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.
Fear Not if you are 55 and above your Social Security will not go down by much.
Background: I currently have a small 401K built up over the last 10 years that will cover my house payments and utilities that I can draw on at age 59 1/2. Also have other pensions. I plan on retiring at age 60 because of the Covid outbreak.
I was worried if I got fired for not getting the vaccine it would affect my Social Security payments later in life. I am retired enlisted military, so I do not have a nice large contribution to SS. The last 10 years I started making good money to help plus up that contribution to SS.
After watching the video, I will only loose about $50 dollars a month if I was the lose my job because of the Vaccine requirement. Is that extra $600 a year worth taking that vaccine?
Thanks for the info. I am retiring at the end of the year….at age 63.
I can’t change covid mandates, but I can change how I go about in the world.
Bookmarked for later reading.
bfl
Would this work for me? I retired in 2017 at age 52.
I retired at 56 with a pension and 33 years paying into SS.
Social security assumes a 40 year work life. The rough calculation for my SS is 33/40 of what I would get if I had worked until 62.
https://www.forbes.com/advisor/retirement/rule-of-55-retirement/
The rule of 55 is an IRS guideline that allows you to avoid paying the 10% early withdrawal penalty on 401(k) and 403(b) retirement accounts if you leave your job during or after the calendar year you turn 55.
Pointless. Xo Biden just announced all Federal employees must be vaccinated. It won’t be long before you must be vaxxed or you won’t be eligible for social security or Medicare.
I retired last year. Once I made the decision, I gave myself a timeline and used it as a firm date to have all my bills paid off. My home was already paid for but I had just bought a new truck so my main efforts went into that, but I also cancelled services I didn't need like cable and subscriptions. I figure I'm saving a lot just in gas and wear on my vehicle as well as new clothes, hair styles, make up etc etc. A little planning really helps.
“Social security assumes a 40 year work life. The rough calculation for my SS is 33/40 of what I would get if I had worked until 62.”
For me 62 is next year. However, I am in a good job so I am trying for 67. If my company mandates anything, 62 it is.
Agree. Was just going to say this. Surely they are pondering taking both away.
A recent Bill Gates interview discussed the possibility of restricting social security for those not receiving the COVID Vaccines….soon to be “Mark of the Beast” (Revelation 13). Get ready. We are…
I retired at age 60. Retired military, with various other pensions. There is a steep learning curve, you are paid once a month. Wife just semi-retired and is drawing SS at 62. Honestly, if you are able to manage your finances and budget properly, it is doable. The lack of stress is amazing. I watching what is happening in today’s work force and military, let out a sigh and say glad it’s not me as I grab another cup of coffee and decide what I will do today. Bad news, holidays and three day weekends become meaningless😀
And contractors. Just about everybody works for a company that is a contractor to the giverment.
In working for an oil company I found out just how far that giverment contractor tentacle can reach. You would be amazed just how far and how deep giverment requirements can reach just because the company you work for sells fuel to the giverment.
Whatever you do, please don’t forget to check what your monthly SS benefit amount is if you were to take it early, vs. waiting to reach your full retirement age (FRA). You CAN start SS at 62, but the monthly payment is reduced significantly. ALSO - remember that you don’t qualify for Medicare until 65, so you’ll have 3 years to cover health-care insurance on your own.
None of this is to say you shouldn’t retire early. Just make sure you consider all of the financial impacts.
Scott at Heritage Wealth Planning has a TON of videos describing different strategies so, in addition to watching this one from 2019, review his others as well. You’ll learn a lot!
Enjoy your “7 day weekends”
Also important to check (IMO) the “break even” point by comparing your benefits at various ages, and taking into account that you actually are receiving the money much earlier.
For example, if your benefit at age 65 is $2,000/month, your “full retirement age” of 67 2/3 gets you to $2,200/month...
But for 2 years and 8 months you would receive $2,000 per month so would have gotten $64,000 by the time you turn 67 2/3 by starting at 65.
PLUS.... if you die before turning 67 2/3.... you will get ZERO if you wait until then to start drawing.
The biggest consideration for me, and many others, I expect, is that you need the employer’s group health insurance, until you can get on Medicare.
That’s what I’m in fear of. I “retired” at 64, started taking SS at 65 while working PRN (as needed) at a local nursing home. I work about 20 hours per week which is a great supplement to the SS check, but, Biden said all nursing homes that take federal money for Medicare or Medicaid MUST have all their staff vaccinated. I will refuse. BUT, what if the SOB makes it so the SS checks will cease to those not getting the jab? I can see it.
There is no mechanism in place for such a rule. Even Xiden recognizes that.
“The biggest consideration for me, and many others, I expect, is that you need the employer’s group health insurance, until you can get on Medicare.”
The Democrats are trying to move Medicare to age 60. Not sure that is good, but make the enemy live up to its own book of rules.
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