Looming Retirement

[John Ross]

You are lucky, saying you can make as much as you want, now.
Over roughly 30K, I have to pay 42% income tax, instead of 26%.
If I make, I think it is 56K, they start clawing back my Old Age Pension, 
which I think is the same as your Social Security.
So I am in the enviable/unenviable position of being screwed for any extra I 
make.
Only in Canada, they say. :-)
John M. Ross
Windsor, Nova Scotia, Canada
jrpiano@win.eastlink.ca
----- Original Message ----- 
From: "Avery Todd" <avery1@houston.rr.com>
To: "pianotech" <pianotech@ptg.org>
Sent: Friday, March 11, 2005 6:02 PM
Subject: Looming Retirement


> List,
>
> Well, everybody, believe it or not, I've reached my FULL retirement age, 
> 65 + 4 months as of the 12th of March, to start collecting my full Social 
> Security benefits. The great thing about it is that now, since I waited 
> for that, I can make as much as I want to without any penalties! That 
> means that I can keep working full-time, plus any outside work, and I 
> won't have any deducted from my SS check.
>
> I went in yesterday morning to do the applying thing and found out that I 
> will get a full March check the 3rd Wed. of April, because I'm eligible as 
> of the month I reach full retirement age!
>
> I also found out the other day that because the school now has what is 
> called "the rule of 80", I'm only going to HAVE to work 2 more years to 
> get my full retirement from the Teacher Retirement plan. Rule of 80 is 
> your age plus the number of years of service have to add up to 80. I found 
> out today that they figure it based on your employment date, so I should 
> be able to retire, if I want to, in 2 yrs. this month. Of course, they 
> figure it on a certain percentage, based on how many yrs. of service, so 
> the more years I actually work, the higher that percentage will be.
>
> Just thought I'd share the wonder that I made it this long! :-)
>
> Regards,
> Avery
>
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