S/O Poll - retired or not?

[jo-jo]

I retire in 9 years, 7 months, 9 days. Month after I turn 55. I'll hit rule of 90 then and I am OUT!

Rule of 90??

Guessing enough saved to match 90% of salary?

 

[dvcgirl67]

Rule of 90??

Guessing enough saved to match 90% of salary?

I believe it has to do with "years of service" plus one's age. So...seems like at 55, Minnesota! will have "served" for 35 years at their job....hitting the "rule of 90".

 

[dvcgirl67]

Living off savings until next year when we both will reach full Social Security retirement age of 66 1/2. I hear people complain about how low Social Security benefits are. We must have had low paying jobs because our Social Security will be almost exactly what we were bringing home per month in 2021 when we retired. Actually, $200 a month more for me.

It's actually more than I ever expected it would be. We'll bring in over 6K a month at full retirement age, nothing to sneeze at. Of course there needs to be "the fix" for that to happen....since the surplus runs out around 2034 the last time I checked. The way things go I'd expect that whoever is in charge after the 2032 election will be the one holding that hot potato and will be blamed by whoever gets hurt the most by their decision. Still, even in the worst case scenario with a 23% cut (which I don't believe will happen), we'd bring in 5K a month....still not sneezing at that.

 

[tvguy]

It's actually more than I ever expected it would be. We'll bring in over 6K a month at full retirement age, nothing to sneeze at. Of course there needs to be "the fix" for that to happen....since the surplus runs out around 2034 the last time I checked. The way things go I'd expect that whoever is in charge after the 2032 election will be the one holding that hot potato and will be blamed by whoever gets hurt the most by their decision. Still, even in the worst case scenario with a 23% cut (which I don't believe will happen), we'd bring in 5K a month....still not sneezing at that.

I never planned on Social Security being anything more than a portion of our retirement, but once it kicks in our need to tap other retirement savings may be limited. Same with my mom. But the biggest factor in that is spending 40+ years limiting debt, and having no mortgage, car loan, or credit card debt going to retirement.

 

[Babs Johnson]

I’m not counting on SS at all, but I’ll start collecting at Age 69 or 70. My kids say to leave it the pot for them, but, nah, I paid into it.

 

[dvcgirl67]

I’m not counting on SS at all, but I’ll start collecting at Age 69 or 70. My kids say to leave it the pot for them, but, nah, I paid into it.

If you want to be super conservative, plan on 77% of what you're expecting to get. But the "powers that be" can't allow that to happen. The "fix" is going to be a "pick your poison" kind of deal. I've read that if they raise the payroll tax from 6.2% to 8.1% on everyone on the income they now tax....0 up to 160K or so.....that fixes SS through 2095. But that's hard on lower income earners. They could raise the cap above 160K....and just keep it at 6.1%, but on all income.....and that fixes most of the shortfall for another 60 years. Or they can raise the age to 68.....or some kind of combo of two or three of them.

I kind of think it'll be a combo of the first two....slight raise on payroll rate, but not to 8.1%....and tax it on all income, not just to 160K, but we shall see. I'm not sure they'll screw around with the age.

 

[Minnesota!]

Rule of 90??

Guessing enough saved to match 90% of salary?

Like someone else said, at 55,.I'll have years of service + age = 90. So, I can retire without issue. My company has an amazing retirement package, with 401 AND pension,.so I should be set. I'm sure I will pick up some.PT work after a while of doing nothing, but absolutely nothing that I don't love 100%.

 

[dvcgirl67]

Like someone else said, at 55,.I'll have years of service + age = 90. So, I can retire without issue. My company has an amazing retirement package, with 401 AND pension,.so I should be set. I'm sure I will pick up some.PT work after a while of doing nothing, but absolutely nothing that I don't love 100%.

Nice, and don't forget that with Social Security....to get the full benefit you can possibly get.....they take an average of 35 highest working years. If you work less than 35 years and retire early....before your full retirement age (likely around 67), your benefit amount is affect. DH and I just confirmed this as it's an added benefit for us to work those 35 years...we'll both hit that at age 57, two years for me and a bit over three for DH.

So...you'll get that benefit as well .

 

[soccerdad72]

No set date yet, but planning on retirement in the next couple years - at a minimum, by 55, if not earlier (I'm 51 now).

 

[china mom]

I am in a retirement catch-22. DH and I retired on full pensions at ages 46 & 47 but our retirement did not include health insurance and at the time, our kids were 6 & 8 years old. So, back to work we went.

The kids are now 18 & 20 but one is still in H.S. and the other is still finding himself so they still need to be on the family insurance.

I have great coverage with my current employer (government) but I am falling apart physically. I need the good insurance to cover my medical procedures but would love to retire and enjoy myself while I still can physically.

But, at the same time, I love my current position and the people I work with so I am not in a rush to stop working. DH loves his job but the hour commute each way is wearing on him.

We told our financial planner that we would work until 2025 and he is positioning our investments around that goal. But, in all honesty, I will probably work beyond that for the insurance - at least as long as I am physically capable or eligible for Medicare.

 

[dvcgirl67]

I am in a retirement catch-22. DH and I retired on full pensions at ages 46 & 47 but our retirement did not include health insurance and at the time, our kids were 6 & 8 years old. So, back to work we went.

The kids are now 18 & 20 but one is still in H.S. and the other is still finding himself so they still need to be on the family insurance.

I have great coverage with my current employer (government) but I am falling apart physically. I need the good insurance to cover my medical procedures but would love to retire and enjoy myself while I still can physically.

But, at the same time, I love my current position and the people I work with so I am not in a rush to stop working. DH loves his job but the hour commute each way is wearing on him.

We told our financial planner that we would work until 2025 and he is positioning our investments around that goal. But, in all honesty, I will probably work beyond that for the insurance - at least as long as I am physically capable or eligible for Medicare.

Health insurance is a big reason many people continue to work. Can you buy a policy in the open market?

 

[china mom]

Health insurance is a big reason many people continue to work. Can you buy a policy in the open market?

We probably could but I have not looked into it because I do like my current job and the insurance is sooo good. It is through a government employer and has very good coverage for a low cost.

 

[DLgal]

I am in a retirement catch-22. DH and I retired on full pensions at ages 46 & 47 but our retirement did not include health insurance and at the time, our kids were 6 & 8 years old. So, back to work we went.

The kids are now 18 & 20 but one is still in H.S. and the other is still finding himself so they still need to be on the family insurance.

I have great coverage with my current employer (government) but I am falling apart physically. I need the good insurance to cover my medical procedures but would love to retire and enjoy myself while I still can physically.

But, at the same time, I love my current position and the people I work with so I am not in a rush to stop working. DH loves his job but the hour commute each way is wearing on him.

We told our financial planner that we would work until 2025 and he is positioning our investments around that goal. But, in all honesty, I will probably work beyond that for the insurance - at least as long as I am physically capable or eligible for Medicare.

That's a crappy situation. How long do you have to hold the government job to keep those benefits for life? Like, are you working towards a second retirement?

 

[TCRAIG]

I retired @2 years ago at 66 with a grandfathered pension (eliminated in 2007) and my 401K and started collecting SS 2 months later at my official ‘full’ age. My husband retired 5 years before I did and started his SS at 70. He also had an IRA and a 401K.

 

[china mom]

That's a crappy situation. How long do you have to hold the government job to keep those benefits for life? Like, are you working towards a second retirement?

So, it gets even worse... I retired from the State pension system (as a municipal employee) and the rule is that you can't retire from the state system twice.

I now work for a County - also in the State Pension system so I am not in the retirement system and not going to be able to collect a second retirement.

The county does pay health insurance in retirement. Half if you stay 15 years and full if you stay 30. BUT, since I am not in the retirement system, I will not "retire" when I leave so no matter how long I stay I won't get any health insurance benefit.

Which double sucks because my employer is saving a lot of money on me by not having to contribute towards my retirement while I am working plus they won't offer me health insurance in retirement.

But, before you feel too bad for me. I could have found a position where I could collect a second pension but I chose this job because it is so close to home and initially, my kids were young. So, it is on me.

 

[Stratman50th]

I retired once nearly 20 years ago and I'm about a year and a half to 65 when I'm eligible for Medicare. Then I can retire from this job. (government contractor). I don't know what I'll do with myself after that but whatever it is I won't have to do it every day! My wife can retire a year and a half after me and then we're going to jump in the motor home and start traveling. Hopefully everybody's health will hold up for a few more years.

 

[Kathryn Merteuil]

I work... hopefully can retire someday.

 

[jimmymc]

We probably could but I have not looked into it because I do like my current job and the insurance is sooo good. It is through a government employer and has very good coverage for a low cost.

Insurance from a government job alone usually makes it worth one person working into retirement. Trying to buy a plan for an older family on the open market is pricey and usually poor coverage.

 

[jimmymc]

I'm just a millennial hoping there's a chance of retiring before 75.

 

[robinb]

We probably could but I have not looked into it because I do like my current job and the insurance is sooo good. It is through a government employer and has very good coverage for a low cost.

You may want to take a look at ACA insurance. It gets a lot cheaper for people in their late 50's and older.