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Silver Conversationalist
Posts: 33
Registered: ‎09-20-2015

Re: When are you planning to take Social Security?

Message 1 of 93 (3,932 Views)
I DO NOT KNOW IF I WILL LIVE THAT LONG!1 WILL THERE BE ANY $ LEFT TO GIVE OUT?
Info Seeker
Posts: 2
Registered: ‎02-11-2014

Re: When are you planning to take Social Security?

Message 2 of 93 (4,012 Views)

If a spouse passes before drawing any ss, and is survived by his/her spouse (16 yrs their jr), can the surviving spouse recieve spousal support and if yes, would the amount depend on the spouse's age at the time of passing?

Conversationalist
Posts: 6
Registered: ‎09-13-2009

Re: When are you planning to take Social Security?

[ Edited ]
Message 3 of 93 (4,015 Views)

Well, originally I had planned to "file and suspend" and have my spouse claim against my suspended benefits. That would have provided us with an almost 50% increase over her SSA benefits.

 

Then, the drame over the increase to the Medicare Part B premiums erupted, and (since I was paying for my Part B directly and was exposed to potential large increase) I decided to continue to forego my benefits at this time and file for spiusal benefits against her claim. That allowed me to have the Part B payment deducted and shielded us from the increased premium. Something file and suspend didn't offer.

 

Now, since Congress and the Administration have declared war on retirees, I am forced to re-think that whole strategy and am now weighing our options in the new year for me to "file and suspend" anyway. Thank you Mr. President, Congress and AARP.

 

The one unknown at this time is the actual increase in the Part B premium and who will be affected.

Info Seeker
Posts: 1
Registered: ‎10-02-2015

Re: When are you planning to take Social Security?

Message 4 of 93 (4,078 Views)

I plan to retire and start collecting social security benefits when I reach 70 years old. There is longevity in my genes, so I think I will be glad I did.

Info Seeker
Posts: 4
Registered: ‎07-29-2010

Re: When are you planning to take Social Security?

Message 5 of 93 (4,145 Views)

Each person collects based on their own personal circumstances.  As a divorcee, unless something unanticipated happens, my plan is to continue working as long as I am physically and mentally competent - and if that means into my 70's - I am perfectly fine with making a valuable contribution to society and corporate America.  I recently discovered that it's possible to collect full benefits at 66 AND work full time without any reduction in Social Security.  That would be a major bonus especially with a mortgage and enable making some sound financial decisions.  Praying for continued good health in mind, body and spirit.  Linda Spreeman

Recognized Social Butterfly
Posts: 920
Registered: ‎01-02-2012

Re: When are you planning to take Social Security?

[ Edited ]
Message 6 of 93 (4,260 Views)

le5106 wrote:

According to SS, I cannot receive full benefits until I am in my 70's, and its a 1000.00 difference.


That is  accurate (obviously we do not know if $1000 is the correct amount) but it is usually not presented that way and that is very different way of looking at the payout possibilities of SS as opposed to the way most people look at it.

 

There really is no concept of "full benefits" in SS. SS has a concept of full retirement age (FRA) and FRA is currently age 66 and rising to 67 over the next few years. SS calculates the payment due you as of your FRA. If you take the insurance payout sooner (as early as age 62), it is a certain % less each month. If you delay it as long as you can (70 I think), they add a certain % each month.

 

So I guess it's accurate to say "full benefits" are not available until age 70 if you think of 62 -- rather than FRA -- as the base age. But remember, SS is not like private insurance where some amount of your contributions will always be there and will be inherited.

  • -- If you could have collected $1000 a month at 62 but waited until 70 to collect $2000 a month (just using example numbers and the ages you are apparently considering without taking inflation adjustments into account and not actually figuring out the real numbers and the monthly percentage differences), and then "stopped collecting" at 80, you left about $25,000 on the table.
  • -- If you don't "stop collecting" until your mid 80s you break even.
  • -- If you are still collecting after your mid 80s you are made whole and then some (of course, then you are also in your late 80s)

There all kinds of tax implications of these various choices (and before your FRA, there are also penalties for "making too much").

 

Whatever you do of these many SS choices, you almost certainly will want to sign up for Medicare at age 65. You can collect SS or not when you are on Medicare. You can work or not when you are on Medicare.

Conversationalist
Posts: 13
Registered: ‎12-16-2014

Re: When are you planning to take Social Security?

Message 7 of 93 (4,267 Views)
I will apply for mind at 65.
Info Seeker
Posts: 1
Registered: ‎07-03-2015

Re: When are you planning to take Social Security?

Message 8 of 93 (4,272 Views)

I qualified for full retirement at 66. At age 67 years 6 months would my benefit amount be increased by 8% or 12% ?

Regular Social Butterfly
Posts: 475
Registered: ‎02-22-2011

Re: When are you planning to take Social Security?68

Message 9 of 93 (4,288 Views)

dh102273 wrote:
Want to pay off new car loan while still able to deduct payments directly from a paycheck...also have good insurance with dental that also covers my spouse from my current job. Also like my job!

At age 68, you may start drawing your SS - And - keep the job you like. You do not have to quit your job.  Ummm - maybe, you already know this?

Info Seeker
Posts: 1
Registered: ‎08-06-2015

Re: When are you planning to take Social Security?68

Message 10 of 93 (4,295 Views)
Want to pay off new car loan while still able to deduct payments directly from a paycheck...also have good insurance with dental that also covers my spouse from my current job. Also like my job!