Social Security.

DeltaRed

Well-known Member
I signed up today. age 62.First 'check' starts in January.The extra income will be nice. MUCH needed.Take off some of the pressure.I guess that makes me 'officially' a senior citizen.Really not sure how I feel about that part..... :)
 
smart move --its been discussed on here several times when to take it , most people benefit the most from taking it as soon as you can , because nobody lives forever
 
I made it to my 64th birthday, would have liked to go until 66 but my skeleton quit on me.
 
You say its extra income but if its too much extra income the government will reclaim some of it since you claimed it early. I think the most you can make before that happens is around $17,000. Its a lot more if you wait until the year has started but only for the first year. The rule goes away when you hit full retirement age. I'm planning to retire at 65 next April but my full retirement isn't until 66. I don't plan to work after 65 anyway so I'm not concerned about "making too much money".
 
Turned 62 in November. The lady said The first payment would be in Jan,for December. The 17,000 figure is what she said. However,my 'adjusted' taxable net income is (on average) around 12,000 so we should have nothing to worry about.
 
I think that'll make you eligible for Medicare at 64 instead of 65 won't it? If I read it right on the back of my annual statement that's my understanding anyway.
 
The lady said Medicare was mandatory at 65. they would deduct 100 and some odd dollars for the premium.
 
Congradulations. I'll be 62 next November and plan on getting mine. I know to many that haven't had the pleasure to enjoy the benefit .
 
Our senior supervisor is 72 years old. He didn't sign up for SS until he was 70. He never bothered to sign up for Medicare - he'd rather pay for our BC/BS coverage than have Medicare for free. He finally talked the company president about retiring - some time next September. I as going over his medical coverage with him and found out we had the wrong wife signed up for coverage - his current wife is only 52, the wife we had listed was about 65 but he said he got rid of her when she turned 60 - getting to slow to keep up with him.
 
I plan on living forever and so far it is working! Just saying. I have been drawing my SS for over 20 years and they do give me a raise once in a while. This year he amount of the increase is nearly $100 for my wife and I and yes we both pay for our medicare which is a bargin.
 
They go off gross income. I get cut off in july/august because go over the get it back feb/march. They shouldnt get me next year , be 66 then goes up to 40,000. Medicare is 134.00 month for me.
 
You should of waited until you retirement age. You will never make up the difference by taking SS at 62. How can anyone live on $12000/year? I waited until I was 66 and between SS, my 401K and union pension I'm getting more money than when I was working. Last year I worked I made $130000.
Good luck anyway.
 
I retired at 55, pension. Waited until 66 for full SS, only to discover I have to pay Fed taxes on SS. My SS pushed my income into the 25% bracket. Be a little lower after new tax bill passed.

SS told me now I could get a job, make as much money and not pay a penalty.
I laughed at them. Asked, why would I want to go back to work? Been having too much fun for the past 11 years not working.

I've seen too many people start drawing SS at early age only to discover they don't have enough income to live on.

60 minutes did a story on an 80 year old man working at Walmart because he didn't get his full pension at McDonald Douglas. He and his wife are having a hard time living(if I remember on $3100/mo). The man said he'll never financially be able to retire.
Why some may never retire.
 
And I knew a man who farmed over 5,000acres and retired at 65.
He said his SS was only $1,000 a month.
How does this work????
 
Sometimes I wonder where I get these ideas. LOL
I just looked at my statement again and couldn't find where it said that. Doesn't matter in my case anyway,I missed the window if it had been right.
 
(quoted from post at 12:48:51 12/14/18) You should of waited until you retirement age. You will never make up the difference by taking SS at 62. How can anyone live on $12000/year? I waited until I was 66 and between SS, my 401K and union pension I'm getting more money than when I was working. Last year I worked I made $130000.
Good luck anyway.

Not 100% true. Average person has to live to 77 to break even for taking it early (62vs66). Good friend of mine took his at 62. Died this past June at 66, lung cancer.

62vs70? gotta make it to 80 or so

66vs70? gotta make it to 82-3 or so.

Rick
 
"How can anyone live off 12000 a year" I can and I do Live simply,and don't have a bunch of high payments.The guy who cant live on 31,000?What gives? Ive NEVER made that much money. Man if I did I'd Be smileing all the way to the bank.
 
How does this work????

Best answer is to ask SS.

Your SS is based on your reported income.

My sister worked for cash. A big time tax cheat. Her SS is now less than $200.
She is living in government housing.
 
Every case is unique and everybody needs to consider their own situation. I just pulled up the calculator on the SS website again a few days ago just for the heck of it. You're right on the money with the difference between 62 and 66 breaking even at 77,but in my case at least,the difference between 62 and 70 breaks even at 78. That's without even figuring any kind of an annual cost of living increase. I get a statement every year now and have learned that they add on the cost of living increase to what you can draw at full retirement even if you're not drawing it. Not only does mine grow by 8% per year for every year that I wait beyond 62,they compound that COLA increase on it too.

As far as the whole thing where everybody knows somebody who died after their first check,don't anybody confuse possibility with probability.

The possibility that you'll be dead by midnight is 50/50. Those are the only two options. You'll either be dead or alive,50/50. The probability that you'll be dead by midnight is a whole different thing. It would take an actuary with every little piece of your personal information to figure your probability.
 
Retire as soon as you can afford the lifestyle you will want.

Yea, retiring later in order to accumulate a few extra bucks might be nice - but you'll never got those years of your life back so enjoy them while you can.
 
Serves her right! But we are paying for her subsidized housing! We need to crack down on employers paying workers cash. How can they claim it as a business expense if they're paying cash, crooked all the way!
 
At 74 the most valuable thing in my life is time.

The trick to retiring on SS only is to have everything paid for. You can't do it if you have a 900.00 mortgage payment or 400.00 truck payment. Even tough if you have to pay rent for a place to live.
 
You would be surprised how many employers convince workers they are independent contractors when they only work for one employer. Both are tax cheats. Employer isn't paying his fair share of taxes, SS, state and fed unemployment. Employee doesn't pay taxes either. Cash money. Employee is cheating himself out of SS.

YES, THERE NEEDS TO BE A CRACKDOWN.

BTW, I hire tree removal. If I pay more than $599 in one year to same person, He gets a 1099 in January from my CPA.
 
You can do all the calculating you want, the most important thing is always missing, that being when you are going to cash in your chips. Some are lucky and things work out to the max, others aren't that lucky. The way I see it is to take it when you can get it. Let someone else worry later if you died to young (but hopefully don't lose sleep over that part). It's like being at a single's dance, if you're too fussy and wait to long there's nobody left and you go home alone.
 
I drove truck and farmed on the side and retired at 63 years old and went on SS at that time and draw about $1,800.00 a month. I did not apply for SS over the internet I went to one of the SS offices.
 
I took mine at 62 1/2. My Dad told me that would be the wise thing to do so I did it with no regrets. Only have farm payment which rent takes care of that along with prop. taxes and Ins.I am now 78 yrs young. Not wealthy but OK.
 
If one looks at total return, the amount of money you get back, then 62 typically makes sense. If you have good genes and live to a ripe old age and want more money per month when very old, waiting would be the best choice.
 
A lot of people think that Medicare is FREE, but not in my situation. It is deducted from my SS payment every month.
 
Wife and I both took 62. You are not promised another day. Never regretted taking it at 62.
Cousin found out he had cancer about a week ago. He died yesterday. Better get what you can while you can.
Richard in NW SC
 
I want my money and I want it NOW, you retire at 62.

Many good reasons to wait as long as possible. Some even say age 70.

There are many places to google reasons for delaying SS.

I know a man who is waiting to age 70. At 70 his wife, of more than 10 years, who has never worked, will be able to draw 50% of his. He has a very good job and pays in the max to SS. He thinks with COLA his SS will be a little Less than $4K/mo. His wife will get half of that. Combined income from SS over $5k. Not sure what the max SS you can draw now or what it will be in 10 years when he plans to retire.
 
"[b:654c4848f0][i:654c4848f0]I signed up today. age 62[/i:654c4848f0][/b:654c4848f0]"

Good for you!

You earned it.

Did the same at 62; no regrets.
 
"[b:654c4848f0][i:654c4848f0]I plan on living forever and so far it is working[/i:654c4848f0][/b:654c4848f0]"

I plan on living until 100.

Read somewhere that fewer people die over the age of 100.
 
Father died at 60, 1st cousin gone at 62. I at 62 am now the oldest male in my family line. Did I apply for my SS you bet.
 
My mother worked until she was 70, now 75. Both of her parents lived to 93. My dad died @63 of leukemia, had 5x bypass @56 his dad made it to 66 had heart attack. I'm 56 now. Will I keel over at anytime or go the long haul....Hmmmm Looking forward to 62.
 
I took mine at 62. I am pretty sure it was the best thing for me. Now someone mentioned a big farmer not drawing a big check. Think of it this way, if you farm and have a large income, but also have a large expenditure, your taxes are not gonna be that much. I have a cousin that was taking in huge amounts of money yearly compared to my factory job. However at the end of the year, if his tax man advised him he would have to pay a substantial tax bill, he would buy a new piece of equipment, neutralizing that bill. Now you can debate which makes more sense, but he now draws $400 a month less than me, and still has some debt. If I understand SS your tax bill limits the amount you pay into SS, therefore limiting your returns.
 

At this time 63 don't need it so will rethink it at 66 and 2 mo and let it earn 8% a year... I want that 8% so will roll the dice...

If I don't get there I am not gonna worry about it if I do I want the 8% upgrade plan...
 
Somebody asked what the Max SS and next year (2019) it will be $2,861.00 which is $73.00 more than this year.
 
(quoted from post at 13:02:59 12/14/18) And I knew a man who farmed over 5,000acres and retired at 65.
He said his SS was only $1,000 a month.
How does this work????
oesn't matter what you make. All that matters is what you report.
 
That's the thing right there. Way too many farmers play the tax game and pay as little as possible with income averaging,depreciation,investment credits and all those legal ways out. It hurt like you can't believe when I was writing a check for 14-15 thousand dollars right out of my pocket every year to pay income tax and Social Security when I was milking cows,but it has paid off quite well in what my statements say I have coming.

I had a neighbor who died of cancer in the late 80s. When he tried to get SS disability after he was diagnosed,he found out he didn't have anything coming because the sharp lawyer who had done his taxes all his life figured out how to never pay a dime in for him.

My father in law wasn't a farmer,but when he died at the age of 90 a few years ago,he was only drawing about $800 a month. His wife was a registered nurse and made good money,but he doinked around in his uncles restaurant for a lot of years,waiting tables,washing dishes and running off at the mouth. He was a cop for a very short time,worked at Chrysler for a few years,then became a clown. If not for those years at Chrysler,he probably wouldn't have drawn anything.
 

His SS plan was in that millions of dollars in write off's... He did it his way good are bad it was his way... He is not by himself I have came to the conclusion to just pay the tax on the money and put whats left in your pocket unless you have a good investor that can make you 10% on it even then you will have to pay the tax on the 10%...

No matter how you go its all set up so you pay taxes till the day you die then your
heirs will pay tax on what you could not take with you...
 
I started at 62, am now 75. Wife checked inabout getting at 62, was making too much, would have had to wait till full age. Passed away at 64 and a half, never got to collect anything. If I had wated I would not yet have broke even when She passed.
 
I was on my wife's insurance and when I turned 65 insurance droped me, had to take medicare even if I would not have wanted it. But glad I had it as at 68 had 5 bypasses. Even tho It took it at 62 kept on working as I did not make that much untill I could not stand the job any more at 66.
 
Just had a distant cousin die at end of November at age 101, if she had made it to mid Jajuary would have been 102
 
No S- - - -!
Do you think he might have cheated on his taxes for say 50 years?..
Probably a nnalert supporter no doubt.....
 
Is it just for the years between 62 and 66 that you can have limited income? If you sign up at 62 can you then have unlimited income after 66 or does the limit stay with you forever?
 
Never could figure out why the "cost of living" increase is different for everyone. After all the price of a loaf of bread goes up the same for everyone.
 
One thing I would never do is sign up for Social Security over the internet. I looked up on internet for the wife and I then went to Social Security office and come out with more money per month going through Social Security office. Wife over internet would have got only $80.00 a month and going through SS office she gets around $800.00a month.
 
About to turn 56 and plan on collecting mine as soon as I get to 62. Each case is different but share some things. Some of thes3 things are is another income available from working or pension, savings income, health, debt, and life style. Its a balence to acheive the life style desired. Not everyone has the same expectations.
 
You know you can invest your money in a Roth account and pay no taxes on the money when you take it out.
 
Good idea to talk to several "experts" on SS. Remember, when a spouse dies, the suvivor gets the larger of the SS payments.

Bill
 
I did the math and I too retired at 62 vs 65+.

Government programs get bashed all the time but on the subject of SS and MC, I was totally satisfied with my treatment in applying for both.....a seamless process and very well managed. One thing on the SS interview was that I had misplaced my DD214 and had applied to the Nat. Archives for a copy which didn't arrive before my appointment date. But......

Called SS, got an appointment at the local office time/date, went in, sat in the lobby (that was packed with folks) for about 5 minutes, lady came out and called my name, went in, she had a copy of my 214 in her files along with everything else she needed, was in there all of about 10 minutes and out the door. Got my check direct deposited to my bank account and haven't been happier.

What you need to watch is double taxation. There is a work sheet in your 1040 instructions whereby you can calculate what you earn over and above your SS retirement payment and how it impacts your Adjusted Gross Income on your 1040. Exceed that amount and per the calculation sheet, some of the SS payment you receive comes out and appears on line 20b and is added to your taxable income....so you get taxed on your extra income and taxed on a portion of your SS too. Adding the SS can put you in the next higher income bracket besides the double dipping thing.

Course if you gotta do you gotta do. Or if mom told you to get out of the house and out from under her feet.......gotta do what you gotta do....I know a guy working at HD in the electrical section in just that situation. Course he is an urbanite and we rualites usually have something, if not plenty to keep us occupied.
 
But you pay the tax up front don't you. Usually if pay it later your income is down so tax liability is less. Please correct me if wrong.
 

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Back
Top