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
It’s not really 8% as you would think of an investment of your money making 8%. Far from it.
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.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
This^^^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.
It’s not really 8% as you would think of an investment of your money making 8%. Far from it.
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.
This year life expectancy for the U.S. male is 77, just so you know.
Its best to contract Covid-19.... average death age with CV is 84...This year life expectancy for the U.S. male is 77, just so you know.
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.
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.Curious what does Part A & B Medicare cost per month?
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.
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!
I am single but been married before.....last wife? lol
LOL Has to be for more than 18 months to count.
.
jk
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.
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?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?
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?
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.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.
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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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.
When To Take Social Security: An Overview
How to decide whether to start collecting your retirement benefits at age 62, at your full retirement age, or even later.www.investopedia.com
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.
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?? [emoji3][emoji3]
(Just Kidding Tom. This has been an intersting thread. Even though I am not close to SS age).
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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.
At 55 you get a 20% discount at Speedway 95!and just for the record.....No AARP membership for me and I AM NOT at SS age just yet. I am just thinking ahead
At 55 you get a 20% discount at Speedway 95!
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.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 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?? [emoji3][emoji3]
(Just Kidding Tom. This has been an intersting thread. Even though I am not close to SS age).
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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
Wait till I start my hip replacement thread...