Okay, I didn’t actually get a snail mail Social Security check, Social Security direct-deposited my benefit amount in my bank account. Now that I’ve turned 70, my Spousal Benefits came to an end, but my Social Security benefits maxed out. Diane decided to collect her Social Security when she turned 66 (full benefit). Many of our friends started collecting Social Security as soon as they hit 62 (partial benefit). Since we didn’t need the money, I decided to wait until I was 70 to collect. Social Security offers an incentive to wait: an 8% per year increase in benefits. Do you know of many investments that GUARANTEE an 8% return on your money? I don’t. So I took advantage of the Social Security increases for four years and now the money rolls in! How are you and Social Security getting along?
Excellent! We figured out how long it would take Jackie (more than 10 years) to catch up if she waited, so she took her Social Security at 62. Four years later I went for the Spousal Benefits.
What with her pension, various IRAs, other investments, and small(ish) inheritances, it’s all good!
Jeff, same here! Financial planning always has an element of risk to it, but I like the way most of our money choices turned out.
I worked for 25 years as a Cop in a non-SSA system so I get a pension from Police & Fire that the Government calls a “windfall” — and lowers my monthly check according to some mystic alchemical formula.
Dan, depending on which projection you believe, the Social Security system will run out of money in 10-12 years. A “fix” will prove expensive.
I’m going to be in the same boat as Dan: I worked in the corporate world for 20 years, paying into SSA. Then, after being a stay-at-home mom for a few years, I got a “mommy track” job with the (non-SSA) school district—where I’ve now worked for 16 years. I’m still too young to retire (2022 will probably be my earliest opportunity), but I’ll also be penalized by SSA for my “windfall.” However, John and I both have 401Ks so I hope that will mitigate matters. Of course, all this predisposes that Trump and his band of rapacious grifters don’t manage to dismantle the SSA and divide the spoils amongst themselves before I retire!
Deb, a majority of my students believed that Social Security wouldn’t be around when it was time for them to collect. I scoffed at those fears, but now it looks like they might be right.
I don’t get it, I worked for a non-SSA employer. Barbara gets it, but it’s a tiny amount. Good thing I paid into an IRA, I guess, though that’s not a lot anyway. I do get Medicare through Barbara, which is a good thing.
Rick, my Independent Health plan covers Diane as long as I’m alive. When I was being oriented to Retirement, the Benefits Officer at my College met with Diane and me to explain the aspects of the health insurance plan. She looked at me and said, “Do your wife a favor. Die at the beginning of a month. Her coverage ends on the last day of the month you die in.”
I was a state employee for thirty years and have a very good retirement from that, so SS is just icing on the cake. It’s nice to have it, but I’d sure as hell hate to have to live on SS alone. I don’t really expect SS to kick the bucket before I do, but even if it did I’d still be OK.
Michael, I’m in the same boat. My pension is very good. But I know some people who are living on Social Security and maybe a part-time job. It’s an uncomfortable way to live.
Congratulations!
At 54 and with a wildly varying salary history, I’m definitely going to have to do Something more, and for quite some time…
I get SS and a pension! It doesn’t make me rich but I get by!
Bob, if handled correctly a pension and a Social Security check should be enough to live comfortably. Sadly, I’ve seen Senior Citizens take their Social Security check to the casino and gamble it all away (I’m there for just the lunch buffet).
Oh, and I retired at 62. I could have stayed in until the next benefit level, but for a lousy $200/month there was no way I was going to stay in that place four more years!
Bob, I worked until I was 67. The College offered Senior Faculty a buy-out and I took the money and ran! My original plan was to work until I was 70.
I’m glad you were able to wait and get the extra 8%. I have two decades before I would hit that same option if I wanted until I hit 70…and of course there is always the question of whether or not Social Security will survive that long. I hit 20 years at my current job last November and while the time in some ways passed quickly, it still also seems like forever ago and it is weird to think of working for another 20 years here..or elsewhere.
Carl, thank you for your kind words. I was able to teach for 40 years because I enjoyed my job. Sure, there were aspects I didn’t like–correcting papers, dealing with troubled students, etc.–but all in all I enjoyed the colleagues I worked with and most of the students in my classes. If you like your job, the years just fly by!
So true. I’ve had several different jobs the last 20 years and the past several have made me happy in many different ways. I’m over the development department right now and I’m really enjoying it. Today I’ve spent most of the day working on photoshop images for Positive Note cards so employees can use them to show appreciation to one another. It has been a good day.
Carl, finding work you like is the secret to job longevity…and happiness!