The DU Lounge

And if you earned more than a certain amount, there’s a surcharge called IRMAA that you have to pay. The SSA used income info from 2022 when I finally called it quits in October 2024, after being layed off in July. That meant my income for 2024 was only 7/12 of 2022. However there’s a way to get the premiums and IRMAA reduced if that’s happening to you.
Also be aware that they pay a month in arrears (your January check will arrive sometime in February).
Benefits are taxed so make sure you save some for that.
Understand particularly how you’re going to pay for any dental care you might need.
I created a huge spreadsheet of all my fixed and variable expenses and sources of income to understand how long I can survive financially. Many 401k and financial consultants will help you do that for free.
I forgot to include any form of interest on my investments and was scared stiff because it looked like I only had 12 years worth of funds. A talk with the retirement specialist at the bank cleared that up very quickly.
I don’t know how I had time for work! I actually spent some time with a mental health professional preparing and got some excellent ideas and feedback.
My biggest challenge was/is expected loneliness and the lack of stimulating conversations that were a constant feature of my job. But I’ve returned to several hobbies after many years of not having time for them.
The senior center is a fantastic resource locally, I hope yours is too.
Best wishes