Chat Messages

[Danil54grl]

I had no idea you could still make $18k and draw SS. Im so far behind. Im still going to work part-time

Girl I used to be part time, but my boss approached me a couple months back asking me if I WAS WILLING TO GO FULL TIME AS A LEAD. . . with Just think about it, I was not really enthusiastic, but right now with the world we are currently living I did officially today. I am working 40 hours a week now at almost $20 an hour, but expecting a raise now? Hmm, I have been with the company for 13 years. Listening to the over com, they are bringing in people at $17.50. Almost double that when I started. I am well over that, but they maybe seeing some quit to get rehired. I know I would. I even asked over minimum wage when the hired me. I made a major pay cut decision when I quit Dillards as a manger, so only asked for $9 an hour 13 years ago. I have proven myself, which gave me an increase in my pay 2 times a year until I made my max in the department which was $13 an hour, then my pay increases went way down. Even as a part time pinon with no responsibilities a I'm at almost $20 an hour. I dont know what my raise is going to be right now. All I really know is I am going to have to work a couple more days a week now to bring me to 40 hours and hunny is going to have to do a lot more morning feedings for me and more household chores during the week, although I am not really expecting the help when it comes to household chores. Also giving up the big garden, but will keep the kitchen garden in back along with milking when Claire does have a calf. These are the sacrifices I am having to make to pay off some property bills.

 

[DrHenley]

I had no idea you could still make $18k and draw SS. Im so far behind. Im still going to work part-time

This is how it worked when I got early retirement and was working part time. I suppose it still works the same.
Before you reach full retirement age there is a limit on how much you can make without penalty. If you go over the limit then for every dollar over the limit the penalty is a half dollar. They take it out the full penalty from your SS payments at the beginning of the year, so you don't get any SS checks that year until the penalty is paid off. The limit for 2021 is $18,960 ($1,580 per month). The amount goes up each year. If you make $20,960 in 2021, then the penalty would be $1,000. If you make $30,960 in 2021, the penalty would be $6,000.
Once you reach full retirement there is no penalty.

 

[Amish Heart]

Our tax lady told us how much we could make or take out of our 401K without penalty. Husband gets SS, and I don't yet, but am retired.

 

[Digout]

Sorry to read your news, Brent.

As well as the memories, I hope you have plenty of photos.

 

[Robinjopo1]

This is how it worked when I got early retirement and was working part time. I suppose it still works the same.
Before you reach full retirement age there is a limit on how much you can make without penalty. If you go over the limit then for every dollar over the limit the penalty is a half dollar. They take it out the full penalty from your SS payments at the beginning of the year, so you don't get any SS checks that year until the penalty is paid off. The limit for 2021 is $18,960 ($1,580 per month). The amount goes up each year. If you make $20,960 in 2021, then the penalty would be $1,000. If you make $30,960 in 2021, the penalty would be $6,000.
Once you reach full retirement there is no penalty.

Correct

 

[Arcticdude]

I just retired early but won’t be able to take SS for about 5 years yet. I’ll take it at 62 1/2. Yes I won’t bring home as much but gambling that I’m going to live into my 80’s just didn’t add up to me. Either way, honestly the amount you get from SS isn’t that much anyways, even if you collect the highest amount. Thankfully I worked hard and saved my whole life. I’d be really worried if I had to survive off just SS.

Same here. SS will be like a little bonus check for us. We structured our savings and investments so that we won't need to depend on SS.
I retired 7 years ago at 57, the wife retired last January even younger. I'll start SS at 64-1/2. And Medicare at 65. She'll probably start collecting SS at 62. Its never too early to start planning for your future. It really pays off.

 

[MOS0231]

The wife and I have been planning our finances/retirement with the assumption SS will not be there for us.
Or a pittance of what we put into it/inflation, that monthly check may buy a weeks worth of groceries.

 

[bigpaul]

I retired at 60, got my state pension at 65, I could live on that alone if I had to but I've got other income so dont have to.

 

[Brent S]

The wife and I have been planning our finances/retirement with the assumption SS will not be there for us.
Or a pittance of what we put into it/inflation, that monthly check may buy a weeks worth of groceries.

It likely will be there for me in five years still, but like you I planned for it not to be. Only a matter of time before they have to reduce it but doubt it will disappear completely. I look at it a a nice supplemental income though. Should pay for some travel and other fun things at least but definitely not enough to have to rely on. So the moral for today is SAVE as much as you can. And then hope inflation doesn't eat it all up….

 

[Arcticdude]

It likely will be there for me in five years still, but like you I planned for it not to be. Only a matter of time before they have to reduce it but doubt it will disappear completely. I look at it a a nice supplemental income though. Should pay for some travel and other fun things at least but definitely not enough to have to rely on. So the moral for today is SAVE as much as you can. And then hope inflation doesn't eat it all up….

I believe SS will be there long after I'm gone. The government will just keep increasing taxes on those still working. Of course there'd be plenty of money available if they'd cut off all benefits to those that never contributed in to SS.

 

[Robinjopo1]

I had read that this administration was going to raise the age again, so I decided to get my hat in the ring. My plan is to use this for some preps and put some in my son's trust. We really don't need it to survive at this point.

I just wanted to have my name in the pot before something happens. To get full benefits, it's already up to 66 years and 10 months. Too long to wait. My husband has to wait because he makes too much right now. He will be 65 next year

 

[bigpaul]

state pension age in the UK is currently 67, by 2028 it will be 68.

 

[Arcticdude]

Just now sitting on the back deck drinking an ice cold beverage while the gkids are in the back yards playing with some frogs. Looked up in time to see a 3-1/2 foot rattlesnake making his way to where the kids were playing. I reached over and grabbed the 10/22 and put him down. Another rattle to add to my collection.

 

[Proud Prepper]

2 shot covid vaxed, Trumka drops dead from heart attack.

 

[Dracos]

I am offficially old. Signed up for my Social Security today.

Since I retired I found that I have both the time and the money to do anything that I want.

 

[Arcticdude]

2 shot covid vaxed, Trumka drops dead from heart attack.

Of course the pro vaxers will say there's no connection. And the risk is worth it, just keep bending over and take it.

 

[grayghost668]

we all die,,,,,

 

[Arcticdude]

Got another load of cattle in the corral ready to go to the auction tomorrow. At least its supposed to be a little cooler. We'll be taking the grandkids too. Their first auction.
Got word a couple days ago about the cows they lost. They'll have a check waiting for me tomorrow.

 

[Danil54grl]

I spent my 1 day off after feeding down at the rent property cleaning the small house. It is picture perfect to show now, after scraping all the grout from hunny's remodel of the shower. Cleaned the whole house top to bottom with shinning all floors. Hunny tells me I out did myself, but when we rent I always want a renter to know they are coming into a clean place. And then moved over to the big house to start out vacuuming, but needed to pick up all the big trash the last renter left and cleaning the window ledges before hunny called it a day at 3:30. I was ok about an early day. I am about to take a shower and hopefully go to bed before 9 pm since I am getting up at 1:30 to go into work early. We are having a case cleaning tonight and boss lady wants me to help with the putting back of everything.

 

[Elbeiruty]

@MNwr786 no one cares about what's legal anymore. There's no objecting truth in this world anymore. No one is suing and if they are it's not making the headlines because the media won't cover it. I've always liked the quote "the revolution will not be televised" and what's happening nowadays gives that a brand new meaning especially when the media is in bed with the government and so are employers. Makes you yearn for the days of reefer madness. This covid madness is insane.