Are you "lucky"if you have a secure retirement?

[ultrarunner]

All the men in my family stop working when they die... I think this was much more common with farm families... there is always work that needs to be done... on the other side it was small family business.

The idea of retirement with a pension has never happened as best as I can tell... I was going to be the first and I think my Dad was more excited than I was when I landed a job with big company benefits... if he was still around, he would be in shock that they have all gone away...

 

[vtsnowedin]

As for me, it's $1365 a month, I began collecting at age 62, just over a year and a half ago. 85% of it is taxed by the feds so I have 10% or $136.50 taken out in withholding per month. So....$1228.50 a month net.

I've been drawing $1450 a month taxable from my state government retirement post 2006 and working about half time but that has faded off. I plan on taking my SS at 62 in two years and expect it to be above $1200/ m but I'm not sure of the tax bite on that. If that holds true I'll stop looking for any side work and just play with my tractor.

 

[JDgreen227]

The dark blue is on that end of the hot scale? And what is it with a unicorn? I'm not sure I want to know.

It's the trannys that worry me more than a unicorn....:laughing:

 

[ovrszd]

10 YEARS and 2 children! And now your getting married! Congratulations!

I've got 2 children by SWMBO, the youngest being 26, and we've only had 7 anniversaries. We got married in the courthouse on our lunch hour on Feb 29th, 1984.

Sinner.

 

[ovrszd]

A good lifelong older (90) friend of mine and I were talking 10 years ago about retirement. He asked what retirement meant? I said well I guess it's getting up every morning and doing what you want to do. He said then I've been retired my whole life. He farms. Still farms. Rowcrops about 400 acres by himself. I think he's one of the "richest" men I know. I'm sure he would be amused by some statements in this thread.

 

[bajabum]

Those on SS, how much do you receive each month?

I just signed up, I'll get the first check April 1st (April fools day, appropiate, eh?)
They sent me a letter, after medicare part B is deducted, I supposedly will get 2300 - ish.
The wife (63) will get 900 ish.
Got two very small pensions coming in also (beer Money ):licking:
Not great, but doable.
Don't owe anybody a nickle, that helps alot.

 

[TomSeller]

I just signed up, I'll get the first check April 1st (April fools day, appropiate, eh?)
They sent me a letter, after medicare part B is deducted, I supposedly will get 2300 - ish.
The wife (63) will get 900 ish.
Got two very small pensions coming in also (beer Money ):licking:
Not great, but doable.
Don't owe anybody a nickle, that helps alot.

Nice.

 

[JDgreen227]

Nice.

Had I waited until my full retirement age of 66 I would collect about $1765 a month rather than $1365 and if I waited until age 70 it would be about $2365. By starting collecting at age 62 I will get around $67000 over a four year period by starting early, now how long would the payback time be for that amount had I waited until age 66? 164 months!!! Almost 14 years....I don't know why people wait so long to collect SS.

 

[vtsnowedin]

Had I waited until my full retirement age of 66 I would collect about $1765 a month rather than $1365 and if I waited until age 70 it would be about $2365. By starting collecting at age 62 I will get around $67000 over a four year period by starting early, now how long would the payback time be for that amount had I waited until age 66? 164 months!!! Almost 14 years....I don't know why people wait so long to collect SS.

I'm with you on that one. Unless your in excellent health and expect to live past eighty you will collect more in total if you start early. I've seen a couple of people that were smokers only collect two checks before cashing it all in.

 

[300UGUY]

I'm with you on that one. Unless your in excellent health and expect to live past eighty you will collect more in total if you start early. I've seen a couple of people that were smokers only collect two checks before cashing it all in.

Yeah. But even if you expect to live past 80, how important will the extra couple of bucks be when you are 80 something? Not so much I think. Take the money and RUN!!!!