Has your first year of retirement gone as planned?

Barkleymut said:
The minute that I am eligible for SS, I am taking it. Been paying into it for 33 years already, time to start getting some of it back (in 12 years :ROFLMAO: )
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I wouldn't do it at age 62 or before full retirement age. Just know that there is a huge penalty if you are still working or making a reasonable income. the Feds will take 50¢ on every dollar you make over $19K and that has nothing to do with, and is BEFORE income taxes.
At and beyond full retirement age (usually between 66 and 67 years old depending on you age) there is NO penalty for earnings. Just know that 1/2 of your So. Sec. income is calculated into your federal taxes. and depending on how much you earn you may have a hard tax hit. Yes, you have to file taxes through retirement ! especially if you are peeling off a traditional 401(k) a nest egg - that money is taxed since it wasn't when it went in.

Luckily the standard deduction** is high for low to upper middle income folks - if that be you.

- Ken
reference:

Benefits Planner: Retirement | Receiving Benefits While Working | SSA

You can receive Social Security retirement or survivors benefits and work at the same time. However, if you are younger than full retirement age and earn more than certain amounts, your benefits will be reduced.
www.ssa.gov www.ssa.gov
____________________________________________
** For married couples filing jointly, the new standard deduction for 2023 will be $27,700. This is a jump of $1,800 from the 2022 standard deduction. The 2023 standard deduction for single taxpayers and married filing separately will be $13,850. This is a jump of $900 from the 2022 standard deduction - Forbes, October 2022
 
ARCOgraphite said:
I wouldn't do it at age 62 or before full retirement age. Just know that there is a huge penalty if you are still working or making a reasonable income. the Feds will take 50¢ on every dollar you make over $19K and that has nothing to do with, and is BEFORE income taxes.
At and beyond full retirement age (usually between 66 and 67 years old depending on you age) there is NO penalty for earnings. Just know that 1/2 of your So. Sec. income is calculated into your federal taxes. and depending on how much you earn you may have a hard tax hit. Yes, you have to file taxes through retirement ! especially if you are peeling off a traditional 401(k) a nest egg - that money is taxed since it wasn't when it went in.

Luckily the standard deduction** is high for low to upper middle income folks - if that be you.

- Ken
reference:

Benefits Planner: Retirement | Receiving Benefits While Working | SSA

You can receive Social Security retirement or survivors benefits and work at the same time. However, if you are younger than full retirement age and earn more than certain amounts, your benefits will be reduced.
www.ssa.gov www.ssa.gov
____________________________________________
** For married couples filing jointly, the new standard deduction for 2023 will be $27,700. This is a jump of $1,800 from the 2022 standard deduction. The 2023 standard deduction for single taxpayers and married filing separately will be $13,850. This is a jump of $900 from the 2022 standard deduction - Forbes, October 2022
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This is generally good advice, this part should be posted (even though in the ss link)

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net profit if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits.
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I retired from my federal job at 60(2007), and the Army Reserve at 62. It was wonderful. Medical insurance and income was good. Traveled a lot and did anything we wanted. My wife was diagnosed with stage4 colon cancer in 2011 and fought it for 15 months. I was in a funk for a year then met my current wife who revitalized me. Her son married and had twin boys two months premature. He and his wife weren't parent material and we have basically raised them. We have had legal custody of them for a year. The parents signed their rights over to us and we are in the process of adopting them.
Needless to say, it has been a big change. My wife is 55 and I'm 75 raising 7 year old boys. We are barely making it financially and the boys are a full time job. They have severe ADHD and need to be watched carefully. Despite the huge changes in our lifestyle, we wouldn't have it any other way. My only concern is staying alive and healthy enough to get them a good start in life.
The best laid plans rarely work out. Be prepared for anything when you retire.
 
chiefcook said:
I retired from my federal job at 60(2007), and the Army Reserve at 62. It was wonderful. Medical insurance and income was good. Traveled a lot and did anything we wanted. My wife was diagnosed with stage4 colon cancer in 2011 and fought it for 15 months. I was in a funk for a year then met my current wife who revitalized me. Her son married and had twin boys two months premature. He and his wife weren't parent material and we have basically raised them. We have had legal custody of them for a year. The parents signed their rights over to us and we are in the process of adopting them.
Needless to say, it has been a big change. My wife is 55 and I'm 75 raising 7 year old boys. We are barely making it financially and the boys are a full time job. They have severe ADHD and need to be watched carefully. Despite the huge changes in our lifestyle, we wouldn't have it any other way. My only concern is staying alive and healthy enough to get them a good start in life.
The best laid plans rarely work out. Be prepared for anything when you retire.
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Wow. God bless you SIR.
 
I officially retired Jan 1st, 2022. I'm pretty much living off Social Security. But but my house, car, credit cards. etc. are all payed off. Plus I have a fair amount in my checking account, which has gone down less than $4000 in the last year.

Have not touched my 401K accounts or other retirement funds yet. NOT rich by any means, but I don't spend much or go on vacations.
I can hack a few more years like this, if my health stays OK and not have to dip into retirement funds.
 
chiefcook said:
I retired from my federal job at 60(2007), and the Army Reserve at 62. It was wonderful. Medical insurance and income was good. Traveled a lot and did anything we wanted. My wife was diagnosed with stage4 colon cancer in 2011 and fought it for 15 months. I was in a funk for a year then met my current wife who revitalized me. Her son married and had twin boys two months premature. He and his wife weren't parent material and we have basically raised them. We have had legal custody of them for a year. The parents signed their rights over to us and we are in the process of adopting them.
Needless to say, it has been a big change. My wife is 55 and I'm 75 raising 7 year old boys. We are barely making it financially and the boys are a full time job. They have severe ADHD and need to be watched carefully. Despite the huge changes in our lifestyle, we wouldn't have it any other way. My only concern is staying alive and healthy enough to get them a good start in life.
The best laid plans rarely work out. Be prepared for anything when you retire.
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Those last words of yours I found to be very true. Bless you and yours. Good luck to you going forward.
 
Pablo said:
Truth

Scared me into getting my social security!
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I plan to start at 62 for a variety of personal reasons. I spoke to our financial planner last month and he commented that I may want to wait, until I went through my rationale for 62 and he agreed with me. Its like many other things, highly individualistic so what works for one person wont be best for another.
I had a pretty good part time gig until Covid hit and then the work got poofed.
 
64bawagon said:
This year has for sure been a cautionary tale for retirees.
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At age 66+ and choosing to continue working for ALL of the benefits* ($$, enjoyment, passion, travel, social interaction, etc.), I have learned to go with the flow regarding planning. In other words, don't make concrete plans beyond the basics of finances, low/no debt., health care, will, funeral, etc.. I reject the statements of "I know so-and-so who planned their retirement after age 66, got sick, and everything went down the drain".

Over the decades, I think that my most treasured moments were from spontaneous events vs. well planned ones. How many times has a hyper planned event (wedding, party, vacation, meeting,whatever) turned out to be a stress laden disappointment? Yah, go with the flow and make adjustments along the way is a great way to navigate both good and bad journeys of life, within reason of course.

While many sources recommend delaying SS as long as possible, the break even analysis maybe suggests otherwise: https://www.cnbc.com/2018/08/13/those-social-security-break-even-calculations-can-be-misleading.html .......64bawagon is correct - everyone is unique.

* My career is one in a million and very unique. I'm wrestling with starting my SS this coming January - I need to crunch some numbers.
 
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I retired for good last spring. Had a great summer, but now that winter is here I'm looking for things to do some days. I'm happy to be retired, but somedays I miss the social part of working (but not the rest of it).

My wife will retire this spring, so it's me and Max (our pup) during the day for now, and a visit here and there with friends and family. Her and I both are looking forward to her retirement.
 
What I miss because of retirement is going to the airport, got to see airliners taken apart , coffee breaks in the cockpit, the freighter waiting to be loaded, going to ice cream producers, various companies that I could get their products at cost, Guitiard Chocolate, machine shops with their fancy CNC machines and electronic places with armed guards , going to the rail road yards and seeing the locomotives, Ship repair facilities being there when the fishing boats at fishermans warf were being unloaded. Seeing goings on in the vineyards in the wine country. It was enlightening.
 
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