Retirement Thread

[Mosbonian]

After the positive responses and congratulations on my Retirement thread, the idea came to me that there should be a thread that helps everyone prepare for the eventuality of retirement.

There were many great ideas, comments and great suggestions that came out of the conversation. What I would like to do is put this here as a repository for information for anyone who is:

• Ready to retire
• Close to retirement
• Beginning to plan for retirement

One of the things I came to find out is that no matter how much I had thought I was prepared for retirement, there were still things I had not pondered or prepared for.

So this thread is for all your questions, comments, advice to help others that are close to retirement.

I mean....this board is about a year and a half away from being around for a quarter of a century, and many of us who have been around are there already.

So, please feel free to contribute!

[BigRedChief]

Originally Posted by Rain Man

Yielding to peer pressure from you other oldies, I have announced my retirement, though it's a retirement with an encore.

I'm going work-free in September of 2024, but in the summer of 2025 I'll come back for three months to work on a specific annual contract that I've been working on for several years. Then in September of 2025 I'll go fishing or whatever for good.

Reminder that if you earned >17K in those 3 months, the SSA will take all your $'s over that amount from your SSA. If its more than your SS benefit in one year, it'll take it the next year too. Supposedly people have got that money back in 2-3 years but thats just rumors in the SS redditt threads.

[BigRedChief]

Originally Posted by KC Dan

Congrats! I'm still trying to find my groove but will once my hand surgery heals. Enjoy!!! You've earned retirement

Slept to noon again. Havent done that since I was sick or on the weekend.

Wifes last day is tomorrow. We are taking our first road trip after she gets out of jury duty on Wednesday. Have a destination, its in Missouri but how long the road trip lasts depends on how much fun is being had stopping to look at stuff along the way as we travel.

We are initially going up the east coast of Florida and over the panhandle. Neither one of us have ever got off the interstates to check out those beaches or towns. From there, who knows which path we will take north.

[GloryDayz]

Originally Posted by Rain Man

Yielding to peer pressure from you other oldies, I have announced my retirement, though it's a retirement with an encore.

I'm going work-free in September of 2024, but in the summer of 2025 I'll come back for three months to work on a specific annual contract that I've been working on for several years. Then in September of 2025 I'll go fishing or whatever for good.

Awesome!!! You're going to love it...

[BigRedChief]

Originally Posted by BigRedChief

Reminder that if you earned >17K in those 3 months, the SSA will take all your $'s over that amount from your SSA. If its more than your SS benefit in one year, it'll take it the next year too. Supposedly people have got that money back in 2-3 years but thats just rumors in the SS redditt threads.

Sorry, that’s wrong info. Here’s the right stuff. I’m still a noob with this stuff.


Retirees, however, are required to stay under an income limit while taking Social Security. For 2024, that limit is $22,320. After that, the Social Security Administration will deduct $1 for every $2 earned.

[GloryDayz]

Originally Posted by BigRedChief

Sorry, that’s wrong info. Here’s the right stuff. I’m still a noob with this stuff.


Retirees, however, are required to stay under an income limit while taking Social Security. For 2024, that limit is $22,320. After that, the Social Security Administration will deduct $1 for every $2 earned.

100% correct. That's why you alter how you're paid post-retirement if you can. Remember, a dollar saved is dollar earned, so structure you post-retirement life in such a fashion where you have things paid for instead of you getting paid. It's not perfect, but I think it's pretty creative.

[scho63]

I believe the income threshold becomes unlimited at 67, full retirement age.

[BigRedChief]

Originally Posted by scho63

I believe the income threshold becomes unlimited at 67, full retirement age.

true and not. The true is full retirement age. A persons FRA age varies.

For most born after 1960 it’s 67 years and 10 months.

After you reach FRA, you can make as much as you want without a penalty.

[Mosbonian]

Originally Posted by BigRedChief

Sorry, that’s wrong info. Here’s the right stuff. I’m still a noob with this stuff.


Retirees, however, are required to stay under an income limit while taking Social Security. For 2024, that limit is $22,320. After that, the Social Security Administration will deduct $1 for every $2 earned.

That limit is true if you haven't reached FRA....after that you can earn as much as you like and still draw Social Security, but it can also put you in a totally different tax bracket.

[Mosbonian]

Originally Posted by scho63

I believe the income threshold becomes unlimited at 67, full retirement age.

That is correct...

[Mosbonian]

Originally Posted by BigRedChief

true and not. The true is full retirement age. A persons FRA age varies.

For most born after 1960 it’s 67 years and 10 months.

After you reach FRA, you can make as much as you want without a penalty.

Sorry....I didn't read all the way through.

My bad.

For me, my full retirement age was 66 years and 3 months. I worked up until March of this year and drew Social Security for the time that I reached FRA until this year. My advisor and I computed it and taking the amount early vs. waiting to draw was insignificant in comparison.

That may not be the case for everyone so make sure you work with your tax advisor.

[Mosbonian]

Originally Posted by BigRedChief

Slept to noon again. Havent done that since I was sick or on the weekend.

Wifes last day is tomorrow. We are taking our first road trip after she gets out of jury duty on Wednesday. Have a destination, its in Missouri but how long the road trip lasts depends on how much fun is being had stopping to look at stuff along the way as we travel.

We are initially going up the east coast of Florida and over the panhandle. Neither one of us have ever got off the interstates to check out those beaches or towns. From there, who knows which path we will take north.

Tell your wife congratulations on her retirement also....

If you are near Jacksonville anytime on the road trip and want to get together for lunch let me know.

Otherwise.....have a great time...

[BigRedChief]

Originally Posted by Mosbonian

Tell your wife congratulations on her retirement also....

If you are near Jacksonville anytime on the road trip and want to get together for lunch let me know.

Otherwise.....have a great time...

We are planning to go to the game in Charlotte. Planning to make it a road trip to visit the Biltmore and the eastern coast beaches and the Appalachian forest. You going?

[BigRedChief]

SS rant

Holy shit navigating signing up for Social Security is a mess. So complicated and every sentence written, paperwork must be exact, no help with their ****ed up system. Beyond that....

Because my wife is a teacher of 40 years, she is going to get a fraction of my SS when I die. She'll get about $500 a month. I'm close to maxing out on SS so thats significant money when I'm gone.

And even though she paid in SS taxes just like everyone else all those decades, she only gets $800 a month. Thats $2K less a month than what she earned. Seems like its a "need" based system. But, billionaires still get SS, who came up with this idea that teachers don't deserve their full SS just like everyone else?

We have enough money for a comfortable retirement. It just seems unfair that you paid in for decades just like everyone else but you get 80% less than billionaires receive.

[excessive]

Originally Posted by Mosbonian

Sorry....I didn't read all the way through.

My advisor and I computed it and taking the amount early vs. waiting to draw was insignificant in comparison.

That may not be the case for everyone so make sure you work with your tax advisor.

How I've always understood it:

Your work history determines your payout, which is a fixed amount. You will receive that amount from date of retirement to age 80. How much you receive each month is determined by how many months of payout are within that time period, from the retirement date to age 80. The amount is fixed, and the rate of payout you receive is determined by the number of months the payout is spread over.

The benefit becomes when you begin to receive payments after age 80. If you take retirement early, the smaller check remains the same throughout your life. The longer you delay, the larger your check will become (fewer months to divide the fixed amount by), and that amount will continue after age 80. It's the extra money from the larger payout received after age 80 which makes a difference.

This is why if you do not anticipate living past 80 years, due to illness, family history, or whatever, you should start taking the benefit as soon as possible. If you figure you will live past 80, and can afford to live without the benefit, delaying to receive the benefit will give you more payout over your lifetime.

[scho63]

I never heard SS ends at 80.

What the ****?