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.

 

[jaydee325]

Once your create your account on SS, you can see what your benefit will be and input different ages to see what the differences are.

My financial advisor told me to start drawing as soon as possible, unless I planned to take on a job that that I would earn more that $18K. Once you're full retirement age, that limitation goes away.

Anyway, you can play any kind of "what ifs" on your on line account.

 

[caver]

One way my FA told me to look at it is it's a 7% increase on your money every year and even he can't guarantee that. Roll of the dice. The online is a bit flaky because I don't exist online so no access but talking to my local office yep you are in here and here's what your benefits would be at this date or that. It had me worried until i talked to them.

 

[airbiscuit]

When I did my planning, I put it all to a spreadsheet. The cumulative totals all converged at about age 78ish, (whether I started getting benefits at age 62 or 70). After that, the benefit of waiting continues to be better year after year.

 

[kthompson]

I sell Medicare Supplements and Medicare Advantage Plans for people on Medicare. Also age 67 so work with it often. I agree the SSA (social security admiration) does a good job. All is not perfect and some things posted already are not as simple as has been stated. The FULL retirement age is not the same for everybody. No idea right off the highest age there is already out there in the law but it was moved from age 65 many years back. Also no longer is everybody auto enrolled in even Part A much less Part A and B. If you have elected to draw your SS or are already on Medicare due to a disability they will enroll you but if you are not drawing your SS they do not. The person must make the request to be enrolled.

If you are comfortable ono the internet it works well. You can also call their toil free number. IF YOU DO NOT enroll at age 65 you may have to meet with the local office. Not always necessary. but often is. If you do not enroll at age 65 in Medicare you MAY OR MAY NOT face a penalty. Many people are not aware of the rules here and it hurts them. IF YOU HAVE A LARGE GROUP COVERAGE, you will not face a penalty if you do not enroll in Part A or Part B until you loose the group coverage. Large group for this is I think 20 employees or larger. If you don't have large group you probably will have the penalty mentioned and it can be massive and never goes away. Same type thing happens with not enrolling in a qualified drug plan when on Medicare, no coverage but enroll later you have penalty for life. All those penalties are paid to the US government.

I strongly suggest if you are say age 63 you should be checking out your current coverage and verify if it will prevent a penalty to keep it or do you need to go on Medicare. Also realize you need to enroll in Part A and B about three months in advance of when you want it to begin. If you are enrolling in Part A and B when turning age 65 it happens normally smoothly and quickly. If you are say age 67 and are not enrolling it can take little longer and they will want proof of the coverage you have had since age 65 so they can see if you owe any penalty and if so what amount.

Medicare along with I will say Plan G Medicare Supplement to me is the best Medical Coverage I know of. No network, no referrals required by it, travels very well. Drug coverage is separate and there is no normal eye or vision care, but the medical coverage is great. The Medicare Advantage Plans can and many do include some of the additional coverage. Neither is perfect and each has it's advantage. I have been on each again as agent and like some things about each.

Word of advice to those who are near 65 and do not enroll in Medicare, be sure you keep records of the coverage you have and are able to prove if it meets Medicare basic standards to prevent the penalties. If it does you can enroll in Medicare any time of the year at any age with no penalty. Just allow at least three full months as they will want to verify your coverage during that time. If your coverage does not meet Medicare's basic coverage you can only enroll at a certain time and coverage is not effective for think 6 months and you have a penalty....none of that is good.

Also if you are under 65 and getting a Federal Tax Subsidy on your health insurance by Federal Law that subsidy ends the month your turn age 65 and you will owe all subsidy paid from the month you turn age 65 to this is caught. They have no way to pick this up at current time but it will be caught when your taxes are filled. If you are getting the Federal Subsidy you MUST by Federal Law file tax return.

One thing I run into semi often, if you have VA coverage for medicines, you should not have a penalty for NOT enrolling in a Drug Plan if you ever do. They consider the VA benefits to meet Medicare Basic standards for drug coverage. Know very little on Tricare but have been told over and over they should not enroll in any other insurance coverage. If you have VA only you should look into low cost options out there that "MAY" greatly benefit you.

It really is not complicated but there are some many things that can affect you and your options those can get confusing.

 

[airbiscuit]

"Medicare along with I will say Plan G Medicare Supplement to me is the best Medical Coverage I know of."

Did you mean Medicare part C Medicare Supplement?

 

[von-mil]

I applied for SS retirement benefits online without any problems. When you apply, you will need to wait 4 months for the first payment to be generated. It's actually 4 months plus a few weeks because each month's payment is delivered the following month on either the second, third or fourth Wednesday of the month depending on which day of the month your birthday is on.

As mentioned earlier, you can create an online informational account to see your projected benefits as the SSA sees them as well as your lifetime earnings history.

My benefits application was completely online - I did not need to call SSA and they did not call me. No glitches whatsoever.

 

[kthompson]

"Medicare along with I will say Plan G Medicare Supplement to me is the best Medical Coverage I know of."

Did you mean Medicare part C Medicare Supplement?

No, I mean Plan G. Plan F was the most comprehensive Medicare Supplement and many still have it. However Plan G is the most comprehensive for those eligible for Part A beginning Jan 1st 2020. Law changed while Obama was President. Would suggest looking at chart comparing the differences in the plans. Medicare has at least two publications with it and also on their web site. Medicare.gov.

Let me say many have and are served well by other Medicare Supplements that Plan F or G. A lot depends on THEIR doctors and their medical conditions. Doctors or Providers as they are called are allowed to charge you the 20% Medicare approves for Part B services and do not pay. They are also allow to charge an additional amount above what Medicare approves which Medicare calls, "EXCESSIVE CHARGES." Plans F and G will cover both of those. Plan F covers both A and B deductibles and Plan G only covers Part A deductible.

 

[grsthegreat]

What do these part f or g plans cost on average. How is cost based.

 

[Bearsixty7]

This will give you an idea how when you claim SS affects your payment When should you claim Social Security?

This will get you to the SS website to check your actual benefits Sign In or Create an Account, Social Security

 

[RickB]

If you know exactly when you are going to die it all gets very easy.