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Daycare Center and Family Home Forum>More Questions About Retirement
Lucy 07:22 PM 01-27-2014
I was reading the other thread about retirement and was going to post there, but didn't want to hijack.
Background:
The way my husband's union works, when your age plus years of employment add up to 80, you can retire. (You don't HAVE to, but you CAN.) For him, that will be in 2015. I'll turn 52 that year, and will have been self-employed for 21 years. My tax guy has had me paying Social Security taxes. I do home-based family childcare.
Ok, so my question is... if I decide to retire with him, can I get SS? At age 52? I don't think so ?? Can I get anything? Or would we just have to live on his pension and his SS? I have no idea how much either of those would be. I think he gets updates projecting how much his retirement would be, but I don't remember right now. I'm thinking I'll probably have to work at least part time for awhile, but I really don't want to. On the other hand, I don't want to live with money worries all the time either.
The other issue is health insurance. I know we have all this uncertainty with the Affordable Care Act (Obamacare), and I'm not really sure how that will play out, but I'm wondering what our options are for insurance once he retires. I've been on his insurance ever since I became self-employed. I assume we'll have to purchase our insurance through the ACA once he retires?? Do you think it'll be expensive? I have Type 2 Diabetes, and need 3 prescriptions, plus lab work every 3 months. On his good insurance through Teamsters, all of that stuff has been very affordable for us. But won't it be really expensive once we purchase one of these so-called "affordable" plans through Obamacare? Not just the premiums, but the co-pays and deductibles???
He'll probably end up working 2 or 3 more years because of me.
I know those are complex questions, and I don't expect anyone to be an expert in the area. But if you have any light to shed at all, please do so! I really should research all of this. I don't even know where to go or whom to ask. I have no clue. HELP!
Background:
The way my husband's union works, when your age plus years of employment add up to 80, you can retire. (You don't HAVE to, but you CAN.) For him, that will be in 2015. I'll turn 52 that year, and will have been self-employed for 21 years. My tax guy has had me paying Social Security taxes. I do home-based family childcare.
Ok, so my question is... if I decide to retire with him, can I get SS? At age 52? I don't think so ?? Can I get anything? Or would we just have to live on his pension and his SS? I have no idea how much either of those would be. I think he gets updates projecting how much his retirement would be, but I don't remember right now. I'm thinking I'll probably have to work at least part time for awhile, but I really don't want to. On the other hand, I don't want to live with money worries all the time either.
The other issue is health insurance. I know we have all this uncertainty with the Affordable Care Act (Obamacare), and I'm not really sure how that will play out, but I'm wondering what our options are for insurance once he retires. I've been on his insurance ever since I became self-employed. I assume we'll have to purchase our insurance through the ACA once he retires?? Do you think it'll be expensive? I have Type 2 Diabetes, and need 3 prescriptions, plus lab work every 3 months. On his good insurance through Teamsters, all of that stuff has been very affordable for us. But won't it be really expensive once we purchase one of these so-called "affordable" plans through Obamacare? Not just the premiums, but the co-pays and deductibles???
He'll probably end up working 2 or 3 more years because of me.
I know those are complex questions, and I don't expect anyone to be an expert in the area. But if you have any light to shed at all, please do so! I really should research all of this. I don't even know where to go or whom to ask. I have no clue. HELP!
Laurel 03:22 AM 01-28-2014
I know almost nothing but my friend who is older than me said she called the Social Security office and they are very, very nice to answer questions.
I went online to the Social Security site and that answers a lot of questions also.
The little of what I have checked so far puts the beginning age to receive SS at 62 unless you are disabled as far as I can see. A wife can take from her own benefits or her husband's but I think she has to take her own until he retires and then she can take a combination of both (whichever way comes out to a higher amount). How old is he?
I know nothing about the insurance but someone on another forum said if you have trouble navigating the ACA information that there are brokers authorized to help you. Not sure where you find them though.
I don't have a clue either really. Can you tell?
Laurel
I went online to the Social Security site and that answers a lot of questions also.
The little of what I have checked so far puts the beginning age to receive SS at 62 unless you are disabled as far as I can see. A wife can take from her own benefits or her husband's but I think she has to take her own until he retires and then she can take a combination of both (whichever way comes out to a higher amount). How old is he?
I know nothing about the insurance but someone on another forum said if you have trouble navigating the ACA information that there are brokers authorized to help you. Not sure where you find them though.
I don't have a clue either really. Can you tell?
Laurel
MyAngels 05:26 AM 01-28-2014
Both you and your husband should be getting statements around your birthday from the Social Security Administration showing your contributions and projected monthly payments based on your retirement age. I think Laurel is right that the minimum age to draw Social Security is 62. I also think you're far better off to wait to draw from Social Security until your full retirement age (maybe 70?).
You should check with your husband's employer to see if they will continue to offer insurance once he retires as part of his retirement package. I know my mom's company did that although she had to pay a bit more to keep her insurance.
When I navigated the ACA website I got a quote for $420 per month for and 80/20 plan that had a $1200 deductible and $4000 out-of-pocket limit. We make too much money to qualify for any discount, so your actual cost may vary depending on your retirement income.
You should check with your husband's employer to see if they will continue to offer insurance once he retires as part of his retirement package. I know my mom's company did that although she had to pay a bit more to keep her insurance.
When I navigated the ACA website I got a quote for $420 per month for and 80/20 plan that had a $1200 deductible and $4000 out-of-pocket limit. We make too much money to qualify for any discount, so your actual cost may vary depending on your retirement income.
MyAngels 05:30 AM 01-28-2014
Also, under the ACA, they can't charge you more because of any pre-existing conditions so your diabetes and such won't cost you any more than someone who doesn't have health issues.
Laurel 08:34 AM 01-28-2014
Full retirement age is determined by the year you were born. Mine is 66. You can still draw Ss but at a reduced payment until you reach your full retirment age.
grandmom 03:10 PM 01-28-2014
Originally Posted by Lucy:
The other issue is health insurance. I know we have all this uncertainty with the Affordable Care Act (Obamacare), and I'm not really sure how that will play out, but I'm wondering what our options are for insurance once he retires.
In WA if you sign up for the healthcare act, the state can recoup the costs of care from your estate! Be ware of what you sign up for.The other issue is health insurance. I know we have all this uncertainty with the Affordable Care Act (Obamacare), and I'm not really sure how that will play out, but I'm wondering what our options are for insurance once he retires.
Sunchimes 06:10 PM 01-28-2014
You can start drawing at 62. If you take it at 62, you only get about 70%. The longer you wait, the more you get. However, if you retire at 62, that is the amount you get the rest of your life (except for COL raises). It doesn't go up when you reach full retirement age. It's a calculated risk-are you healthy? Do you believe you will live until 66? My mom took hers at 62. She died at 65. If she had waited, she wouldn't have drawn a penny of social security.
http://www.ssa.gov/retire2/retirechart.htm
You can still work if you start drawing at 62. The amount you can earn varies, but when you hit full retirement age, you can earn as much as you want with no penalty. Your tax guy was very wise to have you paying SS. In order to qualify for retirement benefits, you have to have paid in for 40 quarters. It's something that people don't always realize until it's too late.
You can go to ssa.gov and see your benefits statement online. I don't think they mail them out anymore. This may be the right link, but I'm not sure. You might need to surf around a bit. http://www.ssa.gov/estimator/
I can't help with insurance. I still haven't managed to get into the aca website.
http://www.ssa.gov/retire2/retirechart.htm
You can still work if you start drawing at 62. The amount you can earn varies, but when you hit full retirement age, you can earn as much as you want with no penalty. Your tax guy was very wise to have you paying SS. In order to qualify for retirement benefits, you have to have paid in for 40 quarters. It's something that people don't always realize until it's too late.
You can go to ssa.gov and see your benefits statement online. I don't think they mail them out anymore. This may be the right link, but I'm not sure. You might need to surf around a bit. http://www.ssa.gov/estimator/
I can't help with insurance. I still haven't managed to get into the aca website.
Lucy 07:47 PM 01-28-2014
Great info, ladies. Thank you so much for those links. We really have a lot to consider! I'd really love to be able to retire when he does, and live comfortably enough so that we can travel around in our RV. I'm just really worried about the insurance. I'll have to look into whether he can extend his employment insurance after he retires - for a higher premium. As I said, a LOT to consider!!!