I've received good advice on this forum related to wood stoves and related subjects, so I thought I'd ask about early retirement. Based on what I've seen there's a good amount of members in their mid 60s like me or older.
I have a good job now, but the commute is about 72 miles round trip. Gas prices are rising, even with the grocery store discount today 2/13/22 it was $3.52.gal. I'm in the I.T. field servicing a hospital, unfortunately at times requiring entry into rooms with Covid-19 patients. Dressed with the appropriate PPE with a N95 mask of course, but still... Also on call every other week, been on call for over 40 years. I'm a telecom guy, and these days that can involve some basic networking skills which I do have, but almost all the I.T. jobs posted want certifications that I don't have. I'll be 65 this year, and decided to look at the whole situation differently. Taking SS at age 65 vs 66 will result in benefits being reduced about $200 a month. At full retirement, 66 1/2 ~ $300 a month.
Ideally, I'd take Social Security (SS) at age 65 and work part time. With what I'd get from SS and ideally working part time I may be able to make ends meet. The limit is around $19,500 while taking SS benefits. My question for now is has anyone here taken the SS payments and exceeded the annual limit? If I understand correctly, for every $2 made above the limit, your SS benefit will be reduced by $1. So effectively if you made $4,000 in a year more than the limit, your SS benefits would be reduced by $2,000. That doesn't seem like such a bad option - your net income is still more than stopping at $19,500. Don't know if I interpreted this correctly, it almost seems to be too good to be true - but if you had payments withheld due to the example I mentioned, when you reach full retirement age your benefits are recalculated to what was withheld will be paid to you? If that was the case, you're not losing money - just getting it later.
I realize being home more will mean needing more wood for the stove - but that's ok.
I have a good job now, but the commute is about 72 miles round trip. Gas prices are rising, even with the grocery store discount today 2/13/22 it was $3.52.gal. I'm in the I.T. field servicing a hospital, unfortunately at times requiring entry into rooms with Covid-19 patients. Dressed with the appropriate PPE with a N95 mask of course, but still... Also on call every other week, been on call for over 40 years. I'm a telecom guy, and these days that can involve some basic networking skills which I do have, but almost all the I.T. jobs posted want certifications that I don't have. I'll be 65 this year, and decided to look at the whole situation differently. Taking SS at age 65 vs 66 will result in benefits being reduced about $200 a month. At full retirement, 66 1/2 ~ $300 a month.
Ideally, I'd take Social Security (SS) at age 65 and work part time. With what I'd get from SS and ideally working part time I may be able to make ends meet. The limit is around $19,500 while taking SS benefits. My question for now is has anyone here taken the SS payments and exceeded the annual limit? If I understand correctly, for every $2 made above the limit, your SS benefit will be reduced by $1. So effectively if you made $4,000 in a year more than the limit, your SS benefits would be reduced by $2,000. That doesn't seem like such a bad option - your net income is still more than stopping at $19,500. Don't know if I interpreted this correctly, it almost seems to be too good to be true - but if you had payments withheld due to the example I mentioned, when you reach full retirement age your benefits are recalculated to what was withheld will be paid to you? If that was the case, you're not losing money - just getting it later.
I realize being home more will mean needing more wood for the stove - but that's ok.