Hi-
I just retired/semi-retired from teaching after 38 years in the classroom. I'm almost 62 years of age. My retirement is with TIAA-CREF, and I'll begin to receive a life-time income from them on April 1st. I will only need at the beginning an income of about $50,000 a year, but with a modest COLA. therefore, I will receive only that amount from them per year. I'll let the rest of the accumulations with TIAA-CREF gather interest and even add to them until I'm 70. Being single, I should be fine. I purchased my own health insurance three years ago with a $1,600 deductible, and a premium of $3,600/year.
I'm debating about whether to get social security at 62 or waiting. Since I've lived most of my adult life overseas, my social security will only amount to $500/month. (I will get Medicare at 65) If I wait until I'm 66, it goes up to maybe $680/month. Is it really worth waiting that long for a measely $180 more per month, and how much can a person work after receving social security. Is there a limit to any amount of money you can take in?
Thanks for any feedback on this.
Regards,
Rob
I just retired/semi-retired from teaching after 38 years in the classroom. I'm almost 62 years of age. My retirement is with TIAA-CREF, and I'll begin to receive a life-time income from them on April 1st. I will only need at the beginning an income of about $50,000 a year, but with a modest COLA. therefore, I will receive only that amount from them per year. I'll let the rest of the accumulations with TIAA-CREF gather interest and even add to them until I'm 70. Being single, I should be fine. I purchased my own health insurance three years ago with a $1,600 deductible, and a premium of $3,600/year.
I'm debating about whether to get social security at 62 or waiting. Since I've lived most of my adult life overseas, my social security will only amount to $500/month. (I will get Medicare at 65) If I wait until I'm 66, it goes up to maybe $680/month. Is it really worth waiting that long for a measely $180 more per month, and how much can a person work after receving social security. Is there a limit to any amount of money you can take in?
Thanks for any feedback on this.
Regards,
Rob