Dept. of Ups and Downs

[kaffy_r]

Saturday Evening, and I Wish I Were Older

Well, we can scratch that plan of retiring when I'm 62 off the agenda. First, someone reminded me that although I can retire when I'm 62, I won't be eligible for Medicare until I'm 65.

And then I found out that I actually don't get 100% of my Social Security pension until I'm 66 years and two months old, not 65, as I'd assumed. That was an unpleasant surprise that came to me rather late, since the changes went into effect after a 1983 change in the law, and yes, I managed to miss it over the 32 intervening years, as I suspect a lot of people did (but seriously, kaffyr ... seriously? You, a reporter, managed to miss this rather huge change that was undoubtedly talked about at length publicly?) So if I actually quit when I was 62, I'd only get 74 percent or so of my pension. Augh. Not doable, not in the least.

This threatened to screw over my day - and, given that my shrink declined today to prescribe me the kind of anti-anxiety help that my two other doctors thought I should have on hand for emergencies, instead upping my regular dose of gabapentin instead - screwing over my day was not something I wanted to deal with. 

And then I decided not to let it get me down. If I can manage to last even four more years, I'll get over 90 percent of my pension, and it will give me four more years to put into my 401K as well. And that's all to the good. 

To be truthful, I think part of my desire to quit when I'm 62 is my belief that my current employer is going to try to break the union in 2017; I'm not sure it won't be successful, and the thought of working in a non-union environment, or losing any of the benefits that I worked very hard over the last few decades to gain, was filling me with a lot of not-so-nebulous dread. 

Still - four years and change? I can do it ... maybe not standing on my head, but I can do it. 

Comments

[intrigueing]

Ouch! That sounds like a pretty terrible collection of bad news. The bait-and-switch type of bad news is the worst.

[kaffy_r]

True - but I have only myself to blame for not noticing, and I decided by the end of the day not to let it get me down. Or at least, not to let it get me too down.

[shanghaied]

Of course you can do it. You got this far! And remember, for over a million years our species made do without a 401K, whatever that is :-)

[kaffy_r]

Absolutely true, and thanks for the cheerleading! It's what I eventually worked my way around to by the end of the day. I don't have to like the unexpected news, but I don't have to let it depress me.

(For your purely intellectual edification and strictly to provide you with yet another fact you don't really need, a 401k is the term used to refer to an American banking method of saving for retirement. While one is working, one can put the money into the account and not be taxed on it. Once you begin using the account, at retirement, it becomes taxable. Back in the 1980s, many American companies switched from providing pensions to opening 401k bank accounts for their employees, and having employees choose whether or not to put money away in them. In some companies, the 401k participation was mandatory. I have my own thoughts about companies that chose to do that, but I'll spare you them.)

[shanghaied]

My pleasure, as always :-)

Ah, so 401K is like what they call superannuation down here in Shiteville. For some value of 'like', anyway. Oddly enough, a few hours before I saw your post above, I had asked a friend to explain 'super' to me; it seems that there's a definite resemblance to the deducted pension contributions back home (the ones that eventually become the 'old age pension' that OAP stands for - or at least became, since I've no idea what fresh evils the Ire/UK overlords might have wrought on the pension systems since I left), except that the public are strongly encouraged to look after their own super funds - where 'encouraged' means 'nannystate brainwashing by lazy uncaring governments who want each retiree-in-potentia to shoulder the entire burden of pension management'). Of course it's all mysterious and creepy to me, since I believe in the work -> eat, don't work -> starve tooth-claw-red-nature thingummy, where 'work' means 'render service of sufficient value to get another person or other persons to look after your needs and luxuries' (and yes, such service can consist of being excellent enough company that said person or persons would be willing to carry the cost of your support) 0_0

[kerravonsen]

Here, they changed it so that I won't get any pension whatsoever until I'm 67. I can get my superanuation when I'm 60, but that will be all I'll have to live on for 7 years. But I'll have to, because there's no way I'll be able to hold out until I'm 67. I'm finding it hard enough to hold out the ten years until I'm 60.
(sigh)

my belief that my current employer is going to try to break the union in 2017
That's horrible.

[kaffy_r]

Here, they changed it so that I won't get any pension whatsoever until I'm 67.

Eurgh. It sounds like what the American government has done: instead of doing the smart thing, and instituting a truly graduated income tax that would allow for restocking of the social security/pension fund that was started in the 1930s, goverments have instead chosen to steadily chip away at recipients' benefits. Here, the congress scaled the vast heights of disingenuousness in 1983 by claiming to have moved the retirement age back "because of progress in health that allows people to live longer." What they really meant was "We're drawing down Social Security by a) borrowing from it when we shouldn't, and b) refusing to fund it properly, so we're denying people the long-held ability to retire at age 65 so that we can stretch what we have.

"Because we simply can't raise taxes of any kind on the rich and super-rich. They've told us not to."

As I'm reading what you wrote I wanted to ask the difference between superannuation and pension. Did your government pass laws that prevent private companies from paying out private pensions until the age of 67?

[kerravonsen]

the difference between superannuation and pension

Our government was slightly less stupid than the US; they introduced superannuation funds (I think they got the idea from Singapore). The idea is that the superannuation fund is supposed to fund one's retirement; with that idea in mind, super funds get certain tax concessions, and one cannot get the money out until one is 60. Every permanent employee has a super fund, because by law, employers must contribute X percent into the person's super fund. Many people just leave it at that, but one can also contribute extra money into one's super fund.

Thing is, at the age of 60, one gets the superannuation fund in a lump sum, and then one has to invest it in order to give oneself an income. Or else just draw on it until the money runs out. Which means it's basically less secure than a pension.

"Because we simply can't raise taxes of any kind on the rich and super-rich. They've told us not to."

We have that problem with the current government. They are basically stealing from the poor and giving to the rich. This is the first time in my life that I have hated a Prime Minister.

[kaffy_r]

And the pension is a different thing entirely?

[kerravonsen]

The pension is income paid by the government to qualifying retired people until they die. I think that's what you call Social Security? They keep on changing the rules about it; sometimes it's means-tested, sometimes it isn't... it's rather confusing to me.

[kaffy_r]

Ah, gotcha. The fact that the rules get changed often rather amazes me. Trying to get anyone in this country to use means testing would be like getting teeth from a hen.

[kerravonsen]

Well, that's why it keeps changing: one government brings it in, the next government takes it out.

[shanghaied]

Er um my Dearly Beloved has just told me that Aussie superannuation is a private pension plan and the government here does grudgingly hand out a barely-enough-to-subsist-on- pittance to all OAPs even if they've never been employed. Confused? Yep.

[shanghaied]

~waves at kerravonsen~ Please vote to get Scabbott and his scummy cronies thrown out? I can't, Because Foreign. Hopefully though my vile Lib-voting in-laws and the rest of their sort will die off soon and take away some support from the bad guys worst guys demonstrably more evil than the rest of the field of evil politicians.

[kerravonsen]

I keep trying, but unfortunately I live in a blue-ribbon Liberal seat. (sigh)

(For those non-Australians watching, there is a difference between "small-l liberal" and "large-l Liberal" in Australia. The Liberal party are not liberals, they are conservatives. Think "libertarian" if it helps you remember.)

[shanghaied]

My sympathies to you! I'd tell you where my horrible plastic prison shitty living quarters that happened as a result of idiotically deciding to perform 'transportation for the term of her natural life' on myself some years ago place of Aus residence is, but then I'd have to... well, you know :P :P :P

(For those non-Australians watching, there is a difference between "small-l liberal" and "large-l Liberal" in Australia. The Liberal party are not liberals, they are conservatives. Think "libertarian" if it helps you remember.)

Or think 'Tories' if you come from northwestern Europe :-)

[carbonel]

It's 66 years and 4 months for me, which was a slightly nasty shock when I discovered it a year or so ago. I never really thought about retiring early, though I'd be happy to do so if I won the lottery or some such.

[kaffy_r]

I'd never thought about retiring either. Then, about two years ago, I started to lose the joy I've always had in being a reporter. It mapped out roughly to the time I experienced three things: the horrendous negotiations between the Guild and the Sun-Times; the death of my friend Nick; and a noticeable slow-down in my ability to actually write stories.

[carbonel]

Oh, I thought about retiring (as a concept, I mean, not an imminent action) every so often, even though I like my job. But despite having been assiduous about saving, I was always pretty sure I would need the additional bump I would gain from staying employed for the full ride. I'll pass on staying on the job until 70, though.

[thisbluespirit]

Aw, I'm sorry - it's definitely a shock when you were counting down to something only to find it's that much longer in fact! I'm sure you can do it, but it's still rotten. *sends hugs winging your way*

[kaffy_r]

Thanks for the hugs - after a while, I made myself take a look at the situation in perspective, and I can handle, say, four years and four months, which will put me at roughly a 90 percent social security payment. That, I can live with.

As you say, it was the shock.

[scripsi.livejournal.com]

Ugh, what a nasty surprise!

[kaffy_r]

Oh, aye; very nasty, but ultimately not something I should make myself unhappy about. So I'm working very hard on being, as your icon says, a responsible adult about it. Heh.

[a-phoenixdragon.livejournal.com]

Gods, honey...I'm so sorry...

*HUGS YOU HARD*

[kaffy_r]

Thanks - I'm feeling better about it now, a good deal better. And I'm focusing on things like - hey, got a fic written, and fulfilled all my fandom stocking IOUs! Made cookies! Made chicken stew! Am sticking to my physical therapy exercises!

So, all in all - w00t!!1!

Heh.

*hugs to you, you busy lady, you*

[eaweek.livejournal.com]

Oh, you poor thing. My poor mother limped through to 68-69 (she was able to work from home the last eight years or so), then worked one day per week for a couple of years, then finally retired for good last fall, a couple of months shy of 71. I'm so glad she did. May she have many healthy years ahead of her to enjoy being a lady of leisure. But she definitely benefited financially from being able to work until 70--she replaced her car, got some work done on the house, and this year we're taking an actual vacation!!!

I completely understand that feeling of having the rug pulled out from under you. For two straight years, I've anticipated my current boss taking a sabbatical. It was delayed by a year at this time last year, and now it's been delayed pretty much indefinitely; I fully anticipate working for her until I'm 50, unless she decides to retire or has to go out on a medical disability or something (or I find another job somewhere else). It's so horrible to feel like you can see the light at the end of the tunnel, and suddenly you realize the tunnel is 100 or 200 miles longer than you'd originally thought. : (

At least I still enjoy my actual *job*. I love the people I work with, the money is decent, the commute isn't bad (when the T is running, anyway, LOL), the benefits are excellent, and there's enough variety to keep my Gemini brain happy. I can only imagine what a slog it must be to have to keep working a job you don't even like that much any more (especially if you did once love it, which makes the situation all the more sad/ frustrating).

Big hugs to you. All your food sounds yummy, and yay for PT (and hot water!!). : )

[kaffy_r]

Oh, I remember your horrified chagrin when you realized that Boss Lady wasn't going on sabbatical; I felt for you then, and still do now, because I've had horrendous bosses myself. Here's hoping she causes you fewer problems than you expect her to!

And there are times I still love my job; it's just that it has become so very different than it once was and, despite my insistence that I and other older reporters can be more flexible than people give us credit for, constant adjustment also means a certain amount of stress and weariness.

The PT seems to be a good thing, indeed. And the hot water? Paradise!

[eaweek.livejournal.com]

See my most recent post if you want to read about the latest antics of Dean Lady. Very glad to have a three-day weekend!

I read your latest post, and I'm glad to hear your week off and a couple sessions of PT have worked their magic.

Trying to find ways to avoid stressing out is no easy feat. It wasn't until this weekend rolled around, and my body completely relaxed, that I realized just how tense I'd been. Ugh.

Hugs to you... hope you enjoyed the holiday!

[kaffy_r]

*heads over to read*

[flowsoffire.livejournal.com]

Ugh, no… I'm sorry about the bad surprise :( Good for you, trying not to let this drag you down, though. You can deal with this! You're a trooper ♥

[kaffy_r]

Well, at least I'm trying to be a trooper. Heh. ♥

[flowsoffire.livejournal.com]

Best you can do, dear! ♥