# Retirement Income From A Job or Social Security?



## ClassicRockr

Mine is from Social Security (only) and my wife will be the same. I took "early" b/c is was so hard for me to find a job at 62 yrs old. If wife is able to stay on her job, she will take "late" at 70 yrs old. 

Wonder how many folks on here are that way, SS only, or retired from a Business or City, County, State or Federal job? What about the military?

I had no ambition to stay in the Navy for 20 years or more, so that was out!
Sometimes I really wish I could have retired from a job, but different things can get in the way of that:
Being laid-off
Company closing
Being Fired
A person's health
Just not liking the job and/or the people worked with. 
Moving/Relocating

So, how did you retire?


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## Falcon

Mostly earned pension from former employer + a smaller check from SS which I earned from the many small jobs I had on and off that started ever since high school.


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## Mrs. Robinson

We sold our business of 34 years in 2010-left it on a Friday and Monday morning I went to work as a property inspector,which I did for 2 1/2 years,then quit and started collecting Social Security at 62. Dh was 62 a few days before we sold,so he started collecting Social Security and was also eligible for Unemployment Benefits because he was an employee of our corporation. So he collected that and S.S. for almost two years,then went to work for the schools as a custodian,part time. Then I saw a job advertised as an estimator/claims processor in an auto body shop(which is what he`d been doing for 34 years) so he applied and was hired on the spot. So now he`s working full time again. He also collects $500 a month from his Union pension. Eventually we will be collecting the rent on our body shop,which we still own,but right now we are paying it all to the Union for an underfunded trust fund. $125,000...grrrrrr. Anyway,I collect S.S and do Foster Care-not a lot of money in it once you feed and clothe the kids but every little bit helps.


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## ClassicRockr

I know if I was to get a part-time job, I could only earn up to $14,160 per year before SS would start taking some SS money away from me. That would be until I reach the normal retirement age of 66 (next year), then I could earn more, but SS would still take away some of my SS money. 

When I talk to retired people, as in "pension" retired, it can be hard for them to understand why anyone would "job hop" during their years of employment. I've been told, "I didn't care what hours were given to me, if I had to travel, if the weather was freezing and lots of snow or if I disliked my job, all I thought about was getting a Pension. That is what kept me where I was."

So, were these "Pension" people lucky to have a job they liked and lucky they weren't laid-off, fired, company closed, had good health and on and on??


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## rkunsaw

Social security was never intended to be the sole retirement income. I collect social security, a company pension, and have some savings from a 401k plan. My house, autos, all debts were paid off before I retired.

I don't have a lot of income but we always spend less than we make every month.


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## ClassicRockr

Well, there are retiree's out there that Social Security IS there only income. Before meeting my wife, I didn't make a good enough salary to contribute to anything. I think the highest salary I made, before her, was $11.50 per hour and that isn't much when living in So California. However, I did make it: owned an old vehicle, rented a room in a house, took my lunch to work everyday and had some left over for some fun on the weekends. Almost embarrassed to say this, but I was 51, two years after meeting my wife,  when I made the highest salary in my life. That was $14.75 hr. 
Like I already stated that I really wish I could have found that "RIGHT" job to stay on for years and retire from.......but that sure didn't happen!


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## oldman

Having a company pension is the kicker, so to speak. Social Security by itself is just not enough to get by on comfortably, but I know that it can be done, if all of the parameters are right. I have read and heard of many cases where people just live on their SS. I think my wife and I could do it, but we would need to make some dramatic lifestyle changes.


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## ClassicRockr

Wife and I will HAVE to do it (lifestyle changes)........no choice in the matter! When she leaves her job, she will only be on SS also. When that happens we will do some lifestyle changes and one of the biggest ones will be getting rid of one of our vehicles. We won't need two. And, b/c she likes to work, she will get a part-time job somewhere. As for me, I enjoyed working, but not as much as she does.


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## oldman

Not bragging, really, I am not. However since you asked, working for an airline as a Captain definitely helped with retirement. My company offered an early out when I was 6 weeks away from turning 62. The early out package contained a bonus payout of 2 weeks of pay for every year of service up to 30 years. I had 21 years with the company, so I received a check for 42 weeks. I also kept my health, dental and eye care insurance until age 65 when I became eligible for Medicare. Now, I receive my SS, pension and Medicare. I also purchased a supplemental plan and Plan D (drug plan). I also had to take my 401(k) and move it into a retirement IRA. I also receive a small pension from a previous regional carrier that I worked for for eight years. 

I feel so fortunate to have what I do. I would liked to have stayed working because I loved flying. Like my Supervisor always  said, "It is good to be the Captain."


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## WhatInThe

ClassicRockr said:


> Well, there are retiree's out there that Social Security IS there only income. Before meeting my wife, I didn't make a good enough salary to contribute to anything. I think the highest salary I made, before her, was $11.50 per hour and that isn't much when living in So California. However, I did make it: owned an old vehicle, rented a room in a house, took my lunch to work everyday and had some left over for some fun on the weekends. Almost embarrassed to say this, but I was 51, two years after meeting my wife,  when I made the highest salary in my life. That was $14.75 hr.
> Like I already stated that I really wish I could have found that "RIGHT" job to stay on for years and retire from.......but that sure didn't happen!



Companies that offer enough years for a significant retirement with benefits are fading just as fast as the pension itself. This means count on working in different fields and for different companies through out your life.

 Too many American not because they are stupid are financially illiterate, many because they feel like they don't need it. Especially when dealing with the details and importance of investing. Even if already invested in the stock market in some way. I'm trying to convince some seniors they can make more interest in bond and income funds than they can with CD interest. Key word and letter-fundS. Even if a company goes bad there are still others in a fund. I know people happy with 50-100 dollars a year interest tops when I've made 5,000 in mutual fund dividends and distributions. Many funds can be entered for as little as $250. 

I will say if you are buying a fund for income through dividends and interest don't assume you can sell per share at a profit. But 50 dollars or 5,000 dollars-which is greater.

And I've mentioned this before and will again. Do NOT wait until you retire to learn about investing.

 Pensions unfortunately are going the way of the dinosaur. So one almost has to learn about 401Ks and IRAs along with investing choices and alternatives.


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## oldman

WhatInThe.....I couldn't agree more. When I was laid off from the airline, I took an evening course at the local college and learned about investing. It almost became a passion of mine. I bought so many periodicals and newspapers, my wife thought I was trying to out do E.F. Hutton at the time. I really sank my heart and soul into it and did a little day trading before being called back to work. It was fun, I made and lost some money, but most importantly, I learned. I watched FNBC at the time, which is now CNBC and I listened and paid attention to the analysts that were on the many shows. All to just gain education. 

I invested in my 401(k) wisely by selecting good funds and of course, being diversified. I also bought some gold and silver, but not the bullion, only certificates (no sales tax). I also kept my brokerage account active and I am back at trading again since being retired, but I am not a day trader. As you probably know, since the collapse in 2009, the market has done very well and so have we that invested. My one big disappointment was buying General Motors, who unlike Ford, collapsed along with my five grand. But, I did well with Ford, Apple, GE and others, including Boeing and United/Continental. American Airlines, not so well, but Southwest made up for my losses. So, when you recommend to diversify, I am with you. When choosing stocks, pick from several different sectors and also include something to hedge any losses with, such as a very good bond fund, or even precious metals. 

The main problem for me has always been how much to be in stocks and how much to be in bonds or safe money. I have steadily been at 80% stocks and 20% bonds or precious metals. I never dealt in currencies, so I stay away from trading those.


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## LogicsHere

I haven't retired as yet, planning to do so at age 70 in about 2-1/2 years. However, my office depends on one client for the majority of our work, and they've not been too giving in awarding contracts the last year and a half so we're slow. Already let go one person and unless a couple of projects come in next month, it will be permanent for her. So right now I'm holding on with some insecurity only because I do need to hold off till 70 before collecting my SS and I don't want to have to dip into my nestegg for 2 years plus paying off a car loan.

When I do retire, the biggest part will undoubtedly come from SS; however, I had a financial analysis done and it appears that I'm in pretty decent shape. Because I care for my handicapped, slightly demented mother, I would prefer being able to work P/T 4 to 5 hours a day if at all possible, but we'll see when the time comes.


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## Bullie76

I'm a single 60 year old and my retirement income comes from interest and dividends. The thing I have to decide over the next 2 years is if I want to take SS at 62 or delay it a few years for a higher payout. There are good arguments on both sides. Delaying is like buying longevity insurance and is the cheapest annuity one can buy by delaying. But the averages show it really doesn't matter when you take it, most will collect about the same over the long haul. 

Maybe I will flip a coin.


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## ClassicRockr

I know some folks that could have waited to get their SS b/c their pension was a nice income, but they decided to go ahead at age 62 and get the "early retirement". Because of my income at the time, which was zero, I had to take "early retirement" from SS. I had used up all of my UI and not having a college degree and/or a certification was killing me for finding a job. 



Bullie76 said:


> I'm a single 60 year old and my retirement income comes from interest and dividends. The thing I have to decide over the next 2 years is if I want to take SS at 62 or delay it a few years for a higher payout. There are good arguments on both sides. Delaying is like buying longevity insurance and is the cheapest annuity one can buy by delaying. But the averages show it really doesn't matter when you take it, most will collect about the same over the long haul.
> 
> Maybe I will flip a coin.


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## Lon

I retired at age 58 and lived on investment income for four years until I could start taking Social Security and company pension at age 62 and then at age 72 I started taking IRA distributions as required by law. I am now just turned 80 and  am content that my income is sufficient to maintain a good and healthy life style. The advice that I took at age 15 from a uncle to save/invest 10% of every dollar that I earned has served me well. He called it SELF TITHING.


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## Twixie

when I was unemployed for a short while..I went around charity shops..car boot sales..etc..

I would buy stuff..and I set up a stall on the Saturday market..sometimes I would make a little..sometimes I would make a lot..

I had some good finds..2 silver bowls..bought for £3.50..sold for £280...and you get to meet people...


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## Meanderer

View attachment 9382


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## Grumpy Ol' Man

Wife and I both began drawing SS at our full retirement age of 66.  Neither have worked for firms that had pension/retirement plans.  We have a small nest egg in annuities, ira's, etc.  I have a fairly nice ESOP that will pay out when I do decide to retire.  Have always said I'll work until 70.  I'll be 68 in November and don't know if I will 'stay in the saddle' until 70.  If I do retire, I will find a 30 to 40 hour/week job to supplement our daily budget.
As others have indicated, we own nothing.  Our home, cars, etc. are all paid for.  It still takes quite a bit to live.  But, our SS will more than cover what we need to get by.  
We won't live 'high on the hog' when we retire.  But, we don't spend a lot and don't see our current lifestyle changing that much.  The biggest change will be moving to full Medicare, since both my wife and I have Blue Cross/Blue Shield through our respective employers.  And, the Good Lord has blessed us both with excellent health.  When that changes.... who knows.


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## Twixie

We are blessed with the NHS in England..so no such worries..we pay nothing..


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## Lady

Twixie said:


> We are blessed with the NHS in England..so no such worries..we pay nothing..


We all pay for the NHS  out of the Ni taken from wages each week Twixie,


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## Capt Lightning

When you talk about SS, I assume this is roughly similar to the State retirement pension in the UK  (used to be called Old age pension). The government have broken promise after promise and gradually raised state retirement age, though I should get mine at age 65.  It's no way near enough to live on (equiv of about $9k), but fortunately I have various pensions from my work.  This enabled me to 'retire' at 56 (wife at 53), though we've been pretty busy ever since.


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## Capt Lightning

You're right lady member, we all pay for the NHS, and sometimes we don't get a very good deal.  Having access to private medical care is becoming more important in the UK.


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## Pam

Twixie said:


> We are blessed with the NHS in England..so no such worries..we pay nothing..



We certainly are! I am in receipt of state retirement pension and no other income so am grateful for the NHS that I don't have the worry of wondering how to pay for my medication/dental treatment/opticians. 

I can't fault the 3 doctors at my surgery, absolutely brilliant.


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## Bee

Lady said:


> We all pay for the NHS  out of the Ni taken from wages each week Twixie,



If you are still working at aged 60 the NI contributions are no longer taken out of wages and we then receive free prescriptions, still do not pay to see a doctor or a hospital visit.

I am very satisfied with the way the NHS works.

Like Pam, the only income I have is state retirement pension so I certainly wouldn't be able to have any kind of medical treatment without the NHS


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## ClassicRockr

For those from the UK, SS retirement (early, regular and late) comes from the U.S. Federal Government. 

Some people here get it, while others don't. My wife's sister doesn't get it b/c the school district didn't take it out of here salary and she never requested to have it taken out. But, she does get a retirement from the school district. A farmer friend, that I graduated high school with, went to his local SS office when he turned 62 (early retirement), but there wasn't any money in his account. Funny, the dude wondered why he hadn't got any SS statements in the mail, like some folks he knew. He didn't have any SS money b/c he has been a farmer (owns the farm) all his life and, when selling grain or livestock, a farmer gets a check that doesn't have SS taken out of it.


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## Capt Lightning

Morning Bee.  As I'm sure you know, England is the only part of the UK that charges for prescriptions.  Certainly here in Scotland, ALL people get free prescriptions, eye tests, parking at hospital etc...  This is great if you have a chronic condition,  serious problem  or an accident .  However, if you have a non life threatening complaint, then you are at the mercy of a system where the administration couldn't organise a drink in a brewery.  This is the time that private medical cover is useful and you can get treatment when you want it.

I'm not saying that this is a good situation. It would be nice if everyone could get treatment promptly on the NHS, but doubtless that would cost us all a lot more.
Similarly, state pension should be much higher and I like the idea that it could be taken early, but instead future generations will hve to work till they drop.


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## Bee

'morning Capt, yes you are quite right I am aware that it is only in England we pay for prescriptions but unfortunately for people in the same position as myself we cannot possibly afford private health care, there for speaking for myself I am very grateful to the NHS and in my area I have nothing to complain about, fortunately with fingers crossed I cost the NHS very little.

My daughter lives approx 10 miles from me, her doctor is an NHS doctor but there have been times when he has sent both my daughter and grandaughter to a private consultant at a private hospital with no cost to either my daughter or grandaughter, how that works I have no idea.


_*Similarly, state pension should be much higher and I like the idea that it could be taken early, but instead future generations will hve to work till they drop.

*_That I wholeheartly agree with, the state pension should be much higher and as regards raising the retirement age, that again I think is all wrong.


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## Debby

We had a 35 year business that we sold about six months before we retired, then we paid off our bills and mortgage with the proceeds and what was left went into my husbands trading accounts.  So we get about a third of our income from dividends and increases in stock values.  We also saved up in our RRSP's (Registered Retirement Savings Accounts for Americans and Brits who've not heard of that.  And with RRSP's, we didn't pay taxes on those funds until we withdraw the money later in our retirement and hopefully/usually at a lower tax rate than when we actually earned it.)  We also have a couple of little rental houses that bring in a wee bit of money.  And my husband took his Canadian Pension Plan (we call it his allowance) when he turned 60 and next year when I turn 60, I'll take mine too.

And when each of us turn 65 we will be eligible for another government pension that will amount to about $500 per month each.  So we're comfortable and unless something really terrible happens, I think we'll be ok til the end of our days and there will be the cash in those trading accounts to pass on to children and grandchildren to help them get their starts in life or to begin planning for their retirements.

The only thing I wish we weren't involved with in the above scenario is being the landlords in those two little houses.  Over all we've had okay tenants with only a couple of real pips to deal with but the aggravation and uncertainty of dealing with unknowns when you have to look for new tenants and get things fixed when you live three hours away is definitely intruding on our tranquility!  

I'm so glad that we were in the right place at the right time to start our business and had the foresight to begin saving even when it was tough.  But then my husband always used to say 'he was born to be retired' which is a nice way of saying he's a lazy guy at heart so he was pretty focused on making sure that somehow we always planned for our old age.


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## Debby

Capt Lightning said:


> Morning Bee.  As I'm sure you know, England is the only part of the UK that charges for prescriptions.  Certainly here in Scotland, ALL people get free prescriptions, eye tests, parking at hospital etc...  This is great if you have a chronic condition,  serious problem  or an accident .  However, if you have a non life threatening complaint, then you are at the mercy of a system where the administration couldn't organise a drink in a brewery.  This is the time that private medical cover is useful and you can get treatment when you want it.
> 
> I'm not saying that this is a good situation. It would be nice if everyone could get treatment promptly on the NHS, but doubtless that would cost us all a lot more.
> Similarly, state pension should be much higher and I like the idea that it could be taken early, but instead future generations will hve to work till they drop.



In Canada, we also have the option of taking our CPP at 65 (soon to go up to 67) and get full payment which in my case would be about $700 a month or to take it early which means I would only get about $550 per month.  Is that the way they do it in Britain?

As for your medical, I think yours is better than ours because while all our medical care is covered, I have heard that for some things there is a bit of a wait (the most serious illnesses and needs are taken care of first so some have to wait).  As well, none of our optical needs or dental needs are covered and only some people (maybe the poorest in some provinces) get their drug needs covered.


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## Capt Lightning

Currently the state pension age in the UK is 65 or 66 depending on your current age.  It is gradually increasing and the requirements  for full pension is changing.  Typical of governments here - promise one thing and then change their minds and mess up everybody.  You can work longer for more pension , but you can't take it early.  The current basic pension is a max of £113 - about $175 US a week.  From next year this changes to a max of approx £150 - about $250 US a week (final figure to be decided), but the contributions needed  for this is higher. 

As for medical cover, the NHS is free at point of delivery, but of course if you're working, you have to pay contributions.  The standard of medical cover is good, but unless it's urgent, you can have to wait months just to see a doctor.   That's where private medical cover comes in useful - to supplement the NHS cover and avoid long waits for non urgent treatment . 

An interesting snippit from the area where I live....  The story of the Turra Coo..  http://en.wikipedia.org/wiki/Turra_Coo


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## Vivjen

The state pension starting dates for women are different.
mine has risen from 60 to 623/4 so I haven't started receiving it yet..

As for NHS, I have never had to wait to see a doctor, unless I have wanted to.
I can get an appointment when I wish, with whom I wish, and my surgery also carries out minor surgical procedures, and does ECGs etc; so cutting down on hospital appointments anyway.
i can't afford private medical care.

 Dentistry is complicated; NHS has a list of standard charges, anything extra is private.
Optics is also odd; I think eye tests are free, and I just don't know about lenses!


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## Capt Lightning

True Vivjen, you don't generally have to wait to see a GP,  but if the GP refers you to a specialist for a non-urgent condition, you will probably have to wait for ages.
Several years ago, I developed a hernia so I saw my GP who referred me to hospital.  Shortly afterwards, I got an appointment to see the specialist - 3  months later!
I phoned the hospital and was told that was the usual wait and I could take it or leave it.  Back to GP who checked other hospitals - surprize surprize their waiting times were identical.... very suspicious.  Unfortunately there were no private clinics near me, so I waited.   No problem seeing the registrar at the hospital, but had to go back for a pre-op assessment.  That was another 4 weeks and when I attended, I was told I didn't need one.  Op was schedulled for a day when I was on holidays and they weren't happy becuse they would miss their targets.  I told them hard luck - I hah to wait for ages for them.   Day of Op.. I was scheduled for early morning - turned up to be told that I was last on the list. I nearly went mad!  Had a word with the consultant who said to go away and come back later. 

The Op went fime under a local anaesthetic and the surgeon was great.  Afterwards I spoke to the consultant again who said she also worked privately and would have done the op for me when I wanted.  Two hours later I was told I could go home - no help - no wheelchair - no pick-up point etc...  Had to walk 500 yards to car in considerable pain.

That's my experience of the NHS.   Hardly a good recommendation.  When my wife had an op some years earlier, I was working and had private medical cover.  The hospital offered a choice of dates, a private room and even a wine list with the menu.  She says that the food was excellent.  OK, I'm sure if I'm carried into A&E  on a stretcher, I'm sure that the NHS will look after me.  If I have another hernia, I think I'll dip into my piggy bank!

Virtually no NHS dentists here, but private dental insurance is very reasonable.


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## Debby

Capt Lightning said:


> Currently the state pension age in the UK is 65 or 66 depending on your current age.  It is gradually increasing and the requirements  for full pension is changing.  Typical of governments here - promise one thing and then change their minds and mess up everybody.  You can work longer for more pension , but you can't take it early.  The current basic pension is a max of £113 - about $175 US a week.  From next year this changes to a max of approx £150 - about $250 US a week (final figure to be decided), but the contributions needed  for this is higher.
> 
> As for medical cover, the NHS is free at point of delivery, but of course if you're working, you have to pay contributions.  The standard of medical cover is good, but unless it's urgent, you can have to wait months just to see a doctor.   That's where private medical cover comes in useful - to supplement the NHS cover and avoid long waits for non urgent treatment .
> 
> An interesting snippit from the area where I live....  The story of the Turra Coo..  http://en.wikipedia.org/wiki/Turra_Coo



Do you ever ask, why don't governments look around the world, see what works in different countries and then try to emulate that in 'their' own situation?  But they always seem intent on doing it their own way.  Oh well such is life.

In Canada there are three 'pensions'.  CPP is what every working person pays into and the amount is based on how high their wage is.  The higher your wage, the more you pay up to a limit.  The worker retires at 65 and you will get your 'allowance' back (in my case it would be about $700, but could go as high as $900 or thereabouts depending on your pay/premiums paid) or I can retire early and claim it at 60 but then I only get $550.00.  Then when I am 65 I qualify for Old Age Pension which I think will give me about $450 and that is a pension direct from the government/younger working people.  

If I was not a worker putting money into CPP, then I would qualify for the Guaranteed Income Supplement which is around $400 or $500 per month.  

As a business owner, my husband had to match the amounts that his employees were contributing to the CPP and since we were also employees of our company, in effect, we were paying the full amount, i.e. the company portion and our employee portion.  

One good thing our government did is give us Tax Free Savings Account which means that we can save $5,000 per year (I think it's supposed to go up soon), invest it any way we want and any increase (like dividends or interest or whatever) doesn't get taxed.  Nice if you can afford to save that much but even if you can only save a little of that amount every year, after decades of investing in that kind of account, you could wind up with a little bit of a nest egg that is not taxed.  Mind you, if our government changes their mind in the next twenty years, maybe the younger generation won't see the benefit of that.  Who knows eh?


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## Bee

I am sorry to hear of your experience Capt Lightning and you do seem intent on knocking the NHS but what would you suggest to the many people in this country that are like myself that cannot possibly afford private medical care, if anything ails us where we may need medical treatment do we just sit back and hope it goes away or do we go to the NHS for help and be grateful for that facility  knowing we won't be landed with a bill at the end of treatment.


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## Capt Lightning

Bee, sorry to give that impression..  My wife has had a couple of falls resulting in fractures, and the NHS has been fantastic at patching her up.  This is what they are good at.  I would also add that my sister was the director of nursing in an NHS hospital and of my nieces, one is a GP, one is a midwife and one is a pharmacist.

  My grumble is that for non-urgent treatment the waiting times can be excessive and their efficiency at managing  is apalling.  I feel there is a need for both NHS and private medicine until the NHS is able to provide an acceptable level of treatment across the board.  Same for dentists.   NHS dentists were virtually unheard of when I lived in Hampshire, and are pretty scarce here in Scotland.  Private dental insurance is very much needed.

I appreciate that not everyone has access to private treatment, but I foresee it becoming more the norm.  Similarly, I expect that future generations will be expected to provide more  for themselves in their old age.


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## Bee

Apologies Capt. for misunderstanding you but I honestly thought you was knocking the NHS, I can concede that in some areas the NHS may not work so well but I don't blame the NHS for that, I think it came more from when Trusts were given areas to manage and a lot of those managers couldn't manage a p up in a brewery.

For my own part I cannot complain about how I have been treated, admittedly I don't need treatment that often................my daughter has an ongoing condition and lives in the same area as myself where the NHS is concerned and she has always received excellent treatment.


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## ClassicRockr

I've read, on this Thread, that "Social Security Retirement was never meant to be an only income". What I'm wondering about is all the people out there that DID NOT stay at a job for (how every many years) and retire from it. Or, businesses that don't offer a retirement at all. 

So, at 62 (early), 66 (regular) or 70 (late), just what can these folks above do but to ONLY get SS Retirement. There is no other retirement for them! Wife and I will be that way.........SS income, only......until either of us can get some kind of part-time job someday.


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## MaggieJewel

I stayed in the US Air Force (came from a military family so I was well indoctrinated before I joined) and my plan from the beginning was to do my 20 and to really retire when I quit (with a modest pension) at 43.  I don't require much to be happy, paid off all my bills in 1999 and live within my means.  I have a service connected disability so I also receive a pension from the Veteran's administration and all my health care is provided by that agency. I realize how fortunate I am in my situation.  Many of my friends are living on their Social Security only.  Some work "under the table" to supplement their income, and some squeeze by month to month and pray nothing happens that requires spending money outside of living expenses.  5 years ago at the depth of the housing crash here in the US, I bought my condo for an almost obscene low amount that I took out of my savings (almost wiped it out), so my monthly expenses are well within my budget.  I plan to take Social Security starting next year (early when I am 62).  I have read that the more you rely on Social Security as your living income, the longer you need to wait.  It will give me a bit more room in my budget for extras.


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## QuickSilver

I plan on retiring maybe in the fall of 2015... or maybe later.. I haven't decided.  I will however start collecting my SS next February as I turn 66 in January and there will be no limit on earnings.  I also have 3 small pensions from previous employers.  I started collecting those when I turned 65.  As for the balance, I've saved and invested, so I will be able to draw an income from that.  Medicare and the supplement will take care of my healthcare... at least that's the plan for now.


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## SusieQ

I plan to retire this March at age 62.  I work as an RN for the state of TX, and will have an annuity plus SS.  It is about 700.00 less than my pay now, so some changes will need to be made.  Who knows, I may go back to work part-time....but I travel every week and it is getting tiring!  Like oldman, I love to fly, but as a passenger.  I don't think flying lessons are in the works, but you never know!


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## Ameriscot

Capt Lightning said:


> When you talk about SS, I assume this is roughly similar to the State retirement pension in the UK  (used to be called Old age pension). The government have broken promise after promise and gradually raised state retirement age, though I should get mine at age 65.  It's no way near enough to live on (equiv of about $9k), but fortunately I have various pensions from my work.  This enabled me to 'retire' at 56 (wife at 53), though we've been pretty busy ever since.



Just noticed this comment.  SS is not the same as the UK pension.  The UK pension is a flat rate.  SS amount is based on how much you paid into it based on your income, a tax on each payday.  So you could get $400/month or $3,000 a month.  All depends.

Also confuses people in the UK when we call is SS. SS in the UK is welfare.


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## Vala

I get soc sec and my husband's pension.  

Mom told me that she remembered when SS started.  It made her mad that they would take the money Dad earned because they were barely getting enough to live on.  She picked up her baby and went to their office, complained and said we will save for that.   The  rep, pointed to the baby and if that baby gets sick and you have to spend that savings how will you live when you can't work anymore.  Mom was  smart enough to   realize how important it was.


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