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.
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.
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😀
Well I am fixing to be 58, diagnosed last year with another brain tumor that this time is inoperable but have had radiation treatments which have arrested the growth so its static but still have some minor issues from the radiation and tumor. I work 50+ hours a week in IT (Old in my line of work) and run a truck farm on the side. I will never take the Vaccine for many reasons and so far the Bank I am employed with is not requiring it. House and land is paid for but do have some medical bills and a vehicle payment whish is about half paid for...Thinking if they try and force me to take this Jab and Boosters I would retire. I would prefer to keep working as I have a few projects I would like to get completed like getting Solar installed at the house and 3-4 other projects done before I quit. Any thoughts at retiring at 58?
Why is surrender always the first option with us?
Fight people!
bfl
I took early retirement and never once regretted it....you can still work part time and easily makeup, and in fact increase your income well beyond anything you would loose.
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!
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.
BTTT
btt
depending on what state you are in you may opor may not have rights they may or may not disallow unemployment benefits.
remember the only pfizer vaccine available now is under emergency use authorization the one recently approved is not available in usa yet. request the information sheet for any vaccine they are requiring you to take.
talk to a labor law spcialist atty or one known to be working on this issue
i think its unreasonable to require a vaccination tht has so many adverse affects, compile them along with alternative choices-ivermectin et. agree to regular testing etc..
what are other employees doing? strenght in unity.
Great American sick week. Need to show the FedGov we will not be ruled by kings of fascism.
Ping for later.