62 and out or keep working, good vid attached

[Dennis S.]

My mother is 86, my father is 87. I'm 63, enjoy working, and my wife is 58. I plan on working till 67 (max age is 66 and 10 months). I insurance the real reason, along with the fact that I enjoy working and I make good money. I have looked into drawing, but the limit they put on the amount you can make is ridiculous! I'll continue to work as long as I am healthy and productive.

[Chris M]

I'll watch it later but I'm 64 and will wait as long as possible. I am very healthy both physically (175lbs since 21) and intellectually so I am going to continue until 68-70. Mostly since my health, dental and vision is fully covered and I don't want to make insurance CEOs any more wealthy than they are. I've checked what it would cost me per month for full coverage and it's criminal how seniors are treated.

I always thought you got Medicaid or Medicare when you draw SS? Is that not the case?

[Dennis S.]

I always thought you got Medicaid or Medicare when you draw SS? Is that not the case?

I don't think you can get Medicare until 65.

[okiebass]

I don't think you can get Medicare until 65.

correct

[n2ratfishin]

I always thought you got Medicaid or Medicare when you draw SS? Is that not the case?

You are eligible to sign up for Medicare three months before you turn 65, it does not start until the month you turn 65. The other way you qualify for Medicare is by drawing SSDI for 24 months. Age is not a factor for those on SSDI for 24 months.

Be aware Medicare is far from “free”, you pay for part A by working and paying taxes for 40 quarters. Without the 40 quarters of taxes it’s about 500 a month. Your Part B is currently about 165 a month. If you made too much money you’ll be penalized and pay IRMAA rates. By law you must have a drug plan, those are about 35.00 a month. So, you worked and pay in about 200.00 a month. Now Medicare has deductibles and they cover the first 80% of allowable charges. You are responsible for the other 20% and there is no max out of pocket!

Above is why people pay for Part C (Advantage rates range from 0-100 a month) or a Supplement (100-300 a month) to pick up the things Medicare does not pay.

Bottom line: When you hear politicians saying they will do Medicare for all know a whole bunch currently on Medicaid or getting huge ACA supplements could not afford Medicare.

This may help explain the IRMAA penalty. Essentially you pay more taxes while working and more premium when you retire.

https://www.humana.com/medicare/medi...esources/irmaa

This is general info, retired Vets, RR unions, etc…by law may have different plans.

[ifishinxs]

I draw a pension. Windfall only lets me Draw 66 percent of my SS. I start next month at 64. Waiting to Max out made no sense.

[joebone1]

My adviser said take it if you need it but if you don’t where else you going to get 8 percent return on your money!

you need a new advisor - he can't math.

[Ship]

I change my mind all the time on this. First plan was call it at age 60. Later started talking about going to 62. I’m 58 now and really feel like another 9 years would be pretty easy. I work 7 days on 7 off so plenty of time for fishing and golf. Don’t dread going to work. I guess I’ll know when it’s time.

[DAC244]

you need a new advisor - he can't math.

If you say so!

[ProVle]

If you say so!

See post #20!

[DAC244]

See post #20!

See post 25

[jejb]

My mother is 86, my father is 87. I'm 63, enjoy working, and my wife is 58. I plan on working till 67 (max age is 66 and 10 months). I insurance the real reason, along with the fact that I enjoy working and I make good money. I have looked into drawing, but the limit they put on the amount you can make is ridiculous! I'll continue to work as long as I am healthy and productive.

Yeah, if you're still working and bringing in good money, there is no sense whatsoever to start drawing early. Except you could start drawing the first month of the year you become eligible. The limit on income is much higher the year you qualify for full SS.

[Big Orange Basser]

I am a numbers guy….I have run many models (on when I/my wife take it).

None of us can predict when we will die, but most of us can estimate when our “active Years” will begin to tail off. For me, I estimate it’s around 76-78. I want to maximize my income during those years because after that discretionary income will not be as important. If you run the math, there is not that much difference. I will choose to take it earlier.

[DaveBrabec]

With Medicare you have to have a supplemental insurance if you plan on doctor visits. I didn’t research it much. Always been healthy. Didn’t have supplemental for first year. Colonoscopy cost me 1600 bucks. For the 20% Medicare didn’t cover. Medicare and Supplemental costs me 300 a month

[yatesville88fan]

Retired at 62 and a half. Waited until the first of the year when I had 5 weeks vacation time coming. Signed up so SS would start at first of year. Got to collect SS and a paycheck for 5 weeks.

[BassinPaPaw]

I regret retiring when I did. I wish I would have waited in my social security and worked a little longer. I guess I just didn’t realize how much money it was going to take to live a comfortable life. Cost are out of control. We struggle to get by now.

[Stein]

He didn't mention the main reason that I'll be retiring at 62. I will have a 6 year old child. If I retire at 62 the child gets their own benefit of 50% of my age 67 full retirement until 18 added to my benefit. It' a huge amount of additional benefit that would push out my break even point way past the 79 point he talked about due to drawing the child benefit for an additional 60 months. Then I can still work part time and make enough to cover the $20k cap and put another $30k into the 401k with catch up and $7,500 Roth.

[Bob G.]

I regret retiring when I did. I wish I would have waited in my social security and worked a little longer. I guess I just didn’t realize how much money it was going to take to live a comfortable life. Cost are out of control. We struggle to get by now.

I hear this from some that retired and regret it. Did you add up all of your expenses before retiring? Not knocking you but wonder what data you based the decision to retire. Are you able to work part time?

I retired at 61 due to the change in my job and 100% travel. I decided to quit at a little more than 40 years with the same company. No pension, no health insurance. A few months before my end date, I signed up for health insurance through ACA. My premium this year is $634/month. I pay it with my Cabela's/Capital One to get more points and pay it off every month. I created an excel spreadsheet with all of my bills. Some are monthly, quarterly, etc. I have 30 entries on the sheet, I try to account for everything and averaged it out monthly. When working, I didn't keep exact track of my bills because I got a nice paycheck every 2 weeks. I started collecting SS last month and some months it will be all I need, other months I'll need some investment funds to supplement.

I recommend to anyone looking to retire or even while working to realistically list all of your bills and expenses, etc. You might be surprised. If you stop at a store everyday for a coffee and a donut, list it. It all adds up.