Home Forums Hunting & Shooting Hunter's Campfire Thinking about retiring!

I'm 62, almost 63, and since my fall, I've been thinking about retiring.

Rattlesnake and I dont own a lot, but its all paid for, so it doesnt take as much to make it each month.

I'm going to go talk to the SS folks because I got a some questions that I need answers to. Such as, how much will I get each month; is this money taxed; if so, how much; if I decide to go back to work how will it effect the SS; how much will I be allowed to make before it effects the SS? Just those kinds of questions.

I want to try and get all the facts up front and have no surprises later on, but never having had any experience with this before, I'm not sure I know what questions need asking.

If anybody knows other questions I should ask... Please let me know.

Be sure to look into health care options. Dont know what you have for insurance now but I recommend trying to carry some of some kind if you can swing it. Some folks have employer related health insurance. If you do be sure to check into how that changes and if you can pay for it out of pocket, if so - how much, etc.

And btw - I'M JEALOUS! 9 years left in teh traces for me!

Filing joint return, between $32K-44K, 50% of your benefits are taxed. More than $44k then up to 85% of your benefits are taxed.

That's EARNED INCOME

What Scott posted is true....... and a deal killer for some. And since Medicare is still a couple years in your future, that's another "agin it" vote.

My retirement income is higher than for most working folks, but still only about a third of my pre-retirement income so lifestyle changes were required.

But...... these are still the best years of my life, so go for it, Randy.

If you didn't get a SS printout lately you can go to their website and plug in all your information and get the $ question narrowed down.

That is the only way to get the information anymore. They quit mailing statements out several years ago.

Some states don't tax SS benefits, some do.

If you have your last statement it should be fairly close to what's current yes??

Probably a dumb question but if you have Medicare do you need anything else or any part of this stupid O care scam? IOW, is Medicare enough??
.

Just from what I'm seeing, it would probably be a good idea to see my tax man also. He should know about the tax questions and might know some ways to eliminate or lessen the tax amount.

Thanks

Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.

If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.

Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.

Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.

Get out as soon as you can ..... so much to see and do.

Also I don't think you can get medicare until your 65.

Social Security withholds benefits if your earnings exceed a certain level, called a retirement earnings test exempt amount, and if you are under your normal retirement age (which for you is probably 66). Definitely talk to your CPA.

They'll look at your earnings for the year to date. It all counts against whether you've exceeded the limit for the year. So, if you decided to start right now, anything you've earned up through today will determine how much you will receive for the rest of the year.

Local gentleman recently had a stroke requiring long term care. Just before entering the facility, he and the wife divorced and were successful in protecting all their assets.

Retirement is much better than it's cracked up to be.

I hope you get the answers you need Randy, one thing to think about....is Rattlesnake gonna put up with you being around that much without striking?

My parents were forced to do something like that when Dad got Alzheimers. It's not really a divorce but it is a division of assets. The government handles it like a divorce.

Hey, I aint skeered of her! I wear the britches in my house!!!

I'm 57 and will be retiring from the Fed Govt next year...I absolutely can't wait. Good luck on your end!

While that may be worth considering for many people, I've got to disagree with your assertion that having the roof over one's head paid for is a "terrible choice".
I've been making a mortgage payment most of my adult life. My first house is paid for and now producing income as a rental. My primary residence will be paid for in the spring, shortly after I turn 50. I've got almost 400K in retirement funds now and there will be plenty of money for a broker to work with in the next 10 to 15 years since I won't be making mortgage payments.
There ain't nothin I will need or want in retirement worth mortgaging my home for!

+1000 Having a mortgage payment is about as dumb an idea as I can think of going into retirement.