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For you old guys and SS

DILLIGAF

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It’s not really 8% as you would think of an investment of your money making 8%. Far from it.
Understand......

My first thought is to grab it as its there.

I knew it would come down to a friggin math equation :) Emotions be damned......lol
 

Mandelon

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What is the future of social security?
If you’re skeptical about the future of Social Security or wary of potential changes such as means testing—which could reduce or eliminate benefits for the wealthy, or an increase in the full retirement age—you may be tempted to start benefits early, under the assumption that it’s better to have something than nothing. The 2020 annual report from the Social Security Trustees, released in April, projects that the Social Security Trust Fund has enough resources to cover all promised retirement benefits until 2035, and will cover 79% of scheduled benefits for new retirees thereafter without changing the current system.
 

Mandelon

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Doesn’t everyone get the same amount if your fully invested worked and paid into the system for years. If I made $45,000 for the past 25 years and my buddy made $90,000 for the past 25 years and we both started drawing at 62 and we are both the same age he just made more money than I,

will we get the same monthly amount? Or is it a sliding scale

A sliding scale, the more you paid in the larger your benefit check. See this online form and play with the numbers: https://www.ssa.gov/OACT/quickcalc/


If I enter a wage of $150,000 my benefit at 66 will be $2870 a month. If calculated at $45000 a year, the benefit is only $1438 a month.
 
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Bobby V

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Doesn’t everyone get the same amount if your fully invested worked and paid into the system for years. If I made $45,000 for the past 25 years and my buddy made $90,000 for the past 25 years and we both started drawing at 62 and we are both the same age he just made more money than I,

will we get the same monthly amount? Or is it a sliding scale
Sliding scale. You can check here how much you will be getting at different ages.

 
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Mandelon

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Using that online form, if I retire in 2026 at 62 I get $2103. If I wait four more years and start collecting at 66 I get $2870. So $700 extra per month, or $8400 more per year.
 

buck35

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Don't forget this 8%is before inflation and could be net zero. This threads got me thinkin I'm taking mine a 63 this fall.
 

port austin pirate

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I have heard that if you take it early, that you have the option to pay back what you have gotten in benefits received, and then get full benefits when you are of age, As for me I took mine at 62, one never knows how long your gonna be on the green side of the grass, and did have other assets so easy choice for me.
 

Dettom

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I did the math and for me it would take 12 years to recover the money from delaying one year. Say $2000/ month, that's $24000 lost by delaying one year.
This^^^
 

clarence

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It’s not really 8% as you would think of an investment of your money making 8%. Far from it.
Wade Pfau calculates it out at 3% real (i.e. after-inflation.)

...

Mike Piper in his excellent Social Security Made Simple calculates the return for delaying at 6.67% nominal.

 

HB2Havasu

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Remember Medicare isn't free.
It's deducted from your SS.
Bernie never mentions that.
(Then you have to buy a supplement policy)

I took mine early.
If I was going to live forever I'da waited.
Curious what does Part A & B Medicare cost per month?
 

stephenkatsea

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A few of the statements and questions made here indicate a definite need of a retirement advisor for some. Personally, I prefer to leave as little of my money as possible sitting in the hands of the government. And as previously mentioned, if those little additional SS $$ received monthly by waiting is that critical, you may need to take a better look at your overall planned retirement monthly sources of income.
 

DILLIGAF

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If you die your wife will receive it... Shoot... Even if your not married any longer.. If you single (Not re married again) when you die it will go to your last wife... Crazy... Unfortunately our family learned from experience.
Wait a minute......Automatically? What about being married before and an ex wife (both never remarried) dies and she was getting SS?

I am single but been married before.....last wife? lol
 

LuauLounge

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Curious what does Part A & B Medicare cost per month?
Medicare A is free, Medicare B is 148.50/month. On top of that, you will want Medicare Supplemental. I have Plan G, which is the top for now. I pay appox $130/month and it covers all of my medical expenses, except for $185 deductible for the year. I was diagnosed with cancer the year the month before I turned 65. The first month with my PPO deductible cost me approx 9k, I went on Medicare the following month and for the last 5 years have never spent a dime through today, other than the $185 deductible.
 

Wasn’t Me

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Wait a minute......Automatically? What about being married before and an ex wife (both never remarried) dies and she was getting SS?

I am single but been married before.....last wife? lol
YUP!!!!!! My wifes parents split up forever ago and both of them never remarried.. My father in law was engaged for 25+ years to the new girl but never married.. So after he passed at 72 my mother in law started receiving his SS or at least a larg portion / % of it... Needless to say the girl friend of 25+ years was not very happy about it.... Not sure how they would work it out with more than one X wife..? I assume it just goes to the last wife..? Sucks learning the hard way!
 

Looking Glass

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What is the future of social security?
If you’re skeptical about the future of Social Security or wary of potential changes such as means testing—which could reduce or eliminate benefits for the wealthy, or an increase in the full retirement age—you may be tempted to start benefits early, under the assumption that it’s better to have something than nothing. The 2020 annual report from the Social Security Trustees, released in April, projects that the Social Security Trust Fund has enough resources to cover all promised retirement benefits until 2035, and will cover 79% of scheduled benefits for new retirees thereafter without changing the current system.



IF, IF, IF!! They do not STEAL from it.

BUT!!, Wait!

They would Never Do That.

Would They 🤔

☹
 

DILLIGAF

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YUP!!!!!! My wifes parents split up forever ago and both of them never remarried.. My father in law was engaged for 25+ years to the new girl but never married.. So after he passed at 72 my mother in law started receiving his SS or at least a larg portion / % of it... Needless to say the girl friend of 25+ years was not very happy about it.... Not sure how they would work it out with more than one X wife..? I assume it just goes to the last wife..? Sucks learning the hard way!
Wow.......I wouldn't mind my ex getting it from me....the latest ex.....lol After we were done I really don't see her getting married again. I won't be either.

So....she is still working and will be for at least 10-15 years as she was a lot younger.

I wonder how many people know of this really.
 

Activated

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My parents divorced when I was 4 and my dad passed over 25 years ago. My mom had been married to my step dad for over 20 years when he passed.
She went to file for SS and the lady asked her if she had been married more than once...mom said yes but a very long time ago. She ended up qualifying for like $400 more per month for having been married to my dad even after all these years.
 

DILLIGAF

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My parents divorced when I was 4 and my dad passed over 25 years ago. My mom had been married to my step dad for over 20 years when he passed.
She went to file for SS and the lady asked her if she had been married more than once...mom said yes but a very long time ago. She ended up qualifying for like $400 more per month for having been married to my dad even after all these years.
My first wife passed two years ago and her husband passed on a year ago. Maybe it went from her to him and then ended at that point. I don't think either one of them were collecting SS but they were both 5 years older than me. If she never took SS (don't believe she or he did) I wonder if I should check into that one????

How do you check on that? Just call SS?

That would be awesome if I got some kind of payments....This kind of shit doesn't happen to me though....lol
 

Activated

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My first wife passed two years ago and her husband passed on a year ago. Maybe it went from her to him and then ended at that point. I don't think either one of them were collecting SS but they were both 5 years older than me. If she never took SS (don't believe she or he did) I wonder if I should check into that one????

How do you check on that? Just call SS?

That would be awesome if I got some kind of payments....This kind of shit doesn't happen to me though....lol
That is all she did, called in to start benefits. My dad had remarried a couple of times before he passed...no idea how that works. Maybe she just spoke to the right person on the right day?
 

was thatguy

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My first wife passed two years ago and her husband passed on a year ago. Maybe it went from her to him and then ended at that point. I don't think either one of them were collecting SS but they were both 5 years older than me. If she never took SS (don't believe she or he did) I wonder if I should check into that one????

How do you check on that? Just call SS?

That would be awesome if I got some kind of payments....This kind of shit doesn't happen to me though....lol
I need to as well.
Deb and I were married 13 years when she passed. Her first marriage was for like 6 months right out of HS. Her second marriage ended 1 1/2 years before we married, our marriage was actually longer than her first two.
But I’ve never checked into SS from her account because I assumed I’d be like the last in line?
 

DILLIGAF

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I need to as well.
Deb and I were married 13 years when she passed. Her first marriage was for like 6 months right out of HS. Her second marriage ended 1 1/2 years before we married, our marriage was actually longer than her first two.
But I’ve never checked into SS from her account because I assumed I’d be like the last in line?
I will let you know if I find anything out good on my end. Do the same please.

Who knew of the possibility...I sure didn't
 

ChiliPepperGarage

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I took mine at 62.

Here's the way I looked at it: I've paid into it all my working life. It's my money and I want it back as soon as possible. I don't care if they'd give me a little more each month if I waited. If I won the lottery I'd want the lump sum even if it was half of the total winnings.

I'm glad I did take it early especially with the current administration. I don't trust those fuckers and it wouldn't surprise me if they do something to "redirect" the money saying it is better served elsewhere.
 

78Southwind

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Waiting is a guaranteed 8% return/increase each year, most would die to be assured 8% on their investments. If you can draw on other savings first you should and wait till 70. Also, consider you may need to pay taxes on SS or could increase your tax bracket which could impact IRA conversions to Roth if you want to do that.
This right here. I would live on my cash or investments that are not in retirement plans, while making Traditional IRA/401(k) conversions into a Roth IRA. Make those conversions up to a reasonable tax bracket and look for opportunities to get some Obama care love. Be careful with those conversions and watch for IRMA penalties 2 years before Medicare. Then I would wait until 70 to take SS. The more money you put in a Roth the less you have to worry about your SS being taxable. However, everyone has their own puzzle to complete so this is what I would do. Or f all this advice and put it all on green double zero and then it doesn't matter one way or the other.

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2Driver

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I will let you know if I find anything out good on my end. Do the same please.

Who knew of the possibility...I sure didn't
There is a ton of current details on this site, including details on marriage divorce, survivorship benefits. You could have something coming.

 

DILLIGAF

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There is a ton of current details on this site, including details on marriage divorce, survivorship benefits. You could have something coming.

Based on marriage record I could have a windfall.......lol

Thanks
 

2Driver

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Based on marriage record I could have a windfall.......lol

Thanks
Ha, You can also claim domestic partner benifits. It would be a good insurance policy for 2 guys who never plan to remarry to claim “domestic partnership” as an insurance policy on each other. Got to think outside the box.


BTW that site layout is a little weird but once you find the table of contents is takes a while to load and the content is way below the ad banner, I couldn’t find it at first.
 

DILLIGAF

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Ha, You can also claim domestic partner benifits. It would be a good insurance policy for 2 guys who never plan to remarry to claim “domestic partnership” as an insurance policy on each other. Got to think outside the box.


BTW that site layout is a little weird but once you find the table of contents is takes a while to load and the content is way below the ad banner, I couldn’t find it at first.
Checking it out......

My manhood wouldn't let me buy a Prius....damn well can't claim a domestic partnership with a dude....lol I bet you many people scam the system that way in todays world though.
 

Take The Long Way Home

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I asked my financial planner the same question, he answered by saying tell me when you’re going to die and I will tell you when to take Social Security, but based on my family that lives into the mid 90s he said I should wait till 66 and for my wife because her family history is much shorter she should take it at 65 or if she quits working sooner.
 

RogerThat99

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I remember when RDP was all about cool boats, big parties, awesome nights at the bar....

Now we are talking Social Security, juicers, and Geritol. What has happened here??

(Just Kidding Tom. This has been an intersting thread. Even though I am not close to SS age).

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fmo24

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Domestic partnership is a lot more complicated than imagined. Every thing is questionable and lots of documents needed to meet requirements. Easier to just get married. Lol
 

DILLIGAF

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I remember when RDP was all about cool boats, big parties, awesome nights at the bar....

Now we are talking Social Security, juicers, and Geritol. What has happened here??

(Just Kidding Tom. This has been an intersting thread. Even though I am not close to SS age).

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I started a thread last year about the same geritol stuff.....lol

Over the years I put up my fair share of girls at the river. I lived quite a life back then.

The younger guys now......Where are those posts that show the crazy girls on their boats?

Pass me the advils please
 

DILLIGAF

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and just for the record.....No AARP membership for me and I AM NOT at SS age just yet. I am just thinking ahead
 

2Driver

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I asked my financial planner the same question, he answered by saying tell me when you’re going to die and I will tell you when to take Social Security, but based on my family that lives into the mid 90s he said I should wait till 66 and for my wife because her family history is much shorter she should take it at 65 or if she quits working sooner.
Check but I believe there is a deal where you can get spousal benefits at 50% after pulling your own.

The lower earner takes theirs right away and the higher earner waits for the larger payout amount. Then, when the higher earner begins payments, the lower earner spouse can switch to spousal benefits vs their own assuming 50% of the higher spouse is more money than the original payment of the lower earner
 

Flatsix66

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If you make it to 70 years old, statistics show that you have a 60% chance to make it to 85. And if you are 60 years old, you have an 84 % chance to make it to 70. So, wait till 70 to take SS unless you know you have a bad bearing or o-ring.


 

DILLIGAF

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I think that spousal thing for a deceased ex is gonna take a marriage of 10 years looking at it quickly.

No go on my end but I am going to call SS and talk to them
 

cofooter

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Wow.......I wouldn't mind my ex getting it from me....the latest ex.....lol After we were done I really don't see her getting married again. I won't be either.

So....she is still working and will be for at least 10-15 years as she was a lot younger.

I wonder how many people know of this really.
I did not know until my GF/Parner/Significant Other whatever you want to call it, told me. Neither of us really see any good reason to get married EXCEPT for this. I would MUCH rather see her get my benefits than my ex-wife.
 

was thatguy

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I remember when RDP was all about cool boats, big parties, awesome nights at the bar....

Now we are talking Social Security, juicers, and Geritol. What has happened here??

(Just Kidding Tom. This has been an intersting thread. Even though I am not close to SS age).

Sent From Tapatalk
Wait till I start my hip replacement thread...
 

Music to my Ears

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If you take it at 62 or before full retirement age you can only earn around 15k a year if you are still working
Do you or anybody know if it matters whether or not any additional money earned is W-2 versus 1099 income? I guess what I'm trying to figure out is if you made additional money over $15k but paid out as 1099 income, would that fly?
 
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