Retirement

Posted by: MacBozo

Retirement - 09/30/13 07:51 PM

3 more years and I can do what work is getting in the way of me doing!
Posted by: yoyo52

Re: Retirement - 09/30/13 09:02 PM

I'm jealous--at least five more years for me, and maybe more.
Posted by: drjohn

Re: Retirement - 09/30/13 09:47 PM

Yoyo52 Emeritus…has a ring to it.

grin
Posted by: Acumowchek

Re: Retirement - 09/30/13 10:10 PM

MB,
It's right around the corner. Just keep a good eye on that clock.

DJ,
emeritus |iˈmerətəs| adjective
(of the former holder of an office, esp. a college professor) having retired but allowed to retain their title as an honor:

That is so cool!
I want to be an emeritus!
Posted by: MrB

Re: Retirement - 10/01/13 01:06 AM

When I retired from the public school system, I got a brass bell and a pad of note paper in the shape of an apple. Like apple for the teacher not Apple computer. They had a steak dinner for the eight of us who retired that year. When the superintendent came to announce my name she got my name wrong.

To compound the name Faux Pas the name by which she announced me was the guy who married my ex-wife just after we divorced 15 years prior way before she was even in the district.

I felt like Rodney Dangerfield blush

Dave
Posted by: Stumpy1

Re: Retirement - 10/01/13 04:17 AM

Congratulations! Three years does not seem too bad.

Eleven years, at least, for me (hoping for age 70).
Posted by: NucleusG4

Re: Retirement - 10/01/13 04:59 AM

Was that you that discovered them on a picnic? Can't remember...
Posted by: steveg

Re: Retirement - 10/01/13 07:44 AM

Nya Nya Nya! I just got my first SS payment this morning! I'm still 6 months from my full retirement age (66), but after running the numbers over and over again and doing the most accurate projections I could — and after sitting down with someone at the local SS office — it came down to a negligible difference in the benefit amount. So I pulled the trigger last month and had the app approved just under the wire (the gov't shut down could have delayed it).

I've got to be very careful about logging my business expenses through the end of the year because there's a cap on how much I can earn (net) over and above SS. But as of January, there's virtually no limit on additional income. Whew!
Posted by: MacBozo

Re: Retirement - 10/01/13 07:57 AM

My plan is to begin SS at 66 (my full benefit age), continue to work, but only part-time, do volunteer and community service, get back to all the stuff I've missed doing while working, raising my daughter, etc. I want time to do some gardening and photography and whatever else strikes my fancy. Actually, I want to do all of that now, but just don't have the time.
Posted by: NucleusG4

Re: Retirement - 10/01/13 08:21 AM

Originally Posted By: steveg
Nya Nya Nya! I just got my first SS payment this morning! I'm still 6 months from my full retirement age (66), but after running the numbers over and over again and doing the most accurate projections I could — and after sitting down with someone at the local SS office — it came down to a negligible difference in the benefit amount. So I pulled the trigger last month and had the app approved just under the wire (the gov't shut down could have delayed it).

I've got to be very careful about logging my business expenses through the end of the year because there's a cap on how much I can earn (net) over and above SS. But as of January, there's virtually no limit on additional income. Whew!

No limit on additional income?
I had always heard different. Did something change just recently?
Posted by: yoyo52

Re: Retirement - 10/01/13 08:29 AM

Originally Posted By: drjohn
Yoyo52 Emeritus…has a ring to it.

grin


Human emeritus? Hmmmm . . . .
Posted by: Celandine

Re: Retirement - 10/01/13 09:07 AM


Am I mistaken that you & I are the same age?
I'll only be 65 this coming March,25th.
Posted by: steveg

Re: Retirement - 10/01/13 09:12 AM

Check it out here. See page 3.
Posted by: DLC

Re: Retirement - 10/01/13 09:17 AM

3 years will fly by like a streak of light !

I remember my last 2 ... seems like a blurr now !! blush

Start planning your activities !! NOW !! makes the time fly even faster ! grin
Posted by: drjohn

Re: Retirement - 10/01/13 02:04 PM

I've been retired for 22 years. grin
Posted by: NucleusG4

Re: Retirement - 10/01/13 02:08 PM

I've been tired for 51... does that count?
Posted by: lanovami

Re: Retirement - 10/01/13 04:31 PM

I am definitely on the younger side here, which I have always guessed, weighing in at 41.9 Of course then Brenna came in and broke the curve. smile
Posted by: Mike

Re: Retirement - 10/01/13 05:00 PM

In my second year of retirement and loving every 'second' of it!
Unfortunately my body reminds me that it's been a long time, and instead of commuting to the work place, it's commuting to the appointments. One knee replacement down, one more to go. cry
Posted by: Pirate

Re: Retirement - 10/01/13 05:09 PM

Retired for the second and last time I hope in 09....I had all this stuff I wanted to do, figured it would take 10 years or so...took 6 months...then what....found a little part time job that now has tuned into a full time hour job..with part time bennies
Posted by: Stumpy1

Re: Retirement - 10/01/13 06:01 PM

Quote:
No limit on additional income?


Still, some of the income may be taxable. At least it used to be if your income was over a certain amount.
Posted by: NucleusG4

Re: Retirement - 10/01/13 06:07 PM

Originally Posted By: Stumpy1
Quote:
No limit on additional income?


Still, some of the income may be taxable. At least it used to be if your income was over a certain amount.



That's what I thought... but it apparently only applies if you retire early.

Quote:
How much can you earn and still get benefits?
If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2013, we must deduct $1 from your benefits for each $2 you earned above $15,120.
Posted by: Stumpy1

Re: Retirement - 10/01/13 06:21 PM

Perhaps I'm reading that wrong, but I think there's a distinction between being paid all your benefits by the Social Security system and paying our friends at the IRS on your income.

When they say, "...you may keep all your benefits,..." that may mean that, yes, you may keep them until the following spring when you are possibly taxed on them.

Again, maybe the laws have changed. In ancient times it used to be about $25,000 you could be paid in benefits before you started paying taxes on your Social Security.
Posted by: MacBozo

Re: Retirement - 10/01/13 06:47 PM

63 this November. I plan on switching my cake candles to read 36, though. wink
Posted by: steveg

Re: Retirement - 10/02/13 03:06 AM

Anything over $25K is still taxable. But there's no cap on how much you can earn.
Posted by: Pirate

Re: Retirement - 10/02/13 05:40 AM

I think any income is taxable, but if you are under the age of total retirement there are limits on what can be made and you have to repay SS, first year I was retired I had to pay back one dollar for every two I made, after 67 I did not have to pay back SS, and the income level was so low that I got a total refund on the income taxes
Posted by: DLC

Re: Retirement - 10/02/13 07:13 AM

Question for all you old farts:

If you're getting SS but decide to go back to work FT and your not early SS, do they take SS out of your paycheck and add to your benefits?? Or do they take none and keep your SS benefits the same ?

Posted by: Pirate

Re: Retirement - 10/02/13 09:09 AM

Think they take ss out, checked my pay stub and it is being deducted, payroll department said that ss benefits would be increased at some time but did not say when or how