May 13 Investing for the Future (Christian)

Indeed. The first time I worked in retail, our store's head janitor was 85! He wasn't going to retire until they made him, or until he went to the Pearly Gates.

Yes, it is very, very important for all people to have retirement accounts.......including stashing away money into savings for the future. The way things are going Social Security may not even be around, so it is imperative for people to think/plan ahead!

My mom worked almost up until she died......she was almost 83........and cleaned "senior citizens'" houses/apartments.......she was an incredible woman....."retirement" was never really an option for her! My dad retired at 65 and only lived a few years after that!!

So very true. Just because you can retire at a certain age doesn't mean you should, it takes a lot of financial planning before you can retire and even then it might mean you having to reenter the workforce

Know the rules on Social Security Plan

1. If you start SS at age 62, your monthly benefit will be about 28% less than FRA.
2. At full retirement age (66 Years) your monthly benefit will be 100%.
3. If you start SS at age 70, your monthly benefit will be about 38% more than FRA.

Cost of Living Adjustment (COLA) will occur on January 1 of each year (0% for 2010)
FRA = Full Retirement Age (66 for most boomers)

Know your income limits because there are penalties if you start receiving Social Security benefits AND work at the same time.
1. Under full retirement age - $12,480 / For every $2 over the limit, $1 is withheld from benefits.
2. In the year you reach full retirement age - $33,240 / For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.
3. No limit on earnings - At full retirement age or older (66 years old for most Boomers)

Taxes are levied on 50% or 85% of your Social Security depending on the amount of other incomes.

You should be working to beef up your retirement plan outside of SS. Save in:
1. Pension
2. Company Retirement Plan - 401(k), 403(b), SEPP
3. Personal IRAs - traditional and Roth
4. Annuities or insurance
5. At age 60, you should consider Long Term Care Plan

Thanks for sharing
HH

Thank you, Marsha.

This was good, thanks for sharing it.

No planning for retirement currently--trying to keep the pantry full:) Hopefully things will turn around.

Thanks you jeff and marsha for the heads-up

Thanks

There is a reason why its being allowed, but I hope you will all understand that our retirements are being robbed from the inside.

My retirement fund shows close to one billion dollars for those retiring. However it is a piece of pager created to prevent people from crashing the system to soon.

The cosmos, that most of you call "God" has many lessons to teach. One will be that you learn can not trust in man made governance, nor its economic system.

As planed, in order to create unity, most of us will have to give up our independence and cohabitate with others in order to survive these final days of the time and space continuum.

Prepare your hearts for a new heaven, and a new earth, for the Old World Order is at deaths door.

Golden Age (is a link)

From my perspective the world is filled with endless possibilities, thus each of us having our own reality to explore and share with others. Therefore, if you do not appreciate my understanding, please do me the courtesy of emailing me to tell me that you do not agree before deleting my comment to your post. I will then do my best to remember you so I do not comment on your posts again.

Because there are no email warning regarding replies to comments made within this software, I will not see any further comments to this post. Therefore, if any have comments regarding mine, please use the “send private message” in order to share your comment with me. Thank you ^_^

I didnt retire I am disabled and let me tell you this is good advice!

Thanks for posting on Getting to 3000 Together.

thank you

My dad was going strong as a radio announcer at the age of 72. If he had not contracted cancer and died, he would still be doing that, as long as his voice remained pleasant to listen to. I hope to be able to always do some type of work.


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