I'm Retired!

[Hornsby]

Yeah, the time has come, hang it up after 44 years of TV adventures. The famous and near famous, and a LOT who were not famous. Been shot at, thumped by cops, tear gassed, been in the middle of riots and natural disasters, and every mundane thing big and small. It's been a hell of a ride for a kid from Northern Minnesota.

Quick question for the smart people out there, it happened rather suddenly, so I didn't take the 3 month ramp up that they recommend. Now, I know that I qualify for medicare, and I've got 4 months of cobra, but do I HAVE to take SS right now, or can I put it off until I get to 66 years, 2 months, which would be my FULL retirement age? I've got enough set aside, along with my pension (year, I get one of those rare things) to last me through until next May. Any recommendations?

[DMT]

Congrats! I am pretty sure you decide when to start your SS.

[The Feral Slasher]

Congratulations ! Sounds like you really enjoyed your job, that is great. Hope retirement is even better

[Sour Masher]

Sounds like you had a heck of a run! You can take SS whenever you like, whether you are working or not.

The calculation to take it now for a bit less or wait till full retirement or beyond is largely one of life expectancy. It is a myth that taking it early is always the wrong call. I know folks who took it at 60 and it was the right call--they had bad health and the odds are they won't make it to the point in the curve where waiting would have put them ahead. But if you are in good health and expect to live to your late 70s are beyond, waiting, if you are able, is the right play.

[revo]

Yeah, the time has come, hang it up after 44 years of TV adventures. The famous and near famous, and a LOT who were not famous. Been shot at, thumped by cops, tear gassed, been in the middle of riots and natural disasters, and every mundane thing big and small. It's been a hell of a ride for a kid from Northern Minnesota.

Quick question for the smart people out there, it happened rather suddenly, so I didn't take the 3 month ramp up that they recommend. Now, I know that I qualify for medicare, and I've got 4 months of cobra, but do I HAVE to take SS right now, or can I put it off until I get to 66 years, 2 months, which would be my FULL retirement age? I've got enough set aside, along with my pension (year, I get one of those rare things) to last me through until next May. Any recommendations?

You don't NEED to take Social Security until age 70, NOT your Full Retirement Age. In fact, you're even eligible now, if you want.

If you don't need to take it, don't. It will grow by 7.2% every year you don't take it between now and age 70.

And congrats!

[madducks]

Congratulations! I hope you soon get some sports to watch.

[Steve 2.0]

Congrats! I retired in 2016 and have loved every minute of it.

[hacko]

I was let go in a bloodbath at my Company 2 years ago. 61. Went to my financial guy and we decided to wait until I was able to get full retirement to claim SS. It is about a 700 a month difference for me. Like Revo said you can get a 7 % difference for every year you can wait until 70, but I am sure I will start collecting at 66 and half . I just got a low level job now where I go in do my job and go home - minimum stress and pretty easy tho at 63 my body sometime tells me I am crazy. I just want to pay my Bills. But I took 8 months off with a severance package and was bored so even when I hit 66 I probably still work some just not 40 hrs( which was about 20 hrs less then my last job. The big factor for me ( and most people ) is life expectancy. My Parents are still going strong at 87 and 86 . All 4 grandparents lived into their 90’s.

[Steve 2.0]

You don't NEED to take Social Security until age 70, NOT your Full Retirement Age. In fact, you're even eligible now, if you want.

If you don't need to take it, don't. It will grow by 7.2% every year you don't take it between now and age 70.

And congrats!

This is another decision that is impossible to make correctly without knowing how long you are going to live. I'm planning on taking my SS at 62 (the second I'm eligible). That's just me and my opinion. Please NEVER base any decision you make on ANYTHING I ever say.

[hacko]

This is another decision that is impossible to make correctly without knowing how long you are going to live. I'm planning on taking my SS at 62 (the second I'm eligible). That's just me and my opinion. Please NEVER base any decision you make on ANYTHING I ever say.

My financial guy look at my 401 k , my SS package and we talked about what I wanted then gave me what I could live on
1 . If I TOOK MY money SS at 62
2 At 65 when I could get Medicare ( insurance another reason to work past 62)
3 at full SS 66 1/2
4 At 70.

We meet at least once a year to review options ...

[Steve 2.0]

My financial guy look at my 401 k , my SS package and we talked about what I wanted then gave me what I could live on
1 . If I TOOK MY money SS at 62
2 At 65 when I could get Medicare ( insurance another reason to work past 62)
3 at full SS 66 1/2
4 At 70.

We meet at least once a year to review options ...

Good plan. In my opinion, a person still can not know they are making the best decision without knowing when you are going to kick the bucket.

[Judge Jude]

"I took 8 months off with a severance package"

me, too - and well, those Law & Order reruns don't watch themselves!

I didn't have a lot of choices. I got paid for up to 34 weeks - but only until I took a new job.

so if I took a job paying a little more, I'd be working for peanuts.

if same salary, I'd be working for free.

if a little less, I'd be PAYING to go to work.

was fortunate to get hired immediately after the free money ended, and make a little more now (that's kind of a good litmus test for an employee if they "sever-ed" the right guy. I was glad for their stupidity, lol).

and while I sucked at "retiring" the first time, at least I can take a mulligan and get it right the next time!



lots of good financial advice here, too - that's the spectrum of considerations that go into this decision, for Hornsby and for everyone.

[hacko]

Good plan. In my opinion, a person still can not know they are making the best decision without knowing when you are going to kick the bucket.

As I said with both parents still alive and all 4 grandparents living until 90. I have to plan on be being around for at least another 20 years. If not my kids get some money.

[TranaGreg]

Congrats! Any plans for post-work life?

[rhd]

Congrats, Hornsby! Enjoy your "golden years"!