61-1/2 and thinking about it
Hello, I found this forum with lot's of good information. I hope it can help me decide what to do in 6 months when I'm 62. First, my reasons may or may not be practical. Up till 6 yrs ago, my income was pretty high, approaching 6 figures but the last 6 could be called "survival"
Even with many years of good pay, I still have a good sized mortgage payment and my 401Ks aren't at the level I'd like. Hell, they aren't even at the level they were 6 yrs ago thanks to 2001 and 2002, which were terrible for my portfolis.
Although things were starting to look up and move from survival to promising, things have recently began to slide. My present job is in sales and the immediate outlook aren't bright. My small employer is undercapitalized and I'm not sure he can make it another year without failing to meet payroll, etc. Even if he does make it, the problems of undercapitalization are severely hampering my ability to sell and make commisions. There is no way I can survive on the base pay.
So here I am looking at the prospect of "free" money from SS but I have some questions that I didn't see answered on this site. Here's my situation:
Let's say I begin collecting at 62. The benefit listed on my most recent SS report isn't enough to get me by with current level of obligations. If I also begin collecting a pension at 62, that will help but I was thinking of something part time and less stressfull to add to it.
I understand I can make up to $12,000 or so per year. My question is does my pension amount count towards this $12,000?
My wife doesn't turn 62 until later in the year. She never worked until the last few years and her income has been pretty low so 1/2 of my SS money would be far more that she would get on her own.
So, let's say I do it. Somebody wiser han me tell me if my expectoins are correct.
I start collecting the amount estimated on my SS report at 62. I also start collecting my pension at 62. My wife continues to work until later in the year then starts collecting 50% of my monthly SS benifit when she turns 62.
I work somewhere and make less than the $12,000 max. and live somewhat happiliy until i reach full retirement age.
Am I correct up to here?
If yes, what happens when I reach 66? Do I become elligible for a larger benefit because of 4 years working and adding to my total? Or, because I am already using my highest paid 35 yrs to calculate my benefit, are additional monies paid to SS wasted? (not that I'd have a choice though)
There you have my intro and I'd appreciate anyone's input.
Hello, I found this forum with lot's of good information. I hope it can help me decide what to do in 6 months when I'm 62. First, my reasons may or may not be practical. Up till 6 yrs ago, my income was pretty high, approaching 6 figures but the last 6 could be called "survival"
Even with many years of good pay, I still have a good sized mortgage payment and my 401Ks aren't at the level I'd like. Hell, they aren't even at the level they were 6 yrs ago thanks to 2001 and 2002, which were terrible for my portfolis.
Although things were starting to look up and move from survival to promising, things have recently began to slide. My present job is in sales and the immediate outlook aren't bright. My small employer is undercapitalized and I'm not sure he can make it another year without failing to meet payroll, etc. Even if he does make it, the problems of undercapitalization are severely hampering my ability to sell and make commisions. There is no way I can survive on the base pay.
So here I am looking at the prospect of "free" money from SS but I have some questions that I didn't see answered on this site. Here's my situation:
Let's say I begin collecting at 62. The benefit listed on my most recent SS report isn't enough to get me by with current level of obligations. If I also begin collecting a pension at 62, that will help but I was thinking of something part time and less stressfull to add to it.
I understand I can make up to $12,000 or so per year. My question is does my pension amount count towards this $12,000?
My wife doesn't turn 62 until later in the year. She never worked until the last few years and her income has been pretty low so 1/2 of my SS money would be far more that she would get on her own.
So, let's say I do it. Somebody wiser han me tell me if my expectoins are correct.
I start collecting the amount estimated on my SS report at 62. I also start collecting my pension at 62. My wife continues to work until later in the year then starts collecting 50% of my monthly SS benifit when she turns 62.
I work somewhere and make less than the $12,000 max. and live somewhat happiliy until i reach full retirement age.
Am I correct up to here?
If yes, what happens when I reach 66? Do I become elligible for a larger benefit because of 4 years working and adding to my total? Or, because I am already using my highest paid 35 yrs to calculate my benefit, are additional monies paid to SS wasted? (not that I'd have a choice though)
There you have my intro and I'd appreciate anyone's input.
