Dear New Friends,
When I found your site I was sure it was folks who were "early retirement on social security" and I felt like a buffoon when I realized it was folks who wanted to retire early. Several folks on this website said it was okay to stay and maybe tell what happened with my early social security retirement so here goes.
I am 64 y/o female (a young 64 y/o though : ) and had a full-time permanent position a 4-person office, no benefits. My boss said he was closing the office in November 2012 and did so a month later and while he kept me as an independent contractor he simply did not have any work. I visited our county social security office and called the federal phone number many times seeking help. In Feb. 2013 I applied for early social security benefits and I had to give them an estimate of what I would approximately be making for the year. I had no idea and chose a dollar amt. of 20k and then started putting up flyers everywhere for house cleaning. The tiny business grew and here we are 9 months later and I have made ~27k thus far. With my former boss I have only made 4k as an independent contractor. I have learned alot about independent contractor work, I did get an EIN number and pay quarterly sales and use tax to the state and quarterly federal taxes too on house cleaning and very part-time office work. Last week I called social security and wanted to "withdraw" my application from social security. I was told I had to pay all the monies back which I was aware of but I didn't know it had to be paid back the day your file to Withdraw in a lump sum and that left me out. I wanted a year to pay it back but no go. So, I told them to keep all checks going forward. They agreed and asked how much I would make in 2014 and I thought I'd be positive and said 35k and it was duly noted. Again, they told me if anything in the dollar amt. changes to let them know. In the long run I will be hurt perhaps by not being able to pay back the monies received this year and re-applying at a later date but it's just how it played out. We do not have any options to borrow money. Hubby has 105k in his 401k and he is only able to contribute very little each year, no match.
BUT, in the meantime I have been learning how to be an Amazon affiliate and have a website that should go live in about 2 weeks. My take away has been this:
1. I had no idea about finances my whole live, ever and it's important to learn early.
2. I would advise getting an attorney or a very knowledgeable acct. if you really want to know the entire picture of collecting early retirement benefits. It would be well worth the money to know the intricacies and complicated parts.
3. If you have made a bad decision, simply brush off, get back on board and go for it. Hey, I'm 64 years old, cleaning houses on my hands and knees like a 30-year old, building a website and have not yet given up about the future. Each day is new beginning and I'll just press on.
This forum is wonderful. I am most impressed by how much everyone knows and how young ppl start so early. Wish I knew but that's okay, I'm here and hope to learn from you all. Thanks for having me. Romy
When I found your site I was sure it was folks who were "early retirement on social security" and I felt like a buffoon when I realized it was folks who wanted to retire early. Several folks on this website said it was okay to stay and maybe tell what happened with my early social security retirement so here goes.
I am 64 y/o female (a young 64 y/o though : ) and had a full-time permanent position a 4-person office, no benefits. My boss said he was closing the office in November 2012 and did so a month later and while he kept me as an independent contractor he simply did not have any work. I visited our county social security office and called the federal phone number many times seeking help. In Feb. 2013 I applied for early social security benefits and I had to give them an estimate of what I would approximately be making for the year. I had no idea and chose a dollar amt. of 20k and then started putting up flyers everywhere for house cleaning. The tiny business grew and here we are 9 months later and I have made ~27k thus far. With my former boss I have only made 4k as an independent contractor. I have learned alot about independent contractor work, I did get an EIN number and pay quarterly sales and use tax to the state and quarterly federal taxes too on house cleaning and very part-time office work. Last week I called social security and wanted to "withdraw" my application from social security. I was told I had to pay all the monies back which I was aware of but I didn't know it had to be paid back the day your file to Withdraw in a lump sum and that left me out. I wanted a year to pay it back but no go. So, I told them to keep all checks going forward. They agreed and asked how much I would make in 2014 and I thought I'd be positive and said 35k and it was duly noted. Again, they told me if anything in the dollar amt. changes to let them know. In the long run I will be hurt perhaps by not being able to pay back the monies received this year and re-applying at a later date but it's just how it played out. We do not have any options to borrow money. Hubby has 105k in his 401k and he is only able to contribute very little each year, no match.
BUT, in the meantime I have been learning how to be an Amazon affiliate and have a website that should go live in about 2 weeks. My take away has been this:
1. I had no idea about finances my whole live, ever and it's important to learn early.
2. I would advise getting an attorney or a very knowledgeable acct. if you really want to know the entire picture of collecting early retirement benefits. It would be well worth the money to know the intricacies and complicated parts.
3. If you have made a bad decision, simply brush off, get back on board and go for it. Hey, I'm 64 years old, cleaning houses on my hands and knees like a 30-year old, building a website and have not yet given up about the future. Each day is new beginning and I'll just press on.
This forum is wonderful. I am most impressed by how much everyone knows and how young ppl start so early. Wish I knew but that's okay, I'm here and hope to learn from you all. Thanks for having me. Romy
