covetsthesun
missouri
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Joined: 02/24/2007
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DH took early SS at 62 and unfortunately the market did it's tap dance on our investments shortly there after. So after one year he went back to work. He'll turn 65 in Dec...still working, but would rather be retired. Right now, we're trying to get our house sold. At that point we will be debt free...although renting an apartment. Then we'll think about what the next move is.
We thought we had everything planned for...but stuff happens. The only thing we have is SS and our savings/investments. No pensions. We haven't given up on "the dream"...just rerouting the trip a bit.
Good luck!cts
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lesmore49
canada
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Joined: 11/25/2004
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We have in Canada OPP (Old Age Pension) which starts around 65 I believe and CPP (Canada Pension Plan) which starts around 65, but you have an option to start it earlier if you are willing to take a bit of a financial hit later around your 80's.
I'm sure I don't have it quite right, but close enough.
I retired at 59, took my CPP at 60 rather than 65.
I did that as I feel it's more likely I will be more active in the earlier years of my retirement and will see a gradual lessening of activity as I reach more advanced years.
I was an administrator in a profession for most of my career (24 years as an Admin.) and I was able to pay into a very secure pension plan for 32 years.
I'm not rich, but comfortable and as much as you can be in this uncertain world, relatively secure.
I regard life as chapters in a book. I have finished one chapter...really more like a book...my career... and a year ago ventured into the next chapter...retirement.
Life is a wonderful journey, as long as you have health and happiness.
lesmore49
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Hgarnerno1
Tyler, Texas USA
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Joined: 12/04/2002
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msmith1199 wrote:For those of you familiar with Social Security I have a question. I get the statements each year that show how much I should get at each age if my earning stays the same. However, I plan on retiring on my 50th birthday. I won't retire completely, but I'll leave my full time law enforcement job and start drawing a nice pension. I'll keep working at something, but it will be part time and my earned income will be a lot lower. So how can I estimate what my social security will be at 62? I'll have quit full time work 12 years before that, so how do they calcuate your SS benefit?
Unless you work a substantial job between age 50 and 62 your SS retirement will be less than if you worked. You will have 12 years of low or no earnings calculated in the formula. Talk with your local SS office or ask the question on line. That is what happened to me. I retired from the military at age 48 and then worked for 4 years. I then retired completely and when my SS was calculated. I had 10 years of zero earning figured in the equation and as a consequence my SS check was substantially less then if I had worked. GoodLuck
Howard, USN Ret
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Dutch_12078
Great Sacandaga Lake, NY
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Joined: 10/07/2008
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Hgarnerno1 wrote:
Unless you work a substantial job between age 50 and 62 your SS retirement will be less than if you worked. You will have 12 years of low or no earnings calculated in the formula. Talk with your local SS office or ask the question on line. That is what happened to me. I retired from the military at age 48 and then worked for 4 years. I then retired completely and when my SS was calculated. I had 10 years of zero earning figured in the equation and as a consequence my SS check was substantially less then if I had worked. GoodLuck
Your SS benefit is calculated using the highest paid 35 years of your working life.
Dutch
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msmith1199
Central, CA
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Joined: 10/07/2001
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Hgarnerno1 wrote:msmith1199 wrote:For those of you familiar with Social Security I have a question. I get the statements each year that show how much I should get at each age if my earning stays the same. However, I plan on retiring on my 50th birthday. I won't retire completely, but I'll leave my full time law enforcement job and start drawing a nice pension. I'll keep working at something, but it will be part time and my earned income will be a lot lower. So how can I estimate what my social security will be at 62? I'll have quit full time work 12 years before that, so how do they calcuate your SS benefit?
Unless you work a substantial job between age 50 and 62 your SS retirement will be less than if you worked. You will have 12 years of low or no earnings calculated in the formula. Talk with your local SS office or ask the question on line. That is what happened to me. I retired from the military at age 48 and then worked for 4 years. I then retired completely and when my SS was calculated. I had 10 years of zero earning figured in the equation and as a consequence my SS check was substantially less then if I had worked. GoodLuck
I see this highest 35 year rule, but my problem will be I didn't pay into Social Security for some of that time. When I worked for a City police department we were not in social security. So I'm guess they won't count that time at all. So I'll really only have about 18 years in SS and my military time from a long time ago, and then whatever I do from 50 to 62. So it sounds like if they average it out over 35 years I may get really reduced.
2004 National Tropi-Cal T-350, Class A, Triple slide, 330 HP Cat DP.
2006 Dodge Dakota 4x4 or
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Liriope
Sun City AZ 85351
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Joined: 05/28/2007
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Dutch12078--I believe SS Benefits are calculated on the top 35 Quarters, "not years" of your working life. I could be mistaken but I do not think so. Can someone verify. I looked in my SS statement but could not find.
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Dutch_12078
Great Sacandaga Lake, NY
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Liriope wrote:Dutch12078--I believe SS Benefits are calculated on the top 35 Quarters, "not years" of your working life. I could be mistaken but I do not think so. Can someone verify. I looked in my SS statement but could not find.
"How are my retirement benefits calculated?"
Dutch
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Sunbird
Lizard Acres, Arizona
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Joined: 09/21/2001
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Good Sam RV Club
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Retirement...Twice as much spouse, half as much money.
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Liriope
Sun City AZ 85351
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Joined: 05/28/2007
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Dutch 12078--Thanks for clarifying that. My error, you are correct. Please accept my apology for questioning your statement and thanks for the link to the site..
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PRT
NY~FL
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Joined: 05/25/2001
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Virtually any competent accountant will tell you to start at 62. We did.
Pat
May the road rise with you, the wind be always at your back.
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