Retirement Thread

[Misplaced_Chiefs_Fan]

This should be an interesting week of cooking for me.

Tonight was Voodoo Pasta, which is blackened chicken with pasta, Alfredo sauce, sun-dried tomatoes, and hot sauce on the side. I've thought about adding some peppers into the mix, but the family seems to like it as is, so don't screw up a good thing. Add in some salad and garlic bread, and that's a quick and filing meal.

Tomorrow night will be Tuscan Chicken over Orzo and then Thursday night is my first real adventure- Beef Tenderloin with a creamy mushroom sauce and garlic Parmesan asparagus. That's going to have a lot of moving parts, so I'm hoping everything turns out well.

There's little worry I'm going to show up on Iron Chef anytime soon, but I enjoying tracking down new recipes and giving it a shot. So far, no major disasters and a few dishes I've cranked out recently have been requested multiple times.

Considering the fact 90% of my cooking before retirement was either centered around ground meat or BBQ'ing something, I'm getting quite adventurous in my old age. *grin*

[scho63]

I believe the income threshold becomes unlimited at 67, full retirement age.

[BigRedChief]

Originally Posted by scho63

I believe the income threshold becomes unlimited at 67, full retirement age.

true and not. The true is full retirement age. A persons FRA age varies.

For most born after 1960 it’s 67 years and 10 months.

After you reach FRA, you can make as much as you want without a penalty.

[Mosbonian]

Originally Posted by BigRedChief

true and not. The true is full retirement age. A persons FRA age varies.

For most born after 1960 it’s 67 years and 10 months.

After you reach FRA, you can make as much as you want without a penalty.

Sorry....I didn't read all the way through.

My bad.

For me, my full retirement age was 66 years and 3 months. I worked up until March of this year and drew Social Security for the time that I reached FRA until this year. My advisor and I computed it and taking the amount early vs. waiting to draw was insignificant in comparison.

That may not be the case for everyone so make sure you work with your tax advisor.

[excessive]

Originally Posted by Mosbonian

Sorry....I didn't read all the way through.

My advisor and I computed it and taking the amount early vs. waiting to draw was insignificant in comparison.

That may not be the case for everyone so make sure you work with your tax advisor.

How I've always understood it:

Your work history determines your payout, which is a fixed amount. You will receive that amount from date of retirement to age 80. How much you receive each month is determined by how many months of payout are within that time period, from the retirement date to age 80. The amount is fixed, and the rate of payout you receive is determined by the number of months the payout is spread over.

The benefit becomes when you begin to receive payments after age 80. If you take retirement early, the smaller check remains the same throughout your life. The longer you delay, the larger your check will become (fewer months to divide the fixed amount by), and that amount will continue after age 80. It's the extra money from the larger payout received after age 80 which makes a difference.

This is why if you do not anticipate living past 80 years, due to illness, family history, or whatever, you should start taking the benefit as soon as possible. If you figure you will live past 80, and can afford to live without the benefit, delaying to receive the benefit will give you more payout over your lifetime.

[Mosbonian]

Originally Posted by scho63

I believe the income threshold becomes unlimited at 67, full retirement age.

That is correct...

[BigRedChief]

SS rant

Holy shit navigating signing up for Social Security is a mess. So complicated and every sentence written, paperwork must be exact, no help with their ****ed up system. Beyond that....

Because my wife is a teacher of 40 years, she is going to get a fraction of my SS when I die. She'll get about $500 a month. I'm close to maxing out on SS so thats significant money when I'm gone.

And even though she paid in SS taxes just like everyone else all those decades, she only gets $800 a month. Thats $2K less a month than what she earned. Seems like its a "need" based system. But, billionaires still get SS, who came up with this idea that teachers don't deserve their full SS just like everyone else?

We have enough money for a comfortable retirement. It just seems unfair that you paid in for decades just like everyone else but you get 80% less than billionaires receive.

[Mosbonian]

Originally Posted by BigRedChief

SS rant

Holy shit navigating signing up for Social Security is a mess. So complicated and every sentence written, paperwork must be exact, no help with their ****ed up system. Beyond that....

Because my wife is a teacher of 40 years, she is going to get a fraction of my SS when I die. She'll get about $500 a month. I'm close to maxing out on SS so thats significant money when I'm gone.

And even though she paid in SS taxes just like everyone else all those decades, she only gets $800 a month. Thats $2K less a month than what she earned. Seems like its a "need" based system. But, billionaires still get SS, who came up with this idea that teachers don't deserve their full SS just like everyone else?

We have enough money for a comfortable retirement. It just seems unfair that you paid in for decades just like everyone else but you get 80% less than billionaires receive.

I don't know about that....we were told that both my wife and disabled son will receive my full amount of my benefit upon my death....now she does lose her current retirement benefit which is much less than mine.

And as for the whole Social Security paperwork mudhole, been there felt that! And even if you get it right it doesn't mean someone at SS won't enter incorrect data that will cause you to be rejected.

I always tell everyone to start your paperwork at least 6 months before you retire the first month you are eligible.

[BigRedChief]

Originally Posted by Mosbonian

I don't know about that....we were told that both my wife and disabled son will receive my full amount of my benefit upon my death....now she does lose her current retirement benefit which is much less than mine.

And as for the whole Social Security paperwork mudhole, been there felt that! And even if you get it right it doesn't mean someone at SS won't enter incorrect data that will cause you to be rejected.

I always tell everyone to start your paperwork at least 6 months before you retire the first month you are eligible.

You were not a teacher. It only applies to that profession. Other people who have a pension get their regular SS payment.

She will only get $500-$800 a month when I die.

[Mosbonian]

Originally Posted by BigRedChief

You were not a teacher. It only applies to that profession. Other people who have a pension get their regular SS payment.

She will only get $500-$800 a month when I die.

Damn....that sucks! I was not aware of that exemption for them.

Just another way we screw the teaching profession.

[Bearcat]

Originally Posted by BigRedChief

SS rant

Holy shit navigating signing up for Social Security is a mess. So complicated and every sentence written, paperwork must be exact, no help with their ****ed up system. Beyond that....

Because my wife is a teacher of 40 years, she is going to get a fraction of my SS when I die. She'll get about $500 a month. I'm close to maxing out on SS so thats significant money when I'm gone.

And even though she paid in SS taxes just like everyone else all those decades, she only gets $800 a month. Thats $2K less a month than what she earned. Seems like its a "need" based system. But, billionaires still get SS, who came up with this idea that teachers don't deserve their full SS just like everyone else?

We have enough money for a comfortable retirement. It just seems unfair that you paid in for decades just like everyone else but you get 80% less than billionaires receive.

I don't think that should have been a thing in Missouri... the whole reason she doesn't get SS benefits in Missouri is because (I'd assume) she has a pension and didn't pay into SS.

Missouri is an opt out state... if she was paying into SS for 30 years or whatever , I'd think someone ****ed up and it's a shame if no one explained how it works all those years (not necessarily surprising, HR departments on average are terrible). The 2nd link specifically says Missouri teachers don't (well, shouldn't) pay into SS.

https://nces.ed.gov/programs/mapED/s...ity/index.html

https://benefits.lsr7.org/financial/...0Certification.

[BigRedChief]

Originally Posted by Bearcat

I don't think that should have been a thing in Missouri... the whole reason she doesn't get SS benefits in Missouri is because (I'd assume) she has a pension and didn't pay into SS.

Missouri is an opt out state... if she was paying into SS for 30 years or whatever , I'd think someone ****ed up and it's a shame if no one explained how it works all those years (not necessarily surprising, HR departments on average are terrible). The 2nd link specifically says Missouri teachers don't (well, shouldn't) pay into SS.

https://nces.ed.gov/programs/mapED/s...ity/index.html

https://benefits.lsr7.org/financial/...0Certification.

She paid into SS as anyone else does. In addition, she contributed to the pension. Maybe they changed the rules in the last 14 years we have been down in Florida? Maybe the Lees Simmit school district were idiots interpreting a law?

Only about 5% of teachers that start in education stay in the field their whole careers. What about the teacher that works for 7 years or so, then changes fields? They have lost 7 years of SS time.

She does get $800 a month from SS. But, Im not clear if thats from my taking SS or not. Still new to all this.

[Bearcat]

Originally Posted by BigRedChief

She paid into SS as anyone else does. In addition, she contributed to the pension. Maybe they changed the rules in the last 14 years we have been down in Florida? Maybe the Lees Simmit school district were idiots interpreting a law?

Only about 5% of teachers that start in education stay in the field their whole careers. What about the teacher that works for 7 years or so, then changes fields? They have lost 7 years of SS time.

She does get $800 a month from SS. But, Im not clear if thats from my taking SS or not. Still new to all this.

That first link says Florida is an opt-in state, so it makes sense she's been paying into it since you've lived there.

If you 100% have paystubs/info from MO that shows SS was taken out, if I were in her shoes I'd be really curious if that was supposed to happen... but I'm by no means a SS or Missouri teacher/pension expert. It would take a pretty massive **** up to be taking out for SS all these years and then not seeing that benefit back, but I guess it's possible.

But as you mentioned, the more you make, the more you put into SS and the more you get out of it, which really sucks for underpaid professions like teaching.

[BigRedChief]

Originally Posted by Bearcat

But as you mentioned, the more you make, the more you put into SS and the more you get out of it, which really sucks for underpaid professions like teaching.

I came close to maxing out SS due to my lifetime income, despite me not earning shit in my 20's. But, I was making 3X-4X what she was making as a teacher. They are so underpaid. They should be more respected and paid more but that's never going to happen.