<p>fundingfatehr: No I don’t have any specific plans. I have about a dozen little little things I can dabble - lttle things that I will look forward to doing. If I like any one of them I will stick with it. For example, I already got training to be a substitue teacher. I have signed up for few high schools and few elementary. I want to see which one I like. The main advantage of elementary is that they start late, and I like little people. My wife thinks that I don’t have personality for little kids.</p>
<p>Barrons:</p>
<p>I’m with poster number 3, get it while you can still enjoy it.</p>
<p>I have only recently become eligible for social security, through my current position, because as an annuitant under the old Federal civil service retirement program I made no contributions to social security other than Medicare. It is my understanding that at 65 years and 10 months, which is a few months away, I can begin collecting the full amount of ss that I’m eligible for even while I have a full time job. If any of you mavens out there think my assumption is incorrect, please feel free to tell me. Otherwise I intend to do that. I am planning to work several more years, even after I qualify for my non-contributory state pension, while I wait for my wife to also qualify for her state retirement. During that time my ss pay outs will go up with the extra contributions. </p>
<p>I intend to become a triple dipper as will my wife.</p>
<p>Even with the offset because of my Federal retirement, ss should at least pay for my condo fees.</p>
<p>Edit: Health insurance is not an issue for my wife or me. We took our Federal health insurance policy into retirement. I have done that although I already have coverage from Medicare and a really, really great and cheap policy through the University. It is possible for me to suspend my Federal government coverage while I don’t need it, but I am afraid of some screw-up and I would wind up loosing it.</p>
<p>This is what I am relying on for the ability to earn a full ss payment (minus the 40% offset for having a Federal pension,) and reaching 65 and 10.</p>
<p>[You</a> can work and get Social Security at the same time](<a href=“http://www.ssa.gov/retire2/whileworking.htm]You”>http://www.ssa.gov/retire2/whileworking.htm)</p>
<p>“My wife thinks that I don’t have personality for little kids.”</p>
<p>My wife (an elementary school teacher) was encouraging me to become the technology teacher for grades 1-4 in her inner-city school. I told her I’m fine with any kid when it’s one-on-one. However, put two or more together in the same room and I’m toast. Good luck.</p>
<p>tsdad,</p>
<p>Your assumptions regarding SS and working after full-retirement age are consistent with what I believe. I suggest that you call your SS office and discuss this with them. A co-worker that is in your position did that and they gave him several ideas for both himself and his wife that he hadn’t thought about.</p>
<p>I’d like to work a couple days a week in real estate but typically you don’t get insurance as you are an independent contractor. I plan to take the money and run at 62-63 and figure out something on major medical. We’ll be netting more than our SS from rents which I believe are excluded from the earnings caps. I probably need to confrim that too. We have 4 years to go so there is some time to adjust the plan.</p>
<p>fundingfather, in addition to my teaching/research duties, I have done outside consulting work in environmental hydrology and will likely continue that upon “retirement”. However my first love as a teen was golf and though I have continued to play, one goal is to get my index back down to low single digits. Another life long love is the music and life of Charles Ives. The threads of a one man play has been kicking around in my head for decades and perhaps there will be time to put pen to paper. </p>
<p>I do not see keeping busy as being a problem.</p>
<p>barrons, I hazily remember either Gore or Kerry talking about Medicare buy in during their futile runs for President but I do not recall them citing any concrete cost estimates. The Urban Institute published a study in 2002 which set the premium cost for a buy in at $300/mo which would amount to $7200/yr for a married couple. With medical cost inflating at 12%/yr the 2007 buy in cost would be about $12,700 and at 10% it would be $11,600. Not cheap but at least another option.</p>
<p>fundingfather, originaloog et al,</p>
<p>I see what you are saying. But I’m not certain that I agree. If one is retired and living off the income from retirement assets (not digging into principal) and modest pension income, do you still believe that banking early SS checks is just moving the piles of money around?</p>
<p>I guess I’d better re-do my homework.</p>
<p>Yes. For example:</p>
<p>Let’s say that you have X dollars in retirement assests which generates $20K in income per year. Let’s also say that your SS payments would be $20K per year. Thus it doesn’t make any difference to your net, year-end total if you spend the $20K from SS or the $20K from earnings. In either case your year-end total is X+20K.</p>
<p>Jmmom;</p>
<p>I believe that one of the best things I ever did was leave the Feds and get a retirement job. What’s a retirement job? It’s a job doing something you always wanted to do that pays fairly well and most importantly you don’t get angry at. I spend 30 years being angry. I’m happy as anything right now. Can you image being a semi-senior administrator, working in one of the best publics in the country, being paid tolerably well , becoming eligible for ss and another retirement, and people actually listen to you and want to know what you think? How great is that? What a way to end your working days. So get a retirement job. It will add happy years on to your life and a bunch of money.</p>
<p>At 20, this is the last thing on my mind, but hypothetically, I’d rather start drawing at 62. If I make it to 75 or 80, I imagine my day will consist mainly of nothing more than posting on message boards (or whatever their successor is in the next 55 years), watching re-runs on t.v., and a whole lot of sleeping. At 62, I can still see myself traveling, playing basketball with the grandkids, and doing other stuff that costs money.</p>
<p>Not that I think this question will be relevant when I’m 65. Likely by that point, those who fed their ROTH IRAs consistently will be fine, and those who didn’t will be receiving a stripped down version of social security that just barely covers basic needs.</p>
<p>Vyse:</p>
<p>Wrong.</p>
<p>65 is young. It’s the new 40. Lol. At that age I’m working five days week, living in the most expensive home I’ve ever had, making more money then I have ever before, traveling as much as my work will allow, and working out 3-5 days a week for an hour and half at a time. Most importantly I know stuff that people find useful. Your 62 sound like 82 to me.</p>
<p>Heed Mickey Mantle’s advice:</p>
<p>“If I knew I was going to live this long, I’d have taken better care of myself.”</p>
<p>Here’s a link to one of the better articles on social security:</p>
<p><a href=“http://online.wsj.com/public/article/SB119514459625294332.html[/url]”>http://online.wsj.com/public/article/SB119514459625294332.html</a></p>
<p>
Assuming they keep the premiums as they currently are: Part A, $420 per month, Part B, $96 per month, and Part D, averages $28 per month; the amount would be $544 per month per person.</p>
<p>That’s pretty steep. I just want major hospital stays and operations covered–that sort of thing. I can cover office visits and meds.</p>
<p>Never mind. I was posting about insurance, but this is really about SS.</p>
<p>Jmmom, I think you’re right and they’re wrong. Assuming that SS benefits is “new money” to your budget, if your financial needs are met by sources outside your SS benefit you will earn income off the full amount of SS income (whether you spend the SS money or your savings doesn’t matter; cash is fungible.) This ignores taxes and the reduction in benefit if you have earned income before your “full retirement” age, which is a different issue. You’re not just moving piles of money around, you’re actually bringing new money into your household budget.</p>
<p>
Part A is inpatient hospital stays. It also has this weird deductible system. It will over cover so much in a certain period of time. If you’re in a hospital for an extended period of time your Part A benefits can run out. You don’t normally pay a premium for Part A, but there are a few situations where you can buy into it.
Part B is outpatient care, i.e. doctor’s visits, point of care vaccines, pneumonia and flu vaccine, and a handful of prescriptions.
Part D is outpatient prescriptions, i.e. regular prescriptions at a pharmacy, Medication therapy management, and routine vaccines not given to Part B.</p>
<p>I have every expectation of living until I’m 100, based on family history and my current health (at age 59). Consequently, I want to defer receipt of SS until age 70. </p>
<p>Also, I plan to continue working until at least age 63 1/2. At that point, I’ll be able to get COBRA until I’m eligible for Medicare. If I can stand it, I’ll work longer. </p>
<p>Since I’m counting on living until 100, the longer I work, the more money I have, the better.</p>
<p>Thank you, kluge. I’ve been thinking along those lines. But it may all have to do with life expectancy as they say. Still, if one doesn’t make it to 70, that new money is there for the spouse and kiddos. Otherwise, Uncle Sam still has it. Or would if he hadn’t spent it elsewhere.</p>