Brandonomics is Working! 25% of 62-85 YO's Working, 12% More Going Back to Work

[GTOguy]

Originally Posted by slewfoot

Not me, I did my time.

Me neither. If I went back to work, I'd have to give up 50% of my social security income. If I did that, Badger would be delighted, so we can't have that. We want to use up all the SS money before he becomes eligible.

[Vette40th]

I plan on retiring in about 6 years. House will be paid off, and if all goes well, I wont have much for bills.. Minor stuff. No cars, house, just regular living expenses.

[Ronins2ndCuzzin]

I'm hoping to have a 4th pension by the time I hit 64. Might have around 275-300K in the 401K by then, and hopefully around 125K in cash. 4 incomes and a decent nest egg should make for a comfy retirement. Once I finally hang em up, I will NOT ever return to the work force.

[LATB]

Originally Posted by GTOguy

Me neither. If I went back to work, I'd have to give up 50% of my social security income. If I did that, Badger would be delighted, so we can't have that. We want to use up all the SS money before he becomes eligible.

I don’t believe that you would give up 50%. Don’t think it works that way.

[LATB]

Originally Posted by Ronins2ndCuzzin

I'm hoping to have a 4th pension by the time I hit 64. Might have around 275-300K in the 401K by then, and hopefully around 125K in cash. 4 incomes and a decent nest egg should make for a comfy retirement. Once I finally hang em up, I will NOT ever return to the work force.

I’m working until I drop.
Have a nest egg.
No pension.
Not taking SS until FRA.

[TheHammer]

Originally Posted by LATB

I don’t believe that you would give up 50%. Don’t think it works that way.

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240.

https://www.ssa.gov/benefits/retirem...leworking.html

[LATB]

Originally Posted by TheHammer

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240.

https://www.ssa.gov/benefits/retirem...leworking.html

Correct. But that’s not 50% of his SS income.
And the reason why I’m waiting until FRA before I take SS because I intend to continue to work.

[Onebadcad]

Originally Posted by LATB

Correct. But that’s not 50% of his SS income.
And the reason why I’m waiting until FRA before I take SS because I intend to continue to work.

I will work beyond 65, it will keep me, and my marriage, healthy.
I have a lot of hobbies to support,,,

This may not apply to all, but I have always felt when you stop working you start dying.
Staying active is the key to a longer and healthier life FOR MOST NOT ALL.
If you can get up each day and do physical things, even walking a couple miles 5-6 times a week, you are doing well and holding back death.

[GTOguy]

Originally Posted by LATB

Correct. But that’s not 50% of his SS income.
And the reason why I’m waiting until FRA before I take SS because I intend to continue to work.

What Hammer posted is correct. I took mine at 62 and will be 63 in February. If I worked, I would certainly exceed the 20k ceiling and take the hit.
With plenty of savings, income property, SS and two pensions, the only work I want to do is hobby stuff for friends and myself for gratis.

[Vette40th]

Government never wanted to truly give you your money they borrowed, back.

[TheHammer]

Originally Posted by GTOguy

What Hammer posted is correct. I took mine at 62 and will be 63 in February. If I worked, I would certainly exceed the 20k ceiling and take the hit.
With plenty of savings, income property, SS and two pensions, the only work I want to do is hobby stuff for friends and myself for gratis.

*cash

[tjfontaine]

Originally Posted by Jughead

Glad I didn't retire.

Glad I did ...coming up on 13 years ... went at 57.

[Bill]

Originally Posted by GTOguy

What Hammer posted is correct. I took mine at 62 and will be 63 in February. If I worked, I would certainly exceed the 20k ceiling and take the hit.
With plenty of savings, income property, SS and two pensions, the only work I want to do is hobby stuff for friends and myself for gratis.

Can you fix my radio? I'll pay for shipping both ways.

[ZipZap]

Originally Posted by TheHammer

No surprise;

Average retirement savings balance by age
Based on data from the 2022 Survey of Consumer Finances — the most recent version of that survey — the median retirement savings for all families is $87,000
[1]
. The average retirement savings by age is:

Age group

Average retirement savings balance amount

Under 35 - $49,130

35-44 - $141,520

45-54 - $313,220

55-64 - $537,560

65-74 - $609,230

Average?

Having a very non-linear distribution, that is limited at the lower end (zero) makes average useless.

What percent of American 35-44 y/o have $141,520 or more? It sure as hell ain't 50%. Show me the median. At least this partly corrects for the lower limit on the data set, if not the non-linearity.

[Steve_R]

Originally Posted by ZipZap

Average?

Having a very non-linear distribution, that is limited at the lower end (zero) makes average useless.

What percent of American 35-44 y/o have $141,520 or more? It sure as hell ain't 50%. Show me the median. At least this partly corrects for the lower limit on the data set, if not the non-linearity.

You realize you're talking Greek to most people, right? Schools now don't teach statistics and most people don't know the difference between the mean and the median.

[Torqaholic]

Originally Posted by Vette40th

Government never wanted to truly give you your money they borrowed, back.

Absolutely. I also believe when the dems finally crash our economy retirement saving accounts will be confiscated. Trying to liberate mine as fast as possible without making it look so obvious that they'll come looking for it.

[Torqaholic]

Originally Posted by tjfontaine

Glad I did ...coming up on 13 years ... went at 57.

Me too

[Cool 50th AE]

Originally Posted by Torqaholic

I also believe when the dems finally crash our economy retirement saving accounts will be confiscated.

They don’t need to crash anything to do that.
They will confiscate retirement accounts using a different more inclusive “for the greater good” term that the left embraces.

Because everybody knows only rich white people use retirement accounts as a way to not pay taxes.

[snide]

Originally Posted by Cool 50th AE

They don’t need to crash anything to do that.
They will confiscate retirement accounts using a different more inclusive “for the greater good” term that the left embraces.

Because everybody knows only rich white people use retirement accounts as a way to not pay taxes.

Where's that clip of Obozo telling us that we've made enough money?

[Cool 50th AE]

Originally Posted by snide

Where's that clip of Obozo telling us that we've made enough money?

Doesn’t matter because you didn’t build that.