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"Congratulations" on winning the tontine.
However, due to the demographics crisis, the number of taxpayers per recipient is below 2. When it drops to less that one taxpayer per recipient, things may get dicey.
Never too late to prepare, as they say.
The number of taxpayers per recipient will not drop below 2 in the next 50 years. Millenuals and GenZ are equally, or more, numerous as Boomers. The big drop was between prevoius generations and Boomers, but there is no big drop in taxpayer : recipient ratio after that. In fact, it may get a little higher than 2:1 for a while, since GenX (which will be retiring in the next decade) is significantly smaller than Millenials.
Congratulations. What is the average waiting time for approval of these applications? I'll be applying for Medicare towards the end of this year, Soc security is not coming up for 6 more years (I'll take it at 70). But neither is tied with my retirement, which started 4 years ago when I was 60. It has been largely pleasant so far (even with Covid shutdown), except for being forced (by tripling of local property tax) to sell my small vacation condo which was supposed to be a staple of my retirement .
Don't let them rope you into staying after to "train". Where I work that is the norm. They drag their feet hiring someone new and after the retired person is gone they finally hire someone and ask the retired person to come back to train the newbie. I've already said I will not be doing that. When I walk out that door I will not be walking back in, ever.
It wasn't always like that. Used to be when they knew someone was leaving they hurried up and hired someone, and the transition always went so smoothly. It's the current administration that has turned this job into a nightmare for the last 5 years. I actually used to look forward to coming to work, even after vacations.
I was so happy here, loved that I could enjoy my work as I worked toward retirement. All seemed bliss ahead lol.
Thanks you, also, for your kind words. I just hope my health holds out, because the past few years in this job has ruined it.
PS Sorry for the thread drift. I promise not to derail your thread. I am still grateful you started it and your reply to me, as well. It helps!
I will give my boss a 1-week notice specifically to avoid having to train anyone, and I definitely won't be coming back to do any training. For the last 3 years, I repeatedly warned him that this position should at least have a back-up of someone who could do the minimum if I had to be out for an extended period. He turned a deaf ear, but finally tried to assign a young new hire to be my backup (as an add-on to her main duties) and told me to train her. I informed him that it took me years of experience and several required trainings and certifications to learn how to do this very specialized type of job. You don't just pick it up in two weeks of your spare time. So that was a fail. I have NO sympathy for leaving them with no one to do it. They had years of me warning them, but chose to do nothing. Anyway, as we all know, no one is indispensable, and they'll deal with it in the typical government way - badly. I feel no loyalty towards them and am happy to jump ship with very little notice. It's not a revenge thing, its me finally doing what is best for my own well-being, not theirs.
No worries about the thread drift. I've enjoyed venting about the situation. Family/friends are (I'm sure) tired of hearing me whine about my job, so happy to do it here, one last time! I also used to look forward to being at my job, and also glad to get back to it after a long holiday. But for the last 4 years, i've worked from home and it's been very isolating. The people I used to enjoy have all either gone to a different Agency or retired, so there's been no one left that I liked hanging with.
I'm relatively young at 65, in good health, and looking forward to focusing on getting back to a healthy state of mind and a regular workout routine. Anything else is just gravy.
Last edited by BijouBaby; 04-06-2024 at 08:43 AM..
Congratulations. What is the average waiting time for approval of these applications? I'll be applying for Medicare towards the end of this year, Soc security is not coming up for 6 more years (I'll take it at 70). But neither is tied with my retirement, which started 4 years ago when I was 60. It has been largely pleasant so far (even with Covid shutdown), except for being forced (by tripling of local property tax) to sell my small vacation condo which was supposed to be a staple of my retirement .
It only took the SSA 9 business days to give me a letter of acceptance, complete with my new Medicare number which I needed to give my employer so they could set me up on the retiree insurance plan in time to begin in July. I applied for both SS and Medicare to begin together in July. Don't know how it goes if you apply for them separately. I had read that it could take months to get that letter of acceptance, so I applied 3.5 months in advance of my retirement date, hoping that would give ample time for seamless income and insurance coverage after my job ended. I was pretty shocked that it only took them 9 days!
I applied online and there were a couple of questions that were a little tricky for me because I applied mid-year with several months of employment income plus I will receive an annual leave payout due to come after I start receiving SS. SSA considers this delayed check to be a "special condition" of reimbursement payout that had accrued over the years, not just in 2024, and needs to be reported to them in a particular way. This comes to bear in 2 years with the IRMAA calculation. That payout will not be added in as part of my 2024 income in their IRMAA calculation if reported correctly in the application process. I had to call them 3 times to ask for guidance on how to answers these questions correctly because their included instructions didn't adequately cover the situation. The first two reps. gave me wildly conflicting answers which just didn't make sense to me, with the 3rd guy finally giving the correct guidance which agreed with the instructions and flowed with the rest of the application answers. He actually apologized for the "ignorance" (his word, not mine) of his co-workers. Ha! I'm thankful I listened to my intuition and I decided to call a 3rd time when I got someone who knew what they were doing. Otherwise there would have been a big mess to clean up later. So be careful how you answer the application questions. A wrong step could cause a a big headache later at tax time, and IRMAA issues in the 2-year look back later.
So I can't say how long it will take for you. There's no way to know until you do it. Just make sure you have a "plan B" in case it takes longer than you had hoped.
It only took the SSA 9 business days to give me a letter of acceptance, complete with my new Medicare number which I needed to give my employer so they could set me up on the retiree insurance plan in time to begin in July. I applied for both SS and Medicare to begin together in July. Don't know how it goes if you apply for them separately. I had read that it could take months to get that letter of acceptance, so I applied 3.5 months in advance of my retirement date, hoping that would give ample time for seamless income and insurance coverage after my job ended. I was pretty shocked that it only took them 9 days!
I applied online and there were a couple of questions that were a little tricky for me because I applied mid-year with several months of employment income plus I will receive an annual leave payout due to come after I start receiving SS. SSA considers this delayed check to be a "special condition" of reimbursement payout that had accrued over the years, not just in 2024, and needs to be reported to them in a particular way. This comes to bear in 2 years with their IRMAA calculation. That payout will not be added in as part of my 2024 income in their calculation if reported correctly in the application process. I had to call them 3 times to ask for guidance on how to answers these questions correctly because their included instructions didn't adequately cover the situation. The first two reps. gave me wildly conflicting answers which just didn't make sense to me, with the 3rd guy finally giving the correct guidance which agreed with the instructions and flowed with the rest of the application answers. He actually apologized for the "ignorance" (his word, not mine) of his co-workers. Ha! I'm thankful I listened to my intuition and I decided to call a 3rd time when I got someone who knew what they were doing. Otherwise there would have been a big mess to clean up later. So be careful how you answer the application questions. A wrong step could cause a a big headache later at tax time, and IRMAA issues in the 2-year look back later.
So I can't say how long it will take for you. There's no way to know until you do it. Just make sure you have a "plan B" in case it takes longer than you had hoped.
What a great piece of advice from your experience. I'm 5 years out from filing but you can be rest assured I will remember this post. In fact I copied and pasted it for my SS file.
As I read a number of the other posts on this thread, I must add something that I have heard over the years from those who "retired". I think it may help some...
1. We can retire but still continue in a "part time" basis... more or less working because you want to and on your terms. I love what I do, and that could very well be an option for me when my time comes to "slow down".
2. Another great thought that was suggested to me was finding out what you love to do and find a way to volunteer, helping those that often we never get a chance to help. If you are financially comfortable and able to, the reward of helping others can fill that "hole of retirement" that many experience. I'm in construction (superintendent/safety manager) and I do love my job. I have contacts with Habitat for Humanity and other charities that are similar. I really am excited to get to that stage and give back.
Just my 2 cents that no one asked for. I hope it helps someone....
As I read a number of the other posts on this thread, I must add something that I have heard over the years from those who "retired". I think it may help some...
1. We can retire but still continue in a "part time" basis... more or less working because you want to and on your terms. I love what I do, and that could very well be an option for me when my time comes to "slow down".
2. Another great thought that was suggested to me was finding out what you love to do and find a way to volunteer, helping those that often we never get a chance to help. If you are financially comfortable and able to, the reward of helping others can fill that "hole of retirement" that many experience. I'm in construction (superintendent/safety manager) and I do love my job. I have contacts with Habitat for Humanity and other charities that are similar. I really am excited to get to that stage and give back.
Just my 2 cents that no one asked for. I hope it helps someone....
Good thoughts! I've considered the same for myself as well. I just need plenty of down time to let the ideas drift in. I already have an idea or two, so we'll see. Thankfully, I'm a type B, so enjoy lots of down time to contemplate the universe and my place in it!
Managers do not give a rat's arse what you do outside of doing your job. I have never seen a planned replacement in my decades of work. Management seems reactive at best. All the negative feelings are not absorbed and they exist in your own mind. I think I learned this by 30-ish. They do not F'ing care. They do not care if you quit; they just hire someone else.
It only took the SSA 9 business days to give me a letter of acceptance, complete with my new Medicare number which I needed to give my employer so they could set me up on the retiree insurance plan in time to begin in July. I applied for both SS and Medicare to begin together in July. Don't know how it goes if you apply for them separately. I had read that it could take months to get that letter of acceptance, so I applied 3.5 months in advance of my retirement date, hoping that would give ample time for seamless income and insurance coverage after my job ended. I was pretty shocked that it only took them 9 days!
I applied online and there were a couple of questions that were a little tricky for me because I applied mid-year with several months of employment income plus I will receive an annual leave payout due to come after I start receiving SS. SSA considers this delayed check to be a "special condition" of reimbursement payout that had accrued over the years, not just in 2024, and needs to be reported to them in a particular way. This comes to bear in 2 years with the IRMAA calculation. That payout will not be added in as part of my 2024 income in their IRMAA calculation if reported correctly in the application process. I had to call them 3 times to ask for guidance on how to answers these questions correctly because their included instructions didn't adequately cover the situation. The first two reps. gave me wildly conflicting answers which just didn't make sense to me, with the 3rd guy finally giving the correct guidance which agreed with the instructions and flowed with the rest of the application answers. He actually apologized for the "ignorance" (his word, not mine) of his co-workers. Ha! I'm thankful I listened to my intuition and I decided to call a 3rd time when I got someone who knew what they were doing. Otherwise there would have been a big mess to clean up later. So be careful how you answer the application questions. A wrong step could cause a a big headache later at tax time, and IRMAA issues in the 2-year look back later.
So I can't say how long it will take for you. There's no way to know until you do it. Just make sure you have a "plan B" in case it takes longer than you had hoped.
They ask you for your current-year income in the Medicare application form? I thought they determined the IRMAA every year according to the MAGI reported in your most recent tax return filed with the IRS (to which they have access). Most people don't know in the middle of the year what exactly their current-year income will be (because of variable stock market earnings, changing interest rates for bank accounts, withdrawals from accounts etc. - too many moving parts in the current year).
They ask you for your current-year income in the Medicare application form? I thought they determined the IRMAA every year according to the MAGI reported in your most recent tax return filed with the IRS (to which they have access). Most people don't know in the middle of the year what exactly their current-year income will be (because of variable stock market earnings, changing interest rates for bank accounts, withdrawals from accounts etc. - too many moving parts in the current year).
There is a question on the SOCIAL SECURITY APPLICATION of what your expected employment income will be in 2024. That is confirmed at 2024's tax filing. Income earned in first year that you collect SS is treated differently than it is in subsequent years prior to FRA. I could calculate what my total employment earnings would be by June 30. For the remainder of 2024, my income will consist only of SS and pension. I shouldn't have to take any withdrawals from my portfolio in the foreseeable future. My situation is straight-forward and uncomplicated, no investment income or withdrawals involved until RMDs start 10 years away.
You're applying for Medicare only, so I don't know how that works. I requested Medicare to start in conjunction with SS payments beginning in July. I would suggest calling Medicare and getting more information for your needs. I dealt only with SSA during this application process.
Last edited by BijouBaby; 04-06-2024 at 04:21 PM..
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