social security

[Redbug]

JD...I think you are better off getting it earlier and enjoying yourself while you can.

Did I mention..."Adventure Before Dementia?"

 

[JimWalch]

16 more days to 62 and I'M TAKING IT

 

[homeputter]

Statistically, I guess it doesn't make any difference to SS whenever you start taking your benefits. I am really different. I don't plan on taking mine until I am 70 - 3 more years. My benefit is increasing 8%/year while I am waiting.

However, when my wife starts taking her full benefit this summer, I will apply to receive 1/2 of it myself and will take that until I am 70. Then my benefit will pop up to my full benefit calculated on age 70.

I am thinking I will live long enough to beat the odds since I am heathy (so far!), not over -weight, don't smoke, light drinker and generally lead a boring, risk free life style. ha ha

I think many on this forum will live longer than they think - doctors can keep you alive longer than you might think.

I DO UNDERSTAND the view people who want to enjoy their benefits early while they are healthy enough to do what they want to. That is what I think is my main risk - not that I will die too soon, but that I won't be healthy enough to really do what I want.

 

[TripleR]

Statistically, I guess it doesn't make any difference to SS whenever you start taking your benefits. I am really different. I don't plan on taking mine until I am 70 - 3 more years. My benefit is increasing 8%/year while I am waiting.

However, when my wife starts taking her full benefit this summer, I will apply to receive 1/2 of it myself and will take that until I am 70. Then my benefit will pop up to my full benefit calculated on age 70.

I am thinking I will live long enough to beat the odds since I am heathy (so far!), not over -weight, don't smoke, light drinker and generally lead a boring, risk free life style. ha ha

I think many on this forum will live longer than they think - doctors can keep you alive longer than you might think.

I DO UNDERSTAND the view people who want to enjoy their benefits early while they are healthy enough to do what they want to. That is what I think is my main risk - not that I will die too soon, but that I won't be healthy enough to really do what I want.

Always something to consider. I worked six years past my eligibility date to increase my retirement and savings. I retired when I was 60 and four months later my health took a significant turn for the worse. I would gladly give up the extra money for six years of healthy retirement.

 

[Oaktree]

the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

I'm in a similar situation myself...I'll turn 62 this year, future of my current job is a little shaky...I'm also considering collecting and maybe working P/T at Walmart or something for the insurance.

One question...does the $15k only apply to my earnings or does it include my wife's (we file taxes jointly)?

 

[randy41]

the 15k is applied on an individual basis so only yours, or at least thats how i see it. but these withheld amounts are paid to you after you turn 65 or 66 (not sure which).

 

[mikim]

I'll be getting so little it just doesn't matter but my first check should be here 1 Jun. It'll pay almost half of what our vehicle gas bill is. Didn't like that it takes over 12 years to recoup what you don't collect if you wait.

 

[StanR]

I am 60 and do not think I will be able to take SS until 66. My income is at it highest level ever. I do plan on slowing down at 62... But can make a pretty good living working part time.

 

[phiferpharm]

I applied for Social Security online Friday. I could have started last year, but wasn't looking forward to the hassle of getting an appointment, going in, getting all the stuff together, etc.

Well, it could not have been any easier. Took maybe 15 minutes online, and then I got a call from a SS representative yesterday (yup- Saturday) who asked me a few questions, told me what my benefits would be, and that my first check would be deposited next month.

Gotta say, it was a pleasant surprise that it was that painless a process.

 

[rekees4300]

Gotta say, it was a pleasant surprise that it was that painless a process.

I've been getting benefits for 4 years and have never talked to a live human re the process.

 

[Curtis Gray]

Just turned 62 myself, and have applied for benefits. I do have friends whose parents waited until full retirement age, drew a couple of checks then expired.

I figure, if I don't need the money, I can save it to give to my heirs.

 

[RoyJackson]

My wife put in for it at 62 (her current age). She didn't get much since she's worked low paying jobs all her life.
Anyway, I thought I'd at least see what I would draw...more then I expected, actually. So, technically, I'm retired now too.
However, I'm still waiting for the Feds to finish up a background investigation on me...after that, it's likely we'll be heading to WV.

Our combined SS will pay all the bills...won't be much left over though.

 

[buckeyefarmer]

However, I'm still waiting for the Feds to finish up a background investigation on me...after that, it's likely we'll be heading to WV.

You can't move, I think about those horns every time I drive up 15 towards Harrisburg. :laughing:

 

[ridger]

been on ss since 62 with no regrets except this year they cut me back 15% because my wife made to much money

 

[lilranch2001]

I just heard on a news program a few days ago, that the "experts" recommend waiting.
Like most on this thread I had concluded (in my mental calculations) that you would have to wait till 70+ years old to recoup the lost money.

What is the chance most of us is going to make it past 70 something....

Like the old say....
Bird in hand!

 

[Bob77064]

Take it at 62 while there is still something to take. That's what I intend to do.

 

[sodamo]

I just heard on a news program a few days ago, that the "experts" recommend waiting.
Like most on this thread I had concluded (in my mental calculations) that you would have to wait till 70+ years old to recoup the lost money.

What is the chance most of us is going to make it past 70 something....

Like the old say....
Bird in hand!

The more I read this advice the more convinced I am that there is a paper in the government someplace that shows how much they expect to save if people wait because they draw less by dying. Took mine at 62, no regrets.

 

[scott_vt]

i'm coming up on 62 and am considering getting social security. anyone decide to start getting social security at 62 and a few years later regretted doing so?
i did the math assuming i live to 80 and it doesn't make sense to me to wait until 65 to get 10k over 15 years over what i would get if i started at 62.
the only thing i don't like about getting social security at 62 is that they withhold some if i earn over around 15k.

Good Afternoon Randy,
I will be 62 next year and plan on taking SS. Using the last statement they sent me, I would have to live to 78 or 79 just to break even... Im not waiting...

My wife is a bit younger and I get my medical benifits through her. I started collecting my pension last year, not a govt pension, so I believe that is not considered under the $15,000 I can make working part time.

The way I see it is why wait, especially if you can afford it, unless your totally in love with what you do !

We only have so many years down here, enjoy whats left of life while you still have quality of life ! My health is still good so far, and I can still do a days work, but I would prefer to do a days work on what I want to do !

By the time your in your late 80's or 90' s, if you live that long, your more than likely not going to enjoy going out on your property on your tractor, or splitting wood etc.... so that why I want to do it now... JMO !

My vote, take it now !

 

[jinman]

I just signed and put my new Medicare Parts A&B card into my wallet yesterday morning. They automatically send you the card and sign you up for both A & B when about 3-1/2 months before you turn 65. I have been on Tricare Std. since I'm retired military and quit-tired from my last job in August 2008 just before turning 62. Having both SS and my military retirement has been quite ample, especially since my wife draws her retirement from a city also. Because I'm going to Medicare Parts A&B at age 65, I convert to Tricare for life and that provides current drug coverage and additional coverages to the Parts A&B. With Tricare, I have Dental Coverage through Delta Dental and pay about $67 per month. The Part B coverage is $99. Except for copays, that makes my total outlay for medical and dental $166 per month and both my wife and I are covered. She will remain Tricare Std. until she turns 65. All this boils down to a feeling of security since medical/dental coverage is something most folks have to consider after retirement. When I hear the insurance premiums some are paying, it makes me shudder.

. . . now if I could just figure how to get somebody to pay my auto insurance. Hmm. . . :laughing: