S/s benefits

[sosoo]

i wonder if anyone knows how many years a pharmacist has to work and contribute before that pharmacist can stop working and just wait until retirement age to collect benefits? for example, i graduated n started working in 2012. i don't want to work until age 62. at some point i should save enough money to just quit CVS and wait until my retirement age. how many years of contribution do i have to make before i qualify?

-out of curiosity ^_^.,

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[Momus]

http://www.ssa.gov/oact/cola/examplemax.html

10 yr minimum. I suggest you prepare to eat ramen noodles in your retirement if that's your only way to save.

 

[Momus]

You should switch job and be in law enforcement instead. 20 yrs and you get to take home $1k/week in pension. 80-100k salary as a police.

 

[BMBiology]

Not enjoying your time at CVS?

 

[pezdispenser]

http://www.ssa.gov/oact/cola/Benefits.html

Yeah 10 years minimum to get Social Security (and Medicare), but your SS is also based on your highest 35 years of earnings. So if you have 10 years of $110k and 25 years of 0, that only averages out to $31k and your benefits will be very low based on that.

Might be better to max out $18k 401k + $5.5k Roth IRA + $20k CVS stock for 20 years or so, and then you'll have plenty.

 

[BMBiology]

Why live for tomorrow? The government will take good care of you. No worries.

 

[BMBiology]

So if you had graduated when you are 26 and plus an additional 35 years of working = you can retire at 61...just a year early

 

[WVUPharm2007]

You should switch job and be in law enforcement instead. 20 yrs and you get to take home $1k/week in pension. 80-100k salary as a police.

If I lose my job, that's probably one of my fall backs. I could be a narcotics po-lice.

 

[BMBiology]

10 years ago people would graduate with just 50-100 k in student loans. They can work full time for a few years and then work part time.

Now, people are taking 20-25 years to pay off their loans. Add a mortgage + family = not retiring until you are 65.

Can you imagine slaving away at CVS in your 60s?

 

[bacillus1]

You should switch job and be in law enforcement instead. 20 yrs and you get to take home $1k/week in pension. 80-100k salary as a police.

And you have to contribute 3-4.4% of your income to that pension, and that 1k gets taxed, at least for federal employees...not that much money to take home.

 

[sosoo]

thats the thing u can only be a slave for so long. i hope i can last 10 yrs with cvs. then do part time or less = )

 

[BMBiology]

And you have to contribute 3-4.4% of your income to that pension, and that 1k gets taxed, at least for federal employees...not that much money to take home.

Do you also put money in social security l?

 

[confettiflyer]

10 years ago people would graduate with just 50-100 k in student loans. They can work full time for a few years and then work part time.

Now, people are taking 20-25 years to pay off their loans. Add a mortgage + family = not retiring until you are 65.

Can you imagine slaving away at CVS in your 60s?

This is why people aren't having kids or buying houses.

 

[bacillus1]

Do you also put money in social security l?

Yes I do.