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| hot processed soap in the crockpot |
This morning I searched Social Security's website and entered my personal information. I was curious to see how much money I will receive when I reach retirement age.
I was very pleased when I read the results. If I start collecting it at age 62, the amount will be $662.00 a month. If I wait until I'm 67, it goes up to $941.00 per month. If I stay disciplined, and collect it at age 70, it jumps up to $1,167.00 a month. Wow! I plan to wait until I am 70, (if I make it,) and collect the maximum amount.
I will also be eligible for Medicare, which will help my budget. Health insurance is my biggest expense. It will continue to get more expensive as I age. When I hit age 65, I will probably buy a gap policy; I need to research them. I have always been in excellent health, and I hope to stay that way. At that time I will be able to take the bus for free, and will qualify for a free gym membership through Silver Sneakers. I find that very exciting! It pays to have a long work history.
I plan to continue to work, making my soaps, selling my hand knits, and writing for magazines. I will have investment income, as well. So, the future looks bright and fulfilling. I called up Equity to inquire about my pension, and it turns out that I am two weeks short of the amount of work that I need to qualify. I thought that the AGVA shows I did as a Rockette and with Juliet Prowse count as working weeks, but they don't. Oh well. Maybe I can drum up something. I will look into it.
It's a relief to see the totals and to plan for the future. I filed some more paperwork today. I do a little bit each day now, instead of letting it pile up into an intimidating mountain. (which is what I used to do.) I am so glad that I bought a small, modest home, and paid it off like Suze Orman teaches. Onward.
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Stephenie, I know nothing about Equity pensions, but wonder if you can do something about the two week gap. Can you pay a certain amount (a penalty, a fee etc) and get two weeks back?
ReplyDeleteYou are so organized and disciplined.
I have to check my SS income. I'm somewhat concerned about future health care costs.
I spent too many years studying, and then chose a career that doesn't pay a lot, so I have a lot of catching up to do. But better late than never, right? :)
Keep up the good work.
Oh, I'm sure you will be fine, Nil. People are living longer and many are self employed as they age. I am going to see if they will consider giving me two weeks credit of the AGVA version of Sugar Babies, since it was an Equity show. It ran for three months.
ReplyDeleteWell done on all the research and preparations you are doing now to prepare for retirement. :) What I did was figure out my retirement income and try to live on that amount before I retired. It worked out quite well for me.
ReplyDeleteThanks Bless. That's what I've been doing, too. I've been able to live on less than what my retirement income will be. It's a relief. Fortunately, I enjoy staying home, which saves me a tremendous amount of money.
DeleteI know, amazing isn't it...social security. If it is still solvent by then, that is. We will wait until we are 67. My husband is retired (I never worked) and he gets healthcare as a retirement benefit from his company. Otherwise, one could never retire early as that is the big expense should anything happen. Hospitals are now required to post their costs for procedures, etc and they are staggering. Could drive one into financial ruin. Definitely we will get a Medicare Advantage plan to supplement when we are 65. Andrea
ReplyDeleteI think it's really worth it to wait, Andrea. I will, too. I have been fortunate as far as hospital bills. I did have a big copay with my bilateral hip replacement surgery, but fortunately I had that money in savings.
DeleteWe are so lucky here in the UK with our NHS. The cost of medical insurance must be a crippling amount to fork out each month.
ReplyDeleteHi Cherie, it works out for me because I deduct the premiums as a business expense. I was able to get the top surgeon for my hip replacement surgery, with no wait time. The hospital in Santa Monica was like a hotel!
DeleteI never worked anywhere that offered a pension, but several companies I worked for (not all!)did offer 401K programs which I would consistently contribute the maximum allowable. Luckily, Steve has his military pension which is enough to live on as long as we are careful. Steve took his SS at 67 and we have that deposited directly into savings. Like you I plan on waiting until 70 to start my SS, although that means I will have to pay Medicare out of my own pocket. Good luck with your pension situation-it must have been a shock when you learned the news that you were short.
ReplyDeleteHi Anita, That's a good point about having to pay for Medicare yourself if you wait to collect SS until age seventy. I think it will all work out with my pension, and I will receive it. I actually have more than enough weeks, but I need to provide documentation to present to the union. It has to do with the unions.
Deletei had private health care when i was young & just started work but my first time in hospital after the home cost me heaps, the benefit barely paid for anything! i spent a year putting into that so i could have my operation, what a waste. now i'm happily on the public system & we do have Medicare too, it helps with bulk billing (am in Australia) retirement schemes came in later which most of us had no understanding of so I don't have any put away, will be solely depending on the pension. i receive a disability pension atm, have done for nearly 10yrs now, apparently it will be automatically changed over at aged pension age. i do make a few things to supplement my income & give me some emergency cash, so am not totally dependant on the system.
ReplyDeleteam still paying off my home loan but have managed to get myself ahead with that thankfully. shaving off a couple of years at least.
oops, sorry, have rattled on a bit ...
an informative post
thanx for sharing
Hi Selina, It is such a relief to get the home paid off; good luck!
ReplyDeleteHi Stephanie - it is so good to be prepared and you are doing a great job gathering information about your future income while also being diligent about lowering your expenses. All of these steps really do provide a sense of comfort - I know they do for me.
ReplyDeleteI am new to your blog (found it through Nil's blog) and am enjoying reading through your posts.
I am a knitter and crocheter like you, and have always enjoyed saving - even the smallest amounts do add up.
Thanks for writing
Debra
Hi 56steps, Thanks for reading and for commenting. I am so glad that you are enjoying my blog. Welcome. Having inexpensive hobbies really helps. Congratulations on saving money. I agree with you; it all adds up over time.
ReplyDelete