Posted on 02/02/2022 6:22:47 PM PST by SeekAndFind
Absolutely true! Full pension civil service should be made to wait for full retirement age for a full pension! Not this junk of being a taxpayer dependent from around 50 on some percentage of your padded high three earnings years. It is but one reason so many gooberments are broke. Unfunded and unsustainable pension liabilities.
I am entering my sixth year of full retirement. While working and running my business i was fortunate to save enough to retire and to prepare something to retire to. With the farm to care for i have things that need to be done, not just puttering busy work. It makes me happy this way. I will do it as long as i can. Just retiring is no good, you need something to retire to.
Just retiring killed my grandfather as much as copd from so many years of painting cars at fisher body. He got his gold watch and went home to die. He had nothing else to do and mostly was not able. He was used up.
I was 61 when we retired after just at 40 years and happy I did. I had enough high tension and endless deadlines, payrolls to meet, critical contracts to agree to, globe trotting, 70 hour day stretches and weeks at sea on rigs, desert heat, jungle sweat and arctic cold not to mention too many lucky helicopter flights. With our business we had one four day vacation in 18 years. I certainly have not been the only man to do these things. They are just the things we had to do to succeed.
All those years my wife took care of our family in my absence, made a home and cared for me. I am now her contented yard man and handyman.
My time had come and I should have time to enjoy this while I still can. We start SS in August when we both reach full SS retirement age after years of paying in the maximum. That was the plan made long ago. We have made few changes to our plan and live just about as we did while working except we no longer save except for investments growing by more than we need in all but one of the last 6 years. These have been abnormally good years and that will end for a bit I expect.
Good things can end at any time so we see each day as an earned gift and for the present we are blessed. It was not by accident though. It is by planning, working and saving since the day i went to work and just for now.
Some other points to think about. How long will SS last before its bankrupt? Will the benefits truly keep up with inflation? Also, if your state leaves the Union, will you loose your SS?
I filed for SS at 67 and am still working a part time job!! Companies are having a really hard time finding help I am in Ca. and most companies are starting at $18.00 an hour, it used to be that Senior had to volunteer to stay active HOWEVER now companies are hiring seniors at far above minimum wage to work! Seniors are very dependable, they have GREAT personalities and LOVE talking with the customers!! Companies are filling in the gaps with part time seniors it is a WIN, WIN, situation for all!! On top of being paid $18.00 an hour my supplemental Medicare insurance through an employer is about 1/4 of what I was paying on the outside of employer based insurance!! I work 20 hours a week and I LOVE IT, I get out of the house it keeps me active, it keeps me socially active AND with inflation the way it is now the extra money is GREAT!!!!
“Unfortunately, most are unaware that early retirement is by and large a bad decision for the individual, and a poor choice to offer workers approaching retirement.”
I know a lot of people that SS is pretty much their only retirement, and waiting until 70 is better for them.
However, I also know a lot of people that invested wisely, have multiple retirements, healt insurance, and are debt free. So taking SS at 62 has little impact on their financial stability vrs age 70,
I retired at age 56 and took SS at 62, no regrets.
I lost one close friend last year who was a year younger that I am to a massive heart attack. I lost another shipmate recently. We were the same age. He found out he had a problem in September and died in January. I retired at 62, he did not. He made a hell of a lot of money and loved his job. I prefer my children's company, hanging out with our dogs and relaxing to a cup of coffee on the patio vice rushing off to work. I travel when I want to and go where I want. I do things I enjoy, not what I m told to do. (by someone other than my wife that is )😃 It is a personal choice.
Us baby boomers are going to kill Social Security. I do not believe my children will have the same benefits. What we have now will seem like a Golden Parachute to them. We are going to put too much stress on the system with the majority of boomers gone between 2044 - 2050 or there about. I suspect by 2044 the system will be broke in more ways than one. Taxpayers will pay a lot to keep the failed system working until 2044. Unless of course the Chinese, Bill Gates or our politicians generate another pandemic that kills us off faster than Andrew Cuomo.
.
Exactly!
This is something people pay into.
The Budget is full of money to Art Centers, union workers, Corporations that ship jobs to India and China, and US Politicians that think Pakistan needs it more than Americans.
Our Reps are making it so Cars will be 10-15k more and track you for a mileage tax.
Send more money to Ukraine and the Kennedy Center - and tell Americans they can’t have their own money.
If you don’t take SS early, die before it starts, you are single, have no minor children —guess who gets your SS.
I have yet to meet a single person who took SS early and regretted it.
.
They spent the Baby Boomers money.
Now, they’ve spent your Grandkid’s Grandkid’s money.
Do some research on one Trillion.
There hasn’t been a Trillion seconds since the birth of Jesus.
The Debt is mathematically impossible to pay off - and Joe is asking for more Trillion dollar legislation.
Do the math. 36 of those $1636 payments invested at a 10% yield (ignoring compounding during the three years) gives a return of $490/mo in perpetuity, more that enough to cover the difference.
Taxes have gone way up making savings very hard. You now need a 2nd person you live with to work and even that is getting difficult to save money. California democrats want to DOUBLE taxes.
Congress steals our savings.
How Three Texas Counties Created Personal Social Security Accounts and Prospered
https://www.forbes.com/sites/merrillmatthews/2011/05/12/how-three-texas-counties-created-personal-social-security-accounts-and-prospered/?sh=208f0c683283
Excerpt: And those who retire under the Galveston model do much better than Social Security. For example:
A lower-middle income worker making about $26,000 at retirement would get about $1,007 a month under Social Security, but $1,826 under the Alternate Plan, according to First Financial’s calculations.
A middle-income worker making $51,200 would get about $1,540 monthly from Social Security, but $3,600 from the banking model.
And a high-income worker who maxed out on his Social Security contribution every year would receive about $2,500 a month from Social Security vs. $5,000 to $6,000 a month from the Alternate Plan.
What the Alternate Plan has demonstrated over 30 years is that personal retirement accounts work, with many retirees making more than twice what they would have made under Social Security.
#29 I plan to retire at the end of the year. I’ll be close to 71. But I wonder what I’ll do with my time.
Wild partying!
That’s for certain. Remember the SS tax you see is only 1/2 of what is paid. Your employer pays the other half to the Feds instead of giving it to you.
Imagine what could be done with the additional 14%.
Thats exactly what I did 10 years ago, and I have never for
one second regretted it.
Of course. An early death of a non-working spouse nets you nothing. Take it at first opportunity.
I took SS at 62. I have put every payment directly into a TROWE Price growth fund. The fund has returned 13% over the first ten years of my retirement. I now get essentially two social security checks a month. When I die my children will get over $500K from this account.
Important to find a way to spend your time. I retired 5 years ago and it is hard to live fruitfully without a purpose in life.
If you collect early and still work, the tax rate is higher.
Social Security ’s Early Retirement Provision Should Be Retired
Not the rate per se. They limit the amount of money you can make while drawing those early first years. 1st year the limits XX, the 2nd a little higher and so on. They just reduce your benefit a little depending on how much extra you make. After the 3rd year they stop limiting, IIRC.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.