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SS
Go to the SS web site and get a estimate of benefits at 62.
More you make now more you recieve later. |
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Happy pre-birthday. :) In addition to Brostholder's time analysis, it sounds like perhaps you are not planning to increase your total net earnings between now and retirement, but rather planning to use the extra income from full-time work to retire sooner. If financial benefit is not part of the equation, I'm not sure giving up your flexible lifestyle for the next 2.5 years would be worth retiring one year earlier. The extra year until retirement will be here before you know it; and it sounds like you would enjoy your next 2.5 year much more if you are working part-time. However, that's just me, based on the assumption from your post that you are not planning to gain financially by changing to full-time employment. |
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By all means, go to the SS website and get all the info. It's all there, though sometimes not easy to find.
Since you are still working, I believe that they send you an annual statement. You can, and should, request a statement at least annually, and before the date that you decide to stop working. |
Take the full time dump all the money into your 401 and enjoy the extra money when you retire early
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Enjoy life now!
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If you enjoy your life style now because you have more time with your spouse--my vote is stay part time!, Life is short and you never know what is around the next bend in the road!, good luck--I gave up a full time job making good money so that we could spend more quality time in Paradise--- we call it it our Leap of Faith |
Don't get caught in the trap of trading time for dollars..........:024:
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Many the Time
Five years ago as 55 and eligible to retire I visited the villages came back and was ready to say take this job and shove it!
The best thing I did was listen to some friends who said go get your reality checks. So Ok I did! Check one : The NYS Teacher Retirement System Web site that calculated benefits at 30 years, 31 32 etc Check two : The NYS Retirement system that reminded me a divorce 13 years ago was going to remove 16k a year as soon as I retired.:Screen_of_Death: Check three: The Federal SS retirement and their calculations at 62, 63 64 etc Step four: Back to work! And every time I think I'm outta here revert back to Step two:-:rant-rave::rant-rave::rant-rave::rant-rave: |
Money in the bank is security. Since you aren't going to retire right now, you might as well save a little more.
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After you do all the investigating and crunch all the numbers... Then you and your hubby should EACH try Dirigo's exercise:
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Your SS benefit is derived from the last 40 years of work, then the lowest 5 years of earnings are dropped from that grouping. So, for example, if you decided to retire in 2011, and you are 62, they would consider all earnings between 1971 and 2011, then drop the lowest 5 years.
Retire at age 62, you get 75% of what you would get at full retirement age. Retire at age 63, and it's 80%. I would have to look it up to be certain, but I think the current full benefit retirement age is 66 and is gradually increasing. Of course, they're always talking about monkeying around with future benefit amounts. |
Thank you for all of the knowledgeable advice! Hubby and I are seriously considering the advice on TOTV, crunching the numbers and trying to make the best decision for us. I love working part time because it does give us the time to travel, see our friends and spend time together. However, I see so many "little old ladies" standing on their feet at target or walmart in pain. Having suffered many years with Plantar Fasciitis (I don't want to be them). They are working because they have too, not for enjoyment. Sooo, I might like working part time however, is that best in the long run?
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Happy Birthday
Oh, by the way, Happy Birhday LisaJ.
Hope you have a GREAT day! |
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