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I need some retirement advice please

PHUCKITMAN

By PHUCKITMAN
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PHUCKITMAN Grand Master

PHUCKITMAN

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Posted

Ok here is my situation, I am 65 and will be 66 in August. My full retirement age is 67. I was just laid off from my job because Nissan might be going under and things got really really slow and I was one of the ones with very little time in there. This means I can collect Unemployment Benefits for about 6 months at about 65% of what I was making by working. I am old enough for Medicare already. I can try to find a job with health Insurance and wait until I am 67 or I can ride out my Unemployment and buy medical coverage through the State and when that ends I can either Retire and get Medicare and my SS benefit will be about 7% less for life then if I hold out until I turn 67. With the 3 previous Heart Attacks I am not sure just how long I have left to enjoy some free time. I have heard some people retire at my age and take their SS benefits that I have paid in to since I was 14 years old and get Medicare then pick up a part time job to keep me from getting bored being at home all the time and this would keep my wife from killing me for being under foot all the time. I am so close to retirement age I am also afraid that it will be hard to find someone to hire me full time. If anyone has gone through this situation and has some sound advice I would appreciate any advice you can give me. We have money saved and investments for retirement but the longer we wait to access it the bigger that fund will get. Thanks in advance for any help you can provide a OLD MAN

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major-mark63 Grand Master

major-mark63

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Posted
23 minutes ago, PHUCKITMAN said:

Ok here is my situation, I am 65 and will be 66 in August. My full retirement age is 67. I was just laid off from my job because Nissan might be going under and things got really really slow and I was one of the ones with very little time in there. This means I can collect Unemployment Benefits for about 6 months at about 65% of what I was making by working. I am old enough for Medicare already. I can try to find a job with health Insurance and wait until I am 67 or I can ride out my Unemployment and buy medical coverage through the State and when that ends I can either Retire and get Medicare and my SS benefit will be about 7% less for life then if I hold out until I turn 67. With the 3 previous Heart Attacks I am not sure just how long I have left to enjoy some free time. I have heard some people retire at my age and take their SS benefits that I have paid in to since I was 14 years old and get Medicare then pick up a part time job to keep me from getting bored being at home all the time and this would keep my wife from killing me for being under foot all the time. I am so close to retirement age I am also afraid that it will be hard to find someone to hire me full time. If anyone has gone through this situation and has some sound advice I would appreciate any advice you can give me. We have money saved and investments for retirement but the longer we wait to access it the bigger that fund will get. Thanks in advance for any help you can provide a OLD MAN

Only one advice i can give you from my own experience: life is short dont waste it working.... 

i retired at 56 yrs never regretted it , with your health conditions you should enjoy life now and spend your money now .....

We dont live to hundred yrs ...

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tsw 8.5 Grand Master

tsw 8.5

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Posted

get what you got coming i did it at 65 and now i just do side stuff that is cash and im going to start enjoying what years i have left .work my ass off for 50 years .now it time for me and some fishing the flats here in FLA enjoy it we will not be here forever 20240101_122451.thumb.jpg.0ec8eb1cecffa56229c028af80d66f75.jpg

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BUDMAN Grand Master

BUDMAN

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Posted

If you retire befoore your legitimate age you will have to pay taxes on the money ...  

could depend on where you live ...

 

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PHUCKITMAN Grand Master

PHUCKITMAN

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Posted
2 hours ago, BUDMAN said:

If you retire befoore your legitimate age you will have to pay taxes on the money ...  

could depend on where you live ...

 

I live in Washington state and we don't have a State income tax so I will only have to pay the IRS? My wife is disabled and so we won't be bringing in a ton of money. I am 65.33 years old right now and my full benefit age is 67 so I am only 20 months away from "Full Retirement Age". I know we will have to pay taxes on income we take out of our investment account as we use it but we don't plan on taking out any large amounts just a little here and there to supplement our income and we plan to cut down on our discretional spending like most do when they retire. I can also work a part time job as long as I don't make more then about $2,000.00 per month and around here that means 20 hours a week.

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Duffy Collaborator

Duffy

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Posted

make the money last till you retire ,I'm 57 and I'm board as fuck but got some jobs with friends and I'm not suppose ta retire till 68 .

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major-mark63 Grand Master

major-mark63

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Posted

Dont forget life expectancy for male in Us is 75 , this is expectancy not actual average age of death that is lower.

So remember life is short..... 

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