For Those Who Are Retired

[b116757]

One of my coworkers just retired he is on terminal vacation now until March 1st his official last day of work. I’ve got 7-8 years to age 60 our retirement age but my back isn’t in the best condition so it’s entirely possible I may slide out the door early when I no longer can put off back surgery.

 

[H20fwler]

Congratulations on the upcoming retirement. The next six months will go by fast. I anticipate many of the same goals when I retire next fall. I will be transitioning to Medicare for health coverage, and start drawing on the 403(b), which is like a 401K but for non-profits. I also look forward to getting more involved and church and getting to know our neighbors better through both the coop and local farm networks.

Sweet!

It is something how your whole perspective starts to change the closer it gets, it’s almost surreal that it is actually finally happening.
I think more church is going to be on our list also.

 

[H20fwler]

One of my coworkers just retired he is on terminal vacation now until March 1st his official last day of work. I’ve got 7-8 years to age 60 our retirement age but my back isn’t in the best condition so it’s entirely possible I may slide out the door early when I no longer can put off back surgery.

I have had coworkers do the same right before retirement over the years, knee or hip surgery.
Knock on wood but so far I’ve been OK, I need to get in better shape and I have a little hypertension that is the only major thing for me…I’m trying to just cut out as much stress as I can.

 

[bigboreblr]

MY company pays us back for unused sick time to a certain extent. Folks get all tuned up before they leave. Dental benefits I think go away.

At 48, I am interested in social security. But wonder what it's going to be like in 14 or so years. Got to get back to old time politicians. They can skim the pot and balance the budget...... Kissing babies while stealing their lollipops.

 

[Telemark]

MY company pays us back for unused sick time to a certain extent. Folks get all tuned up before they leave. Dental benefits I think go away.

At 48, I am interested in social security. But wonder what it's going to be like in 14 or so years. Got to get back to old time politicians. They can skim the pot and balance the budget...... Kissing babies while stealing their lollipops.

The boomers are the biggest generation in the country. Hard to believe they would ever vote in someone who would cut their retirement payments. And the Gen Xers are likely to vote with the Boomers since they don't want Mom and Dad going broke and moving in with them.

 

[Buckly]

There's been no cuts to SS that I’m aware of. If you know something different let us know.

 

[b116757]

The boomers are the biggest generation in the country. Hard to believe they would ever vote in someone who would cut their retirement payments. And the Gen Xers are likely to vote with the Boomers since they don't want Mom and Dad going broke and moving in with them.

I understand completely it is unconscionable that they would vote in Biden and take it in the shorts with Bidenflation every fixed income dollar they have going for less and less.

 

[Telemark]

There's been no cuts to SS that I’m aware of. If you know something different let us know.

No, not yet. But there are reasonable fears that it might happen in the future. The federal government it up to it's eyeballs in debt. We are living in unprecedented times.

 

[sandbur]

No, not yet. But there are reasonable fears that it might happen in the future. The federal government it up to it's eyeballs in debt. We are living in unprecedented times.

I fear my state of Minnesota is going to gobble up more taxes. Foggy made the right move, but I am very happy with where I live.

I have been retired almost 7 years. Get your projects done early in retirement as it gets harder to just do maintenance.

I was remarking to my wife that I don’t know if I will be able to deer hunt for five more years or not. No use in planting any more apple trees at this point.

Regardless of what the Lord has planned, it has been a good run.

 

[Foggy47]

^^. Reading some of the posts above.....and I am reminded of an old saying: "Don't wish time away....for it's the stuff life is made of."

I really liked most of the jobs I had over the years. None so much as finally running my own business. But I did learn I could burn out from too much of a "good thing" as there were times I was just overwhelmed with unresolved business problems which despite my efforts, I could not solve on my terms.

I can remember going to see a psycologist (at my wife's suggestion) as I was in a pretty bad funk....I could barely function at this point. The "shrink" asked what was troubling me....and I went through a long list of problems that I was dealing with. At which point she told me: "no wonder you are depressed!....who wouldn't be?" And that I was just going to have to let go of some of those things I could not resolve. .......and just like that....I felt relieved and was soon back in the game. Some times you just gotta "turn it over" and let go of things you cannot handle. Preacher Fog. grin.

 

[AtomApple]

One thing about SS is once your gone so is the money so waiting may or may not be a good idea if you wait and draw at 67 for one month then die did you get your moneys worth out of the system? So depending on your health it may make more sense to take it early at the reduced rate so your able to draw something versus nothing I understand none of us have a crystal ball and it’s very difficult not to look at our own mortality without rose colored glasses on. I believe the break even point of waiting is something close to 78 years 8 months so unless your health and family history tell you your lifespan is beyond that age don’t wait. My family history says that I likely will never see that ripe old age so for me waiting is likely a waste of money.

What Is the Break-Even Age for Social Security?

Calculating your break-even age can help you determine which Social Security claiming strategy will pay the highest total benefits over your lifetime.

www.aarp.org

Another thing to consider, when calculating the break even age… will you be making up the gap in income by withdrawing form retirement funds, like a 401k. If getting SS earlier keeps more $$ in your 401k for longer, you can add that growth %APY and the break even age might be even higher. Of course, those % might be market based, so it’s tough to nail down an absolute number.