Retirement Pension advice please
#1
Forum Regular
Thread Starter
Joined: Sep 2008
Location: Avondale, Arizona USA
Posts: 113
Retirement Pension advice please
I'm 65, and I've checked, and found out that I only get about $730 a month from the government if I retire now, and only get $785 if I wait untill I'm 66. I would get about $1100 if I wait until I'm 70. The reason its so low apparently is that I havent worked long enough in this country to get anymore.
My question is, if I retire now, and take the lesser amount, can I still continue to look for full time employment? I recall that in the UK, you could only supplement your income up to a certain amount with part time work after retiring age.
Whats the position here on that? , If I can still work full time, do I have to tell a prospective employer that I'm a "pensioner", and thus give away my age?
Advice would be greatly appreciated.
.
My question is, if I retire now, and take the lesser amount, can I still continue to look for full time employment? I recall that in the UK, you could only supplement your income up to a certain amount with part time work after retiring age.
Whats the position here on that? , If I can still work full time, do I have to tell a prospective employer that I'm a "pensioner", and thus give away my age?
Advice would be greatly appreciated.
.
#2
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
Re: Retirement Pension advice please
Here's a factsheet from the AARP about that very issue. Once you are over full retirement age (66) there is no limit on earnings.
You don't have to tell a prospective employer about your Social Security status. Of course, if you look really old & wasted like me, the employer may draw his/her own conclusions...
You don't have to tell a prospective employer about your Social Security status. Of course, if you look really old & wasted like me, the employer may draw his/her own conclusions...
#3
Forum Regular
Thread Starter
Joined: Sep 2008
Location: Avondale, Arizona USA
Posts: 113
Re: Retirement Pension advice please
Thanks for that Robin. Very helpfull.
I wont be 66 until next may, but I'm tempted to go for it now.
I can get Medicare prior to that though cant I (Part A or part B or whatever? )
Oh, and is it okay to collect pension from the UK and the US? which I would be doing.
I wont be 66 until next may, but I'm tempted to go for it now.
I can get Medicare prior to that though cant I (Part A or part B or whatever? )
Oh, and is it okay to collect pension from the UK and the US? which I would be doing.
Last edited by Peteusa; Sep 10th 2009 at 8:53 pm.
#4
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
Re: Retirement Pension advice please
If you are eligible for Medicare you get that when you are 65.
It is OK to be collecting both US Social Security and UK Old-Age Pension.
Others who have professional knowledge or have researched deeply, please confirm or amend..
#6
Re: Retirement Pension advice please
I'm 65, and I've checked, and found out that I only get about $730 a month from the government if I retire now, and only get $785 if I wait untill I'm 66. I would get about $1100 if I wait until I'm 70. The reason its so low apparently is that I havent worked long enough in this country to get anymore.
When you are 70 ...return the potfull to the SS
and the following month you start getting paid as
if you had worked until 70 and get the $1100
#7
Joined: Jan 2009
Posts: 55
Re: Retirement Pension advice please
I'm 65, and I've checked, and found out that I only get about $730 a month from the government if I retire now, and only get $785 if I wait untill I'm 66. I would get about $1100 if I wait until I'm 70. The reason its so low apparently is that I havent worked long enough in this country to get anymore.
My question is, if I retire now, and take the lesser amount, can I still continue to look for full time employment? I recall that in the UK, you could only supplement your income up to a certain amount with part time work after retiring age.
Whats the position here on that? , If I can still work full time, do I have to tell a prospective employer that I'm a "pensioner", and thus give away my age?
Advice would be greatly appreciated.
.
My question is, if I retire now, and take the lesser amount, can I still continue to look for full time employment? I recall that in the UK, you could only supplement your income up to a certain amount with part time work after retiring age.
Whats the position here on that? , If I can still work full time, do I have to tell a prospective employer that I'm a "pensioner", and thus give away my age?
Advice would be greatly appreciated.
.
Hello,
I would strongly suggest you do some reading on the Social Security website. It is pretty accessible for users. You can file for SS from there directly as well or go into a local branch if you prefer face to face contact.
SS is set up that you can earn so much a year while receiving the benefits. I believe it is roughly $14000 nowadays before SS takes anything from it.
If however you earn more than whatever the said amount is they will take $1 from every $2 earned. This works in your favor though as it will eventually increase the amount you receive once you are at the full retirement age, of in your case 66.
Once you reach 66 you can earn as much as you want.
There is no reason at all you have to tell a prospective employer your age. Actually they will soon find out when they run a credit check on you if they are seriously considering employing you. Ageism is so very hard to prove but it exists. So no need to give them a leg up on rejecting your interest in working for them.
If it were me, and in the not too distant future it will be, I would go ahead and start drawing at 66.
You need to apply for Medicare 3 months before your birthday.
Once again I suggest you get your information from Social Security website itself or take some time to go down to the local office and get the right information directly. If you do not want to wait around you can phone for an appointment.
Good luck with it all.
Last edited by Isabel_7; Sep 11th 2009 at 3:31 pm. Reason: added and subracted
#8
Re: Retirement Pension advice please
Hugh hefner still gets social security despite his income
-- Salary from Playboy: $116,667
-- Social Security: $1,896
-- Dividends and interest: $121,099
-- Rental property: $17,058
-- Income from HMH Productions: $15,808
-- Pensions and retirement: $413
-- Other miscellaneous income: $17,639
--Total monthly income: $290,580
In addition, Hugh has the following assets:
-- $306,548 in cash
-- $36,802,558 in stocks and bonds (besides Playboy)
-- $6,122,990 in a joint account with an unnamed person
-- Total assets (excluding Playboy stock and property): $43,232,096
-- Salary from Playboy: $116,667
-- Social Security: $1,896
-- Dividends and interest: $121,099
-- Rental property: $17,058
-- Income from HMH Productions: $15,808
-- Pensions and retirement: $413
-- Other miscellaneous income: $17,639
--Total monthly income: $290,580
In addition, Hugh has the following assets:
-- $306,548 in cash
-- $36,802,558 in stocks and bonds (besides Playboy)
-- $6,122,990 in a joint account with an unnamed person
-- Total assets (excluding Playboy stock and property): $43,232,096
#9
Forum Regular
Thread Starter
Joined: Sep 2008
Location: Avondale, Arizona USA
Posts: 113
Re: Retirement Pension advice please
Hello,
I would strongly suggest you do some reading on the Social Security website. It is pretty accessible for users. You can file for SS from there directly as well or go into a local branch if you prefer face to face contact.
SS is set up that you can earn so much a year while receiving the benefits. I believe it is roughly $14000 nowadays before SS takes anything from it.
If however you earn more than whatever the said amount is they will take $1 from every $2 earned. This works in your favor though as it will eventually increase the amount you receive once you are at the full retirement age, of in your case 66.
Once you reach 66 you can earn as much as you want.
There is no reason at all you have to tell a prospective employer your age. Actually they will soon find out when they run a credit check on you if they are seriously considering employing you. Ageism is so very hard to prove but it exists. So no need to give them a leg up on rejecting your interest in working for them.
If it were me, and in the not too distant future it will be, I would go ahead and start drawing at 66.
You need to apply for Medicare 3 months before your birthday.
Once again I suggest you get your information from Social Security website itself or take some time to go down to the local office and get the right information directly. If you do not want to wait around you can phone for an appointment.
Good luck with it all.
I would strongly suggest you do some reading on the Social Security website. It is pretty accessible for users. You can file for SS from there directly as well or go into a local branch if you prefer face to face contact.
SS is set up that you can earn so much a year while receiving the benefits. I believe it is roughly $14000 nowadays before SS takes anything from it.
If however you earn more than whatever the said amount is they will take $1 from every $2 earned. This works in your favor though as it will eventually increase the amount you receive once you are at the full retirement age, of in your case 66.
Once you reach 66 you can earn as much as you want.
There is no reason at all you have to tell a prospective employer your age. Actually they will soon find out when they run a credit check on you if they are seriously considering employing you. Ageism is so very hard to prove but it exists. So no need to give them a leg up on rejecting your interest in working for them.
If it were me, and in the not too distant future it will be, I would go ahead and start drawing at 66.
You need to apply for Medicare 3 months before your birthday.
Once again I suggest you get your information from Social Security website itself or take some time to go down to the local office and get the right information directly. If you do not want to wait around you can phone for an appointment.
Good luck with it all.
Extremely helpfull.
Pete
.
#11
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Retirement Pension advice please
I wont get any U.S. SS because I have never worked in the US and I cant get medicare until my USC wife is 62 - I will be 73 near enough then.
That's ok as plan B is in place - perhaps the new 'group' health policy per Mr O will be in force when we need it and before we get medicare - if that's affordable then she can retire early
Medicare will cost me a few thousand $6 pa ish ? from aged 65 to 73. I will have been in country for 5 years at 65 and so elegible to buy in
Course that's if I live - I had a raw onion sandwich with Branston Pickle and 2 yankee carbon dioxide and vinegar beers last night before bed, so I was convinced I was having a heart attack at 3am.
#13
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Retirement Pension advice please
As I was born in the jurassic era and she is a shiny new model, I will have to wait a long while, and I probably wont be drawing it for long before I join Michael Jackson sitting on god's right hand. Better than sitting on Michael's right hand I suppose
Health care is the main concern, so this proposed scheme might be v interesting for early retirees
Still waiting for UK to say if she can get some of my UK State Pension when I start drawing mine and when I pop my clogs. They take about 4 to 6 weeks to reply