Wednesday, June 6, 2012

GRATITUDE - June 6, 2012


I have friends that got"downsized" late in life and missed the opportunity to salt away extra money into a 401 K etc.  Their retirement options are fairly limited and working until 66 for full benefits (which may be mediocre at best) is their only option vs. luck in Reno and  winning the lottery.

I chose August 20 as my official start date of retirement...eleven days before my 65th birthday.  

* If I had chosen the 31st I would have been eligible to make an extra $12,000 in wages without penalty between my 65th and 66th birthday....

...that is a downside if only I intended to work all next year...........NOT likely.

*I could have chosen July 20 as my retirement date and received my first retirement check for my birthday...

...that is a downside if I made good wages over $1200 for the month of August and would end up paying a 50% penalty.

etc.  etc.  A good and bad side to each decision.  That said, the first check will arrive 30 days after you retire and will always be one month behind.  If I am still here to cash it, I would be most grateful.


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