SSI

[mjarrels]

Turned 66 last month and decided its time to start drawing social security, went to my local office, yep closed. Spent about one hour online applying. Did get a reply email stating my request was received. Have no clue what the monthly amount will be or when it will start. Any one else applied online and had success. My experience dealing with the VA has always been bad. I passed up taking SS at 62 or 65 hoping for the larger amount at 66, I hope I didn't screw by waiting.

mark

 

[nbking]

If you think you will live for a long time, then waiting I would say is the better deal. My dad started collecting at 62, thinking he would not live a long life, well he's 77 now. He says you make due with what you get.

 

[Slowpoke Slim]

Depends on your situation, I guess.

But also bear in mind, even though the payments will be "less" if you go early, you will be getting more of them over time.

I'm going at 62, regardless. Just want to be "done" working for others, and be able to focus on working for "me".

 

[Tinhack]

They reduce your benefits by something like 7% for each year of early eligibility before age 67. And they only count whole years. The longer you can wait, the more you'll receive of your calculated benefits. And if you can wait past the age of eligibility, they compensate you more for that. It's best to review all the options with someone face to face. No one can decide for you. Know all the facts before you make a decision. Medicare works similar. If you wait to take that, it becomes more expensive every year because of a penalty. And it's a steep penalty--Something like 20% (or some such) for each year deferred. I took parts A & B but deferred part C for four years and now it's just too expensive. I can get BlueCross for less now. One thing for sure; the government doesn't want you to have too much money.

 

[Jim Nelson]

I had to retire at 58 due to heart problems. I was able to get union retirement but no S.S. until 62. When I applied, at 62, they were right on it and insisted that I needed to apply for disability due to my health problems and walked me through that. I had to get a signed statement from my doc. and then go in to see one of their docs. The visit with their doc was real quick and she approved it and even set it up to be retroactive back to the time of my first heart surgery. I got my initial check which was just over $20,000and have received full amount checks ever since, no penalty for early enrollment. All this nearly caused me to have another heart attack because I had heard so many horror stories about S.S. . I wasn't able to apply for medi care until I was 65 but that went very smoothly too, with the help of my union insurance dept.
My experience with S.S. has been all good but I still hear from friends who have a tough time with it. I think it just depends on luck of the draw in who you deal with when applying.

 

[Diggin It]

You can create an account and see your past earning statements and projected monthly benefit. I knew several years ahead what I could expect and planned for that amount.


Thread title says SSI, but you seem to be talking about regular SS. They're two different things. SS is the normal retirement benefit based on years worked and what you paid in. SSI is the plan for disabled and others not yet eligible for SS. I've seen some discussion of getting both at age 65, but there are other requirements.

 

[Diggin It]

Depends on your situation, I guess.

But also bear in mind, even though the payments will be "less" if you go early, you will be getting more of them over time.

I'm going at 62, regardless. Just want to be "done" working for others, and be able to focus on working for "me".

That's something each person has to look at. If you wait until your 'full retirement age', it could take you many years to make up for what you 'lost' by not starting at 62. You might get $200-300 or more each month, but will not have received $1,000 or more each month all those years.

 

[locknut]

Turned 66 last month and decided its time to start drawing social security, went to my local office, yep closed. Spent about one hour online applying. Did get a reply email stating my request was received. Have no clue what the monthly amount will be or when it will start. Any one else applied online and had success. My experience dealing with the VA has always been bad. I passed up taking SS at 62 or 65 hoping for the larger amount at 66, I hope I didn't screw by waiting.

mark

Someone will call you and give you all the info you need. Might take a week or two. Nice people to deal with.

 

[RickB]

My break even for taking it early or at 66.5 is about 82 years of age. That’s (coincidently) just about my expected lifespan. It is a coin toss.
As stated, create an account and see your own numbers. Most guidance is to NOT delay signing up for Medicare. I look at SS every year and so far I have elected not to collect.

 

[TBone]

My experience with the Social Security Administration has been nothing but positive. The folks I've dealt with have been honest, straightforward, and knew their business well. I think you'll be pleasantly surprised.