Retirement Income From A Job or Social Security?

ClassicRockr

ClassicRockr

Well-known Member
Mine is from Social Security (only) and my wife will be the same. I took "early" b/c is was so hard for me to find a job at 62 yrs old. If wife is able to stay on her job, she will take "late" at 70 yrs old.

Wonder how many folks on here are that way, SS only, or retired from a Business or City, County, State or Federal job? What about the military?

I had no ambition to stay in the Navy for 20 years or more, so that was out!
Sometimes I really wish I could have retired from a job, but different things can get in the way of that:
Being laid-off
Company closing
Being Fired
A person's health
Just not liking the job and/or the people worked with.
Moving/Relocating

So, how did you retire?
 
Mostly earned pension from former employer + a smaller check from SS which I earned from the many small jobs I had on and off that started ever since high school.
 
We sold our business of 34 years in 2010-left it on a Friday and Monday morning I went to work as a property inspector,which I did for 2 1/2 years,then quit and started collecting Social Security at 62. Dh was 62 a few days before we sold,so he started collecting Social Security and was also eligible for Unemployment Benefits because he was an employee of our corporation. So he collected that and S.S. for almost two years,then went to work for the schools as a custodian,part time. Then I saw a job advertised as an estimator/claims processor in an auto body shop(which is what he`d been doing for 34 years) so he applied and was hired on the spot. So now he`s working full time again. He also collects $500 a month from his Union pension. Eventually we will be collecting the rent on our body shop,which we still own,but right now we are paying it all to the Union for an underfunded trust fund. $125,000...grrrrrr. Anyway,I collect S.S and do Foster Care-not a lot of money in it once you feed and clothe the kids but every little bit helps.
 
I know if I was to get a part-time job, I could only earn up to $14,160 per year before SS would start taking some SS money away from me. That would be until I reach the normal retirement age of 66 (next year), then I could earn more, but SS would still take away some of my SS money.

When I talk to retired people, as in "pension" retired, it can be hard for them to understand why anyone would "job hop" during their years of employment. I've been told, "I didn't care what hours were given to me, if I had to travel, if the weather was freezing and lots of snow or if I disliked my job, all I thought about was getting a Pension. That is what kept me where I was."

So, were these "Pension" people lucky to have a job they liked and lucky they weren't laid-off, fired, company closed, had good health and on and on??
 
Social security was never intended to be the sole retirement income. I collect social security, a company pension, and have some savings from a 401k plan. My house, autos, all debts were paid off before I retired.

I don't have a lot of income but we always spend less than we make every month.
 
Well, there are retiree's out there that Social Security IS there only income. Before meeting my wife, I didn't make a good enough salary to contribute to anything. I think the highest salary I made, before her, was $11.50 per hour and that isn't much when living in So California. However, I did make it: owned an old vehicle, rented a room in a house, took my lunch to work everyday and had some left over for some fun on the weekends. Almost embarrassed to say this, but I was 51, two years after meeting my wife, when I made the highest salary in my life. That was $14.75 hr.
Like I already stated that I really wish I could have found that "RIGHT" job to stay on for years and retire from.......but that sure didn't happen!
 
Having a company pension is the kicker, so to speak. Social Security by itself is just not enough to get by on comfortably, but I know that it can be done, if all of the parameters are right. I have read and heard of many cases where people just live on their SS. I think my wife and I could do it, but we would need to make some dramatic lifestyle changes.
 
Wife and I will HAVE to do it (lifestyle changes)........no choice in the matter! When she leaves her job, she will only be on SS also. When that happens we will do some lifestyle changes and one of the biggest ones will be getting rid of one of our vehicles. We won't need two. And, b/c she likes to work, she will get a part-time job somewhere. As for me, I enjoyed working, but not as much as she does.
 
Not bragging, really, I am not. However since you asked, working for an airline as a Captain definitely helped with retirement. My company offered an early out when I was 6 weeks away from turning 62. The early out package contained a bonus payout of 2 weeks of pay for every year of service up to 30 years. I had 21 years with the company, so I received a check for 42 weeks. I also kept my health, dental and eye care insurance until age 65 when I became eligible for Medicare. Now, I receive my SS, pension and Medicare. I also purchased a supplemental plan and Plan D (drug plan). I also had to take my 401(k) and move it into a retirement IRA. I also receive a small pension from a previous regional carrier that I worked for for eight years.

I feel so fortunate to have what I do. I would liked to have stayed working because I loved flying. Like my Supervisor always said, "It is good to be the Captain."
 
ClassicRockr said:
Well, there are retiree's out there that Social Security IS there only income. Before meeting my wife, I didn't make a good enough salary to contribute to anything. I think the highest salary I made, before her, was $11.50 per hour and that isn't much when living in So California. However, I did make it: owned an old vehicle, rented a room in a house, took my lunch to work everyday and had some left over for some fun on the weekends. Almost embarrassed to say this, but I was 51, two years after meeting my wife, when I made the highest salary in my life. That was $14.75 hr.
Like I already stated that I really wish I could have found that "RIGHT" job to stay on for years and retire from.......but that sure didn't happen!
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Companies that offer enough years for a significant retirement with benefits are fading just as fast as the pension itself. This means count on working in different fields and for different companies through out your life.

Too many American not because they are stupid are financially illiterate, many because they feel like they don't need it. Especially when dealing with the details and importance of investing. Even if already invested in the stock market in some way. I'm trying to convince some seniors they can make more interest in bond and income funds than they can with CD interest. Key word and letter-fundS. Even if a company goes bad there are still others in a fund. I know people happy with 50-100 dollars a year interest tops when I've made 5,000 in mutual fund dividends and distributions. Many funds can be entered for as little as $250.

I will say if you are buying a fund for income through dividends and interest don't assume you can sell per share at a profit. But 50 dollars or 5,000 dollars-which is greater.

And I've mentioned this before and will again. Do NOT wait until you retire to learn about investing.

Pensions unfortunately are going the way of the dinosaur. So one almost has to learn about 401Ks and IRAs along with investing choices and alternatives.
 
WhatInThe.....I couldn't agree more. When I was laid off from the airline, I took an evening course at the local college and learned about investing. It almost became a passion of mine. I bought so many periodicals and newspapers, my wife thought I was trying to out do E.F. Hutton at the time. I really sank my heart and soul into it and did a little day trading before being called back to work. It was fun, I made and lost some money, but most importantly, I learned. I watched FNBC at the time, which is now CNBC and I listened and paid attention to the analysts that were on the many shows. All to just gain education.

I invested in my 401(k) wisely by selecting good funds and of course, being diversified. I also bought some gold and silver, but not the bullion, only certificates (no sales tax). I also kept my brokerage account active and I am back at trading again since being retired, but I am not a day trader. As you probably know, since the collapse in 2009, the market has done very well and so have we that invested. My one big disappointment was buying General Motors, who unlike Ford, collapsed along with my five grand. But, I did well with Ford, Apple, GE and others, including Boeing and United/Continental. American Airlines, not so well, but Southwest made up for my losses. So, when you recommend to diversify, I am with you. When choosing stocks, pick from several different sectors and also include something to hedge any losses with, such as a very good bond fund, or even precious metals.

The main problem for me has always been how much to be in stocks and how much to be in bonds or safe money. I have steadily been at 80% stocks and 20% bonds or precious metals. I never dealt in currencies, so I stay away from trading those.
 
I haven't retired as yet, planning to do so at age 70 in about 2-1/2 years. However, my office depends on one client for the majority of our work, and they've not been too giving in awarding contracts the last year and a half so we're slow. Already let go one person and unless a couple of projects come in next month, it will be permanent for her. So right now I'm holding on with some insecurity only because I do need to hold off till 70 before collecting my SS and I don't want to have to dip into my nestegg for 2 years plus paying off a car loan.

When I do retire, the biggest part will undoubtedly come from SS; however, I had a financial analysis done and it appears that I'm in pretty decent shape. Because I care for my handicapped, slightly demented mother, I would prefer being able to work P/T 4 to 5 hours a day if at all possible, but we'll see when the time comes.
 
I'm a single 60 year old and my retirement income comes from interest and dividends. The thing I have to decide over the next 2 years is if I want to take SS at 62 or delay it a few years for a higher payout. There are good arguments on both sides. Delaying is like buying longevity insurance and is the cheapest annuity one can buy by delaying. But the averages show it really doesn't matter when you take it, most will collect about the same over the long haul.

Maybe I will flip a coin. ;)
 
I know some folks that could have waited to get their SS b/c their pension was a nice income, but they decided to go ahead at age 62 and get the "early retirement". Because of my income at the time, which was zero, I had to take "early retirement" from SS. I had used up all of my UI and not having a college degree and/or a certification was killing me for finding a job.

Bullie76 said:
I'm a single 60 year old and my retirement income comes from interest and dividends. The thing I have to decide over the next 2 years is if I want to take SS at 62 or delay it a few years for a higher payout. There are good arguments on both sides. Delaying is like buying longevity insurance and is the cheapest annuity one can buy by delaying. But the averages show it really doesn't matter when you take it, most will collect about the same over the long haul.

Maybe I will flip a coin. ;)
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I retired at age 58 and lived on investment income for four years until I could start taking Social Security and company pension at age 62 and then at age 72 I started taking IRA distributions as required by law. I am now just turned 80 and am content that my income is sufficient to maintain a good and healthy life style. The advice that I took at age 15 from a uncle to save/invest 10% of every dollar that I earned has served me well. He called it SELF TITHING.
 
when I was unemployed for a short while..I went around charity shops..car boot sales..etc..

I would buy stuff..and I set up a stall on the Saturday market..sometimes I would make a little..sometimes I would make a lot..

I had some good finds..2 silver bowls..bought for £3.50..sold for £280...and you get to meet people...:cool:
 
Wife and I both began drawing SS at our full retirement age of 66. Neither have worked for firms that had pension/retirement plans. We have a small nest egg in annuities, ira's, etc. I have a fairly nice ESOP that will pay out when I do decide to retire. Have always said I'll work until 70. I'll be 68 in November and don't know if I will 'stay in the saddle' until 70. If I do retire, I will find a 30 to 40 hour/week job to supplement our daily budget.
As others have indicated, we own nothing. Our home, cars, etc. are all paid for. It still takes quite a bit to live. But, our SS will more than cover what we need to get by.
We won't live 'high on the hog' when we retire. But, we don't spend a lot and don't see our current lifestyle changing that much. The biggest change will be moving to full Medicare, since both my wife and I have Blue Cross/Blue Shield through our respective employers. And, the Good Lord has blessed us both with excellent health. When that changes.... who knows.
 
When you talk about SS, I assume this is roughly similar to the State retirement pension in the UK (used to be called Old age pension). The government have broken promise after promise and gradually raised state retirement age, though I should get mine at age 65. It's no way near enough to live on (equiv of about $9k), but fortunately I have various pensions from my work. This enabled me to 'retire' at 56 (wife at 53), though we've been pretty busy ever since.
 
Twixie said:
We are blessed with the NHS in England..so no such worries..we pay nothing..
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We certainly are! I am in receipt of state retirement pension and no other income so am grateful for the NHS that I don't have the worry of wondering how to pay for my medication/dental treatment/opticians.

I can't fault the 3 doctors at my surgery, absolutely brilliant.
 
Lady said:
We all pay for the NHS out of the Ni taken from wages each week Twixie,
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If you are still working at aged 60 the NI contributions are no longer taken out of wages and we then receive free prescriptions, still do not pay to see a doctor or a hospital visit.

I am very satisfied with the way the NHS works.

Like Pam, the only income I have is state retirement pension so I certainly wouldn't be able to have any kind of medical treatment without the NHS
 
For those from the UK, SS retirement (early, regular and late) comes from the U.S. Federal Government.

Some people here get it, while others don't. My wife's sister doesn't get it b/c the school district didn't take it out of here salary and she never requested to have it taken out. But, she does get a retirement from the school district. A farmer friend, that I graduated high school with, went to his local SS office when he turned 62 (early retirement), but there wasn't any money in his account. Funny, the dude wondered why he hadn't got any SS statements in the mail, like some folks he knew. He didn't have any SS money b/c he has been a farmer (owns the farm) all his life and, when selling grain or livestock, a farmer gets a check that doesn't have SS taken out of it.
 
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