My pension pays 2% per year of service and I started at 32 years old. I'm shooting for retiring at 62. There are early retirement penalties for anything before age 65, so I'm thinking if my wife hasn't divorced me by then, we'll collect her SS and live off hers and my 401 plans and not collect the pension until 65. She's 3 years older than me, so that works out pretty good. Basically after 65 with pension and both our SS's, I shouldn't need to touch much in my 401 and it can just sit there and make money.

Or maybe crunch the numbers and just eat the penalty on the pension, but it would be a 15% penalty to collect it at 62.
 

ehb

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I started working at a state college right after I turned 23, and paid into a state pension system for 31 years.

I retired one month before I turned 54.
Today is the one year anniversary of my retirement. :cheers:

So happy that I don't have to deal with any of that bullshit anymore. :thumb:

Amen to that... They tried to get me to come back, had it signed off at the state head shed to 'pause' my retirement and draw my before retirement salary, not required to go to any faculty meetings (I was damn tempted on that one), and off on bullshit faculty 'work' days.... Not just no but hell no.....
 

ehb

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I turned 63 in June and have not touched my state equiv of 401K and don't want to.... Let it grow some more... Any youngsters out there that can and have access to a good secure 401k, toss a chunk in every month.... You won't miss it if it ain't in your check.... I don't know if I'll ever touch it unless they make me....and don't care. It could pay for my grandkids college degrees.... That is a win for me.... I put in waaaaay back when I couldn't afford much but did it anyway...When my pay climbed, I jacked up my contribution every month.... That small sacrifice in the front end paid off on a grand scale....

Whatever you decide, PLAN SOMETHING.... Don't put yourself in a position to have to depend on SS to live on.... With my retirement, I didn't NEED my SS but it was my damn money NOT the Pharaoh Gummit's.... They had my money for decades to play with..... My turn, bitches. Pay ME....
 

Midnight Blues

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I turned 63 in June and have not touched my state equiv of 401K and don't want to.... Let it grow some more... Any youngsters out there that can and have access to a good secure 401k, toss a chunk in every month.... You won't miss it if it ain't in your check.... I don't know if I'll ever touch it unless they make me....and don't care. It could pay for my grandkids college degrees.... That is a win for me.... I put in waaaaay back when I couldn't afford much but did it anyway...When my pay climbed, I jacked up my contribution every month.... That small sacrifice in the front end paid off on a grand scale....

Whatever you decide, PLAN SOMETHING.... Don't put yourself in a position to have to depend on SS to live on.... With my retirement, I didn't NEED my SS but it was my damn money NOT the Pharaoh Gummit's.... They had my money for decades to play with..... My turn, bitches. Pay ME....
Not my place I know, so I hope you don't mind, but you should consider moving it out if you can? Probably get a better return than what the State is doing?
 
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SteveC

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Whatever you decide, PLAN SOMETHING.... Don't put yourself in a position to have to depend on SS to live on....
I taught my kids this lesson and I am trying to get this through the head of my grandson today. I know it may seem like retirement is a lifetime away for many, and it is a lifetime away. But, with or without a plan, that lifetime passes quicker than you might think.

You really cannot start saving for your retirement early enough in life. Whatever you can tuck away, do it. In general, money doubles every seven years. If your employer matches your retirement contributions, try to put away at least as much as they will match. Free money doubles every seven years, too.

Start early. Save as much as you can and DO NOT TOUCH IT UNTIL YOU RETIRE, if at all possible.
 

Pop1655

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@SteveC figure roughly a grand a month each for marketplace if you’re in your 60’s and it goes up every year. Wish I didn’t have a child bride.
 

Pop1655

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Also @SteveC if you plan on selling any real estate, do it before you go on Medicare. I did a little thing last year and although it didn’t hurt my SS any, it raised my Medicare premium by $500 a month for a year. SS goes off wages, Medicare goes off income.
 

SteveC

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@SteveC figure roughly a grand a month each for marketplace if you’re in your 60’s and it goes up every year. Wish I didn’t have a child bride.

Yep... spot on! In fact, it's a tad worse for us here. My COBRA is $1,700/month for both of us and it's stellar coverage.

I could not afford comparable coverage, even in the marketplace, since it would run a tad over $3000/mo for both of us. Something "reasonable" without a shit-high deductible, and low copays, that has a decent prescription component will be about $2,400/month.

If the marketplace goes away, we'll be back up to the >$3K range.

The good news is that my time exposure is pretty low. Like I said, about 7 mos. for her and 18 mos for me.
It's a $30K problem if I can get marketplace coverage, but a $40K problem without it.

Happily, when we both reach Medicare it goes down to about $500/month, including the Medicare Supplement and scripts.
 

SteveC

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Also @SteveC if you plan on selling any real estate, do it before you go on Medicare. I did a little thing last year and although it didn’t hurt my SS any, it raised my Medicare premium by $500 a month for a year. SS goes off wages, Medicare goes off income.
Yessir... we found that out when we started researching all this "retirement" stuff a while back We trust funded all of our stuff to the kids. There are also certain issues with a five-year look back on some circumstances. So, we wanted to get rid of all that shit before we turned 60.
 

SteveC

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It should go down more than that, but the real prize is, it actually covers stuff. The difference is amazing.

Yea, my wife's sister has been on it for about 6 years... she is amazed at how great the coverage is, and the supplemental coverage is the gravy on top.

Medicare is about $200/mo, right? Assuming you are under $200K in income.
 

Sct13

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I love work....!

I'm gonna do it till I drop....you wait and see how bad they screw me...

Yep I'll retire at .....78....I think....
 

Tone deaf

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I love work....!

I'm gonna do it till I drop....you wait and see how bad they screw me...

Yep I'll retire at .....78....I think....
I think I am an odd duck. I have no dreams about retiring. I love working. That said, I get to tour the USA constantly and in the course of doing my thing I get to try to sew my dead seed (had a vasectomy) in a new market almost every night...
 
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roadbluff

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Congratulations and best wishes for your retirement.
I've been with my current employer for 34 years. I'm 56 and can't retire until I can get government insurance, 62 I guess.
If I hold on until 65 I get a considerable increase in monthly benefits.
I would like to have retired yesterday, but I must hold on for maximum benefits.
In the meantime, I am able to afford to buy a nice guitar here and there and I am grateful that I have good paying job that actually needs my services.
 

Pop1655

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have no dreams about retiring. I love working.
I assumed I never would. I planned on making it easier. Shorter days, finally delegating some things I don’t like doing, maybe cutting back to six days a week, maybe taking two or three days off at a time every now and then. I like socialization and a reason to take a shower. A soft landing has gained appeal. Still not sure what I’d do though.
 
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Tone deaf

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I completely get that.

While I wish hardship on no one, the Chinese Wuhan Virus, Tropical Storm Isaias, the Derecho, rolling brown outs in California and tropical storms Laura and Marco in the Gulf have all been good for business.

I have been proselytizing about disaster preparedness and the vulnerability of certain parts of the national infrastructure for years. I'm the guy saying "Make sure we have redundancy and resiliency where the disaster will be...before the disaster hits." It is amazing how people start to listen when it affects them.

If all goes well, I will be doing this (all over the word) for a long time.
 
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Soul Tramp

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If all goes well to shit, I will be doing this (all over the word) for a long time.

Fixed that for you. :rofl: :rofl:


TD, If you ever need someone in Southeast Asia, I'm you man.
 
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Soul Tramp

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Something I learned from my wife a long time ago is that it doesn't matter how much money you make, it matters how much you spend. We live by the rule that if you can't pay cash for it, you can't have it. Doesn't matter if it's a guitar, boat, car, or house. Doing this lets you live debt free, and never paying interest/mortgage just piles up the savings in the bank.

The downside of being self-employed is there's no pension. You just have to be smart with your money while your making it and invest wisely.

I started SS this year. We don't use the money, but watching that $2,400 go into the bank each month just makes me smile. And to make it even better, my wife gets a check that's 50% of mine.

I've been sending this money to the govt since I was a teenager, it's pretty cool to now see it coming back.
 


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