Looming Retirement

[Avery Todd]

Hi John,

The only thing that saved me is that I waited until what they consider my 
full retirement age. Otherwise, if I'd retired early, I'd lose (I think it 
is) $1.00 SS for every $2.00 over that I made. I didn't really plan it this 
way but it's the way it's turned out and I plan on enjoying it! :-)

Avery

At 05:46 PM 3/11/05, you wrote:
>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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>
>
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