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Retirement Pension advice please

Retirement Pension advice please

Old Sep 10th 2009, 7:51 pm
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Default 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.

.
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Old Sep 10th 2009, 8:17 pm
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Default 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...
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Old Sep 10th 2009, 8:49 pm
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Default 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.

Last edited by Peteusa; Sep 10th 2009 at 8:53 pm.
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Old Sep 10th 2009, 10:10 pm
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
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.
To the best of my belief, in general;
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..
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Old Sep 11th 2009, 12:48 am
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
............ I recall that in the UK, you could only supplement your income up to a certain amount with part time work after retiring age. ......

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I think you are confusing pensions and means tested benefits.
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Old Sep 11th 2009, 11:58 am
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
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.
Or retire now ..put too one side all those $730 payment into one pot

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
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Old Sep 11th 2009, 3:22 pm
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
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.

.

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
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Old Sep 11th 2009, 3:46 pm
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Default 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
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Old Sep 11th 2009, 4:10 pm
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Default Re: Retirement Pension advice please

Originally Posted by Isabel_7 View Post
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.
Many thanks for all that time and effort Isabel.

Extremely helpfull.

Pete

.
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Old Sep 11th 2009, 6:19 pm
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
Many thanks for all that time and effort Isabel.

Extremely helpfull.

Pete

.
You are very welcome Pete ... it is a lot to think about.
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Old Sep 11th 2009, 6:39 pm
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Default Re: Retirement Pension advice please

Originally Posted by Peteusa View Post
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.
Yes you get the UK State Pension too and the good news is that it is index linked (well, you get the annual raise) - not all countries residents have this, so living in the USA is lucky on this score

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.
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Old Sep 11th 2009, 8:25 pm
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Default Re: Retirement Pension advice please

Originally Posted by exvj View Post

I wont get any U.S. SS because I have never worked in the US
Have you checked that. I'm the same as you never worked in the US but I can piggy back of my wife's SS when she claims and get 50% of hers.
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Old Sep 11th 2009, 8:36 pm
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Default Re: Retirement Pension advice please

Originally Posted by lansbury View Post
Have you checked that. I'm the same as you never worked in the US but I can piggy back of my wife's SS when she claims and get 50% of hers.
Just checked that aspect and I can get some SS when she is actually drawing it. Think it depends on her reduction and my age etc but around a third looks possible under some scenarios. I will use it to upgrade the cat's food from 'fancy feast'

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
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