Tag Archives: social security

Week 91: Reflections

Monday, 2 October 2017

I am getting less patient with my job and more impatient to retire.  Medicare Part A began yesterday for me.  I pretty much know what I am going to take home for my Social Security if I were to start it next year.  I am thinking . . . do I quit at the end of next year and take my pension as well, or do take my Social Security and continue to work.  Questions to be answered next year.  I still need to schedule an appointment to discuss my pension, what to expect, and the health benefit options available, or should I go on my husband’s insurance?

The big issue is really just an unknown:  what will my income be if I were to retire at the end of 2018 from pension and Social Security?  How much debt will we have paid off?

If I were to collect my Social Security and continue to work until June 2019, as originally planned, that could really bring our debt down to where I want it.  I am not really where I would like to see us – in part us, in part because of life, in part because of the payroll fiasco last June.

On January of this year, I created a spread sheet to track our progress.  I didn’t do a good job of tracking things in June and July, but when I look at our net worth, it has increased by $106,239.00 from January to the end of September.  This is from home equity, 401K, pension equity, and IRAs.

I am still unsure as to what I should do.  I know what I would like to do – just quit my job! – but that is not a viable option today or tomorrow (but soon!).  I need to collect numbers and then ponder . . . taking time for these decisions is a good thing, and knowing in advance allows me to consider many possibilities before taking the plunge.

 

 

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Monday 116: Researching the Retirement Puzzle

Monday, 17 April 2017

With the idea of retirement in a couple of years, my focus is on our finances in the form of paying off bills, but it is also on preparing for the economics of retirement.  Specifically:  How much retirement income can I expect?  To get to the point where I can sit down with my retirement fund representatives, I need to take a class that is all about the requirements and benefits and so many other things.  That is on the agenda over the next several weeks.  I will do the one online rather than a group class as it fits my schedule better.

Unlike many people, I have good retirement available to me, but in my own lifetime, I have seen the benefits begin to decrease.  I have fewer benefits than people who began before me, and those coming after have even less.

It is really important to know what lies ahead in the retirement world.  How much income?  What kind of health benefits?  Medicare costs?  Time lines?  The fact is, retirement in the US is a costly and complex process, and for many, it means a drop into instant poverty.

With women still making less than men, it is especially important for women to look ahead, and to plan ahead.  I had an auntie, born in 1903, who died at 90.  She planned.  When she died, she had $500,000.00 in the bank and a ton of stock in GE, where she had worked since the 1920s.  This is a woman who did plan ahead, and she did well considering her education stopped at the end of the 8th grade.

So, that is my research over the next few months – finding out about my retirement plan, my social security, and when I need to enroll in Medicare, even if I won’t need it since I will be under Mr. 182’s insurance.

Planning ahead requires doing research, coming up with plans, and deciding what to do.  Having alternate plans is also strategically important because everything is subject to change without notice!