Retire now and enjoy life while you can. Tomorrow is guaranteed to no one especially someone who has had 3 heart attacks. Don't spend time looking for another job. No one hires people after 55 at the money you were probably making. 7% more SS is not worth dying for when you have already crossed the finish line. This is my advice without knowing your financial position. Try talking with Human Resources at Nissan or a financial planner to gain more confidence in your decision. Good luck.
I retired just a year and a half ago and, aside from my wife being ill/cancer and passing, so far I love it. We were planning to do some travel, but obviously, that's changed. As a couple have mentioned here, and most people I've spoken to, say if you can do it. Especially if there are health issues involved. And this is the two main things to consider. 1. Are you mentally ready? Some get bored and go back to work, some financially required it. And 2. Are you financially able to retire? A lot to consider here, since you'll likely have less income, but also you can reduce everyday cost - for me, that alone was $200.00/month in fuel to/from work. But I worked at the same company for 46 years, and I was clearly ready, as I don't miss that routine at all any more. The people and the technology, yes, but not that "rat-race" lifestyle.
Anyway, first, my wife, who was four years younger, was able to apply for and receive Social Security Income, but was put on a review/wait period for the medical (she was 61 at the time). She received full SS Income within a few months (including backpay from when her cancer was diagnosed), but took about nine months for the medical part. Once she started getting the medical part, there is a small deduction for Medicare from your SS Income. Same for me, since I retired 22 months early, at 65.
As I approached retirement, I met a insurance consultant, who was great. She helps navigate the Heath Market Place, a list of many available plans here in Michigan (I assume you have the same). There are so many plans, she was good on helping decide which was best. Thank God, I no real health concerns at 66 yrs., but my wife did at the time. So, the way Medicare works, basically, it's like this (at least was for me in Mich.):
1. I contacted our local SS office in our county do get my application going. They say do 3 months prior. I also set up a SS account online - this is very helpful. They need to know the date of retirement to know exact payout for the plus/minus of your actual date of 67 yrs. (mine is 66 and 10 months). 67 for those born 1960 and later.
2. They'll want to know that you are planning Medicare, since there is a small deduction for your Medicare Part A and Part B. For me it was like $235 last year and reduces to $185 for four months of 2026 (so, they do deduct medical prior to FULL age,I guess). I didn't know this. In May I'll be full retirement age and I believe they don't deduct for the Medicare when you reach that (not 100% sure, but I think?).
3. It is HIGHLY recommended to get a Medicare supplements. Like the Health Marketplace, there are many plan, which is just crazy. As stated, I've been blessed with good health, most issues being dental. So I got basically the same plan I have always had when I was employed, a BlueCrossBlueShield of Mich. PPO. When employed, this plan was like $1,100.00/month, two-thirds by my employer, rest from my pay. I pay $21.80 for this supplement to cover what Medicare doesn't, and that's for the dental extras I need. My wife got full SSI, and no Medicare deduct until she started getting Medicare (the same month she passed away). But when I retired, I had to purchased insurance for her, So her SSI basically paid for the $1,200 insurance my employer no longer paid. But, the BENEFIT of this supplement that the insurance agency you choose, BCBS, HAP, etc., they will handle all of your insurance transactions - which I think is why the government wants it (they don't have to deal with the doctors and hospitals). This year, my plan is $35, but less is deducted from my SSI and the coverage is better (if I need it, of course). My wife had a different plan, which we added a third party "underwriter" called Wellebe (included but required approval, which she got). They helped with any hospice. Then she got a better drug plan, since she was on many. But her premium was only $35.00/month and also included the $100.00 to spend over three months. IT was a Hery Ford (hospital) HAP plan. Again, she only used it for a month, since she passed right after approval of it all.
4. You mentioned taxes. The way that works is you add your annual SSI to any other income (you can still make a certain max) or income can be pension, IRA or 401k. I collect SSI and from a 401k. So taxes are fairly clear. Just like when you worked, you add these together. If married, I think you claim, or are taxed 50% of the SSI from like $22k - $34k total per year. But for $35k - $44k, it's taxed 80%! That might be single, and married, filing joint is a bit higher. I'm speaking Federal here, your state taxes are likely different. Tough are fixed amount by the fed, not based on my personal situation.
In summary, I can only tell you my experience. I was hoping my retirement would be traveling with my wife, which we did a lot of during our marriage. I was blessed with a good career and planned and was poised to just that, but wasn't meant to be. Aside from that, I still am very happy with retirement. As others mentioned, you need to know your ready. Do you have hobbies (fishing)? Your health/spouse health?. Life is short and one thing I have learned, I thought would be different, is time STILL FLIES BY! I thought it would slow down, with no 2 hour commute to work everyday, the stresses to get things done every day. Ugh! Now, I can get up and do whatever I want to after 50 plus years of working for the MAN! Except for a dog, LOL!
Good luck on your decision and hit me up if you have any questions. I'm sure I missed a couple things.
Laz
Had to crack a smile after reading this & similar articles.
https://phys.org/news/2023-07-age-universe-billion-years-previously.html
Some people cling to the Big Bang as if it was a holy scroll granted by Heaven. To me, it's too patched up to describe creation correctly. If our universe has suddenly become twice as old as previously believed, why continue with the closed mind concept that "only" dark matter & dark energy can explain expansion. The Webb telescope has moved the goalposts yet again, and it sounds like the money grant people are scrambling to patch up their arguments. My personal theory is we have no idea what lies beyond the light horizon, so Physics is still an open ended game.
Keeping an open mind, open ears, and open eyes are truly what separates the people enjoying life, and those being led by their noses.
Been talking about this for many years. You can't print wealth, or make it up digitally. That takes agriculture, manufacturing, and mining. All of these things have been uprooted, regulated out, and diminished in the US of A. The last thing remaining was the good faith & trust in the government, but the world has voted on that for real, not by mail or dominion. The US produces nothing the world needs, and the world has responded by dumping the dollar. Hang on to your britches, because it's going to get real rough, real fast.
Enjoy your banana bread & circus show in New York, because they won't tell you what's really going on, you might not like it. $30 trillion in debt on paper, over $100 trillion in unfunded liabilities, and a pile of dumb-asses that still believe they can coin money & sell treasury bonds to cover their game of monopoly.
My pet goldfish, won him 20 years ago at a fair, whack a mole champion is Rob, not house trained when I first got him (bit everything). He's fine now, although a lot bigger, I've had to dredge a new lake in the garden (well the neighbours call it a moat?), a great deterrent for junk mail is 'Goldie,' and everything else. Loves children, but will also eat any pet stupid enough to swim with him, he's a character. Apparently he's the very rare silver goldfish, found around seal colonies, according to the friendly one armed man at the fair. I bought him a mate 10 years ago, looking forward to those little goldies, but she disappeared one night, must have left him for a fish with more gold - bitch!
Maggie
Pug/Jack Russell Terrier mix
She was Supposed to be moms puppy but she hangs out with me all the time.
bringing her home 8 weeks old
3 months old in this pic
I'll take a pic of her tomorrow. She's 10 months old and 19lbs and super cute and very hyper and rotten.
Supposed to be 50/50 Pug/Jack Russell Terrier but I don't see any terrier in her other than she is super hyper lol.
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spinpuppy reacted to rexbowan in I need some retirement advice please