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Topic Rating: +1 Topic Rating: +1 (1 votes) 
topic232
If you are old why not retire?
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12345
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February 10, 2018 - 9:59 pm
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 I was middle aged when I first was hired as an RCA  I was second in line for the regular slot and did not make senior until the sub in line ahead of me died. It took 6 years to make regular. The route was a small H so the salary was small. I had bills to pay so was not able to do the 15% contribution. Time is the biggest factor for a good PO retirement. It takes 30 to 40 years to get the good money and will not happen for me. I will just hang around until Amazon wears me out.

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Oi veh.

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February 10, 2018 - 10:45 pm
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I too was middle aged, but am fortunate to have some other fed time under my belt.  Cut my time to retire down a bit.

I have always put in 5 from the beginning and every time there is a COLA or any other raise, I put that in too.  I don’t miss it since I never “have” it.

Plan on blowing this pop stand when I’m 62.  Won’t be living high on the hog, but wont be eating cat food either.

I want a few years to enjoy doing nothing before I’m too old to enjoy doing nothing. 

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D.B.Cooper
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February 11, 2018 - 5:18 am
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I think a lot of people figure out that insurance is gonna cost you more in retirement, and so when they get down to the hard number crunching, it can sometimes make it hard to go even at 62…

But, at 62, you can start drawing SS, and *something* from your fed pension, with at least 5 years of service… so it’s something, and better than nothing…

I’ve known people that went at 55 with 30 years of service, people that went at 62, and then some that stayed even after 62… so I guess there is no one-size-fits-all when it comes to retirement, or really even getting, or being “old”…  Surprised

But, I think we all do think about what would be best or ideal for us… and usually wonder if we’re really getting it right… Confused

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12345
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February 12, 2018 - 9:07 pm
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I put this on for the why don’t you leave and let us younger people have a chance group. I expected a few more comments. Maybe I answered everyone’s questions. I will say the more I study all the retirement options the less I know what would work best.

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D.B.Cooper
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February 12, 2018 - 9:15 pm
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There are some still around that could go, but from what I’ve been seeing if anybody has 30 years at 55, they seem to go, and most people seem to go at 62, unless they feel they can’t afford it, because of increased insurance costs, and maybe they don’t have all that many years of service, as you mentioned would be your situation… if you’re 62 and have 10 years or less of service, then that’s not much pension $$$ money…  Confused

Let’s not forget about how much time we waste as RCAs, gaining nothing toward retirement credit… I have almost 12 years there…  Frown

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February 12, 2018 - 9:16 pm
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Oi veh. said
I too was middle aged, but am fortunate to have some other fed time under my belt.  Cut my time to retire down a bit.
I have always put in 5 from the beginning and every time there is a COLA or any other raise, I put that in too.  I don’t miss it since I never “have” it.
Plan on blowing this pop stand when I’m 62.  Won’t be living high on the hog, but wont be eating cat food either.
I want a few years to enjoy doing nothing before I’m too old to enjoy doing nothing.   

I always put in more than 5% but it was a while before I was in double digits. I would not take SS at 62. Only get 75% your full retirement age check. If you are not 62 yet you would need to be 66+ to get the full amount. I did buy back my military time.

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D.B.Cooper
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February 12, 2018 - 9:23 pm
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Add up what you could have collected from 62 until 66+, and then figure out how many years it would take from 66+ until you would break even… and then ask if you will live that long… Confused

No guarantees here… some would say take it when you can get it… Surprised

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February 12, 2018 - 9:48 pm
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D.B.Cooper said
Add up what you could have collected from 62 until 66+, and then figure out how many years it would take from 66+ until you would break even… and then ask if you will live that long… Confused

No guarantees here… some would say take it when you can get it… Surprised  

It is all in the genes. Many relatives did 90+ and wished they would have waited to start collecting. They listened to the same argument you presented. Unless your spouse has a job as good or better than yours their SS might be based off your SS also. Cash flow also figures in. Maybe $1700 doesn’t pay the piper but $2100 will. I do not want to retire than need to take another job to pay the rent.

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Oi veh.

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February 13, 2018 - 5:53 am
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12345 said

I always put in more than 5% but it was a while before I was in double digits. I would not take SS at 62. Only get 75% your full retirement age check. If you are not 62 yet you would need to be 66+ to get the full amount. I did buy back my military time.  

D.B.Cooper said
Add up what you could have collected from 62 until 66+, and then figure out how many years it would take from 66+ until you would break even… and then ask if you will live that long… Confused

No guarantees here… some would say take it when you can get it… Surprised  

That’s exactly what I am doing.  On my way to being debt free ala the Dave Ramsey plan.  Then all that is going into my slush fund to help with expenses until I can collect full SS.  Not tapping into that early.  If it’s still around, that is…

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February 13, 2018 - 6:14 am
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12345 said

It is all in the genes. Many relatives did 90+ and wished they would have waited to start collecting. They listened to the same argument you presented. Unless your spouse has a job as good or better than yours their SS might be based off your SS also. Cash flow also figures in. Maybe $1700 doesn’t pay the piper but $2100 will. I do not want to retire than need to take another job to pay the rent.  

Certainly family history is one of the best things to look at… I knew a PM who retired at 55, because he said he remembers all too well that he got to return his father’s FIRST SS check as DECEASED, and he had filed to start collecting at 62… so if your parents and grandparents are living to be 90, then great… some are not in that category tho… 

I’m thinking I’ve heard you have to live to 75 or 76 to break even for not starting at 62… not 100% tho…  Confused

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D.B.Cooper
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February 13, 2018 - 3:38 pm
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12345 said

I always put in more than 5% but it was a while before I was in double digits. I would not take SS at 62. Only get 75% your full retirement age check. If you are not 62 yet you would need to be 66+ to get the full amount. I did buy back my military time.  

If your numbers / percentages are right, then for those 5+ years (62 thru 66+) that you are getting “75%”… then simple math would dictate that the additional 25% after 66+ would take 3 years to make up each year you waited to start drawing… so that would bump you up into your 80’s before you broke even… and another argument to start earlier is, would you enjoy that cruise or Jamaican vacation more at 62 or 82???  Confused

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Lee Ruby
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February 14, 2018 - 11:57 am
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If I wait until full retirement age to receive Social Security, it would take until age 77 to reach the break even point.  Your results may vary.

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February 14, 2018 - 10:13 pm
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D.B.Cooper said
Add up what you could have collected from 62 until 66+, and then figure out how many years it would take from 66+ until you would break even… and then ask if you will live that long… Confused

No guarantees here… some would say take it when you can get it… Surprised  

That is great if you can survive on what you have. The problem with taking SS at 62 is you can only earn about $14000 from other sources. Once you go over that amount you start losing the SS. The $14000  number might be a little high or low but it is in the ballpark. I want the higher per month check. If I go early you young ones will have a bit more to make the SS trust fund last a few seconds longer.

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D.B.Cooper
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February 15, 2018 - 2:59 am
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I was under the impression that FERS was totally separate from SS… and that one did not effect the other… basically, there are 3 legs to the USPS retirement, the FERS, SS, and then TSP… so, I never heard anything about the $14K number you are referring to where they will start reducing SS…

And so are you saying the $14K number won’t apply to you at 67???  Confused

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February 15, 2018 - 7:41 am
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  There is a limit as to how much you can make by working if you retire at 62. There isn’t a limit after 66. There are three legs to your retirement. Social Security, your pension and TSP. There are a lot of rules about this and that. So when it comes time for someone to retire they have to see what their situation is and apply the rules accordingly. A bit of advice, going into retirement relatively debt free helps big time.

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eomr
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February 15, 2018 - 8:00 am
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  Another bit of advice is to go through the retirement seminar at Liteblue. It’s broken down into a few different segments and is very informative. Also do your homework well out from when you would like to retire. There’s a lot of information to process. Any contact that I had with Human Resources when I retired was positive and you can get information about Social Security online. You can even file for your benefits online  when you are ready. Take it one step at a time and the retirement process isn’t that daunting. Now, contacting OPM is a different story for another time ( long wait times on the phone).l

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Lee Ruby
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February 16, 2018 - 12:45 pm
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Pension income does not affect Social Security benefits.  Earned income over $17040 will result in a reduction of $1 of Social Security for every $2 dollars earned over and above the $17400 threshold.

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February 16, 2018 - 2:31 pm
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Lee Ruby said
Pension income does not affect Social Security benefits.  Earned income over $17040 will result in a reduction of $1 of Social Security for every $2 dollars earned over and above the $17400 threshold.  

You are correct

Many people live in quiet desperation, waiting for retirement, doing something they hate.

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D.B.Cooper
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February 16, 2018 - 3:32 pm
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Does anybody know what the “rule of thumb” is for figuring out what your SS benefit will be, if there is such a rule???  Confused

I mean, is it a certain percentage of a high-3 or something like that??? Or maybe something way more complicated???  Frown

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February 16, 2018 - 3:41 pm
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D.B.Cooper said
Does anybody know what the “rule of thumb” is for figuring out what your SS benefit will be, if there is such a rule???  Confused

I mean, is it a certain percentage of a high-3 or something like that??? Or maybe something way more complicated???  Frown  

Try this: https://www.ssa.gov/oact/anypia/index.html

Used to send out a summary years ago.

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