Posted on 09/09/2021 7:25:55 AM PDT by DEPcom
Thinking of retiring at 55 but worried what will happen to your Social Security benefit?
Maybe dont' worry so much. I show you why in this video using the Social Security indexing updated for 2018.
Have you checked into COBRA?
AN EMPLOYEE’S GUIDE TO
HEALTH BENEFITS UNDER
COBRA
Exactly. (To be fair, the video is pre-Covid.)
Yeh, it costs about 4x as much as when you have insurance through your employer. Probably 5x by now.
Thanks for posting this.
I will be 83 soon and my wife is 81.
Due to my early corporate retirement plan at my age of 56, I got an estimated SS payment for age 62 on top of my retirement pay. The day I turned 62, that payment stopped. Then, my SS payments kicked in. (actually a few months later)
Before, I signed into the above, I had an appt with the local SS office manager. She had a program that calculated the longevity of my parents and me. My Dad had died at age 79. My mother was still alive at 80 something. The manager joked and told me apply for my early retirement and then take the SS @ the age of 62.
She ran the data on my wife, whose mother was still alive @ 80+. She advised my wife to work out some arrangements with her bosses to get her Social Security at 62, maximize her 401k and some funny program that allowed her and her bosses to contribute to a separate little IRA.
At age 62, my wife went to a 3 day week. They cancelled her health care payments due to my good coverage. They made it up salary wise and really increased her allowable percent contribution into their 401k program due to her age.
My wife had started making SS payments/contributions when she was 14. She was a piano player for her church and they deducted her SS %. She and her last employers still paid her SS contributions until she fully retired a little after age 70. So, her SS contributions went on for 56 years.
The SS manager estimated that my wife and I would live into our 80’s, so there was really no penalty to getting it at age 62. She was correct in that estimate.
Like my wife I had started make SS contributions at age 16.
Working as an Independent Contractor I paid both side of the SS and Medicare. We had an escrow acct to pay for SS/Medicare/Fed & Cali taxes. We put 60% of each earned dollar into that acct., to pay for: SS/Medicare/Fed & Cali taxes.
On my CPA’s advise and my Medical Doctor, I fully retired after in my early 60’s. That and not paying the other retirement deductibles cut our yearly tax bill to a manageable amount.
So, I stopped all my air travel in the summer of 2001!
That choice became a very wise one due to later 2001 events.
So,if you are eligible for SS payments, take them and figure out how to do it!
My sister had a similar tumor wrapped around her olfactory nerve, around one eye, and another brain thingie. Successful surgical removal.
My brother had a very aggressive brain tumor and died from it.
My takeaway from watching both siblings is: Life is short, if you can find a niche of enjoyment — TAKE it.
Bookmark. Thanks!
Sorry, I can’t agree with you, and that goes the same for adherents of the FIRE movement (financial independence, retire early). Ages 50-65 are your prime earning years, and the period where your 401K goes from expanding thousands per year to expanding hundreds of thousands per year. You can eke out a retirement, but you are leaving practically ALL the money on the table. I got jabbed yesterday due to my job and an upcoming concert in California. I resisted for as long as I could, but it’s not the hill I want to die on.
Do you think the vax is dangerous?
Confirmed. My wife retired at age 55 with no penalty pulling from her 401k. The same for 403b’s and 457’s. 457’s have a special withdrawal rule if it’s a government job (federal or local): you can withdraw from it at any age without penalty after leaving work there. 457’s that aren’t government jobs (I.e. church employees) don’t have that special rule. They have the age 55 and age 59.5 rules that 401k’s and 403b’s have.
Covid can kill. So can the vaccine. Small change from either, but why intentionally put something in you that can kill.
https://www.precisionvaccinations.com/covid-19-vaccine-related-fatalities-updated
Myocarditis has a mortality rate of 25% to 56% within 3 to 10 years.
You are Smart! They have no leverage over you
Well we will see how this all plays out..I figure the Feds will demand you take the Vax on SS as well at some point.
“It won’t be long before you must be vaxxed or you won’t be eligible for social security or Medicare.”
So you think the genocide of millions of seniors will fly?
“The lack of stress is amazing.”
It is HUGE, for sure.
That's exactly the dilemma I have as I approach 60 years of age. I'm making more money than I ever made before yet my 401k has increased more than my income over the past year. Plus I'm making the max contributions of about $26K (not including company match).
Another five years of that and I'm golden. But if my company forces me to take the vax, I'll have to consider retiring now (but I'll wait for them to fire me).
Like others have said, I spent most of my working life with the assumption that Social Security would not be around for me when I retired. So I never factored that in and focused on building wealth through my 401k. So whatever I do get out of Social Security will be beer money.
So I can retire now and just spend the rest of my life reading library books and hanging out at the beach if I have to. But I could really use another five years of income and savings.
I worked in HR benefits for years. COBRA is extremely expensive, and most ended up not even considering it as a viable option.
BTTT
btt
I took early retirement and never once regretted it....
Likewise x10, and when I retired at 62 the “value proposition” was that I’d have to live past 80 to break even.
But they might go along with Biden if they think the mandates will destroy capitalism and speed up the Revolution.
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