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Retiring in July!!!!! - kitty lady

Posted: Apr 29, 2013

Taking a 25% cut in social security from my husband and semi-retiring in July. Will be making almost as much off social security as I am now making at MModal. Going to work at my part time job until I turn 65. I can still earn 1260 a month without losing any social security. Yeah!!!!! If I did not have credit card bills to pay I would not have to work at all but I am not sure I would like not working.

The only thing I can say though is be very - Mae

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careful about the income per month. There was 1 lady who did as you, still working some and was limited as to how much she could bring in a month. She got into a little trouble because she made too much and then the SS was cut off for several months when she thought it would be there. I myself work only parttime now but draw full SS as I wanted to wait until my full retirement age and for me the biggest part was there was no cap on the amount I could make each month. This was the only way for me to go being as I am really poor in math and I could just see myself getting in trouble like the one I spoke of previously. I love, love, love least hours now instead of 24/7 and more on top of that.

SS and working - ea

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I was told by the SS lady you can make 15,000/year working and SS will not be taken from you.

ss - kitty lady

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You can but I am turning 62 in July and so from now until the end of the year I can only earn $1250 a month.

SS and working - ea

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I was told you can earn 15,000/year, so if you are only starting with SS now, you can earn the 15,000 for the rest of the year. They only start counting whenever you begin SS. Next year will be the full year that you will have to cut back. This is what a SS lady told me. They do not penalize you for the half a year you were not signed onto SS.

You can make as much as you want IF - Mae

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you reach FULL retirement age and I think the age is up to 67 now?? I know it is not full at 62, that is where the difference is. When you take early retirement then SS can and will take back from you if you go over what they decide you can make a month. With me, the sky is the limit on my income and still have the SS check.

Social security retirement - Alice

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What i found out is that the full retirement age actually depends on your birth year. Mine is at age 66. So, at age 66, I can make as much as I want and not lose benefits. However, SSN can be taxed if the earned income is high enough.

However, I started drawing benefits based on my deceased husband's account when I turned 60. Btw, I was told that, for an IC job, I am only allowed to work 45 hours per month before losing social security benefits, no matter how much money I earned.

For my employee position, I was allowed to make $14,600 last year before losing any SS benefits. So, that came to about $1216 per month. Since work fluctuates, I worked when scheduled and put aside anything over $1216 that was earned in any given month. Some months I earned less than this and didn't save anything. At the end, I earned a total of about $16,000. My adjusted gross income was much less than $14,600. So, if I understand correctly, I may have to give back 1/2 of all that I made over $14,600, which would be $700, although this hasn't happened yet. If they go according to adjusted gross income (after filing taxes), then I won't have to give back anything. My earned income wasn't high enough to have to pay anything on the social security benefits.

I pay taxes but am not limited as to income - Mae

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My husband and I file jointly and we have had to pay the last few years because of our combined income. He does not draw SS as not old enough but I do. Your situation is exactly why I waited to get to full retirement age. No way did I want to try to figure out what I could and could not make because I would be a lost soul. Your inability to work but some stated hours might be because of the early withdrawal at age 60 regardless of whether on husband's or yours. I have no clue about that. I thank the sweet heavens above I dont have to figure out the math. By the way, the birth year went up starging with the year I was born for full retirement. I started mine about 2-3 years ago.

Cash under the table. The ONLY way to fly. - Uncle Sam gets ZIP. NM

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Who pays cash under the table now, let - me know

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so I can keep more for me.

Good for you! sm - another Cat Lady

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I'm doing the same thing, but with another company. Start collecting next month, working PT. I was told by SS I needed to start cutting my hours the month before my benefit starts. It took a little figuring, but I can do it. Be wary of months with 3 paychecks so as not to go over the $1260. I LOVE being part-time. Feel like I have my life back again. Again, congratulations!

That is my plan in 6-1/2 years ! - mt2

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I had researched it on SS website and never knew I could draw part of my husband's SS and work part-time. I have to wait until I am 62, right? And how did you apply? A few months before turning 62? Will SS let me know how much I can draw from husband before telling employer I'm dropping to PT?

that - kitty lady

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If you stop by SS office they will tell you. I had to take a 25% cut in the money permanently, but I am leaving my SS and not drawing it until I am 66. They will let you make 1260 this year and may go up next year. I divided the $15,000 per year you can earn by 54 because there are 5 weeks in two months and then divided that by my hourly wage at my part time job and then figured out I can work 25-30 hours a week and not go over the monthly amount. I will be keeping very close watch on how much I make each month to be sure I do not lose ss. the earlier you draw ss before you turn 66, the bigger percentage you lose. Right now I am losing $250 per month, but for me it is worth it.

I thought I could draw spouse benefit and leave my SS alone.....s/m - mt2

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Draw up to 50% of his benefit, work PT and then at my full retirement age of 67 and 8 months, switch over to my SS. I didn't read anywhere about giving up a percentage of mine own in order to draw off of his. ???

i thought - Kitty Lady

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I am losing 20% of my spouses benefit when I retire at age 62. Full retirement for me is 66. I am going to wait until I am 70 to start collecting on mine unless my husband predeceases me and I will have to go on my own ss. Unfortunately, my spouse benefit will always stay the same reduced rate but it will be ok because with my husband's retirement from GE as well as his social security, we can afford for me to take early retirement and work part time. I just have to be very careful and watch my hours. Since I work part time as a cashier in a grocery store and make more money than at MMOdal, my hours are adjustable as I want to make them. No more nights, weekends, and holiday's for me.

I used to love this job but since MModal bought out Spheris and cut our pay I am fed up with this job after 13 years of a job that I loved but I am becomming more and more unhappy with MModal since July 2012 when work stopped coming in. I make just over Minimum wage for where I live. Amy Amick makes $500,000 a year for what?? You only hear from her a couple of times a year and no one knows what she does to earn that type of money.

I could never figure that out with a calculator - I would owe them until

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the cows came home. I am so poor in math that SS would come and get my first born for all that I would mess up on, divide this, add here, subtract that. I never wanted to get in such a mess as my having to figure out hours here and hours there. For others who can do and live by it and figure out, great but for me it would have been a nightmare. SS is very, very pushy (or it was where I went before signing up so I could get information) because they tried their best to get me to sign up before full and I wanted no part of that at all. This was the best way for me and now sweet, sweet.

Congrats, Im on the 3 year plan myself - cant wait. nm

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x

retiring in July - anon

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Good for you! I retired at 62 last year and I am loving every minute. I work 3 hours a day 7 days a week, unless I have plans. This pays me $1000 a month and so between the two I clear just a little over $2200 a month and having fun. Enjoy!!

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