Thank you so much @thumper1 and @camathmom. I am starting to think about what I should do and need to explore my options. I will definitely speak to someone about this.
@deb922, you don’t have to wait til 59.5 to roll over to an IRA. I would thoroughly investigate the Social Security issue first, however. The agency you worked for would be familiar with the issues.
I believe if you have 30 or more years of substantial SS earnings, the windfall and offset will not apply. This would mean you would not have your SS reduced and you could collect on your spouse’s SS. There are several colleagues where I work which this was sadly not the case. They did not have the 30 years, their spouses passed before ever taking SS, and they qualify for $0. Also, their own benefit is greatly reduced.
Welp, I think the only good news out of this is that we’ve done a good job of savings as if social security income will never be there.
I will definitely check things out, but I suspect that I will never be able to collect on my H’s SS and that I will be doomed to collect off of a part time job that I worked and made less than $10,000/year.
People currently in the work force should make plans as if that will be the case, since the government’s finances keep getting worse.
The same applies to Medicare. However, planning for the absence of Medicare is an even bigger savings task (and may be impossible for many people to save enough for), since the cost of medical care keeps going up.
@deb, does your previous plan give you an estimated monthly benefit ? Is it a traditional pension plan or a 401k/403b? I looked at the Gov’t Offset Calculator on the SS website and they ask for a monthly benefit. You can PM me.
IIRC, it’s a %age of your work years.
But really, this person needs to talk to their pension folks to get the answer!
I worked with teachers who worked first jobs contributing to SS for 25 years, and then taught for 10. They were not, I believe, subject to the offset and windfall provisions when they retired.
You may be right @thumper1 I just know it applies to me as I have more than 20 years of not paying into SS and I’m 50. Seems like a sliding scale where 30 years of substantial earnings as they define it yields 90% and it goes down from there.
https://www.pewsocialtrends.org/2019/03/21/retirement-social-security-and-long-term-care/
Most non-retired American adults believe that Social Security benefits will be reduced or non-existent when they retire.
Percent saying they will see Social Security at
current levels / reduced levels / no benefits / age group
16 / 42 / 42 / all
15 / 42 / 42 / 18-29
11 / 37 / 52 / 30-49
23 / 48 / 28 / 50+
For those who agree with the majority viewpoint here, are you planning retirement savings based on reduced or no Social Security benefits, if you theoretically will be able to get them?
Of course, there is also Medicare, but the survey did not ask about that. (The rest of the survey shows a lot of pessimism about various future expectations.)
“For those who agree with the majority viewpoint here, are you planning retirement savings based on reduced or no Social Security benefits, if you theoretically will be able to get them?”
I didn’t factor in SS when deciding to retire. Not eligible for SS yet but I will get something but I’ll treat as extra. Granted, I realize I am fortunate and many need SS as part of their retirement plan.
We are hoping and guessing SS may pay my Medicare B premiums. If it does and there’s any extra, great. We aren’t rally counting on it and it will be pretty modest anyway. We recognize this is a very fortunate position to be in and are grateful we don’t have to rely upon it.
@mom2collegekids , many thanks for starting this thread 5 years ago.
I’ve been reading closely and learning a TON from everyone.
My retirement from MegaHealthcare is set for this July 5, 2019!!
That will be MY independence day , one day after our country’s.
I will be 62 3/4 years old, DH 67.
I had thought/wanted to work till 65 but the stress level is too high for me, affecting my health badly.
Two adult children, one independent, homeowner, to be married this summer. Our other has special needs but has found a wonderful life in a supported group living community.
DH has a small SS check each month, has Medicare A now, will add part B when I retire.
I’m fortunate to have a hefty pension after 41 years w employer, SS and 403b I’ve contributed to for about 30 yrs.
We will have retiree health benefits for me till age 65, then supplement medicare after.
Still, I suffer from the ‘do I have enough’ syndrome. We’ve decided I might not ever feel as we do so if necessary we would adjust lifestyle further rather than push for me to work longer.
We did sell our house of 35 years last year in a small city and relocated to a lovely tiny lake house in nearby county.
Equidistant between both kids.
Time to drag the kayaks out.
Thanks and good luck to everyone here!
" relocated to a lovely tiny lake house in nearby county.
Equidistant between both kids.
Time to drag the kayaks out."
That sounds ideal! Congrats and enjoy the well-earned retirement years.
@musicmom - It sounds like you made a great decision …and just in time to enjoy the summer season at the lake! We are so happy for you.
@musicmom - Excellent!
Thanks for your kind responses!
They reinforce that I’m on the right path.
I first came to CC in 2004 when our son was auditioning for music performance schools. All these years later l find the posters here to be just as supportive and generous on topics having nothing to do with college admissions!
It’s a great place to hang out…maybe I’ll bring CC with me on my phone when I cruise the lake in my rubber ducky floatee.
And here is our @musicmom - she invested wisely, retired, and is floating away on her rubber ducky while surfing CC Parent Cafe. 
@ucbalumnus, when we did our financial plan in 2011, it assumed that my estimated benefit is $3,000 per month would start at age 70 and my wife’s spousal benefit would be $1,100 per month starting at age 66. I actually have no idea if these numbers are reasonable or likely.
It also assumed that I would cut back to half-time at age 65, which I have no desire nor intention to do, and that I would stop working at age 80 (no interest in that either, but there will be some point at which either mind or body won’t be up to it). However, I’ve been going in the other direction: I’ve co-founded a new company (in addition to my existing company) this year.
@musicmom, I have found CC folks to largely be helpful both on college-related stuff (now in the rear-view mirror) and non-college-related issues. As I have to make decisions about Medicare and SS, I will tap this group’s wisdom.
On some issues, I have found some snarky people or people who somehow consider it threatening if someone has made a different choice than they have made.
I both want that inflatable swan, and to look like that woman on the swan! Who cares about her portfolio. 
Which one if you had to choose only one; swan or the look?
@musicmom Congrats on retirement and welcome to a new life.