retirement

[zhead240]

after 35 years on the high seas I retired on Wednesday. fished lake erie and lake huron ( commercial gill nets) mostly for perch walleye whitefish and lake trout. tough hard job. no pension, only a hardy hand shake and a fine farewell. fortunately me and the wife lived modestly within our means. the zed and 68 mustang ( which she recently sold) were the only extravagant purchase for us and that was late in life. after getting up at 3 oclock every morning now I can toss the alarm. lots of time to cruise and golf.

[hr369]

Congrats you're out of the rat race alive. Every day will be a sunday now. Only problem with that is, time seems to speed up when you're not counting the days until the weekend rolls around.

Enjoy, and throw that alarm clock in the trash can.

[siteunseen]

Yes, congratulations!  You will get Social Security, right?  

I've worked construction most of my life and got that same handshake and pat on the back but that was it.  A year later they bankrupted in 2008 when the bottom fell out.  I got out just in time. 

[Patcon]

Congrats. Lower those scores and put some miles on that car...

[Namerow]

I didn't know there were any fish left in Lake Erie!

BTW, if you'd like to read some great stories about the trials and tribulations of life as an independent commercial fishermen (or 'fisher', as the CBC likes to call them), find a copy of ''Song of the Sirens" by Ernest Gann.

Congrats on your retirement.

[zhead240]

everyone who works pays into Canadian pension plan ( CPP)which you can collect at age 65, but you can apply anytime before at age 60 and take less money the earlier you receive it. old age pension starts at 65 and everyone gets this. you have to pay taxes on these incomes even though you can't live on it. where i'm from few companies have pension plans, only public and government workers get it.

[jfa.series1]

58 minutes ago, zhead240 said:

everyone who works pays into Canadian pension plan ( CPP)which you can collect at age 65, but you can apply anytime before at age 60 and take less money the earlier you receive it. old age pension starts at 65 and everyone gets this. you have to pay taxes on these incomes even though you can't live on it. where i'm from few companies have pension plans, only public and government workers get it.

Sounds a lot like things here in the southern provinces.

[siteunseen]

My Mom got out at 62 and regrets it.  She says there's a big difference in the money between 62 & 65.  She worked in the IT department at a hospital, retired and all she does is stay online.  She's nutty as squirrel's turd.

[Patcon]

53 minutes ago, siteunseen said:

She's nutty as squirrel's turd.

I'm not sure she's the only one...

[siteunseen]

Definitely not in my experiences.  Mom's my gauge though, I've learned more from her than she knows.

[psdenno]

As far as Social Security goes, you take a substantial hit if you start collecting at 62 compared to 65.  Something to remember is that if you don't start collecting at 65/66, your entitlement amount goes up 8% a year for every year you delay until age 70.  You kind of have to play the odds if longevity runs in your family.  Interestingly, 70 is the last  legally significant birthday you have to keep track of (16 for driving, 18 to vote, 21 to drink, 65/66 for SS & Medicare, 70 for maximum SS and mandatory time to start tapping IRA accounts for required minimum distributions if you haven't already.) so mark your calendar, take your chances, and plan your retirement Z budget accordingly. 

Dennis

[siteunseen]

1 hour ago, psdenno said:

As far as Social Security goes, you take a substantial hit if you start collecting at 62 compared to 65.  Something to remember is that if you don't start collecting at 65/66, your entitlement amount goes up 8% a year for every year you delay until age 70.  You kind of have to play the odds if longevity runs in your family.  Interestingly, 70 is the last  legally significant birthday you have to keep track of (16 for driving, 18 to vote, 21 to drink, 65/66 for SS & Medicare, 70 for maximum SS and mandatory time to start tapping IRA accounts for required minimum distributions if you haven't already.) so mark your calendar, take your chances, and plan your retirement Z budget accordingly. 

Dennis

I "LIKE" what you say Dennis, I'm maxed out for the day though.  Ten per day and I'm an early riser.