Tuesday, August 27, 2013

Weird thoughts on aging

Ok, so this year I'm a whopping 48.  I relate more in the 50's group than the younger group even with still having a 14 year old at home.

I watch folks retiring and think... shouldn't that be me?

 

Thinking this could be brought on by my 30 year high school reunion?  Could be, could be…

 

They're only in their mid-50's (57 or younger) and I think that should be me...

Me? 

Here's how it breaks down:

56 +2 months

2021

NOVEMBER 15th

20

2016

age: 51

30

2026

July

 

You’ll note that I’ll be 20 years of service at age 51… but I won’t be the right age to retire.. I have to be 56+2 months to qualify…. So if the early out states they will give me 6 years, I’m IN!!  Not likely, but worth the thought process.

 

So the breakdown with all things considered is here:

 

 

Age

Years of Service

Age Reached

Years reached

62

5

2027

2001

60

20

2025

2016

MRA

30

2021

2026

MRA

10

2021

2006

*MRA = Minimum retirement age.

 

If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62, unless you have 20 years of service and your benefit starts when you reach age 60 or later (that would be 2025, may as well hang out another year!).  In my case that would be:  30% penalty = penalty 5% * 6 for years of service less than 30 UNLESS I get another job and don’t receive benefits until after 62… just don’t see THAT happening!!

 

2031 is full SS benefits as well… not that I really think that there will be ANY SS by the time I get to that age, but you never know.

 

Color code from above indicates yellow being the “reached” timeline and red being the optimal with no penalty.

So… 2026 it is… and it won’t have to be November, I think my service comp date is now considered to be July 16 so any time after July 16th of 2026 is a GO!

 

That’s just depressing.

 

 

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