O/T social security

How old are your relatives living to?

If nobody lives past 70, collect immediately. On the other hand, one of my uncles is 91 and undergoing chemotherapy. On my Mom's side of the family 90+ is common, Granddad was I think was about 78 with a daughter in HS when he sold the farm and moved to town. With modern medicine I may collect for a long time so the difference could really add up.

Ya it's been really busy here with building a new house, drilling a well, etc.

Medicare does not start until after you've been retired/disabled for 2yrs. It's automatic, meaning you don't have to sign up for it, that is part A&B. Any add on insurance has to be purchased seperatly, but watch what Medicare offers for secondary ins as most of it is not good ins for the money they charge for it.

I'm in poor health but only took part A&B and I still save money by not taking any other insurance that Medicare offers. A person would have to be on there death bed to make that pay out.

T_Bone

Let's assume you'll get $1600/mth in 11months. That means now you would get $1400mth taking in the account the $200mth loss.

1400x11=$15,400

15400/200=77mths /12=6.41yrs to recoup your $200/mth loss you would have now.

That's why everyone said to take SSA at 62 as you will never make up the 3yrs of loss even tho it's a smaller amount each month.

Your call on the loss on 6.41yrs but I'm getting 4.91% on a brokage money market fund or approx another $5765 loss over 6.41yrs when just considering the $200mth loss. There's other interest baring accounts that pay better than 4.91%

Always file for SSA benefits early. It's never too soon.

T_Bone

Anyway, I signed all my stock in my businesss over to the wife. I'm still a little involved but she receives all the income. We are incoporated so it was an easy transfer..

And yes, at this point you might as well wait till you are 65, like has been said you should have done it at 62.

• Hobby farm

James in OK has a very important point. If you have had any income so far in 2007, and/or if you expect to have any more income in 2007 that is not your Social Security payment, you really need to look at the impact it will have on how much you will actually be able to draw.

SS has a really stinky way of recouping that income that you have already made and/or expect to make. They take all of the money that they think you will lose as a result of your extra income FIRST. Then they pay subsequent checks AFTER they've recouped ALL of what they think is going to be theirs.

I'm soon to be 63 but I work a part-time job and it isn't worth it to me to start collecting now. If I die before full eligibility, I'll think that I made a bad decision, but if I live long enough to make it to full retirement, it will be a much better deal for me.

Good luck,

Tom in TN

Gerald J.