SSI

[Jstpssng]

One thing nobody has mentioned is that if you file at a younger age and are penalized for making more than allowed, you will recover that further down the line.
Hopefully nobody here plans to go this route.

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

 

[TractorGuy]

I applied online 3 months before I turned 65. I think it takes 3 months after you apply before benefits begin. Retirement income doesn't count against you for the early benefits so if you aren't still making over the minimum in regular income it won't have any effect.

I went to the local office first. They had a parking lot slam full and a line outside the building. Judging from the age of the people I saw waiting most of them were trying to get on disability. I figured no way in heck the online application would take longer than waiting in that line.

Any time I had a question and called they had an option to be called back. I would leave a message and they called me back and answered my questions so I didn't have to sit on hold.

The only reason I waited until I was 65 was because I needed to keep working until I was medicare age and I made too much to take it early.

I encouraged the wife to take it at 62 and she did. She retired at 58. I did the math on the early SS and it would have taken 18 years for her to make up the amount she wouldn't get if she waited to 66.

They will calculate your benefits based on the prior year. A year later they will make the adjustment to include your last year working and also give you a check for the amount they shorted you.

 

[drssg]

This is probably a minor issue, but if you plan to retire, live on savings, and then take SS at a later date, the initial estimates for SS payments will be a little high.

If you look up your estimated payment for taking SS at 65, that estimate assumes you are working and contributing to SS until you are 65. If you quit working at 60 and goof off for five years, you won't receive quite as much SS as initially projected.

 

[RickB]

This is probably a minor issue, but if you plan to retire, live on savings, and then take SS at a later date, the initial estimates for SS payments will be a little high.

If you look up your estimated payment for taking SS at 65, that estimate assumes you are working and contributing to SS until you are 65. If you quit working at 60 and goof off for five years, you won't receive quite as much SS as initially projected.

True, but my phone call to SS gave me a projection of what my deferred benefit would be if I had no W-2 income for 3 years.

 

[Bearsixty7]

True, but my phone call to SS gave me a projection of what my deferred benefit would be if I had no W-2 income for 3 years.

I figure I'll look at my projected amount 3 and 2 years before I retire and that should be real close to my actual. Plan to retire at 59.5, file for SS at 62.

 

[grsthegreat]

I started ss this year, waited till 63 only because i sold a house last year and didnt need more income to count against capital gains. I didnt even bother doing any calculations, as i dont care when it runs out. The wife and i have plenty saved in 401k’s, pensions, vanguard accounts, etc.
im actually making more now than i did when i worked 40 hour weeks. Im just now looking into medicare plans. Only the government can screw up something so fully as you need to be a rocket scientist to sort thru the bs.

 

[ovrszd]

I went to the SS office when I filed. Five years later my wife filed online from home. Both were very easy. I believe the filing part is the best ran part of the entire program!!!!

 

[grsthegreat]

The only reason i went into the office, and wasted 7 hours of my life waiting inlines was because the wife laminated my SS card and that made id void. After getting new card i did rest of filing online. Was easy.

 

[bunyip]

We have a similar system except everyone gets the same amount until death, start at age 65-67 depending upon your birth year and you are allowed to earn $300 per week without any impact, after that you lose 50c for every dollar earned, my retirement is self funded but I still get a small amount, there is also a rental allowance if you are renting plus you get discounts on car registration, council property rates, utilities and a few other things, couples get marginally less than singles.
You also get free medical and ambulance but not dental or optical prescriptions.

 

[Diggin It]

Yeah, filing with SS was a breeze.

OPM was a whole different matter, fight, fight, fight ..... But if you were never a Federal employee, you won't have that problem.

 

[Jim Nelson]

I started ss this year, waited till 63 only because i sold a house last year and didnt need more income to count against capital gains. I didnt even bother doing any calculations, as i dont care when it runs out. The wife and i have plenty saved in 401k’s, pensions, vanguard accounts, etc.
im actually making more now than i did when i worked 40 hour weeks. Im just now looking into medicare plans. Only the government can screw up something so fully as you need to be a rocket scientist to sort thru the bs.

Truer words have never been spoken. Good ol bureaucracy, gotta love it.

 

[airbiscuit]

We do love our Social Security and Medicare.:drink:

 

[ericm979]

Truer words have never been spoken. Good ol bureaucracy, gotta love it.

The problem is the politicians who set up the overly complex systems. SS and Medicare just run their systems with the laws the politicians make.
We could have simpler retirement and health systems but that would not leave room for profiteering.

 

[kthompson]

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

The price will vary based at least on the following and some will vary between companies: age, gender, tobacco use, where you live (cost of care varies and some areas just have heavier claim), difference in companies, how they are price rated. On the price rated, some states have requirement on methods use and others don't. In my state they use "current age" meaning rates increase each year base upon age. Of course there are other reasons price increase.
I would advise against submitting your info to any one line site for prices unless you really really read if they do the quoting or they are selling it to multi agents or agencies. I think Medicare.gov has added the ability to price Medicare Supplements now as they do Medicare Advantage Plan.
As to prices on those plans, in my area Plan G are from about $110 to $130 per month. Plan F normally run about $30 more per month. I believe Plan G is better option. If you are looking to buy a Medicare Supplement do a little bit of home work, if possible get their rate increase history in your state. You state Department of Insurance may offer this info. AARP (UHC) will tell how low their rate increase is and they do run low rate increase but if you are say age 65 you are enrolling with a 30 something "discount" which reduces each year which means the price you pay will increase more than just the "rate" increase. This has worked very well for them, to the point some other companies have begun using this model. One technique used by Mutual of Omaha is they keep switching companies by I will call rolling them bringing in a different one every three or four years.

After years of selling these products really prefer the bigger companies as their long term prices run more steady. With any health care coverage prices will increase.

There is the option of Medicare Advantage Plans, normally called MA or MAPD (the PD is prescription drug). Prices and coverage do vary. They are not perfect. If you are considering this option be sure to verify your providers are in their network or at least accept it. I have been insured under a Medicare Supplement and currently with a MAPD plan. Each have their strengths or benefits and weakness. If you enroll in a MAPD plan be sure you understand what they don't cover. There are options with some other companies as GTL to help cover those gaps.

 

[kthompson]

The problem is the politicians who set up the overly complex systems. SS and Medicare just run their systems with the laws the politicians make.
We could have simpler retirement and health systems but that would not leave room for profiteering.

I agree.

See it over and over in my business.

 

[masscity]

In 2008 I was 62 and signed up for SS on the phone. Two phone calls and everything was done. Never went to any office.

 

[ovrszd]

We have a similar system except everyone gets the same amount until death, start at age 65-67 depending upon your birth year and you are allowed to earn $300 per week without any impact, after that you lose 50c for every dollar earned, my retirement is self funded but I still get a small amount, there is also a rental allowance if you are renting plus you get discounts on car registration, council property rates, utilities and a few other things, couples get marginally less than singles.
You also get free medical and ambulance but not dental or optical prescriptions.

How are your contributions to the system done? Ours are a percentage of your earnings matched by your employer if you have one.

 

[mjarrels]

I hope it doesn't take longer then four months to start. Second half of my property taxes are due early December and it is not cheap.
Would like to start taking trips back to the Philippines once travel resumes while I still can. I do draw Navy retirement pay as a Chief with over 21 years and a bit of VA disability. Would be nice to be a triple dipper and stay our of my savings retirement account.

mark

 

[Chewwy]

The only reason i went into the office, and wasted 7 hours of my life waiting inlines was because the wife laminated my SS card and that made id void. After getting new card i did rest of filing online. Was easy.

Hmmm. My SS card has been laminated for over 50 years and it has never been a problem. Come to think of it, I don’t recall anyone ever asking to actually see it either. That includes banks, state offices, passport office, and employers. They just ask for the number.

 

[ovrszd]

Hmmm. My SS card has been laminated for over 50 years and it has never been a problem. Come to think of it, I don’t recall anyone ever asking to actually see it either. That includes banks, state offices, passport office, and employers. They just ask for the number.

I've always been told that you can't laminate it. Never understood that. It's the most delicate, important ID card I've got.....