I feel fortunate, as I retired from the U.S. military about 30 years ago and have been getting social security for about 14 years.
worked in the electronics industry until about 12 years ago. I will be 80 next year.

 

Thats right.

 

You got me by about 10 years on that note.

Ron

 

This year we actually filed an extension simply because with Kathy's illness and her time in rehabilitation we never got the stuff together to send my sister so we have till October.

Most people I know, and I haven't read the stuff, came out ahead with the new tax codes. WE looked like just pretty much another push/pull year at a glance. Likely why an extension was no problem at all since we likely don't owe anything or get anything again.

I wish you well and hope it turns out OK for you. But don't understand what you "stuff" you had to get together. Other than 1099's and W2's nothing else works in the new tax code. No write offs of stuff like property taxes or anything else.

 

Stuff equals whatever Kathleen normally sends my sister. I know she keeps track of our out of pocket medical expenses and some other things along those lines. The W-2 stuff and I haven't seen a 1099 in a few decades. Now that you mention it I have no idea which is why, as I mentioned, I distance myself from this stuff. Don't know and don't want to know. Hell following the last surgery between surgery and rehabilitation Kathy was out of this house for about 8 weeks. I actually had to pay bills which came in like electric (so me and the dogs) could watch TV, natural gas, cable TV so me and the dogs could watch TV and I could be online), and other assorted bills which are monthly and not setup for automatic payment. The last time she was in rehab I would drag the mail to the rehab place. Wish I could be more specific as to stuff but again, I hate this "stuff".

Ron

 

I note that several here, and particularly this recent part of the thread, are part of the Social Security and Pension retirement plan. I can't help but think that we may be the last generation of that.

 

I note that several here, and particularly this recent part of the thread, are part of the Social Security and Pension retirement plan. I can't help but think that we may be the last generation of that.

Yes, the scary part is I joke with my children that the withholding they see in their paychecks today is the money I get next month. Social Security has been so badly raped, pillaged and plundered it is unbelievable.

My mom was born 1919 and my dad 1922. Their retirement age was 63. I was born in 1950 and it was up to 66 1/2 for me for full benefit. I think my kids will need to be mid 70s and only if it last that long.

Ron

 

I note that several here, and particularly this recent part of the thread, are part of the Social Security and Pension retirement plan. I can't help but think that we may be the last generation of that.

That's part of the reason I retired at 58. They sent the company to China and had the choice of taking my pension or losing it. Had to many health issues to find another job. Could have stayed at the company but would have lost pension and cut pay. Pay for the few that stayed to work for a very limited business, went from $32 per hour to $16 from on one day to the next.

 

I was born in 1950 and it was up to 66 1/2 for me for full benefit.

Full retirement age for people born 1943-1954 is 66.

It's 66 1/2 for people born in 1957.

 

Thanks and here I thought 66 1/2 for me.

Ron

 

Thanks and here I thought 66 1/2 for me.

That's good news. We could all use some good economic news every once in a while.

For people born after 1954, it increases 2 months per year after that until you get to 67. They'll probably get around to raising it again, but they should do it in a way that people who are close to FRA won't take a hit.

 

That's good news. We could all use some good economic news every once in a while.

For people born after 1954, it increases 2 months per year after that until you get to 67. They'll probably get around to raising it again, but they should do it in a way that people who are close to FRA won't take a hit.

Whats FRA?

kv

 

Whats FRA?

Full Retirement Age

 

Full Retirement Age

Full retirement age is meaningless. Anyone can start taking their social security pension at age 62 or they can delay it and get a higher payout.

This is usually described as a "penalty" for early retirement and a "credit" for late retirement. But the fact is, there is a defined benefit at age 62 and it goes up for every month you delay after that time up until age 70.

I am fortunate enough to be able to wait until 70 (3 more years as of yesterday) to take my pension and get the maximum payout. It makes sense for me to do this because I am in very good health and expect to live a while beyond 70.

Bob

 

Full retirement age is meaningless. Anyone can start taking their social security pension at age 62 or they can delay it and get a higher payout.

This is usually described as a "penalty" for early retirement and a "credit" for late retirement. But the fact is, there is a defined benefit at age 62 and it goes up for every month you delay after that time up until age 70.

I am fortunate enough to be able to wait until 70 (3 more years as of yesterday) to take my pension and get the maximum payout. It makes sense for me to do this because I am in very good health and expect to live a while beyond 70.

Bob

Glad you pointed that out and I don't disagree with you at all, except maybe the use of the term "meaningless". Typically these milestone points, first eligible, full, maximum, are used to establish break even points that can be evaluated when considering the decision.

Edited to add: You need to understand the background of the charts and all the other complexities and possible ramifications for your own situations. These are offered only as illustration for discussion.

From: https://www.fool.com/retirement/2017/03/25/should-you-take-social-security-at-62-66-or-70.aspx

From: http://figuide.com/break-even-points-for-social-security-filing-ages.html

 

Full retirement age is meaningless. Anyone can start taking their social security pension at age 62 or they can delay it and get a higher payout.

This is usually described as a "penalty" for early retirement and a "credit" for late retirement. But the fact is, there is a defined benefit at age 62 and it goes up for every month you delay after that time up until age 70.

I am fortunate enough to be able to wait until 70 (3 more years as of yesterday) to take my pension and get the maximum payout. It makes sense for me to do this because I am in very good health and expect to live a while beyond 70.

Bob

Well here's something to think about. Many of us who retire of our own free will do not just consider health. While health is an important deciding factor the last of my thoughts was my health. My health was just fine and still is. My wife had health which was also just fine, right till the day of a cancer diagnosis. Anyway health being here nor there.

When my company was sold it marked changes and major changes. More projects were assigned and annual salary increases decreased dramatically. It was the new world and new business model. I settled for almost $300 less in Social Security by going out at 63 but for me it was worth the sacrifice. I was just tired of working when I could be enjoying myself and not having to get up every morning and drive my 25 miles under all weather conditions to go to work. The job which I actually enjoyed so many years was no longer fun and enjoyable. I was pleased I was in good health but health had absolutely nothing to do with my retirement. Like I told my co-workers, it was absolutely an E Ticket ride but I was done. While I like anyone else would like to live to enjoy old age in good health I did, over the years, notice one's health status can change overnight, literally.

Overall I guess I just do not see health as a prime deciding factor unless of course on'e health becomes a big factor.

Ron

Ron

 

When my company was sold it marked changes and major changes. More projects were assigned and annual salary increases decreased dramatically. It was the new world and new business model. I settled for almost $300 less in Social Security by going out at 63 but for me it was worth the sacrifice. I was just tired of working when I could be enjoying myself and not having to get up every morning and drive my 25 miles under all weather conditions to go to work. The job which I actually enjoyed so many years was no longer fun and enjoyable.

More or less the same here. When I was about 60 the ownership of the company changed hands, and the new manager turned out to be dumber than a box of wet hair. It was absolute hell working for him, and after 5 years of putting up with his bumbling I decided "this isn't fun anymore" and retired early.

In a sense, health did have something to do with my retirement decision-- mental health, that is. Life is much better for having escaped that soul-crushing environment. Plus, now I get to work on my own projects instead of the boss's.

 

More or less the same here. When I was about 60 the ownership of the company changed hands, and the new manager turned out to be dumber than a box of wet hair. It was absolute hell working for him, and after 5 years of putting up with his bumbling I decided "this isn't fun anymore" and retired early.

In a sense, health did have something to do with my retirement decision-- mental health, that is. Life is much better for having escaped that soul-crushing environment. Plus, now I get to work on my own projects instead of the boss's.

Yeah, I figured I was well liked and respected. The winds of change had me chomping at the bit on a few issues and we had at least one new hire I simply wanted to choke. Once I reviewed things I kept thinking I really don't need to do this anymore and I wasn't going to see any increase in the old pension plan I was vested in. I wanted to go out on top, well respected before I went out escorted for trying to choke a fellow employee. I guess we could also say it was a mental health issue.

I have never regretted it and enjoy lunch every now and then with some of the guys and an annual clam bake one of the girls has been hosting over 20 years now. I don'y miss the 25 mile morning commutes in winter snow up I-271.

Ron

 

Well here's something to think about. Many of us who retire of our own free will do not just consider health. While health is an important deciding factor

Just to be clear, I retired at age 63. My comment about health factored not into my decision to retire, but into whether I woukd take my SS pension right away. If I only expected to live another 10 years, I would have taken my pension then.

Bob

 

Full retirement age is meaningless.

The Social Security Administration uses the term, I didn't make it up. Full retirement age is the age at which you qualify for "full retirement benefit". If you start taking retirement benefit before FRA, benefit amount is reduced. If you delay until after FRA, benefit increases until age 70.

https://www.ssa.gov/planners/retire/retirechart.html

EDIT: Add link to SSA page.