Has your first year of retirement gone as planned?

[SammyChevelleTypeS3]

I am going on 70 and forgot to retire when I was 65. Now have 46+ years with mainframe computers.

Maybe go to 3 days in mid 2023. I didn't have anything else to do so I just kept working.

Those fish are perch that we caught through the ice. I have an insulated ice house and it's a blast catching them. I get my 2 person limit almost every time I go out. It only takes a couple hours. Some of them are a little small and some are large but they are very good to eat.

They are beauties, I can imagine how much fun that can be. Even better if you have grandkids or young ones to teach to fish like that.

 

[Donald]

A few days after i wrote this got sick.....very very sick I slept for 5 days no food just some coke and water....then my GF called 911 and took me to hospital were i was glad i did not have covid but had a bad case of Pneumonia and amost died....i can remember hearing 2 doctors talking saying at his age and conditon i dont think he will make it.
After 3 days in ICU and 8 days in reg room I went home...with a portable oxy gen....I now only using it at night.....thts one of the close call i had of dying ....it shook me up......now im getting the bills and im sick again.!

Curious if you had received any of the pneumonia vaccines?

 

[Donald]

Applied for Social Security to start Jan 2023

Taking a bit early gives me ~$2700 vs. $3100 in 2.25 years. It could be argued either way. IMHO.

My 90 year old dad was telling me to take it two years ago. So he's an influencer!

Also, need some new tools.

Being retired will those be HF tools or Snap-On?

 

[Donald]

True the penalty is on job earnings, That other income is counted in Fed and some state Taxes even in retirement.

If you take SSA at 62 the penalty for working if your earning any decent money makes it better to just wait until FRA.

 

[jetman]

If you take SSA at 62 the penalty for working if your earning any decent money makes it better to just wait until FRA.

I started SS/medicare on my 65th birthday this year. Cost me $200/mth. I was suppose to wait till 66 1/2. No regrets. And no regrets retiring at 51.

 

[CKN]

I started SS/medicare on my 65th birthday this year. Cost me $200/mth. I was suppose to wait till 66 1/2. No regrets. And no regrets retiring at 51.

I retired at 55 years of age. Health cost was a big monthly expense for doing so however. What did you do for health insurance if your retired early? I filed for SS at 62. My break even point would be about 80ish years old if I waited.

 

[jetman]

I retired at 55 years of age. Health cost was a big monthly expense for doing so however. What did you do for health insurance if your retired early? I filed for SS at 62. My break even point would be about 80ish years old if I waited.

BCBSofTX for all those yrs out of our pocket.
Never made a claim. I haven't been sick or injured in 40 yrs . I don't have a GP but I know I need to get one.

 

[Donald]

I filed for SS at 62 because of a layoff and unsure if I would find another job quickly. I ended up finding one quicker than expected. They kept paying me SS for several more months. Then when they figured things out they stopped the payments and I had to pay everything back. The SS payments resumed when I reached FRA.

 

[Pablo]

I filed for SS at 62 because of a layoff and unsure if I would find another job quickly. I ended up finding one quicker than expected. They kept paying me SS for several more months. Then when they figured things out they stopped the payments and I had to pay everything back. The SS payments resumed when I reached FRA.

I did not even know you could start and stop like that. Fascinating

 

[Donald]

I did not even know you could start and stop like that. Fascinating

There are two ways. If you are collecting at age 62 for less than 1 yr you can tell the SSA you changed your mind, pay everything back and wait until FRA. It will be like you never collected early.

If you elect to collect at 62 then start working earning a decent salary the penalty will be 100% of your SS so they will stop your payment until you reach FRA. Understand it's not a true penalty in which you actually loose something. You really do not loose anything. They recalculate at FRA and it's basically like you waited until FRA.

Also between 62 and just before 70 you can tell SS to stop payments and say I will tell you when I want to resume. They will automatically resume at 70. Again they will recalculate your monthly SS payment based upon when you resume collecting.

 

[CKN]

I did not even know you could start and stop like that. Fascinating

You can only within a certain time frame-and you have to pay everything back. You cannot change your mind after a certain amount of time.