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  1. #41
    Join Date
    Jul. 22, 2007
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    South of Georgia, North of Miami
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    1,118

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    Is cutting your hours an option? Or take a long vacation or a leave of absence and see how it goes. Sometimes you just need to get away to get a clear perspective.



  2. #42
    Join Date
    Jun. 24, 2005
    Location
    Alabama
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    9,296

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    Whatever you do, or anyone else decides, definitely keep health insurance no matter what. An acquaintance was divorced, and not married long enough to qualify for his pensions. She didn't want a regular job, so she sold antiques, and vintage clothes and other collectibles at antique fairs and other sales. She didn't make SSI contributions, or Medicare, or I suspect report all of her income. She didn't have health insurance until she qualified for Medicare, and I believe because she didn't pay in that she now must pay extra. She has no Medigap insurance, no pension, and because she now qualified for Medicare went for all of the routine checkups and screening she missed. She had two types of cancer, and one is probably not survivable. This might have been avoided if she planned differently, but it doesn't have to happen to others.
    You can't fix stupid-Ron White



  3. #43
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
    Posts
    9,719

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    Quote Originally Posted by Prime Time Rider View Post
    Have you thought about approaching your employer about reducing your hours to four days a week and still be able to maintain your health insurance benefits?
    Um....I am already working 4DW - the minimum at my company to have them pay benefits.

    And yes - the plan is to see if I can live on my full SSI alone for the next 2.5 years.
    If I find I can't, then part-time work will do.
    Aldis here pays $11/hr for cashiers.
    And in Hooterville where I live Starbucks baristas are old ladies like me, not tatted & pierced 20-somethings.

    Repeat:
    My financial experiment - drawing from the inherited monies - will deplete less than 20% of the funds.
    And this will be after I spend on some major repairs: new roof, landscaping, gravel work that Must Be Done.

    Today I plan to surf the company intranet to check on retiree benefits.
    Glad OTD remains open, I am getting great feedback from you guys
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009



  4. #44
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,296

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    I would talk to the Social Security office and find out what your options are, and how much you get if you wait the 2.5 years. And I would go there in person, not talk to them over the phone.
    You can't fix stupid-Ron White



  5. #45
    Join Date
    Nov. 1, 1999
    Location
    Shangri-LA
    Posts
    2,056

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    I bit the bullet and retired 31 Dec! I was beyond burned out and just needed to go. I'm glad I did. Take a good look at your finances and make sure you can afford not only health insurance, will you qualify for Medicare in two years? You want to be able to maintain a comfortable lifestyle, so crunch the numbers. That said there are things you could do at home to earn extra income. I have a friend that makes good money selling bead jewelry she makes, so if you are creative you could supplement your retirement if needed. Sometimes you just need to follow your heart and do what will make you happy. I've only been retired a month but I have no regrets.



  6. #46

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    If you're already working just four days a week, why would you want to retire early and possibly have to get a part time job paying less money? Unless you're making $11 an hour or less now, it makes no sense to quit a job that pays more per hour with the possibility that you'll have to look for a part time job that pays less per hour. Plus, you can't assume that you'll be able to find part time work with health insurance benefits. Yes, I get that Starbucks offers health insurance benefits to its part-time workers, but you don't have a job with Starbucks now.

    As someone who is in my mid-fifties and unemployed, I would not assume that you could find a part-time job (at least one that pays more than minimum wage) if you decide you need one in the future. I've been looking for a job for over a year (full-time) and I can testify that the job market is really tight, even in Texas, which has a lower unemployment rate than most states.

    Personally, I would hang in there for another 2 1/2 years. Once you've depleted 20% of your inheritance you won't be able to replace it. It sounds to me that you're mind is already made up. Personally, I would never make such a life changing decision without first consulting with a financial planner (and pay the fee, not ask for advice over dinner) and run the numbers to make certain that you can afford to retire.


    2 members found this post helpful.

  7. #47
    Join Date
    Feb. 3, 2000
    Location
    Nokesville, VA
    Posts
    35,325

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    I forget who said this:
    "Nobody says, on their deathbed: ' I wish I had spent more time at the office'."

    But DO run the numbers carefully, and consider all the possibilities, especially health care. I believe the guidance is that you should spend no more that 5 to8% of your retirement nest egg per year. But talk to a financial planner.

    I am in a somewhat similar situation, though 6 years to go. I am still working, and I really like (most of) my job. It really helps dealing with the bad times at work to know I COULD just walk away.
    Janet

    chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).


    1 members found this post helpful.

  8. #48
    Join Date
    Jan. 11, 2007
    Location
    Massachusetts
    Posts
    126

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    If you decide to have someone run the numbers for you please use a fee-only advisor. They only charge you for the time you meet with them and DON'T invest the money for you and then take an extra % off the top like some "financial advisors" that are really just salesmen.
    Look at www.napfa.org; for fee only people.
    If you want to run your own numbers look at www.firecalc.com.
    You could also deposit your money with Vanguard and they may charge you $100 for a simple financial plan/how to invest your money. They have very low cost mutual funds. Fidelity also has low cost funds, they begin with the name Spartan. Look at the expense ratios when investing. Try to keep your costs low, this will help you keep more of your own money.
    I am looking forward to retiring early myself, so I am also maxing out all retirement accounts for hubby and myself. I'm 41 and I may be able to retire in another 4 years if we are very lucky, or another 11 if we decide to help our son pay for college, and how much it costs by then. We are trying to save for the equivalent of in state tuition and fees for state university. (He'll have to pick up the rest of the costs if he lives on campus or goes to private college.). Costs are sky rocketing though, so its possibly throwing my early retirement plans off.
    Anyways I think about it often and run many scenarios through fire-calc. You could also try another retirement planner. www.flexibleretirementplanner.com, you can change many scenarios on this one two and looks more user friendly than firecalc.
    I just hate to see people go to Edward Jones and Merrill Lynch and other places like that and talk to salesmen that call themselves financial planners and rip off their customers. They do things in their best interests, not yours.



  9. #49
    Join Date
    Aug. 25, 2007
    Posts
    9,455

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    Quote Originally Posted by 2DogsFarm View Post
    Thanks to a generous inheritance from an Aunt I have a choice I otherwise would not be able to make:
    Do I work 2.5 more years until my full retirement (thanks, SSI )
    OR
    Do I take my Widows Benefit now and supplement that from the inherited funds to equal my full SSI until I reach full retirement and then switch over to my own SSI and leave the inheritance alone.

    It would deplete less than 20% of the inheritance to do so.
    I have worked since I was 14yo & frankly, I am TIRED.
    My health is excellent - aside from normal wear & tear - so hopefully that will hold until I reach Medicare age.

    Retired COTHers' chime in!
    Haven't read all the answers. Stick around to Medicare age. If it's just 2.5 years you can do that standing on your head!!!

    Seriously, before you make any decision "do the math." If necessary spend some money and buy an hour's time with financial adviser that won't try and sell you something. If you come from a line of women who have long life spans this decision can be worth several tens of thousand of dollars. If your Aunt's name was "Gates" or "Kennedy" or "Buffet" maybe you don't have to worry about that; but maybe you do!

    Good luck in your decision.

    G.
    Mangalarga Marchador: Uma Raça, Uma Paixão


    1 members found this post helpful.

  10. #50
    Join Date
    Mar. 26, 2005
    Location
    Back to Normal.. or as close as I'll ever get
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    Quote Originally Posted by JanM View Post
    I would talk to the Social Security office and find out what your options are, and how much you get if you wait the 2.5 years. And I would go there in person, not talk to them over the phone.
    You know Jan, if I still lived in the Big City I'd do that.
    But here in Hooterville I was aghasted on my initial visit to local SSI at how helpful the employees were and still are.
    I had actually applied for my own early retirement at age 62 online and the local office called me to suggest that instead I apply for the Widows Benefit then switch to mine at age 66.
    Imagine that.

    Company intranet is proving less than useful re: retiree benefits.
    No surprise.
    So I'll either have to email or call them or call my local Corporate contact.
    Just one more reason to want to adios this mess.
    *friend of bar.ka*RIP all my lovely boys, gone too soon:
    Steppin' Out 1988-2004
    Hey Vern! 1982-2009
    Cash's Bay Threat 1994-2009



  11. #51
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,296

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    The one thing you really want to avoid is something I learned from living in New Mexico, and Colorado. In both places you would run into people like store clerks, or cashiers that were older, and had moved there to retire. They found out how expensive it was to live in both places, and had to go back to work. In Colorado I found out that some of the older employees had never had outside jobs, and had to take whatever they could find just to survive financially.

    When I lived in New Mexico the same thing happened, but there it was usually from something besides cost. One friend's mother worked at Walmart because her husband's company had cut out health benefits (Kodak). To pay for Medigap insurance and the deductibles the wife had to go back to work, and she hated it (our Walmart was awful there).

    However, if you plan it right, know the real costs of living, I bet you'll do fine. Because you plan to take the supplemental until your full benefit kicks in I'm sure it could work for you. And if you get bored or just find out you're not ready to retire yet, then I'm sure something part time will work for you.
    You can't fix stupid-Ron White



  12. #52
    Join Date
    Sep. 24, 2004
    Location
    Piedmont Triad, North Carolina
    Posts
    2,430

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    2Dogs ... The biggest issues I have in retirement are Healthcare & Inflation. I recently dropped my company HC because the cost even with the company contribution was too expensive. I went to a high deductable HC with a HSA. Current rules say you can make a one time transfer from IRA to the HSA. Age 55 & up get an extra $1000 That's med expenses paid from tax free money.
    I've another x years to go before medicare.(more than yourself)

    Every year that you wait until full SS retirement is the same as earning 6% return. So I'm waiting. Besides drawing down an IRA now means less taxes when the minimum distributions kick in.

    Working only gives me more money, I've enough to live very comfortably (even with hor$e$) Time is precious at our age. Use your time to the max for yourself.
    Last edited by hosspuller; Feb. 6, 2013 at 04:47 PM. Reason: tax tips



  13. #53
    Join Date
    May. 24, 2007
    Location
    Monroe, WA USA
    Posts
    229

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    DH and I are getting ready to retire this year, so I would say go for it, but I think you need to do the numbers first.

    Do you have a 401K from work? We found that the company that handles our 401Ks has local offices with advisers that we can use to help plan for retirement at no cost. Our adviser came up with new distributions for us as we both had too much stock, and ran the numbers for us until DH would be 92 taking into account income from the 401Ks and inflation to make sure we'd have enough money to retire and live until then. Turns out we had money left over with a worst case scenario so we'll probably be OK.

    If you don't have this kind of opportunity, then I would pay a financial adviser to do this kind of thing for you. Good luck to you!



  14. #54
    Join Date
    Oct. 12, 2005
    Location
    Va
    Posts
    3,737

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    Quote Originally Posted by JanDinWA View Post
    DH and I are getting ready to retire this year, so I would say go for it, but I think you need to do the numbers first.

    Do you have a 401K from work? We found that the company that handles our 401Ks has local offices with advisers that we can use to help plan for retirement at no cost. Our adviser came up with new distributions for us as we both had too much stock, and ran the numbers for us until DH would be 92 taking into account income from the 401Ks and inflation to make sure we'd have enough money to retire and live until then. Turns out we had money left over with a worst case scenario so we'll probably be OK.

    If you don't have this kind of opportunity, then I would pay a financial adviser to do this kind of thing for you. Good luck to you!

    It's impossible to have too much stock!



  15. #55
    Join Date
    Dec. 2, 2004
    Posts
    3,386

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    Quote Originally Posted by hosspuller View Post
    Current rules say you can make a one time transfer from IRA to the HSA. Age 55 & up get an extra $1000 That's med expenses paid from tax free money.
    Reading in earnest here. Explainezvous here. Need to know.

    And for the record I am with everyone here about the part-time job 'with benefits' I'd want to have that bird in the hand first!
    About the only time losing is more fun than winning is when you're fighting temptation.
    -- Tom Wilson, actor & comedian



  16. #56
    Join Date
    Sep. 24, 2004
    Location
    Piedmont Triad, North Carolina
    Posts
    2,430

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    Quote Originally Posted by pony grandma View Post
    Reading in earnest here. Explainezvous here. Need to know.

    And for the record I am with everyone here about the part-time job 'with benefits' I'd want to have that bird in the hand first!
    The first issue is you have to have a HIGH deductable HC insurance to qualify for a HSA. I'll assume you have a HSA.
    This Trustee to HSA direct transfer is a once in a lifetime option... so make the most of it.

    here's a link that explains some of it.

    http://www.marketwatch.com/story/ira...e-little-sense


    It's a bit dated so the amounts are wrong. Currently for 2013 ... Over 55 with a family HSA the max limit is $7450. That's a nice chunk to take out of a IRA

    In my case, It allows me to use My (401k roll-over to) IRA money to cover my spouse's med expense. It also bypasses the state & local income tax because it doesn't show up as income anywhere.

    A distribution from a IRA to you will be taxed and then refunded as HSA contributions are deductable.



  17. #57
    Join Date
    Dec. 11, 2003
    Location
    Northern California
    Posts
    1,169

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    I got it explained to me at the SS Office too - as a widow I can take his SS at 62, and then switch to my own like I'd never gotten his SS at 66. I'm going soon too, just want to finish some projects and tidy up. I like my work but co-workers not so much. I think that when I leave I will sleep for a month and then eat bonbons in front of the TV for another month. Best of luck to you in making your decision!



  18. #58
    Join Date
    Jan. 27, 2002
    Posts
    4,971

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    hmm, i was just told that widows can collect their deceased spouses social security at age 60.
    i hope that won't be a concern, but i'm not yet 53 and dh is about to undergo chemo therapy again. his life expectancy is not long at this point.



  19. #59
    Join Date
    Dec. 11, 2003
    Location
    Northern California
    Posts
    1,169

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    Oops - Suz I think you are right:

    http://www.socialsecurity.gov/survivorplan/ifyou.htm



  20. #60
    Join Date
    Jun. 24, 2005
    Location
    Alabama
    Posts
    9,296

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    As long as the numbers add up, and you can get the full SSI later, then why not? The health insurance thing does worry me though. And COBRA is way too expensive to be practical unless you really have to go that way.
    You can't fix stupid-Ron White



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