You all keep working hard out there............Social Security

William81

I signed up for Social Security and received my "Award Letter" this week.....I did the entire process on line.  Never spoke to a human being...it seemed strange/weird/odd to be able to complete it this way...

chme

William- congratulations for making it to the finish line with us other old poops- but I must correct a misconception that you have.

You seem to be under the impression that there are human beings there to speak with.   Nope.  Pod people.  Not human. Nope. 

susie

Congrats on completing the process without a glitch.  It reminded me I needed to check on survivor benefits.  Checked and found out that I can start drawing on my late husband's when I hit 60 next year.  It will be at a reduced rate (71%).  He earned about a 1/3 more than I did throughout our careers.  I can draw on his and let mine sit until I reach full retirement age and then begin drawing mine at full rate.  This is resting on two givens, that I will reach full retirement age and that social security will still be around at that time.  Better to start withdrawing as soon as possible due to the uncertainties of the solvency and politics.

SW0320

Congradulations.  Did the same a few years ago, no pandamic then, just did not want to deal with the staff and others that go into the usual office.

pulsarnc

Wanted to delay taking mine till full retirement age ,(67). Health decline , severe arthritis forced me to take it at 62 . For me it was a good decision I

chme

For those just starting SS- or those about to- I had a learning experience.  I waited until full retirement age.  Was still working.  did not have Federal tax witheld (it is voluntary)  Then I did my taxes at the end of the year.
WHATINDAHELL DO YOU MEAN I OWE UNCLE SUGAR NINE GRAND ?????  
Nobody- i mean NOBODY told me that if you have other income, depending on the level, up to 85% of your Social Security benefits are subject to Federal income tax.  Happily, I had been dumping my SS checks into savings, and had the nine to pay Unca Sam- but as Archie Bunker would say- Jeez Louise! 

If you are getting ready to start drawing SS, and if you have other income, take a hard look at whether you want them to withold taxes.  Yeah, that was probably dumb of me- but nobody said squat about it.   

gruntled2

If you have an IRA live on that as long as you can & then take SS. Otherwise you will pay Income tax on your IRA withdrawals PLUS the tax on SS. If you are in the 12% tax bracket & the 85% SS tax bracket that means your IRA withdrawals are taxed at 22.5% plus any state tax you may have to pay.

truthful

Advisors keep saying to wait until full retirement age, or better yet wait to age 70. Their logic is that you will get larger monthly payments. But, they don't point out that between age 62 and age 70 you will need to come up with money from somewhere to offset the fact you won't be getting SS checks for eight years. If you don't need the SS money, you could invest it and still come out way ahead.

Bubba Jr.

My wife was a technical expert with Social Security. She told me I should file at age 62, so that's what I did. After all, she was the expert.

select-fire

Well decided to keep part of my rentals just in case the ol' SS ever fails.  I have someone that mows and repairs..

bustedknee

truthful said:

Advisors keep saying to wait until full retirement age, or better yet wait to age 70. Their logic is that you will get larger monthly payments. But, they don't point out that between age 62 and age 70 you will need to come up with money from somewhere to offset the fact you won't be getting SS checks for eight years. If you don't need the SS money, you could invest it and still come out way ahead.

Here is how I look at it:

If I am going to die at age 70 and I did not take my SS at 62 there is no way I can RIP!  I'll take it now, thank you.

I retired at 55 and drew Civil Service retirement until 62.  I was eligible for SS and the checks started coming in.  Yehaw! Then, Civil Service sent me a letter to inform me my CS retirement would be reduced because I was getting SS! Then Social Security sent me a letter to inform me my SS retirement would be reduced because I was getting CS?  You guessed it, I was/am thrilled!

However, for years I was investing and planning that when my time comes to retire I was not going to rely on the government - it may not be there.  I stressed this for years to my employees.

As I neared age 55, not trusting the economy or stock market, I began liquidizing my assets.

Also, the last 10 years or so of my career we lived on 1/2 of my income (in Alaska) since that was the figure I should be getting from the government.  The other half of my income went directly into investments.

My point is this:  To you folks, that aren't there yet, it is never too early to start planning your retirement. 

And be ready for a fuss.  It sounds like it went smooth for you, William81.  I'm happy for you.

Butchdog2

Filed for SS last year online, easy peasy. Be sure you have a bank/savings account number in hand for direct deposit.  First check 2 months later, hoarding it for sure. Almost 66 at the time, couldn't afford to retire at 62, my health insurance was 2500.00 a month. Still working now and have more good projects than I have ever had and booked solid for at least 2 years. The housing market is in a big boom. "God is good" even with all the demics and political madness going on.

Note on the Medicare, my doctor's office manager said when I got the ole red, white, and blue card you will be well taken care of, boy was she right. Added a supplement and zero out of pocket money for some very expensive heart tuneups, and no cost to me for any kind of doctors visit. Remember I am still working and paying taxes, just wait until that stops, good luck with major health care.

Thought for today, live for the best but prepare for the worst, or something like that.

pickenup

Good to hear it went smoothly William81.

When I fully retired, it was all online. There were a few hurtles I had to jump through, but in the end it all worked out.

Being fully retired now, I wonder how I ever had time for a job.

But then I did semi-retire at 35.

Having to work only 7-8 hours a week after that wasn't too bad.

Now I work from 4-6 hours a day.

Somethings wrong with this picture.

The ONLY advise I give to people who are retiring is. KEEP ACTIVE.

William81

Thanks for the comments all......I "retired" seven years ago at age 55 and planned my retirement with a belief that SS would not be there by the time I met the criteria to collect..  We decided it made more sense to collect at 62 now while the political winds are still slightly in my favor.  Who knows what is coming if the dems are able to take over the entire Govt in a worse case situation.

I have already figured out the possible tax issues and how to mitigate them for the most part.....so we are good to go..

We feel very blessed to be where we are and thankful for the life we lead here on the farm.....this just added some extra 
options and horizons to explore.......GOD is good







 

Silver Star 5301

Yes I am a couple years away and at 63, if I don’t find something to interest me, I am drawing ASAP.  Factor in the dollars received between now and then, the extra monthly increase isn’t worth it. Those dollars can be working for me- if nothing else, it can be saved for major purchases and the IRA nest egg can remain unmolested.   Too many people never reach that maximum age, and never draw a dime.  

Waiting for that so-called 8% isn’t a bargain. Remember, it’s the Government that is telling you it’s a good idea.