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Early retirement ? - nn


Posted: Dec 17, 2012

Thinking about taking early retirement and just working part time.  I understand I can make a little over 14,000 without reduction in social security benefits.  I would however have to purchase private insurance until I am old enough for Medicare.  Anyone done this or have any input on it?

 

Early retirement? - PR

[ In Reply To ..]
I did not take early retirement as I wanted to work and I did not want to give up at least 20% reduction in benefits each month from then on. Also for earnings over $14,160 you deduct $1.00 for each $2.00 you make. I read on here before about 1 lady who starting drawing early, made over what she was allowed and ended up paying them back for several months. If you reach full retirement in 2011 the earning limit was $37,680 and then SS could take $1.00 from each $3.00 you earned over that until the month you turned 66. I am really glad to wait because for me I do not have to worry about them taking a dollar here, a dollar there. I also got a 3.6% increase in my check coming up this next January. You and me both, when is the last time we got an increase in our jobs? I do not have Medicare, did not want to carry as covered under hubs insurance.

Early retirement - anon

[ In Reply To ..]
I opted for early retirement as did my husband. I am working just 20 hours a week to and plan to stay below the income limit. We are really enjoying ourselves. Unfortunately, we have to pay big bucks for insurance for a couple of years, but life is short and no one knows what the future brings so we decided to go ahead and enjoy.

Working and retirement - PR

[ In Reply To ..]
Oh, I also work part-time, 18 hours per week, travel extensively and the money I make with the work now mostly goes for my trips (and my housekeeper as I do not care to do housework). My insurance is a perk of hubby's job, no money spent out there. I have heard stories of people retiring early and having to join the work force again due to their not thinking out how much they would need to live on. I think you can work as I do, still find time for the good times and the money to be able to spend for those times without pinching pennies. I hate doing that!
I retired early at 63 and here's why...SM - Old Anon
[ In Reply To ..]
I lost my inhouse job making about $35,000 per year and got an at-home MTSO job making barely $16,000. In order to pay my mortgage AND heat it and buy food, I needed the extra SS income. I don't give a flying fig if I go over the minimum of $14-something a little bit and lose a few dollars here and there. It beats being foreclosed on and becoming homeless. By the way the income limit for early SS for 2013 is going to be $16,000, so no problem with that because I'm doing SR for a MTSO. It's your money for the taking, so don't nickel and dime yourselves to death worrying about losing a few dollars. Take it when you need it.
Me, too . sm - Part-time soon
[ In Reply To ..]
I'm applying for early SS benefits in 2013. Will work part-time. Thought the limit was $15,000 something for 2013 though. Time to enjoy my life and not sit here 8 hours a day. 4 hours I could handle. Figured out how much I would "lose" by retiring early, and it really isn't that much when I calculated the years I would collect either way. But my husband has a pension from his long-time job and I also have a very small pension from my previous job. Need the extra $$ from SS to bring me back to what I was making before the zillion pay cuts we have had. I'm going to grab it before it disappears. You just don't know. There are lots of charts, etc., on the SS site to help you decided if it will work for you or not. Good luck and God Bless.
I turned 63 today, and although everyone has told me - not to do it, I might have to take early - SM
[ In Reply To ..]
SS benefits if I lose my job 2013, which is highly likely. I also can't seem to find another job in order to escape from MT.

I spent the morning researching qualifications for Pell grants, and I think at apx. $15K per year or less income in 2012, I probably qualify for 2013. I'm leery of taking an entire course for a new career, such as ultrasonographer or medical assistant, because I seriously doubt anyone would hire a newbie in those fields at age 65+. However, if I can get a good solid knowledge of the computer skills I lack - Powerpoint, Quickbooks, Excel - and maybe some advanced secretarial/bookkeeping courses, I should be able to land an entry-level administrative assistant job. I think I would be a good AA, especially working for just one person. But most of those jobs want you to be able to create flyers, presentations, etc., and do their bookkeeping.

I also think I would be a good veterinary receptionist, but would need specialized skills and/or experience to get into that, as well. Meanwhile, time is running out! I don't have 2 or 3 years to learn something new - my savings will run out in around May or June of 2013, and if I don't have a *real* job by then (screw this MT garbage!), I will really be up a creek.
Happy Birthday! sm - Part-Time Soon
[ In Reply To ..]
I would love to be a veterinary tech. Wish I had thought about that 10 years ago.
Take it when you need it? - can it take it at 43? hahaha NM
[ In Reply To ..]
..
I like that once at full retirement age you could go back - to earning whatever without penalty. SM
[ In Reply To ..]
I'm eligible for early at 62 but full retirement age will be 66, and I expect, and would like, to continue working part time (up to 25 hours a week, but preferably 20 or less) after I "retire." Therefore, there would be 3 years, as I'm counting them, when I could be penalized for exceeding the $16K or so. After that, no penalty no matter how much I earned.

It'll probably hinge on insurance costs each year, and I'll keep working toward Medicare at 65 until and if they're low enough to allow.

I wish I also still enjoyed work. This is calm pleasant work from home, and back when I was decently paid I did enjoy it and didn't expect to be eyeing early retirement so longingly.

early retirement - sunflower

[ In Reply To ..]
I am starting the process. Will be 65 in May. I'll let you know more when I find out more. Have to go to SS in January. It is one way to go, for now.

My Plan - Old MT

[ In Reply To ..]
At this time, if you have any pre-existing condition (even a little hypertension), you can't get health insurance. You will in 2014, but I'm sure that price will be out of this world, and you'll HAVE to take it.

That being said, I'm sticking it out as MT for the insurance for now, but do plan on drawing SS in 5 years, when I'm 62, as I don't trust the money will be in the pot later.


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