Social Security???

[landtracdeerhunter]

12 hours ago, ODYSSEUS said:

I have known many people who have taken Social Security at age 62 when they are eligible for it.  Just over 2 1/2 years for me to reach age 62.  TAKE THE MONEY AND RUN.

Time's a ticking. I figure enjoy the money while I'm still around. These days, one can still make $ and still draw from SS.. Like a big fat pay raise.

Edited February 9, 2019 by landtracdeerhunter

[Uncle Nicky]

11 hours ago, Stay at home Nomad said:

Each person has to go by their own situation, life expectancy and so forth .

 

B-I-N-G-O!!

This topic has been on my mind a lot, since 62 isn't that far away.

If you do take payments at 62 (tempting), then you are limited to how much you can make if you do decide to work. In my case, if I start  collecting at 62 and my wife does too, that equates to about $30,000 in SS payments. Plus a part time job (both) up to the limits, roughly $30,000 more. If we relocate to somewhere with a cheaper cost of living it's doable, but things will be tight. I'd hate to start dipping into savings & investments or going the reverse mortgage route that early in the game. And, if one spouse dies early, the SS income (and part-time job income) then gets reduced in 1/2. That could be extremely tough. I'd also need to buy my own medical insurance out of the meager earnings, since Medicare doesn't kick in until age 65, and most part-time jobs don't offer medical insurance.

Like most people these days, we don't have a defined benefit pension from an employer.

As long as we are both reasonably healthy, I'll probably wait until 65 to collect, that way I can at least get some break with the health insurance and can work a full time job if I want without being penalized. Not as much as waiting to 70 to max out, but I don't see myself working that long, at least by choice. So many unknowns....

 

Edited February 9, 2019 by Uncle Nicky

[Robhuntandfish]

2 hours ago, Uncle Nicky said:

B-I-N-G-O!!

This topic has been on my mind a lot, since 62 isn't that far away.

If you do take payments at 62 (tempting), then you are limited to how much you can make if you do decide to work. In my case, if I start  collecting at 62 and my wife does too, that equates to about $30,000 in SS payments. Plus a part time job (both) up to the limits, roughly $30,000 more. If we relocate to somewhere with a cheaper cost of living it's doable, but things will be tight. I'd hate to start dipping into savings & investments or going the reverse mortgage route that early in the game. And, if one spouse dies early, the SS income (and part-time job income) then gets reduced in 1/2. That could be extremely tough. I'd also need to buy my own medical insurance out of the meager earnings, since Medicare doesn't kick in until age 65, and most part-time jobs don't offer medical insurance.

Like most people these days, we don't have a defined benefit pension from an employer.

As long as we are both reasonably healthy, I'll probably wait until 65 to collect, that way I can at least get some break with the health insurance and can work a full time job if I want without being penalized. Not as much as waiting to 70 to max out, but I don't see myself working that long, at least by choice. So many unknowns....

 

I've been thinking a lot along those lines. Thinking i am taking it at 62 and hope to have enough saved up to cover health ins til 65.   I can def work a pt job if I need to but I don't have a lot of expenses.  And house will be paid off by then.  If I can cover the utils, food , taxes and boat gas I am good to go!  What medical is avail and expense will have a lot to do with it. These days no one has a pension and health ins covered so although I am mostly conservative am actually hoping for some health care options. 

My Dad passed away one month before he was to retire.  I'm not waiting. 

[steve863]

1 hour ago, Robhuntandfish said:

I've been thinking a lot along those lines. Thinking i am taking it at 62 and hope to have enough saved up to cover health ins til 65.   I can def work a pt job if I need to but I don't have a lot of expenses.  And house will be paid off by then.  If I can cover the utils, food , taxes and boat gas I am good to go!  What medical is avail and expense will have a lot to do with it. These days no one has a pension and health ins covered so although I am mostly conservative am actually hoping for some health care options. 

My Dad passed away one month before he was to retire.  I'm not waiting. 

Best strategy I've heard here so far. The health insurance part is the biggest hurdle for most since typically one has none unless they are working or retired from some public service type job or some large very generous employer.  And it's very costly to get private coverage.  I think COBRA coverage is now 36 months in NYS, so if you retire at 62, you can still stay on your former employers plan until Medicare kicks in at a lower rate which will probably be the best option for many.  It makes a LOT of sense to start saving for it now to cover the years until you reach Medicare age if you plan to retire before then.  I am starting to this already.

As far as starting to collect SS, I will never understand why someone would wait until 67 or older to start collecting.  I know I will start collecting as soon as I retire, hopefully at 62.  No guarantees that anyone will reach a very old age even if family genetics are great.  If I drop at 72, isn't it better I collected 10 years worth of SS at a lower rate over only 5 years or less at a higher rate?  It's a no brainier for me at least.

Edited February 9, 2019 by steve863

[G-Man]

Glad I dont pay in or get social security at all.. big headache imo

[mlammerhirt]

Glad I dont pay in or get social security at all.. big headache imo

I never realized railroad had their in pension that was in place of social security. I always thought one of the only groups who didn't pay we're postal workers.

Sent from my moto z3 using Tapatalk

[goosifer]

Just now, mlammerhirt said:

I never realized railroad had their in pension that was in place of social security. I always thought one of the only groups who didn't pay we're postal workers.

Sent from my moto z3 using Tapatalk
 

yeah, my stepfather had that deal.

[Uncle Nicky]

1 hour ago, steve863 said:

Best strategy I've heard here so far. The health insurance part is the biggest hurdle for most since typically one has none unless they are working or retired from some public service type job or some large very generous employer.  And it's very costly to get private coverage.  I think COBRA coverage is now 36 months in NYS, so if you retire at 62, you can still stay on your former employers plan until Medicare kicks in at a lower rate which will probably be the best option for many.  It makes a LOT of sense to start saving for it now to cover the years until you reach Medicare age if you plan to retire before then.  I am starting to this already.

As far as starting to collect SS, I will never understand why someone would wait until 67 or older to start collecting.  I know I will start collecting as soon as I retire, hopefully at 62.  No guarantees that anyone will reach a very old age even if family genetics are great.  If I drop at 72, isn't it better I collected 10 years worth of SS at a lower rate over only 5 years or less at a higher rate?  It's a no brainier for me at least.

A lot of what I do ay my job is HR related, and I do tax returns as a side business....I talk to a lot of people who are retiring, retired, or thinking of retiring. There really are some people who enjoy working, and some who really had no outside interests or hobbies beside work...they are practically scared of what life will be like once they don't have a job to go to anymore. There are also some who live in an area or have a lifestyle that they know they won't be able to survive on their small savings and partial SS, so they work until they are forced out or they can't continue any further. I'm grateful that probably won't be my fate.

[G-Man]

1 hour ago, mlammerhirt said:

I never realized railroad had their in pension that was in place of social security. I always thought one of the only groups who didn't pay we're postal workers.

Sent from my moto z3 using Tapatalk
 

Our spouses automatically get a pension as well even if the never worked a day in their lives

[steve863]

54 minutes ago, Uncle Nicky said:

A lot of what I do ay my job is HR related, and I do tax returns as a side business....I talk to a lot of people who are retiring, retired, or thinking of retiring. There really are some people who enjoy working, and some who really had no outside interests or hobbies beside work...they are practically scared of what life will be like once they don't have a job to go to anymore. There are also some who live in an area or have a lifestyle that they know they won't be able to survive on their small savings and partial SS, so they work until they are forced out or they can't continue any further. I'm grateful that probably won't be my fate.

I hear you.  I can understand not collecting SS if you still choose to work, but some people retire and don't want to start collecting until later which to me at least doesn't make a lot of sense.  Might as well take it when you are entitled.  If you have other pension or 401K you are collecting at the same time and don't really need the SS, then just put the SS in the bank and save it for vacations, other things you want or your heirs. I surely don't want to leave it to the government if I leave this world early.

Edited February 9, 2019 by steve863

[G-Man]

The thing is if you go early even at a reduced rate and say collect for 3 years before you should. it may take you 15 to make up the difference if you stayed to get a couple hundred more a month...

[mlammerhirt]

Our spouses automatically get a pension as well even if the never worked a day in their lives

Isnt that the same benefit with social security? I believe it's 1/2 of what the working spouse takes home, and they can't collect until 62.



Sent from my moto z3 using Tapatalk

[G-Man]

12 minutes ago, mlammerhirt said:

Isnt that the same benefit with social security? I believe it's 1/2 of what the working spouse takes home, and they can't collect until 62.



Sent from my moto z3 using Tapatalk
 

Have to be married for 10 years.. if divorced before they cant touch your pension at all. 60 for age and medical as well. Married couples are taking 7500 or more a month home depending on what was made on railroad. Best 5 years.. though our tier 1 and 2 are about 2 and 3x what social.security would take out.