Retirement savings ....Yikes !

[mjarrels]

Our new local hospital was opened in 2010, just bought out by sentara health systems and they recently broke ground for a major expansion. Probably one of the largest buildings in the area, only out done by James Madison University football stadiums.

mark

 

[MacLawn]

Whew, this retirement planning is a lot of work! I researched more yesterday on best time to take social security, and now, I'm wondering if I should have started at 62! I'm 64 now, thinking of starting at 66, but, I just don't know now. I understand that if I start now and keep working, then at 66 no matter what, I will get 100% of my ss, plus extra for the year and a half I was docked for making more than the minimum allowed.

Also, somebody help me here: if I take now, when wife gets 66, she won't be able to get the 50% of mine? But if I wait until I'm 66, she can get the 50%? Here's what SS site says:

Well, I found it last night, but can't now! But, it said something like this: if I take SS before 66, spouse CANNOT get 50% of mine even when she reaches 66? In our case, 50% of mine will be more than 100% of hers. Hope I'm not muddying the waters... Help!

 

[mjarrels]

Maybe north korea will nuke us all into early retirement? A WW1 vet once said, I wouldn't want to be within 500 yards when on of those hit!

mark

 

[Ken]

MacLawn this 2 years will go so fast and the benefits will help later. I retired at age 59 and when 62 decided to get the S.S. plan and so lost but knew would be 20% less. My wife waited until she was 65 and draws on my account since her pay in amount was minimum. She now gets almost the same as I and it is figured on what I would of made if waited.
I did some side line work and had to keep records and pay in 4 times a year.
Working never got into debt more than monthly check would cover and only long term debt was a house which by adding payment amount paid off in 5 years.
If those who purchase a home for 30 years ever add up the money they have thrown away just to keep payments down . There would be large globs of tears.

Enjoy the retirement but don't look back on a what if thinking . just look forward to the freedom of choosing your every day life as you want it to be.
19 years retired and still have to pay more taxes than when working steady. and bank savings still getting larger.
Don't know your occupation but there is jobs around everywhere and when talking to those who say they cannot find a job tell them there not looking or wanting one.
it does interfere with the hunting, fishing and Red Neck attitude.
ken.

 

[MacLawn]

Yep, that's it, mj! All we got to do is make sure we're within about 400-500 yards when them North boys hit! POOF!

 

[MacLawn]

MacLawn this 2 years will go so fast and the benefits will help later. I retired at age 59 and when 62 decided to get the S.S. plan and so lost but knew would be 20% less. My wife waited until she was 65 and draws on my account since her pay in amount was minimum. She now gets almost the same as I and it is figured on what I would of made if waited.
I did some side line work and had to keep records and pay in 4 times a year.
Working never got into debt more than monthly check would cover and only long term debt was a house which by adding payment amount paid off in 5 years.
If those who purchase a home for 30 years ever add up the money they have thrown away just to keep payments down . There would be large globs of tears.

Enjoy the retirement but don't look back on a what if thinking . just look forward to the freedom of choosing your every day life as you want it to be.
19 years retired and still have to pay more taxes than when working steady. and bank savings still getting larger.
Don't know your occupation but there is jobs around everywhere and when talking to those who say they cannot find a job tell them there not looking or wanting one.
it does interfere with the hunting, fishing and Red Neck attitude.
ken.

Thanks, ken! I've been self employed over 34 years, so I know about the quarterly paying taxes!

So, you're saying that the wife will get 50% of what my SS would have been when I reach 66 when she gets 66 even if I take it now? Is that understandable? I'm doing a ton of research trying to figure out when to take. I KNOW I'll start at 66 anyway, which is only one year seven months for me.

 

[schoolsout]

Anyone paying attention to Stockton, CA? Be interesting how they play the pension problems....could set a precedent for all other munis to follow...stay on your toes.

All eyes on Stockton as judge OKs bankruptcy
KEVIN BARTRAM / Reuters

A U.S. bankruptcy judgeç—´ decision today cleared the way for indebted Stockton, Ca. to seek relief through Chapter 9 bankruptcy.

A U.S. bankruptcy judgeç—´ decision Monday cleared the way for indebted Stockton, Calif., to seek relief through Chapter 9 bankruptcy. Experts say the precedent-setting case has implications for other financially struggling cities such as Detroit, as well as municipal bondholders, public workers and retirees.

典he fact of the matter is, the city can稚 pay its bills, said Marc Levinson, lead bankruptcy counsel for the city of Stockton. With the judge痴 ruling, 展e have a forum to try to discuss the city痴 debts.

Judge Christopher Klein agreed, according to the Associated Press. çš„tç—´ apparent to me the city would not be able to perform its obligations to its citizens on fundamental public safety as well as other basic government services without the ability to have the muscle of the contract-impairing power of federal bankruptcy law, he said.

That forum will have an audience. 摘veryoneç—´ watching this case, said John Pottow, a law professor at the University of Michigan who specializes in bankruptcy law. 展eæ±*e finally having the moment of reckoning The more cities that do it, the more other cities will feel comfortable doing it.

more at link...
All eyes on Stockton as judge OKs bankruptcy  - Business on NBCNews.com

 

[riptides]

Anyone paying attention to Stockton, CA? Be interesting how they play the pension problems....could set a precedent for all other munis to follow...stay on your toes.

Yes, which is why i cashed out some pensions I had.


But did not Pabst Blue Ribbon beer set this precedent? Defunk on pensions?

 

[dave1949]

Whew, this retirement planning is a lot of work! I researched more yesterday on best time to take social security, and now, I'm wondering if I should have started at 62! I'm 64 now, thinking of starting at 66, but, I just don't know now. I understand that if I start now and keep working, then at 66 no matter what, I will get 100% of my ss, plus extra for the year and a half I was docked for making more than the minimum allowed.

Also, somebody help me here: if I take now, when wife gets 66, she won't be able to get the 50% of mine? But if I wait until I'm 66, she can get the 50%? Here's what SS site says:

Well, I found it last night, but can't now! But, it said something like this: if I take SS before 66, spouse CANNOT get 50% of mine even when she reaches 66? In our case, 50% of mine will be more than 100% of hers. Hope I'm not muddying the waters... Help!

Can't help you on the SS spouse split info, but it reminded me of Medicare sign-up. As I understand it, if you don't sign up for Medicare when you become eligible at age 65, then you will pay extra each month the rest of your life. How much extra depends on how far beyond 65 you waited.

 

[rekees4300]

Hope I'm not muddying the waters... Help!

Call your local S.S. office. They will be able to recommend the best course of action based on your specific situation.