Bit The Bullet And Now I'm An "Official" Old Guy

[69hurstolds]

I've finally broke down and applied for Social Security Benefits. I've been putting it off because it's just one of those things you don't think about until something prompts you to think about it.

Lately there's been this talk on TV news about Social Security monies running dry in 2033 or whatever, the same song they've been singing for years. Between that, and every day that passes and I'm still on the green side of the grass is a blessing, I'm caving in. Do we NEED the money? No. But SS is not a handout, because some of my blood, sweat, and tears left behind in every job I've ever had was sent into the system from every paycheck. The world's biggest, legal ponzi scheme ever. And if I have the choice, then I get to choose.

I've been eligible since last year to do it, and figured I might just wait a while longer, but I did learn that even if you decide to retire early before your "full" retirement age date, it's structured to net you about the same over the rest of your average expected lifetime. In my case, I figured if I lived until I was 80, I'd cut myself short of a total of 2 months worth of benefits by retiring "early". If I make it that long, I'm surely not going to GAF about 2 months of missing out on benefits. But if I croak off next year or something, then I'll have at least got a little bit of use out of the system. I retired at 57, so it's not a must for us, but I said what the heck and threw my hat in the ring. Never know what's going to happen in the future. Congress may make it means-based and cut us off completely. To which, then it would be a handout. Who knows?

It's just a matter of what size benefit check you think you will need. You won't necessarily get "extra" money by waiting until 70 like they love to try to make you believe. If you waited until 70, that's 8 potential years of not taking the benefit, to which if you used the average benefit numbers, you'd be giving up on 180K worth of benefits by the time you start at age 70. If check size matters to you, then wait. If it doesn't, go early. You're still going to die the same day, whenever that may be.

I did it online and found it incredibly easy to apply. Now I just have to wait for the approval, however long that takes.

It's a personal thing, so you do you. If you're not quite old enough yet to do so, hopefully one day you will be. The alternative isn't a good one.

 

[87National]

I've finally broke down and applied for Social Security Benefits. I've been putting it off because it's just one of those things you don't think about until something prompts you to think about it.

Lately there's been this talk on TV news about Social Security monies running dry in 2033 or whatever, the same song they've been singing for years. Between that, and every day that passes and I'm still on the green side of the grass is a blessing, I'm caving in. Do we NEED the money? No. But SS is not a handout, because some of my blood, sweat, and tears left behind in every job I've ever had was sent into the system from every paycheck. The world's biggest, legal ponzi scheme ever. And if I have the choice, then I get to choose.

I've been eligible since last year to do it, and figured I might just wait a while longer, but I did learn that even if you decide to retire early before your "full" retirement age date, it's structured to net you about the same over the rest of your average expected lifetime. In my case, I figured if I lived until I was 80, I'd cut myself short of a total of 2 months worth of benefits by retiring "early". If I make it that long, I'm surely not going to GAF about 2 months of missing out on benefits. But if I croak off next year or something, then I'll have at least got a little bit of use out of the system. I retired at 57, so it's not a must for us, but I said what the heck and threw my hat in the ring. Never know what's going to happen in the future. Congress may make it means-based and cut us off completely. To which, then it would be a handout. Who knows?

It's just a matter of what size benefit check you think you will need. You won't necessarily get "extra" money by waiting until 70 like they love to try to make you believe. If you waited until 70, that's 8 potential years of not taking the benefit, to which if you used the average benefit numbers, you'd be giving up on 180K worth of benefits by the time you start at age 70. If check size matters to you, then wait. If it doesn't, go early. You're still going to die the same day, whenever that may be.

I did it online and found it incredibly easy to apply. Now I just have to wait for the approval, however long that takes.

It's a personal thing, so you do you. If you're not quite old enough yet to do so, hopefully one day you will be. The alternative isn't a good one.

I'm 20 yrs out from collecting my first SS check.....so I'm not counting on it being solvent when I need it. Between 401k, company pension, IRA, and other investments.....I should lead a comfortable retirement life. An SS check would just be a little extra spending money.....or $$ to pass on to my heirs.

 

[pagrunt]

Do we NEED the money? No.

If that's the case, just remember send it all in small unmarked coins to C/O Pagrunt, Elderton. Pa. RE: Monte Fund.

 

[ck80]

If that's the case, just remember send it all in small unmarked coins to C/O Pagrunt, Elderton. Pa. RE: Monte Fund.

That's no fun. I say cash it all in for pennies we scatter down the roads in your district. Collect as much or little as you like...

 

[airboatgreg]

I am eligible for it but I still have a great job so will wait a year and a half as long as I continue to work and not get penalized

 

[mikester]

I had no choice. I left my job in 2008 due to a pretty serious neck injury. I had to go on SS disability and a private disability insurance from my job brought it up to 60% of my yearly salary. Was it great ? We survived. For the first 5 years I was getting an extra check due to my daughter being under 18. I was actually getting more staying home for those few years. The disability kept going until I hit 66. Now its just regular SS and my retirement.

 

[69hurstolds]

You can't get penalized on SS for not applying and continuing to work instead. In fact, continuing to work could even boost your payout when you do apply. However, you need to be ready to apply for Medicare (automatic if you're already receiving SS bennies) at age 65, unless your employer insurance is deemed equivalent to Medicare or better. There's a few rules after turning 65 you have to follow if you continue to work and not get penalized from Medicare.

mikester your story is obviously a different situation which didn't leave you much choice. But some safety net was there for you, what little there was anyway.

After so many years of saving and being fiscally disciplined, we're getting to the point we have to start taking vacations and doing more stuff (spending the stash before RMD eventually makes us take it out) so it's hard to determine what to do first. I do have a standing offer to pay for anyone's one-way, first class, plane ticket out of the country to their choice of Moscow, Bejing, Theran, or Pyongyang for those who think the U.S. sucks and the country treats people badly all the time, yaddah yaddah. They have to sign an agreement to stay there for at least 7 years. Any return to U.S. soil/territory for any reason and they must repay me the costs plus 100% penalty for early return. Funny, nobody has taken me up on that, yet.

 

[PVDave]

"Lately there's been this talk on TV news about Social Security monies running dry in 2033 or whatever,"

and

"Congress may make it means-based and cut us off completely. To which, then it would be a handout. Who knows?"

Exactly, who knows what the world will look like in 5-10 years. It seems like "Get what you can now." is the right approach. I'm eligible when I turn 62 this July, and am signing up. Due to a number of state to state moves (including 17 years in high cost California), we never paid off our house, so I'm carrying a small mortgage into retirement (Not complaining, I'm in a good place financially). The SS check will easily cover the monthly mortgage, leaving my retirement savings free to cover other expenses.

Good to hear the process is fairly painless, I'm planning to apply in April or May.

 

[69hurstolds]

You can apply for benefits up to 4 months ahead of when you want them to start. But the check won't appear until the following month.

And then, depending on what DAY you were born, you get your check on a certain date, like from day 1-10, you get it 2nd Wednesday of the month. If your birthday was from 11-20, you'll get it the 3rd Wednesday of the month, and if you were born 21-end of the month, then you get it the 4th Wednesday of every month.

If you want your benefit month to start in July when you turn 62, you'll have to wait until March 1st at the earliest to apply. Then your first check arrives on the 2nd through 4th week in August, depending on the day cycle you were born. That's the EARLIEST you can apply if you don't turn 62 until July.

 

[64nailhead]

Well hell, I thought you (69hurstolds ) were 28 years old.

Learn something new every day.