SSI payments and working

[Jersey mike]

Just posting this as FYI not an argument or discussion pro or con of SSI. If moderators wish to move this to the other board by all means do so.

I read this and thought others may benefit as they approach retirement and have concerns or questions.

This is not a read this and follow along or else, just giving everyone an opportunity to come to a decision or seek advice from a professional.

https://www.marketwatch.com/story/how-can-i-increase-my-social-security-benefit-11644520593?mod=home-page

[..]

I've never slept at a Holiday Inn Express but that seems pretty well explained.

I took SS at 62 because I could and I haven't had any regrets to date.

I worked as a school bus driver before 62 and 6 years after.

[Rams]

I also retired at 62, had been working since I was 12.

I have very close friends who are still working and will continue until they are 70+. 

Folks do what they want, I wanted to get back some of what they've been getting from me for as long as I can remember.

Rams

[Jess from VA]

You have to live a long time if you wait (past 62) to collect Social Security Retirement (not Disability), to make waiting past 62 worth it.

With a shorter lifespan, you may never make up the lost income by passing at 62 to get a higher percentage at an older age.  

62 for me too.     I am not working (past 62), I did enough of that foolishness.  

The women on both sides of my family live forever.  The men don't.  

[scooperhsd]

I got my first SS check day before Thanksgiving 2022., age 62. I've had jobs paying into SS since I was 16, I was tired of working, it will be when I'm 84 before it catches up with collecting now, and this last year just was too much. I hadn't worked since 2018 in any event, somebody had to watch MIL.

[da prez]

I got forced into social security at 62 when I got hurt. I went on as dis-abled.  The benefits were higher than regular SSI.  I have had nine surgeries and have no problems with my benefits.  I also have V A to fall back on for medical.
  At our up North property , I have been offered jobs  14 times and never applied.  Most places want older (?) workers as they are more dependable. 

                                                   da prez

[Skinhead]

I retired in 2018 and went back to work until mid 2019.  I waited until full retirement age, which I reached in Jan 2023 to collect SS.  I will get my first payment in Feb 2023.  My YOUNGER brother retired a year or so ago, and died of a major heart attack in Oct2022.  I'm hoping I'll get my money back, but not counting on it.  The men of my family usually don't life long lives.

[cookiedough]

well, that is settled,  I will retire age 62 like the rest of you all...   

too bad I have 11 more years to go..

all the older folks I know around me are retiring anywhere between age 55 and 62, NONE going past that, and still working part time more enjoyable jobs.    I can see why,  working conditions, etc. are just getting worse and worse so why bother working full time unless REALLY LOVE your job.. 

I know I will not live past age 80 so why not retire sooner vs. later. 

[Rams]

I know I will not live past age 80 so why not retire sooner vs. later. 

Married? 

Rams   

[f6gal]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway. 

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother? 

[The emperor has no clothes]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway. 

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother? 

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

[Rams]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway. 

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother? 

While our situations may be different, I look at it this way.   We only have so much time left in our lives, retirement should be enjoyed.   If you enjoy working, then do so, if not, come on, let's ride.

Rams 

[carolinarider09]

Frankly, I guess I had a "different" opportunity.   I retired at 72 (well maybe 72 1/2, I truly don't remember).  

Retirement from SS was therefore maxed out.  Fine with me.   I got some back SS becuase of the age I retired at was after the "maximum" age (I forget the phrase).  I could have gotten a few extra months based on age but.... I did not want to have to fight the government for anything and screw things up.  

Why did I wait so long????   I enjoyed the job I had.  I was sort of in charge of the implementation of a new software program for the utility I worked for.  It covered something called Corrective Actions, also covered document and record storage.  This was to be for three power plants.  And had the potential to be expanded for the entire company.

The project had an "event (company upper management issue) and I retired.  The project was cancelled.

I still have no regrets about my decision.   I truly enjoyed what I did.    
  
When I retired, savings were adequate and each year they increased even with the MDR being removed.  That is until Biden got in the White House.

Still, looking back, I'd not change a thing.  While I enjoy traveling on the motorcycle I also enjoyed the work I did.  

[Rams]

I was sort of in charge of the implementation of a new software program for the utility I worked for.  It covered something called Corrective Actions, also covered document and record storage.

  That is until Biden got in the White House.

Well, since you brought him up..........   Corrective actions and document storage, I'm thinking Biden could use your help..............  

Rams  

[carolinarider09]

Well, since you brought him up..........   Corrective actions and document storage, I'm thinking Biden could use your help..............  

Rams  

Sure thing.  Me and a couple of others and we will do a Root Cause Analysis and ensure that it will never happen again. 

CAPR(S) - Corrective Actions to Prevent Recurrence

[f6gal]

That is until Biden got in the White House.

Had the 2020 election gone the other way, I would have retired.  So far, not retiring has been a prudent decision... I have lost quite a bit in assets and spending power since that time.

[f6gal]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway. 

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother? 

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

When I retire I want to have enough money to travel.  If I have to sit home and count my pennies, ugh! I dread running out of money before I run out of time.  My grandparents lived well into their 90's and my mom is still kicking at 85. 

[The emperor has no clothes]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway. 

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother? 

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

When I retire I want to have enough money to travel.  If I have to sit home and count my pennies, ugh! I dread running out of money before I run out of time.  My grandparents lived well into their 90's and my mom is still kicking at 85. 

I don’t know if it matters, but my Dad died at 64. We all make our choices the best we can. I hope your plan works out for you. 

[f6gal]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway.  

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother?  

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

When I retire I want to have enough money to travel.  If I have to sit home and count my pennies, ugh! I dread running out of money before I run out of time.  My grandparents lived well into their 90's and my mom is still kicking at 85.  

I don’t know if it matters, but my Dad died at 64. We all make our choices the best we can. I hope your plan works out for you.  

My dad died much younger than that... but it was due to trauma, not disease.  If I do all this planning to live to 100, but get hit by a semi and die next year, then I will have made some bad choices.  Oh well, if I just had a crystal ball.  

Edited to clarify.

[Jess from VA]

Except for the Air Force, I have no idea what liking or enjoying your job is like.  

I was always very good at my job, whatever it was.  

One day (after serving as a journeymen in my profession and instructor for new hires for a long time), a boss gave me a ration of sh!t about our bean counting quotas and I told him I wished I had more time but I had to go.  He was pretty upset at this and asked where I was going.  I'm going across the street to see how much I get if I retire now.  He was speechless, for once.  

I only lost 30% for leaving 4 years short of 30.  And was gone at the end of the month.

I sent an Email saying goodbye to many friends and coworkers, and wished them well in continuing to serve the ... penitentiary.  (the nickname for our workplace).  

Fired the wife, the same week.  That cost me some money.  

The best decisions I ever made.   Free at last.

I always saved hard and I've got all I need.  I owe nothing.

The penitentiary:  (shudder)

[..]

Except for the Air Force, I have no idea what liking or enjoying your job is like.  

I was always very good at my job, whatever it was.  

One day (after serving as a journeymen in my profession and instructor for new hires for a long time), a boss gave me a ration of sh!t about our bean counting quotas and I told him I wished I had more time but I had to go.  He was pretty upset at this and asked where I was going.  I'm going across the street to see how much I get if I retire now.  He was speechless, for once.  

I only lost 30% for leaving 4 years short of 30.  And was gone at the end of the month.

I sent an Email saying goodbye to many friends and coworkers, and wished them well in continuing to serve the ... penitentiary.  (the nickname for our workplace).  

Fired the wife, the same week.  That cost me some money.  

The best decisions I ever made.   Free at last.

I always saved hard and I've got all I need.  I owe nothing.

 

[The emperor has no clothes]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway.  

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother?  

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

When I retire I want to have enough money to travel.  If I have to sit home and count my pennies, ugh! I dread running out of money before I run out of time.  My grandparents lived well into their 90's and my mom is still kicking at 85.  

I don’t know if it matters, but my Dad died at 64. We all make our choices the best we can. I hope your plan works out for you.  

My dad died much younger than that... but it was due to trauma, not disease.  If I do all this planning to live to 100, but get hit by a semi and die next year, then I will have made some bad choices.  Oh well, if I just had a crystal ball.  

Edited to clarify.

I’ve heard those blood type diets will prevent semi trucks from running you over. 

[f6gal]

I'm really not sure what's going to happen with the economy and inflation, so I'm a bit leery to retire.  Are my retirement savings going to be worthless after some hyper-inflation?  If I keep working and apply for SS, I would get nothing from SS (over the limit).  At this point, I'm only 1.5 years from my FRA anyway.  

I would love to retire now, but if I'm not going to have enough money to enjoy it, why bother?  

Nobody can ever predict the economy, the inflation, or the future. There is one thing for sure. Our time on this earth is limited. I suspect that if a lowly animal chopper can have enough to enjoy retirement, you can too.

When I retire I want to have enough money to travel.  If I have to sit home and count my pennies, ugh! I dread running out of money before I run out of time.  My grandparents lived well into their 90's and my mom is still kicking at 85.  

I don’t know if it matters, but my Dad died at 64. We all make our choices the best we can. I hope your plan works out for you.  

My dad died much younger than that... but it was due to trauma, not disease.  If I do all this planning to live to 100, but get hit by a semi and die next year, then I will have made some bad choices.  Oh well, if I just had a crystal ball.  

Edited to clarify.

I’ve heard those blood type diets will prevent semi trucks from running you over. 

[Challenger]

I retired in 2018 mainly because the company I had worked 5 1/2 days a week for 44 years for went with an HR system that changed every aspect of my job. It was either retire or go postal on someone. Not going to do the blame game here, but 401K has lost over 35% since then. Still glad I bailed when I did.

[Skinhead]

I have lost quite a bit in assets and spending power since that time.

Welcome to the club.

[Skinhead]

At my retirement party, several MI VRCC members (Rogue Riders) attended.  My "party" was a lakeside BBQ, with a DJ.  Several of the Rogue Riders said that they could not believe how close me and my former coworkers were.  I said, when you travel together as much as we did, you become pretty close.  There were times we were on 2-3 week trips together, and there were months where I spent more time with my coworkers than I did with my family.  We still stay in touch, and at our Christmas gathering last year, several of them told me it was a good thing I left when I did, as I probably would have gotten fired anyway due to the new woke HR policies, and my inability to keep my opinion to myself.  My point in all this is that I loved my job and the people I worked with.  I thought the company I worked for was a joke and there where very few in the Upper levels of management that I respected.  I miss the people but not the corporation.

[f6gal]

At my retirement party, several MI VRCC members (Rogue Riders) attended.  My "party" was a lakeside BBQ, with a DJ.  Several of the Rogue Riders said that they could not believe how close me and my former coworkers were.  I said, when you travel together as much as we did, you become pretty close.  There were times we were on 2-3 week trips together, and there were months where I spent more time with my coworkers than I did with my family.  We still stay in touch, and at our Christmas gathering last year, several of them told me it was a good thing I left when I did, as I probably would have gotten fired anyway due to the new woke HR policies, and my inability to keep my opinion to myself.  My point in all this is that I loved my job and the people I worked with.  I thought the company I worked for was a joke and there where very few in the Upper levels of management that I respected.  I miss the people but not the corporation.

It's good to be self-employed. 

[old2soon]

       Pulled the pin at 64. NOT the least bit sorry. I enjoyed my time in the high seat of an 18 wheeler. I was fer lack of a better description a paid tourist!   Been in All the lower 48 and 2 Canadian Provinces and Old Mexico. Had a Good time Lots and lots of beautiful sunrises and sunsets. Been shutdown a time or three for Dangerous weather. I'd say I never loved a job I've hated so much or I never hated a job I've loved so much.   What's over that mountain? What's down in that valley? What's around the next curve? And some of the stuff I've seen in cages going past can NOT be discussed here!   RIDE SAFE.

[cookiedough]

I do not know anyone who wishes they regret not staying working when retiring early before age 65.  Like said,  almost all fellow co-workers would say, glad you got out when you did since working conditions only kept getting worse and worse.

If early retirement was age 52 vs. age 62,  both my wife and me would be gone.  We talk about it weekly about retiring early or playing the lottery more so in hopes we both can just leave ASAP.  

We both could find part time jobs under that 19K a year mark but still gotta wait until age 62 to get SS benefits.  It might be more though since only age 52 now, might be early retirement age 63 or 64, not sure?  

My Dad was forced to retire at only age 55 due to 3 spinal cord surgeries having to file for disability in 1988, the year I graduated high school.  It was tough on him since he enjoyed his job for the most part with GM, but he was still there 34 years in the plant in 1988.   GM took care of him and my mom well.  He always regretted NOT traveling more the next 10 years or so until his health failed not allowing him to travel, but my mom was a homebody NOT wanting to go anywhere ever. 

[Skinhead]

It's good to be self-employed. 

I agree, unless your coworkers are A-holes!

[f6gal]

It's good to be self-employed. 

I agree, unless your coworkers are A-holes!

Or the boss.  LOL

[Willow]

Or the boss.  LOL

LOL!  My thought too.  You're too quick for me, Connie.

[Wizzard]

 Most folks on both sides of my family lived past 90 so I am rolling the dice. Be 70 in 2 years and makes the diff of 400 bucks a month if I wait and I like my job and its easy and pays me well so in my situation I am waiting.

[Rams]

Most folks on both sides of my family lived past 90 so I am rolling the dice. Be 70 in 2 years and makes the diff of 400 bucks a month if I wait and I like my job and its easy and pays me well so in my situation I am waiting.

I firmly believe that if you really do like your job, then make them run you off and force you into retirement.   But that wasn't the case for myself and most of my friends.   For me, it was time to go, they tried to get me to stay but, I was simply ready to go.

Although, there have been times I was bored enough to think I might want to go back to work, it didn't take long for me to come back to my senses. 

Rams

[Jess from VA]

Any ordinary homeowner can find enough to keep them busy and working on all the crap that needs attention (house, land, scape, cars, bikes, equipment, books, records) in any retirement.

The pay really sucks... but there is always plenty of work to do.   And, (except for any spousal input) you don't have any boss and chain of command to deal with.

[RP#62]

I went out at age 64 after 35 years with one airline and 7 years with another before that and 3 years free lancing before that.  45 years was enough. I really enjoyed the airplane stuff but the people stuff was really getting tiring, especially with the DEI crap starting to creep in from corporate.  Lived off the 401k for a year then started drawing SS at my FRA and didn't look back.  As others have said, I do think I'm busier now than when I was working, but for the most part I'm doing stuff I want to do.

-RP

[Rams]

  As others have said, I do think I'm busier now than when I was working, but for the most part I'm doing stuff I want to do.

-RP

And, not doing stuff I don't want to do. 

Rams

[Wizzard]

And I am working and not doing anything I don't want to do. It's called seniority 

[SPOFF]

I needed to wait until full retirement age because I make way too much money. It seems a strange thing happen to my "retirement job" post-Covid: any hard-working restaurant cook who is not a drunk is now worth $50K+ a year. (I notice I'm no longer called a burger flipper.) This is the first year I am exempt from the SS taxes so now I'm playing "chicken":  every month I wait my annual benefit will increase $200 but then I'm one month closer to when SS goes broke and the checks stop. Also I need approval from the wife for a fourth motorcycle so I may have to stay full-time until December. But this is the year I retire!

[f6gal]

I needed to wait until full retirement age because I make way too much money. It seems a strange thing happen to my "retirement job" post-Covid: any hard-working restaurant cook who is not a drunk is now worth $50K+ a year. (I notice I'm no longer called a burger flipper.) This is the first year I am exempt from the SS taxes so now I'm playing "chicken":  every month I wait my annual benefit will increase $200 but then I'm one month closer to when SS goes broke and the checks stop. Also I need approval from the wife for a fourth motorcycle so I may have to stay full-time until December. But this is the year I retire!

How are you exempt from SS taxes?