How Did You Decide When to Retire?
In honor of Labor Day, we decided to sample our users' thinking on this very important question by posting a query in Morningstar.com's Investing During Retirement forum , and an avalanche of responses ensued. Some posters were able to retire young and have never looked back. A large contingent of younger posters say they hope to be able to do so. Still other Morningstar.com users who weighed in have opted to work longer than the traditional 65, either because they want the financial security or they're in fulfilling careers in which work doesn't feel like work. Finally, a group of posters shared what a happy retirement is apt to look like for many people in the 21st century: a combination of part-time work in jobs they enjoy, volunteer pursuits, and time spent on hobbies and relaxation.
To read the complete thread, or chime in with your own comments, click here .
"I Am Never Bored" is also grateful for the pension he earned as a public school teacher because it allows him to enjoy life and pursue volunteer work he finds meaningful. He wrote, "Unlike some who have posted, I am never bored. I volunteer one day a week tutoring students from disadvantaged backgrounds, and I have none of the red tape, punitive mandates, or public abuse that my beleaguered former colleagues must endure. I am reading books that have been on my list for years, and I have resumed practicing a musical instrument that I love."
ClaudeT , who plans to retire in two years at 59, chalks up his early-retirement plans to frugality and learning from past mistakes. "Instead of buying new cars every few years or taking vacations using the credit card, I paid the house off and all the bills. Slow consistent [investment] growth is the way to retire early: only as long as you learned that lesson in time to make up for all the losses you had from buying what the herd is buying. Fortunately I learned my painful and expensive lesson in my late 40's and have had time to recover from my poor investing habits.
Social Security At Age Sixty - News
Lip5624 wrote, "I will work longer because I enjoy my profession and I want to max out Social Security at age 70. I own a home inspection company and I am enjoyably winding down my operation to fit my advancing age--now 66. I want the old-age insurance
Such changes would rely about 60 percent on tax increases and 40 percent on benefit cuts, and would mainly affect the wealthiest Americans by asking them to pay more and get less in return. In the end, Social Security would be more progressive and
Around age 60, it's time to start learning about the requirements and deadlines associated with Social Security, Medicare and retirement distributions. "WELCOME to Medicare" seminars are free but
Social Security provides some safety net to workers like the Angueiras, who are past age 62, but it provides only a basic income. "It's hard to survive on Social Security alone. It only replaces 35 to 40 percent of earnings. For a lot of people,
The International Labour Organisation (ILO), the standard-setting body for employee welfare across the globe, supports globally-agreed minimum standards for nine branches of social security: medical care; sickness benefit; unemployment benefit; old-age
How disability annuities are calculated – Ask The Experts - Federal ...
Federal Times’ experts answer as many readers’ questions as possible but, due to the volume of e-mail, they cannot answer every question submitted. You’ll have the best chance of getting an answer to your question if you follow these steps:
• Ask questions that have not previously been answered. Before submitting a question, review the Q&As already on the site.
• Ask questions that fall within each expert’s scope of expertise. Reg Jones, for example will answer questions about federal civilian benefits; he will not answer questions about military benefits.
• Provide sufficient information about yourself — for instance, a question about retirement should say which retirement system you are in.
• Do not expect personal legal, financial or career advice. Answers that require a legal opinion, particularly those involving divorce and court orders, cannot be provided.
If you are a Civil Service Retirement System employee, your annuity will be the higher of your earned annuity or a guaranteed minimum annuity.Your earned annuity, as with any other CSRS annuity, is the sum of three factors: 1.5 percent of the average of your highest three consecutive annual salaries, your high-three, multiplied by five years of service; plus 1.75 percent of your high-three, multiplied by five more years of service; plus 2 percent of your high-three multiplied by all additional years of service. The guaranteed minimum annuity is the lower of two numbers: 40 percent of your high-three or the annuity you would have earned if you had worked to age 60. If you have 22 years or more of creditable service or if you are 60 or older when you retire, your disability benefit will equal your earned benefit.
If you are receiving military retired pay or veterans compensation in lieu of military retired pay, your disability annuity will be based on your earned benefit unless the total of that benefit plus your military benefit is less than the guaranteed benefit. In that case, you’ll receive the additional amount needed to reach the guaranteed minimum.
Social Security At Age Sixty - Bookshelf
Last Night at Chateau Marmont
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Owl invites Winter into his home, concocts tear-water tea, and tries to be in two places at once.The Accidental Billionaires, The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal
Relates the story behind the founding of Facebook by Harvard University undergraduates, and describes how conflicting ideas for the future of the site destroyed ...At Home, A Short History of Private Life
Detailed Information Directory
Retirement benefits by year of birth
You can retire at any time between age 62 and full retirement age. ... contact Social Security before you decide when to retire. Note: If you decide to delay ...
AEI - The Case for Raising Social Security's Early Retirement Age
Gradually raising the early retirement age to sixty-five would: ... When the Social Security program was established in 1935, the age of earliest eligibility ...
Social Security: West's Encyclopedia of American Law (Full ...
benefits provided under the Social Security Act (1935), financed by the social security tax authorized by the federal insurance contributors act
Maximize Social Security
Now that you know the basics of how Social Security works, let's see what you can do to ... retires at the age of sixty-five, his monthly Social Security benefit ...
Social Security in Perspective, Part II : CJR
Proposals to change the Social Security system are fast taking shape, and many of them ... If the age were raised to seventy, the reduction at sixty-two would ...