Just joined the ranks of "official geezers....."

[smstonypoint]

I see that Steve has answered your questions. Both of you have me thinking about my service time as well. I have to dig out my records to see if my income (such as it was) showed for those years.

This link explains the extra SS credits for military service: Retirement Planner: Special Extra Earnings for Military Service.

You need to provide a copy of your DD-214 when you apply for SS if you served between 1957 and 1967. You don't have to do anything extra if your service was after 1967.

Steve

 

[dmccarty]

Well, I am ceertainly no where NEAR as old as JDgreen227! In fact, I don't think I belong in an "Old geezers club"! I do love how deepNdirt's mom phrased things though. Makes perfect sense to me! Older women, now we rule!

You are an older woman? I thought you were in the TBN 29er Club? :laughing::laughing::laughing:

Later,
Dan

 

[ovrszd]

This link explains the extra SS credits for military service: Retirement Planner: Special Extra Earnings for Military Service.

You need to provide a copy of your DD-214 when you apply for SS if you served between 1957 and 1967. You don't have to do anything extra if your service was after 1967.

Steve

Steve, I believe it would be in the best interest of anyone with military service history to provide any and all DD-214s to verify that service has been credited. I have four DD-214s and will take all four of them with me when I visit the SSA Office.

Thanks again for the info.

 

[farmgirl19]

You are an older woman? I thought you were in the TBN 29er Club? :laughing::laughing::laughing:

Later,
Dan

29 is "older" women! 25 is the younger set! :laughing:

 

[HarryN]

So.... once you start on SS at 62, what is the maximum income you can make before the SS gets taxed?
Also, do you have to relinquish any interest in a self owned business?

 

[HarryN]

Filed for Social Security benefits online two hours ago, I will hit the mark of 62 years old in 3 months.
One more thing...according to my earnings statement from SS, at the rate of my proposed benefit payout to begin in September, it will take me less than 3 1/4 years to "earn back" everything I paid into SS over a 36 year period...no wonder the system is having financial problems.


Could you tell me what the monthly SS check is when retiring at 62? Is it the same for everybody no matter how much you put into SS during your working years?

 

[rekees4300]

So.... once you start on SS at 62, what is the maximum income you can make before the SS gets taxed?

Married filing jointly it's $32,000.

 

[rekees4300]

Could you tell me what the monthly SS check is when retiring at 62? Is it the same for everybody no matter how much you put into SS during your working years?

Different for everybody. There are many variables but primarily it's based on your past earnings.

 

[smstonypoint]

So.... once you start on SS at 62, what is the maximum income you can make before the SS gets taxed?
Also, do you have to relinquish any interest in a self owned business?

Here's the info from the SSA regarding taxation of SS benefits: Benefits Planner: Income Taxes And Your Social Security Benefits.

You don't have to give up your business, but you do have to keep paying SS and Medicare taxes on your profit: Paying taxes on earnings while receiving Social Security benefits.

Steve

 

[JDgreen227]

Filed for Social Security benefits online two hours ago, I will hit the mark of 62 years old in 3 months.
One more thing...according to my earnings statement from SS, at the rate of my proposed benefit payout to begin in September, it will take me less than 3 1/4 years to "earn back" everything I paid into SS over a 36 year period...no wonder the system is having financial problems.


Could you tell me what the monthly SS check is when retiring at 62? Is it the same for everybody no matter how much you put into SS during your working years?

It varies...depending on your career earnings...I began working part trime in 1967 and retired from a full time job in late 2002, earning $456 that first year :laughing: $27400 in 1988, $43372 the year I retired (2002) with a total earned in my lifetime of $726,800. SS calculates my first benefit check at about $1317 for this September.