Posted: 3/10/2015 4:30:05 PM EDT
| So if I retire at 57 how do I make sure that I will get my SS at 65? |
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I retired at 56, went back to work at 57. Retirement is highly over rated, just go back to work. 
You should check with SS and see how it will affect your payout, it should be frozen at the last year you paid into it. On my retirement, at 57 you have to retire and if you make so much a year (at a different job) they then reduce your pension. Makes it a detriment to work. |
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The folks at your nearest Social Security office will be happy to fill you in. Make an appointment, and go there. There are quite a few choices to make, and some technicalities that they will assist you in understanding. If you are married, bring your spouse, as this makes a difference to her as well. Not to mention that she can also ask some questions about her Social Security benefits.
Sometimes, timing is important. I recall one guy, who was in a union, that retired a month before his new contract was approved. He lost out on the difference between old and new wages in his pension--not his Social Security, but I hope you get the point. Another thing is to see when your employer makes a COLA adjustment, and wait till after that to retire. Again, can make a difference. Another example of timing: SS allows earning a certain amount of money while collecting SS. This is variable, but all other considerations being taken care of, it would be best to continue working up to the $ cut-off point before retiring. All this stuff will be explained to you. Do your homework, and have all your pertinent info up-to-date and with you when you go in for the talk with the SS folks. Depending on how things go, you might need to go back with updated info, or to ask more questions. On a separate issue, ask questions about Medicaid/Medicare, and how it impacts any medical plan you might currently be enrolled in. These folks are used to people asking questions. The more and better info you can give them, the better their advice will be. One general point I would make is to have your retirement costs at absolute minimum levels. That means housing taken care of, reliable vehicles that will last, and all that other stuff like wills, power of attorney, and so forth. Set up all this stuff while you are still working, can afford it, and have the time to do it right. Most folks, as they get older, sell-off stuff they the no longer need. It's sad to see the deceased person's kids selling off stuff at pennies on the dollar, when the original owner could have sold it and reaped the benefits of its' true value. So, be prepared to downsize, and do it intelligently. Then you have the choice of spending the money, or giving it to your kids. |
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You're close enough for it to actually work out for you. Just go to the SS office and follow up when your 65 birthday is nearing.
Not trolling but I retired at 34 after selling off all my equity of a firm I helped create. I have paid a total of 0 state/federal/medicaid/SS taxes since and it makes me smile anytime I think about it. I have absolutely zero interest in contributing to SS and have absolutely zero interest in pulling any SS money. I will come out WAY ahead in this transaction. |
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Just afraid I need to do something so I don't loose it because if I retire @57 I was told I can't collect till @ least 62 at a reduced rate. That is correct. The earliest anyone can get non-disability SS is 62. They have a website that explains a lot of this. |
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You're close enough for it to actually work out for you. Just go to the SS office and follow up when your 65 birthday is nearing. Not trolling but I retired at 34 after selling off all my equity of a firm I helped create. I have paid a total of 0 state/federal/medicaid/SS taxes since and it makes me smile anytime I think about it. I have absolutely zero interest in contributing to SS and have absolutely zero interest in pulling any SS money. I will come out WAY ahead in this transaction. Wow, congrats. Now buy a membership. |
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I retired at 53, and my wife at 50, and we both started collecting at 62 no problem. You should be getting statements every year from the SSA showing you an estimate and reassuring you that they will pay!
Two pieces of unsolicited advice: 1. If you enjoy your job, keep doing it until they tell you that you can't any more. Really. Working is Good unless of course for you it is Not Good. 2. Ignore everyone who says "wait wait wait on SS" and get it starting age 62. If you wait until your normal retirement age it will then take you 12 years just to recover all the money you lost by waiting i.e. you'll be 78 before the bigger check starts paying-off for you. Get it while you're still young enough to enjoy it. But if you CAN keep working, and thus truly don't NEED the SS money, then yes you should consider waiting until you really need it. |
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I retired at 53, and my wife at 50, and we both started collecting at 62 no problem. You should be getting statements every year from the SSA showing you an estimate and reassuring you that they will pay! Two pieces of unsolicited advice: 1. If you enjoy your job, keep doing it until they tell you that you can't any more. Really. Working is Good unless of course for you it is Not Good. 2. Ignore everyone who says "wait wait wait on SS" and get it starting age 62. If you wait until your normal retirement age it will then take you 12 years just to recover all the money you lost by waiting i.e. you'll be 78 before the bigger check starts paying-off for you. Get it while you're still young enough to enjoy it. But if you CAN keep working, and thus truly don't NEED the SS money, then yes you should consider waiting until you really need it. The only problem with this is most don't have health insurance after leaving work at 62 and the so called affordable health care is not so affordable. Therefore most must go to work until at least 65 years of age. I can't believe the younger members here have not started screaming their usual shit fit that we are stealing from them. 
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Were you a Fed or State Quoted:
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Apply for it? I retired a couple days after my 50th. Of course, my case was special as I could retire at 50 with 26 years on the job and at 57 it was mandatory and they would have refused to let me continue working on that job. Were you a Fed or State Federal. Everyone I know of that stayed until mandatory retirement at 57 was dead within 5 years. I retired 3 days after I was eligible after my 50th birthday. I'm still alive after 6 years. Everyone I know that retired after I did got out soon after they turned 50 or became eligible, none of them wanted to continue working for Obama and Holder. They all went and got part time jobs in completely different fields. |
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So if I retire at 57 how do I make sure that I will get my SS at 65? As others have said, go the the SS website and create an account. That way, you can look at your earnings record and projected income. You may need to plug in some information, but you can indicate that you will have 0 income from now until you reach 62, or 66, or 70, etc. It will then give you your projected payout based on no more income contributions. As an aside: assuming you have other investments, savings, etc., there are many good analytics out there that will, based on your investment strategy and tolerance, give you retirement finance details. I use Fidelity, and plug everything in and it gives me projected success (which is outliving my $$$$), and an annual cash flow projection. I retired 2 years ago (early pension commencement, family needs, etc.) and I haven't regretted it for one second!!!!! My cash flow projections through age 95 are positive. The key is to retire early enough to ENJOY your retirement. Unfortunately since my retirement, I had to bury both of my parents. Retiring early allowed me to honor them through their demise. I also married off both my daughters and an planning a VERY ACTIVE "grandparent" role! My wife and I also am able to travel extensively. I was married to my career until I retired, now I am married to my wife, family and myself!!!!! |
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K Quoted:
As others have said, go the the SS website and create an account. That way, you can look at your earnings record and projected income. You may need to plug in some information, but you can indicate that you will have 0 income from now until you reach 62, or 66, or 70, etc. It will then give you your projected payout based on no more income contributions. As an aside: assuming you have other investments, savings, etc., there are many good analytics out there that will, based on your investment strategy and tolerance, give you retirement finance details. I use Fidelity, and plug everything in and it gives me projected success (which is outliving my $$$$), and an annual cash flow projection. I retired 2 years ago (early pension commencement, family needs, etc.) and I haven't regretted it for one second!!!!! My cash flow projections through age 95 are positive. The key is to retire early enough to ENJOY your retirement. Unfortunately since my retirement, I had to bury both of my parents. Retiring early allowed me to honor them through their demise. I also married off both my daughters and an planning a VERY ACTIVE "grandparent" role! My wife and I also am able to travel extensively. I was married to my career until I retired, now I am married to my wife, family and myself!!!!! Quoted:
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So if I retire at 57 how do I make sure that I will get my SS at 65? As others have said, go the the SS website and create an account. That way, you can look at your earnings record and projected income. You may need to plug in some information, but you can indicate that you will have 0 income from now until you reach 62, or 66, or 70, etc. It will then give you your projected payout based on no more income contributions. As an aside: assuming you have other investments, savings, etc., there are many good analytics out there that will, based on your investment strategy and tolerance, give you retirement finance details. I use Fidelity, and plug everything in and it gives me projected success (which is outliving my $$$$), and an annual cash flow projection. I retired 2 years ago (early pension commencement, family needs, etc.) and I haven't regretted it for one second!!!!! My cash flow projections through age 95 are positive. The key is to retire early enough to ENJOY your retirement. Unfortunately since my retirement, I had to bury both of my parents. Retiring early allowed me to honor them through their demise. I also married off both my daughters and an planning a VERY ACTIVE "grandparent" role! My wife and I also am able to travel extensively. I was married to my career until I retired, now I am married to my wife, family and myself!!!!! That's what I want to do, but my company defunded pensions and my 401k and savings are not enough to carry me for 35+ years. How did/do you afford the medical before Medicare kicks in? |
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Wow, congrats. Now buy a membership. Quoted:
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You're close enough for it to actually work out for you. Just go to the SS office and follow up when your 65 birthday is nearing. Not trolling but I retired at 34 after selling off all my equity of a firm I helped create. I have paid a total of 0 state/federal/medicaid/SS taxes since and it makes me smile anytime I think about it. I have absolutely zero interest in contributing to SS and have absolutely zero interest in pulling any SS money. I will come out WAY ahead in this transaction. Wow, congrats. Now buy a membership. 
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Quoted: On my retirement, at 57 you have to retire and if you make so much a year (at a different job) they then reduce your pension. Makes it a detriment to work. Quoted: Quoted: I retired at 56, went back to work at 57. Retirement is highly over rated, just go back to work. You should check with SS and see how it will affect your payout, it should be frozen at the last year you paid into it. On my retirement, at 57 you have to retire and if you make so much a year (at a different job) they then reduce your pension. Makes it a detriment to work. |
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Check with SS, I quit working at 52, but I still do enough work to file on 5-6k of income to keep my benefits from tanking in the 10 year gap till I hit 62.
Do it, don't listen to the guys who say keep working. I work plenty on my places, fish all winter/spring in FL. Work some in CO, shoot all the time and elk hunt all September. |
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K That's what I want to do, but my company defunded pensions and my 401k and savings are not enough to carry me for 35+ years. How did/do you afford the medical before Medicare kicks in? Quoted:
K Quoted:
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So if I retire at 57 how do I make sure that I will get my SS at 65? As others have said, go the the SS website and create an account. That way, you can look at your earnings record and projected income. You may need to plug in some information, but you can indicate that you will have 0 income from now until you reach 62, or 66, or 70, etc. It will then give you your projected payout based on no more income contributions. As an aside: assuming you have other investments, savings, etc., there are many good analytics out there that will, based on your investment strategy and tolerance, give you retirement finance details. I use Fidelity, and plug everything in and it gives me projected success (which is outliving my $$$$), and an annual cash flow projection. I retired 2 years ago (early pension commencement, family needs, etc.) and I haven't regretted it for one second!!!!! My cash flow projections through age 95 are positive. The key is to retire early enough to ENJOY your retirement. Unfortunately since my retirement, I had to bury both of my parents. Retiring early allowed me to honor them through their demise. I also married off both my daughters and an planning a VERY ACTIVE "grandparent" role! My wife and I also am able to travel extensively. I was married to my career until I retired, now I am married to my wife, family and myself!!!!! That's what I want to do, but my company defunded pensions and my 401k and savings are not enough to carry me for 35+ years. How did/do you afford the medical before Medicare kicks in? You might want to look into what happened to the pension fund before it was "defunded". If you had a vested balance and did not take a payout, you may still have something. Remember too, that some of your living expenses will be covered by SS when you start taking it, so you should get some relief from depleting savings as soon as 62. On the healthcare front (and I will probably get bashed for this), I purchase an individual policy for my wife and I. My financial situation is such that every $ I spend is not income. I only report capital gains and dividend payouts as income (and I can control those). This makes my reportable income low. I will confess that I get a subsidy for my Blue Cross / Blue Shield policy. I have a better policy now that when I was working, and I pay less. Granted I do not believe that the ACA will continue intact, but hell - if it is there, I'm going to use it. If the ACA completely goes away, I will revert to a fully funded catastrophic policy and pay out-of-pocket for the small stuff. |
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Quoted: You're close enough for it to actually work out for you. Just go to the SS office and follow up when your 65 birthday is nearing. Not trolling but I retired at 34 after selling off all my equity of a firm I helped create. I have paid a total of 0 state/federal/medicaid/SS taxes since and it makes me smile anytime I think about it. I have absolutely zero interest in contributing to SS and have absolutely zero interest in pulling any SS money. I will come out WAY ahead in this transaction.  |
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Quoted: I don't think you will get any SSI. System reset is coming up. All bets are off the table. |
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OP and everyone else... You do not have to wait to open a SS account. They have all of your time ( earnings ) and expected payouts online. When you turn 61.5 you don't have to go anywhere or sit in some gooberment office with a number in your hand. Just do it online. Oh yeah ... I think the economy will probably crash this year anyway. Remember SS, Mil and FED retirement funds were taken quite some time ago. Register Here with SS Admin |
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How does this work? Never heard this before. Quoted:
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I retired at 56, went back to work at 57. Retirement is highly over rated, just go back to work.
You should check with SS and see how it will affect your payout, it should be frozen at the last year you paid into it. On my retirement, at 57 you have to retire and if you make so much a year (at a different job) they then reduce your pension. Makes it a detriment to work. It affects certain retirees under FERS LEO and FF retirements. We have mandatory retirement at 57 years of age. If we go get another job after retirement at a certain age, the government will reduce our pension by $1.00 for every $2.00 that we make over about $15,000. It doesn't take long working to make $15,000 and after making that much the government basically starts taking amounts above out of the pension. This reduction is particularly important for Special Provisions FERS. Since many Special Provisions employees often get full or part-time jobs after their federal retirement.
If you will have earned income (ex: a part-time job) after you retire from Federal service, your Supplement may be reduced. In 2011 the earnings limit is $14,160. What counts toward that limit? Earned income – which is essentially any income you receive as a W-2 wage or as self-employement income. (Technically, this is any income that is subject to Social Security taxes. If you have questions, a good financial planner should be able to assist you) So if you earn more than $14,160, your Supplement will be reduced. For every $2 you earn above the limit, your FERS Supplement will be reduced by $1. http://www.plan-your-federal-retirement.com/fers-supplement-special-provisions.html Let's go back to our example with Bob. Earlier, we estimated Bob's gross FERS Supplement to be $1,000 a month.
Let's say Bob gets a part time job after his federal retirement - and that job pays him $30,000 a year. His $30,000 income exceeds the $14,160 limit by $15,840. If we take half of this amount, we get $7,920 - which is the annual reduction. Divide that by 12 and we get a monthly reduction of $660. $1,000 - $660 = $340 monthly FERS Supplement Ouch. And what if Bob got a higher paying job? Maybe he gets a full time job after his federal retirement - and that job pays him $50,000 a year. Bob's full time job of $50,000 a year exceeds the $14,160 limit by $35,840. Half of that is $17,920 - which is the annual reduction. Divide that by 12 and we get a monthly reduction of $1,493. $1000 - $1,493 = .... $0 If your reduction is more than your FERS Supplement, you simply forfeit your entire Supplement. The month I turn 62 even if I don't start drawing Social Security they will reduce my pension by taking away a major amount. Federal retirement under special law enforcement officers/firefighters retirement system allows for an early retirement but they screw you if you get another job by reducing retirement pension and then reduce your pension as soon as you turn 62 making you immediately sign up for SS or reducing your pension by the amount you get in SS at 62. |
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It affects certain retirees under FERS LEO and FF retirements. We have mandatory retirement at 57 years of age. If we go get another job after retirement at a certain age, the government will reduce our pension by $1.00 for every $2.00 that we make over about $15,000. It doesn't take long working to make $15,000 and after making that much the government basically starts taking amounts above out of the pension. The month I turn 62 even if I don't start drawing Social Security they will reduce my pension by taking away a major amount. Federal retirement under special law enforcement officers/firefighters retirement system allows for an early retirement but they screw you if you get another job by reducing retirement pension and then reduce your pension as soon as you turn 62 making you immediately sign up for SS or reducing your pension by the amount you get in SS at 62. Quoted:
It affects certain retirees under FERS LEO and FF retirements. We have mandatory retirement at 57 years of age. If we go get another job after retirement at a certain age, the government will reduce our pension by $1.00 for every $2.00 that we make over about $15,000. It doesn't take long working to make $15,000 and after making that much the government basically starts taking amounts above out of the pension. This reduction is particularly important for Special Provisions FERS. Since many Special Provisions employees often get full or part-time jobs after their federal retirement.
If you will have earned income (ex: a part-time job) after you retire from Federal service, your Supplement may be reduced. In 2011 the earnings limit is $14,160. What counts toward that limit? Earned income – which is essentially any income you receive as a W-2 wage or as self-employement income. (Technically, this is any income that is subject to Social Security taxes. If you have questions, a good financial planner should be able to assist you) So if you earn more than $14,160, your Supplement will be reduced. For every $2 you earn above the limit, your FERS Supplement will be reduced by $1. http://www.plan-your-federal-retirement.com/fers-supplement-special-provisions.html Let's go back to our example with Bob. Earlier, we estimated Bob's gross FERS Supplement to be $1,000 a month.
Let's say Bob gets a part time job after his federal retirement - and that job pays him $30,000 a year. His $30,000 income exceeds the $14,160 limit by $15,840. If we take half of this amount, we get $7,920 - which is the annual reduction. Divide that by 12 and we get a monthly reduction of $660. $1,000 - $660 = $340 monthly FERS Supplement Ouch. And what if Bob got a higher paying job? Maybe he gets a full time job after his federal retirement - and that job pays him $50,000 a year. Bob's full time job of $50,000 a year exceeds the $14,160 limit by $35,840. Half of that is $17,920 - which is the annual reduction. Divide that by 12 and we get a monthly reduction of $1,493. $1000 - $1,493 = .... $0 If your reduction is more than your FERS Supplement, you simply forfeit your entire Supplement. The month I turn 62 even if I don't start drawing Social Security they will reduce my pension by taking away a major amount. Federal retirement under special law enforcement officers/firefighters retirement system allows for an early retirement but they screw you if you get another job by reducing retirement pension and then reduce your pension as soon as you turn 62 making you immediately sign up for SS or reducing your pension by the amount you get in SS at 62. This applies to ALL pensions, not just LEO / FF / Air traffic. The 2015 amount is now 15K per year. And, if you get a job - you STILL PAY FDIC - social security taxes. ----- If you are CSRS ( civil service retirement system ) you really get screwed on SS benefits. You will ONLY GET 33% of what a non-federal pensioner gets. ---- If you are CSRS and have military time, they will recompute your mil time - out - of your CSRS payment unless you made a 7% deposit of your mil base pay. Thanks to Reagan, Federal Vietnam vets got screwed out of about 500 per month for 4 years of service / 1K per mo. for 10 yrs if they didn't make the mil payment. ------ When you retire and file for SS. You won't get a payment until AFTER THE FIRST FULL MONTH is completed. Example: You turn 62 Aug 17th. They don't prorate - so August time is not counted as a full month. September goes by and is counted as a full month. You should get a check in Oct ( sometime ... it may be scheduled on the 23rd ). |
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1. Don't die 2. make sure you are still alive when you are eligible 3. make sure you are alive when you apply Could you be more specific? Quoted:
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So if I retire at 57 how do I make sure that I will get my SS at 65? 1. Don't die 2. make sure you are still alive when you are eligible 3. make sure you are alive when you apply Could you be more specific? I was going to say, "with a gun," but your answer seems like it could work too. |
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This applies to ALL pensions, not just LEO / FF / Air traffic. If you read what I posted above, it concerned LEO/FF being able to retire at any age with a certain number of years, at 50 with 20 years and having a mandatory retirement at 57. The majority of federal civil service have to work longer I believe. At 57 (formerly 55) they would no longer let you work were I was employed, but I suppose that people could retire, not take their pension yet and go work at a federal job that didn't have a mandatory retirement at 57. |
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1. Don't die 2. make sure you are still alive when you are eligible 3. make sure you are alive when you apply Could you be more specific? Quoted:
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So if I retire at 57 how do I make sure that I will get my SS at 65? 1. Don't die 2. make sure you are still alive when you are eligible 3. make sure you are alive when you apply Could you be more specific? Unless your a dem. Death has no effect on them. |
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If you read what I posted above, it concerned LEO/FF being able to retire at any age with a certain number of years, at 50 with 20 years and having a mandatory retirement at 57. The majority of federal civil service have to work longer I believe. At 57 (formerly 55) they would no longer let you work were I was employed, but I suppose that people could retire, not take their pension yet and go work at a federal job that didn't have a mandatory retirement at 57. Quoted:
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This applies to ALL pensions, not just LEO / FF / Air traffic. If you read what I posted above, it concerned LEO/FF being able to retire at any age with a certain number of years, at 50 with 20 years and having a mandatory retirement at 57. The majority of federal civil service have to work longer I believe. At 57 (formerly 55) they would no longer let you work were I was employed, but I suppose that people could retire, not take their pension yet and go work at a federal job that didn't have a mandatory retirement at 57. Yes. What I was saying is that - if - they ( anyone ) is drawing a pension - SS will allow up to 15K per year earnings before they screw you again. 
Even then, they have to pay FDIC out of the 15K they earned. |
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SS is based off your highest 35 years of earnings indexed for inflation.
Basically if you've got 35 years in with good pay it won't matter much what you do. If some of those years are low pay, or 0 which is what you get if you don't have 35 years in, then it may benefit you slightly to work part time after you retire. It's all entirely dependant on a lot of VERY complex calculations, which you can only guess on your own. So just go to the SS office and ask. |
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Because as CSRS they don't pay into SS. 
AmIRight? Quoted:
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If you are CSRS ( civil service retirement system ) you really get screwed on SS benefits. You will ONLY GET 33% of what a non-federal pensioner gets. Because as CSRS they don't pay into SS.
AmIRight? Correct. If they don't have the 40 credits they don't qualify for SS ... If they do have 40 credits ( or more ) and qualify for SS - a CSRS pensioner will only receive 33% of what they are actually due by SS. http://www.socialsecurity.gov/pubs/EN-05-10007.pdf |