I retired at 51!

[IVE GOTTA PACKAGE 4U]

It is based on your highest working 35 years.
According to my latest SS Statement ; had I taken it at FRA-$2367.
Wait one year and it becomes-$2640 ( $273 more a month ).
Wait 2 years- $2840 ( another $200 a month ).
Wait 3 years-$3041 (another $201 a month )
Age 70- $3275 ( up $234 a month )
$908 increase a month for waiting.
Or an increase of $1700 a month over taking it at 62.

These amounts do not include any COLA Adjustments.

It was a different answer for everyone

 

[oldngray]

It is based on your highest working 35 years.
According to my latest SS Statement ; had I taken it at FRA-$2367.
Wait one year and it becomes-$2640 ( $273 more a month ).
Wait 2 years- $2840 ( another $200 a month ).
Wait 3 years-$3041 (another $201 a month )
Age 70- $3275 ( up $234 a month )
$908 increase a month for waiting.
Or an increase of $1700 a month over taking it at 62.

These amounts do not include any COLA Adjustments.

Those last years are what make the big difference. Your years working at McDonalds as a teenager are pretty much wasted.

 

[IVE GOTTA PACKAGE 4U]

Those last years are what make the big difference. Your years working at McDonalds as a teenager are pretty much wasted.

You never know what's going to happen in life
Does McDonald's yours may help you out if you can't work anymore for some reason

But unfortunately social security is also stacked against the person that saves

If you average $50,000 a year during your career and I averaged $100,000 a year during my career

I would have paid double in social security taxes but I would definitely not be getting double payments

 

[Babagounj]

Those last years are what make the big difference. Your years working at McDonalds as a teenager are pretty much wasted.

Never worked in a fast food joint but I did work for a couple of former baseball guys ( Red Sox & Oakland A's) at their nightclub/restaurant/bar/golf course.

 

[clean hairy]

My Wife had a very close friend who decided to wait until 66 to collect her ss, instead of taking it at 62.
She became a victim of cancer and died at 65 never recieving any ss.
You just never know what the right age is to start collecting ss.
Or what the future has in store.....

 

[Johney]

And what are your plans when they decide to cut everyone's monthly amount by 23%.
You know to keep the system alive.

I’ll worry about that when and if it happens.

 

[Babagounj]

The reason those break even charts ( 62 vs FRA ) are wrong is because SS isn't an investment.
One is guaranteed $$ no matter what age you start to collect at.
An investment is something that once you put $$ into either the amount will go up or down.

No one really knows when their lifespan will end.
That being said, it is a gamble on when to start SS.

In my case , I'm already pass FRA.
And in less than 3 years I'll max out my benefits.

 

[badpal]

One thing you got to consider is if you want some sort of side gig after u retire. Unless you can get an under the table cash one, i have heard that taking SS and earning a paycheck can get complicated. And guess you would have to consider income from investments too. I would just advise talking to your tax man first.

 

[olroadbeech]

One thing you got to consider is if you want some sort of side gig after u retire. Unless you can get an under the table cash one, i have heard that taking SS and earning a paycheck can get complicated. And guess you would have to consider income from investments too. I would just advise talking to your tax man first.

yes. same with collecting a pension but after age 65 you can work all you want without penalty.

The nice thing about SS is the COLA increase every year. usually it's around 3%. At that rate your SS payment would double in 24 years ( rule of 72 )
Next year it is going up 8%. At this rate it would double in 9 years.

8% is nice but no way near a COLA increase which from my records is about 25% in the last year, 40% in the last 2 years on most goods. The G has a strange way of determining inflation. Only take into account certain goods and services.

Ask anyone who relies solely on SS and they will laugh at the COLA.

Wish the Teamster pension had a COLA. Maybe you guys can negotiate THAT in the next contract.
At the current rate of COLA for SS , our SS checks will be bigger than the pension in a couple years.

 

[Babagounj]

My pension states that I can only work 20 hrs/week at a job which the pension board must first approve of.

 

[I have been lurking]

yes. same with collecting a pension but after age 65 you can work all you want without penalty.

The nice thing about SS is the COLA increase every year. usually it's around 3%. At that rate your SS payment would double in 24 years ( rule of 72 )
Next year it is going up 8%. At this rate it would double in 9 years.

8% is nice but no way near a COLA increase which from my records is about 25% in the last year, 40% in the last 2 years on most goods. The G has a strange way of determining inflation. Only take into account certain goods and services.

Ask anyone who relies solely on SS and they will laugh at the COLA.

Wish the Teamster pension had a COLA. Maybe you guys can negotiate THAT in the next contract.
At the current rate of COLA for SS , our SS checks will be bigger than the pension in a couple years.

Nah

 

[IVE GOTTA PACKAGE 4U]

My pension states that I can only work 20 hrs/week at a job which the pension board must first approve of.

I believe mine is 100 hours a month.
Not that I have any desire to work when I retire unless I just want to get out the house for a couple hours a week and make some beer money

 

[clean hairy]

Or the wife wants you out of the house when the Pool Boy comes over!

 

[burrheadd]

Why sad? Maybe they like working? Plenty of vacation time.

Who do you know that’s been here more than a minute that “like working” at ups

 

[burrheadd]

yes. same with collecting a pension but after age 65 you can work all you want without penalty.

The nice thing about SS is the COLA increase every year. usually it's around 3%. At that rate your SS payment would double in 24 years ( rule of 72 )
Next year it is going up 8%. At this rate it would double in 9 years.

8% is nice but no way near a COLA increase which from my records is about 25% in the last year, 40% in the last 2 years on most goods. The G has a strange way of determining inflation. Only take into account certain goods and services.

Ask anyone who relies solely on SS and they will laugh at the COLA.

Wish the Teamster pension had a COLA. Maybe you guys can negotiate THAT in the next contract.
At the current rate of COLA for SS , our SS checks will be bigger than the pension in a couple years.

If it gets to bad you can always go back to dancing









On senior citizens night

 

[Over70irregs]

You never know what's going to happen in life
Does McDonald's yours may help you out if you can't work anymore for some reason

But unfortunately social security is also stacked against the person that saves

If you average $50,000 a year during your career and I averaged $100,000 a year during my career

I would have paid double in social security taxes but I would definitely not be getting double payments

Crap. Another reason to not work OT unless extra $ is making you $ or paying down debt.

 

[IVE GOTTA PACKAGE 4U]

Crap. Another reason to not work OT unless extra $ is making you $ or paying down debt.

It also puts extra money in your 401k

 

[Over70irregs]

Sure why not. Print machine can enlarge my territory

 

[542thruNthru]

Who do you know that’s been here more than a minute that “like working” at ups

I like working at UPS.

 

[burrheadd]

I like working at UPS.

Wasn’t asking part timers