Surviving On Part Time Income Before Retirement.

[Yarome]

I'd check how it will impact your Social Security.

If he's not secure in the belief that his friends and neighbors will still like him if he retires, they weren't really all that good of friends and neighbors to begin with, right? Who needs em!?

 

[Camelfilter]

Isn't it true that you can't receive ss benefits if you have more than $1000 in cash assets? No idea.

Not true.

 

[Certaindeaf]

Not true.

Pretty sure it says as much in their literature.

 

[medicman29]

SS disability insurance, and it's 2000 in cash assets with a monthly income limit of 1700 per month for an individual. the asset limit for couples is 3000, but thats for disability only. normal SS, there is no limit at this time, at least from what I've read. Im not even close to eligible for SS benefits yet, but that's what I found.

 

[Certaindeaf]

SS disability insurance, and it's 2000 in cash assets with a monthly income limit of 1700 per month for an individual. the asset limit for couples is 3000, but thats for disability only. normal SS, there is no limit at this time, at least from what I've read. Im not even close to eligible for SS benefits yet, but that's what I found.

I think you have it backwards. I believe there's no limit for disability.

For normal ss benefits,

"To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit. Countable resources are the things you own that count toward the resource limit. Many things you own do not count."

And

"How much money can you have in the bank when receiving Social Security?

WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple."

 

[nammac]

I think you have it backwards. I believe there's no limit for disability.

For normal ss benefits,

"To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit. Countable resources are the things you own that count toward the resource limit. Many things you own do not count."

And

"How much money can you have in the bank when receiving Social Security?

WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple."

Just another reason to keep cash in the safe….

 

[arakboss]

I think you have it backwards. I believe there's no limit for disability.

For normal ss benefits,

"To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit. Countable resources are the things you own that count toward the resource limit. Many things you own do not count."

And

"How much money can you have in the bank when receiving Social Security?

WHAT IS THE RESOURCE LIMIT? The limit for countable resources is $2,000 for an individual and $3,000 for a couple."

I believe SSI is the disability form of Social Security. Lots of rich people collect the regular social security.

 

[arakboss]

I heard back from the boss today and he said we can give the half day pay outs of PTO a try as an experiment. The latest PTO request I turned in was for two full days. I am going to amend it to one half day and one full day. I informed him that I want to work a half night on the day I leave for the cabin. That should allow me to get down to the cabin property about 8am in the morning.
I will have a good part of the first day, all of the 2nd and 3rd days to work. I will pack up the morning of departure day.

 

[Certaindeaf]

@arakboss , I read where for you, unpacking/packing is a time suck and sucks. I'm the same way when I go camping etc.
If I did it a lot, like you do when you go to the cabin, I'd keep totes/bins with all that crap in it permanently so all you have to do is transport the totes and replenish, wash etc. whatever as-needed.

 

[arakboss]

@arakboss , I read where for you, unpacking/packing is a time suck and sucks. I'm the same way when I go camping etc.
If I did it a lot, like you do when you go to the cabin, I'd keep totes/bins with all that crap in it permanently so all you have to do is transport the totes and replenish, wash etc. whatever as-needed.

I do that now but I need to refine and streamline it. I was leaving a lot of items at the cabin, that I now have to pack and bring with me each time. That is going to require a rethink on how my stuff is packed and stored away. What I bring with me depends on time of year and what projects I am going to be working on. It won't always be the same stuff I bring with me but there is definitely a core group of items that I always take. I will work on streamlining the packing process over the next few trips.

 

[P7M13]

If you are physically able to work and the only reason to stop is out of "wants", I would recommend continuing to work FT and better yourself and your family.

There is wisdom in this, as long as you enjoy it. I knew two retirees who died within one week of their retirement - both massive heart attacks.

Isn't it true that you can't receive ss benefits if you have more than $1000 in cash assets? No idea.

That's SS insurance like nursing home care. It guarantees you get a sh1t retirement home if you need assisted care. Beats living in a box under an overpass, though.

 

[Pops1911]

Yeah did that TWICE. Went back to full time BOTH times. Still a'workin for a livin'.

 

[Certaindeaf]

There is wisdom in this, as long as you enjoy it. I knew two retirees who died within one week of their retirement - both massive heart attacks.

That's SS insurance like nursing home care. It guarantees you get a sh1t retirement home if you need assisted care. Beats living in a box under an overpass, though.

Yay, it was concerning me a bit for a while.

 

[FireArm]

start a YouTube channel or OF. its financially responsible retirement.

 

[monkeybutler]

Pretty sure it says as much in their literature.

(Ignore, answered by someone else)

 

[Certaindeaf]

(Ignore, answered by someone else)

See post 73 so no.

 

[monkeybutler]

That's SS insurance like nursing home care. It guarantees you get a sh1t retirement home if you need assisted care. Beats living in a box under an overpass, though.

Correct. This is why my dad was paying $10k/month out of pocket for my mom's Alzheimer's care until she died. If he was broke, .gov would have ponied up.

 

[monkeybutler]

I really like corn.

 

[Defense Minister]

This couple was living off a few hundred dollars a month. That makes me wonder why I am taking home $2600 a month and don't have the amount of nature time they do.

They left out a ton of expenses like medical care, clothing, recreation, household and toiletry items, maintenance/repairs to their home, and retirement savings.. Oh, and the fact that their home is a van… It's easy to live that cheap if you don't have kids, and you're out of touch with what you actually need!

I don't know how old you are, but I'm working to position myself so that I can do a similar thing in a few years IF I want or need to. I'll be 55, and my home will be paid for which is a key element to partial early retirement.

 

[nammac]

Another train of thought, if Social Security factors into your retirement income in a major way, is to keep those income levels as high has possible as retirement approaches.

The calculation used to include the last 10 quarters of earnings or something along those lines. I'll have to go look at that again…

As for me, I'm targeting 72 as my retirement age…