(no subject)

[disneydream06]

Today it is my pleasure to send out...

*~*~*~*~*GREAT BIG HAPPY BIRTHDAY WISHES*~*~*~*~*

To my friend, thewayne.

I hope you will have a fantastic day. :)

Comments

[thewayne]

Thank you, sir! Appreciated, another year and I can start taking early Social Security benefits!

[disneydream06]

You are so welcome. :)

Early SS?
I wish I was at that age.
And didn't realize there was an early date.
Everybody keeps asking me when I am retiring and I keep telling them I have 5 1/2 years before SS will kick in. :(

[thewayne]

You can start drawing Social Security at 62 at a reduced monthly benefit level.  The concept being you don't know how long you're going to live.  You should be receiving a statement from the Social Security Administration 2-3 months before your birthday that shows your earnings over the years along with a schedule that shows your estimated monthly benefit based on what age that you retire at.  Of course that doesn't reflect your union pension or any other funds that you might have.  If you retire early, apparently you can continue working up to a $26,000 earnings cap, so that is also something to keep in mind.  As my annual salary is well under that, I could start drawing and more than double my annual income! The tricky bit is at 65(?) you become eligible for Medicare.  If you DON'T sign up for it, the monthly price goes UP annually and will never go down again!  That is something important to keep in the back of your mind.  You can keep a second insurance plan - potentially, you might have the two arguing about who will pay for what - but you're increasing the premium that you're paying every month in return for increased hassle on your end.

[disneydream06]

WOW that is a lot of great information. :o

So if you don't sign up for Medicare at 65 you can get screwed?
I wonder if I have a union pension? :o
I have one at work and a small 401 or whatever it is.

[thewayne]

Well, hard to say.  You're represented by a union, as I recall you have previously mentioned.  Thus it all depends on your contract.  If you're getting one through Mayo, you're probably not getting one from the union.  My dad, a plumber, didn't have a pension through his employer but had a good one through the union.  Different contract.  My mom, a phone operator in the '50s and early '60s, didn't have a pension through The Phone Company as far as I know.  I never saw a copy of her pay stubs, just her tax forms.  She did have Social Security, though.

[disneydream06]

Yeah, we have a pension through Mayo, so I doubt there s anything from the union.
Sadly, I don't hold a lot of respect for our union. :(