Fishn
Dryer sheet wannabe
Greetings, I'm Fishn and I suppose my username reveals my number one hobby. I'm 62 and will turn 63 on October 31st. I'm in kind of a tough position right now as I was let go from a good job with full benefits and lots of perks back in early March without an explanation (at will employment). In exchange I received a 3 month severance check and no fight from my company on collecting unemployment, which I started receiving at the end of March. 6 month maximum on that so in another month or two that will end.
I had a delivery driver position. Even though I'm fairly well educated and not stupid this is what I've been doing the last 30 plus years, partly due to depressive issues, but I always worked. I've been a musician in more than a few bands over the years so that satisfied my creative urge.
To get to the crux of the issue, I need to choose between finding another full time job and continuing to work until a later or full retirement age, or take SS early at 63 and supplement the SS with a part time job that won't exceed their limit.
The problem right now is it's too hard to find a job comparable to what I had because the higher paying driver positions require longer hours and lots of lifting. After 2 knee operations and an orthopedist telling me I'll need a hip replacement, these jobs aren't an option, and I would have to take (if I can find one) a lower paying less demanding driving position. If that was possible then maybe it would be better despite the lower pay to continue working to get a higher benefit when I retire.
There is the other option as time is running out on unemployment, and I had read online I would have to give SS 3 months notice. I wonder if anyone would know if I have to do that right down to the exact day? In my case July 31st? (which is right around the corner hence my concern) if I haven't been able to find another job. I understand also if I go this route I may have to wait until late November to get my first check, if anyone could confirm.
To complicate matters I'm married and have gathered that all my SS would be taxed which I didn't expect. A question I have is the SS taxed before I get my check or would I have to report it on the tax return the following year? I think the amount of additional part time money I could make is within the same limits as if I were single, please correct me if I'm wrong.
We live simply on a lower budget - I have a mobile home that is paid off, but we still pay ground rent at a reasonable fee. The problem I'm having is my SS benefit if I retire in October will only be about 800 dollars a month. If I can find a part time job to supplement it we could get through ok. SS benefit at 66 has been calculated at just 1020 a month. I figured if I could pay off my car which I have almost enough money to do, that will knock off 200 a month along with lower car insurance and cutting back on a few other things.
My wife has a good stable job and is advancing and will be making more money, she is 13 years younger than I and I'm sure will be in the work force as long as she can, as she enjoys it.
My finances are not the greatest unfortunately, the money I have in the bank equals what it would take to pay my car off, and I have an investment fund which will have one more deposit in August from my former company from last years earnings. At that point I'll have twelve thousand dollars accumulated there and have to get advice as how it will be taxed and how to deal with or get around that the best way.
So I find myself with my back up against the wall with the timing of all this. If I'm forced out of necessity to take an early retirement, there won't be a lot of money coming in. I have to figure out what to do. Sorry to be so long winded on this, I guess I could have just come out and asked all the pertinent questions.
I'll admit I haven't saved and planned over the years for this as I've dealt with a fair amount of depression. These days I'm not too depressed, but now facing these decisions is getting closer every day and I'll need to act.
Thank you if you can provide any insight or advice, it's most welcome.
I had a delivery driver position. Even though I'm fairly well educated and not stupid this is what I've been doing the last 30 plus years, partly due to depressive issues, but I always worked. I've been a musician in more than a few bands over the years so that satisfied my creative urge.
To get to the crux of the issue, I need to choose between finding another full time job and continuing to work until a later or full retirement age, or take SS early at 63 and supplement the SS with a part time job that won't exceed their limit.
The problem right now is it's too hard to find a job comparable to what I had because the higher paying driver positions require longer hours and lots of lifting. After 2 knee operations and an orthopedist telling me I'll need a hip replacement, these jobs aren't an option, and I would have to take (if I can find one) a lower paying less demanding driving position. If that was possible then maybe it would be better despite the lower pay to continue working to get a higher benefit when I retire.
There is the other option as time is running out on unemployment, and I had read online I would have to give SS 3 months notice. I wonder if anyone would know if I have to do that right down to the exact day? In my case July 31st? (which is right around the corner hence my concern) if I haven't been able to find another job. I understand also if I go this route I may have to wait until late November to get my first check, if anyone could confirm.
To complicate matters I'm married and have gathered that all my SS would be taxed which I didn't expect. A question I have is the SS taxed before I get my check or would I have to report it on the tax return the following year? I think the amount of additional part time money I could make is within the same limits as if I were single, please correct me if I'm wrong.
We live simply on a lower budget - I have a mobile home that is paid off, but we still pay ground rent at a reasonable fee. The problem I'm having is my SS benefit if I retire in October will only be about 800 dollars a month. If I can find a part time job to supplement it we could get through ok. SS benefit at 66 has been calculated at just 1020 a month. I figured if I could pay off my car which I have almost enough money to do, that will knock off 200 a month along with lower car insurance and cutting back on a few other things.
My wife has a good stable job and is advancing and will be making more money, she is 13 years younger than I and I'm sure will be in the work force as long as she can, as she enjoys it.
My finances are not the greatest unfortunately, the money I have in the bank equals what it would take to pay my car off, and I have an investment fund which will have one more deposit in August from my former company from last years earnings. At that point I'll have twelve thousand dollars accumulated there and have to get advice as how it will be taxed and how to deal with or get around that the best way.
So I find myself with my back up against the wall with the timing of all this. If I'm forced out of necessity to take an early retirement, there won't be a lot of money coming in. I have to figure out what to do. Sorry to be so long winded on this, I guess I could have just come out and asked all the pertinent questions.
I'll admit I haven't saved and planned over the years for this as I've dealt with a fair amount of depression. These days I'm not too depressed, but now facing these decisions is getting closer every day and I'll need to act.
Thank you if you can provide any insight or advice, it's most welcome.