Retiring early w/ pension to save my sanity!

[drumgal]

So far I have chosen July 1st as my retire date. June is a 3 paycheck month, I have 6 weeks unused vacation time and yearly fossil pay is doled out then too! It will be a nice last check. I will hate life if I decide to work until my 20 yr anniversary in November, but I just may do it. I CAN rescind my announcement and yes...boss can't do a thing!

I value your comments as someone who understands PERS and Nevada...*sigh*

 

[drumgal]

Yes! Thank you Gumby! I appreciate all the comments here. I can't begin to express how grateful I am. I need to hear all sides.This whole issue is not without a roller coaster of emotions attached! Trying to keep an even keel...

 

[UnrealizedPotential]

OP, I left my job earlier than what I had planned. So I know how hard some jobs are and working with people who are difficult. I have no advice. I just wish you the best of luck.

 

[Calico]

Yes, you are right about WEP and I will be affected. As far as my ex spouse and his 'contribution', from what I understand so far, that will NOT be affected by WEP. I *believe* I am able to collect both (!?) We were married for 10 years, and as long as I don't remarry... Anyway, I have an appt with SS in 4 weeks. It will be a learning experience!

Indeed it will.

 

[drumgal]

Thank you! It's difficult to get folks to understand just how hard it can be! I wish you luck as well...

 

[RobbieB]

I'd rather be lucky than good.

 

[drumgal]

Haha! I think we're in the same camp then...RobbieB

 

[Another Reader]

I'd rather be lucky than good.

I would rather be both.

 

[Yarnstormer]

I *believe* I am able to collect both (!?)

Well I think you can only take one benefit but hopefully your ex stayed in the workforce for 35 years and made tons of money

Good explanation on this page... I did not realize the file and suspend was completely gone for divorced couples but at least there may be a higher benefit option.

https://www.ssa.gov/planners/retire/claiming.html

 

[Sunset]

Yes, you are right about WEP and I will be affected. As far as my ex spouse and his 'contribution', from what I understand so far, that will NOT be affected by WEP. I *believe* I am able to collect both (!?) We were married for 10 years, and as long as I don't remarry... Anyway, I have an appt with SS in 4 weeks. It will be a learning experience!

Indeed it will.

drumgal - I agree with Calico, you are going to get some very disappointing information from SS in 4 weeks.

I'm pretty sure they will say: WEP applies to you. AND you can only get 1 SS benefit.

This makes your rash, impulsive decision to suddenly quit, less attractive.

 

[nun]

drumgal - I agree with Calico, you are going to get some very disappointing information from SS in 4 weeks.

I'm pretty sure they will say: WEP applies to you. AND you can only get 1 SS benefit.

This makes your rash, impulsive decision to suddenly quit, less attractive.

If drumgal has done the numbers and they work then go for it.

I retired from a state job as soon as I vested in the pension and health insurance. I left at age 52 and just started collecting the pension and health insurance a couple of months ago at age 55. My pension is 15% of my salary as I only had 10 years service, but I'm glad I didn't do the "just one more year thing" because the pension and rental income is more than I need.

If you have enough and don't like work then why stay?

 

[Sunset]

If drumgal has done the numbers and they work then go for it.
......
If you have enough and don't like work then why stay?

I agree, but she doesn't know the numbers, and will need to continue to work at something, which is her plan.

I was simply pointing out that not having WEP apply to her, and getting 2 SS benefits is as good as my plan of winning the lottery to retire.

 

[Golden sunsets]

Drum Girl; Sunset is correct. No one can collect two social security checks and WEP will apply to whichever SS benefit that you take.


Sent from my iPad using Early Retirement Forum

 

[Chuckanut]

drumgal - I agree with Calico, you are going to get some very disappointing information from SS in 4 weeks.

I'm pretty sure they will say: WEP applies to you. AND you can only get 1 SS benefit.

This makes your rash, impulsive decision to suddenly quit, less attractive.

My understanding is that for most people when you apply for SS you are 'deemed' to apply for all benefits you are eligible for. SS will give you the ONE benefit that is the biggest.

The exception is that for people who hit the age of 62 in 2015, these people can restrict the application to only apply for 1/2 of their spouse's or ex-spouse's SS and let their SS build up until 70. (Married at least ten years, etc.) However, this 'loophole' was closed for all the younger people. But, even in this situation you can still only collect from one SS account at time.

 

[nun]

Drum Girl; Sunset is correct. No one can collect two social security checks and WEP will apply to whichever SS benefit that you take.


Sent from my iPad using Early Retirement Forum

An individual can't collect two US SS checks. but they can collect checks from two different countries if they have paid into two systems.

 

[Sunset]

An individual can't collect two US SS checks. but they can collect checks from two different countries if they have paid into two systems.

Yes, but does not apply to drumgal.

If you get a pension from another country, it does mean WEP rules apply, so SS could be reduced by up to 1/2 of the other country benefit (if it's an earned benefit).
If you get a pension by simply having been a citizen of a foreign country then WEP does not apply.

 

[Hermit]

Drumgal,

I suggest you go back through this thread and make a detailed list of questions and uncertainties you have for your SS meeting. It would be very helpful if you have your ex's SS number.

The deeming may not apply if he has passed away.

 

[Pilot2013]

This makes your rash, impulsive decision to suddenly quit, less attractive.

Drumgal- Don't take some of the very harsh statements to heart. I THINK some may just be trying to get you to think outside of a perhaps "clouded by a terrible boss/situation" and review.

If not, like someone else said, its up to you how you organize the feedback, and which you throw out!

 

[JonnyM]

Drumgal, I feel a connection, a very positive one. I needed to "get out" of a County job back in 2006. I had 23 years in, but alas I was only 50. I looked at the numbers as "getting" 35% of full pension, while the naysayers on this thread would say I took a 65% hit. Still my calc was based on would it be enough to pay the bills? Yep. Obviously SS was not even a consideration for me then, someday it will be a nice raise.

I am also a musician, though not nearly as successful as you, and you are going to laugh, we just recently had to fire the drummer! But I bet I have more axes then you have sticks, lol, so I'm doing just fine. And that's what 11 years later now.

The key is if 100 percent with all the deductions paid the bills, including the mortage, why can't 75% with much less deductions, like not paying into retirement, FICA etc still pay the bills, leaving your PT job to fill in any gaps, and the gigs to pay for the broken drum sticks you throw to the crowd!

It sounds to me you are already In Like Flint, day one. Ditch the Boss. Pass Go. Collect your $200 and enjoy your well deserved retirement. I am. I so wish you would join our band...

 

[Yarnstormer]

I say stay til 20 year mark using some of that vacay if you need to stay sane - and begin focusing on leaving with grace and not burning bridges. Obviously that is not a great option w crazy boss but just be as professional as you can and laugh your way to an early retirement!

 

[broadway]

Drumgal, I feel a connection, a very positive one. I needed to "get out" of a County job back in 2006. I had 23 years in, but alas I was only 50. I looked at the numbers as "getting" 35% of full pension, while the naysayers on this thread would say I took a 65% hit. Still my calc was based on would it be enough to pay the bills? Yep. Obviously SS was not even a consideration for me then, someday it will be a nice raise.

I am also a musician, though not nearly as successful as you, and you are going to laugh, we just recently had to fire the drummer! But I bet I have more axes then you have sticks, lol, so I'm doing just fine. And that's what 11 years later now.

The key is if 100 percent with all the deductions paid the bills, including the mortage, why can't 75% with much less deductions, like not paying into retirement, FICA etc still pay the bills, leaving your PT job to fill in any gaps, and the gigs to pay for the broken drum sticks you throw to the crowd!

It sounds to me you are already In Like Flint, day one. Ditch the Boss. Pass Go. Collect your $200 and enjoy your well deserved retirement. I am. I so wish you would join our band...

Does your 35% pension also give you medical insurance?

 

[Yarnstormer]

I'm excited for you. Who knew there was so much drama at the library?

You know, in my area we have a big golf tournament (the masters). Lots of people rent their homes out for the week for thousands of dollars, larger homes in the 10-20k mark. It is not taxable because rent is less than 2 weeks of the year so it would not affect your ss benefit etc.

Maybe there is not a major sporting event in your area requiring short term rentals but my point is there are opportunities to make money that you might not have thought of yet that would help with incidentals like auto repair/replacement, home repairs etc...

Can you give music lessons? That might be fun. I am sure all kinds of opportunities will arise when you are free.

 

[Moemg]

For your SS meeting you need your exes SS number ,his birth date , the date of your marriage and the date of your divorce and information on any other spouses either of you have had .

 

[JonnyM]

Does your 35% pension also give you medical insurance?

No.

 

[broadway]

No.

What do you do now for it?

The cost of medical insurance along with NJ's rising property taxes concern me.