jamey said:RangerRick9211 said:Welcome to the wonderful world of Social Security bend points ( https://www.ssa.gov/oact/cola/piaformula.html ).jamey said:I've thought about that, today in fact. One problem I see is you stop paying into social security as I understand it and that's another thing that crossed my mindBenTheGoodAg said:
Would teaching be an option? Probably not for me, but that might fit your list well.
If I go from six figures to 36K at say age 57, will thst meaningfully impact my Social Security payout at age 65?
ELI5: ~$420k of your first career earnings are 90% efficient to our SS payment (1st bend); between $420 and ~$2.5 earning are 32% efficient (2nd bend); >$2.5 are only 15% efficient. Point being, if you've reached the second bend point, the juice is no longer worth the squeeze for SS.
Does that basically mean at 57 years old, my SS already is what it is going to be?
jja79 said:
If you take SS before 67 you can only make +/-$20K/year before they claw back on you. Once I reached that age I started taking it since I can continue to earn without limitation. I do plan to pull the plug fairly soon though and enjoy the youth of my older years. You get wait until 67 you get 100% of your benefit and at 70 get 124%.
As was said SS online has surprisingly good information so create an account and check your future benefits pretty easily.
I'm single so I don't have to acclimate to full time at home with a spouse which I hear can be a challenging. As I said before I'll be working part time time at a golf shop, living right on a golf course and getting to know my new home state of Arizona.
My employer has been very generous letting me move last year and continue to work until I say I'm done. Planning on that soon. I'm not shooting as high as some of you guys but it's great.
jja79 said:
I'm 67 and have a son that turned 21 six weeks ago.
jja79 said:
If you take SS at 62 you have an income cap. Would that be a problem?
Texas. The poor man's coast.Cyp0111 said:
Which coast?
Ag CPA said:
This thread has some potential so can a mod fix the title?
I'm mid-30s, so what do I really know? But you can quantify your time today and that math is the bedrock behind so many of my decisions.jja79 said:
The price of time and health is much greater than money and it can't ever be gotten back.
RangerRick9211 said:jamey said:RangerRick9211 said:Welcome to the wonderful world of Social Security bend points ( https://www.ssa.gov/oact/cola/piaformula.html ).jamey said:I've thought about that, today in fact. One problem I see is you stop paying into social security as I understand it and that's another thing that crossed my mindBenTheGoodAg said:
Would teaching be an option? Probably not for me, but that might fit your list well.
If I go from six figures to 36K at say age 57, will thst meaningfully impact my Social Security payout at age 65?
ELI5: ~$420k of your first career earnings are 90% efficient to our SS payment (1st bend); between $420 and ~$2.5 earning are 32% efficient (2nd bend); >$2.5 are only 15% efficient. Point being, if you've reached the second bend point, the juice is no longer worth the squeeze for SS.
Does that basically mean at 57 years old, my SS already is what it is going to be?
Ultimately it depends on your career earnings, but your age, assuming sustained employment at middle class+ wage, probably.
But don't take internet rando, SSA.gov has a calculator and ALL your prior earnings (yes, they have that info through tax filings).
aggiemetal?jamey said:
There's a poster on TexAgs that did something with the stock market for a while.after quitting his day job. He did the whole gig, quit his job, bought an RV and loaded up the family. I think he learned some from OldArmy1. Next time I run across him I'll point him this direction. I dont think he's doing it any more but I thought the idea sounded awesome
I think better the horses and college football is more up my alley. I've learned my 30K dollar lesson picking stocks
PS, if there's a mod who can rename.the thread title....
"Take this job and shove it!"
62strat said:aggiemetal?jamey said:
There's a poster on TexAgs that did something with the stock market for a while.after quitting his day job. He did the whole gig, quit his job, bought an RV and loaded up the family. I think he learned some from OldArmy1. Next time I run across him I'll point him this direction. I dont think he's doing it any more but I thought the idea sounded awesome
I think better the horses and college football is more up my alley. I've learned my 30K dollar lesson picking stocks
PS, if there's a mod who can rename.the thread title....
"Take this job and shove it!"
Pretty much. My parents live in a remote, higher end lake neighborhood in East Texas. They are the lolpoors of that neighborhood, but no one knows that nor cares. You have everything from small business retirees like my parents to former big corporate CEO's all hanging out and shooting the ***** Time and health are paramount.jja79 said:
Couple more thoughts from someone with a foot in the retirement pond and one still in the working pond.
1. If you have the opportunity to do like I did take it. I felt like Arizona was where I wanted to be and I knew the time was getting close. I went to the guy I report to and told him what I was thinking. We get along very well and he's only 10 months or so younger than me so he said do it. I got a chance to actually see how living here really is. We've all been places we think we would like to live but do we really know? I got a chance to know it. If you have a chance like this do it.
2. This isn't a brag but it ties back to where I'm going with this. Going into my last semester at A&M I had a 4.0 and had never made a B. I made one that semester. You know what? No one ever asked me how I did, just asked did I get it done. There wasn't a prize for that. Here in retirement Disneyland there is no prize for the biggest bank balance or investment portfolio. Where I'm at it's a bunch of people in golf carts with red solo cups going to the driving range or pickleball courts or pool or just meeting up for an impromptu happy hour and bull session in the street or someone's driveway. No one cares if you have the most money and it won't buy you one more minute or a less achy back. The price of time and health is much greater than money and it can't ever be gotten back.
