Pros and Cons of delaying Social Security Benefits!

[AngelaS579497]

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@GailL1 wrote:

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@AngelaS579497 wrote:

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I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

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If you are planning on taking your SS benefit before your full retirement age - just make sure that you know the income earnings limit because if you make over this amount, your benefit check will be reduced, substantially.

Your earnings will then be recomputed by SSA when you reach FRA, giving you a higher benefit - so it is kind of a trade off - You have to weigh the benefit to yourself - less now for more later - is it worth it?

The income ceiling changes a bit every year - this is for 2019.

Social Security.gov - 2019 Publication - How Work Affects Your Benefit

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Hi, yes, it was a very hard decision to take it at age 62 next year but after experiencing being homeless last year, I have come to the conclusion this is the best route. Lol, thank goodness it is still around as you know for years people have been saying it is going bankrupt. It may by the time I need it, but hey, going to at least try for it. Jobs in my area in Virginia are minimum wage $7.25 or a little higher but they mess with the hours you work. Not one to sit around or complain and learn't my lesson from being homeless last year, I have to figure out things on a DAILY basis. LEARN from my past, ENJOY my present and PLAN for my future. Hugs, Angela

[GailL1]

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@AngelaS579497 wrote:

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I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

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If you are planning on taking your SS benefit before your full retirement age - just make sure that you know the income earnings limit because if you make over this amount, your benefit check will be reduced, substantially.

Your earnings will then be recomputed by SSA when you reach FRA, giving you a higher benefit - so it is kind of a trade off - You have to weigh the benefit to yourself - less now for more later - is it worth it?

The income ceiling changes a bit every year - this is for 2019.

Social Security.gov - 2019 Publication - How Work Affects Your Benefit

[AngelaS579497]

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@retiredtraveler wrote:

I "compromised". I waited until 67 1/2 to get some extra income. However, I was not dependent on getting SS income. You have to look at your own financial situation. There is no one-size-fits-all for this.

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Thanks! I plan on continuing to work when I get it next year, but it would be nice to have it now/lol so I could relax more. I think working at something you are passionate about keeps you young. That is one of my goals for next year when I get my first check. Hugs, Angela

[retiredtraveler]

I "compromised". I waited until 67 1/2 to get some extra income. However, I was not dependent on getting SS income. You have to look at your own financial situation. There is no one-size-fits-all for this.

[AngelaS579497]

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@k169969a wrote:

i did not apply on line as I started getting hung up in the screen.   May have been my old laptop vs their issue.    What I did do was call the 800 number and make an appointment .    Do that and you won't have to go in and wait so long.     I prefer this .   Once you start SS  you dont go back every year it will just keep coming to yout account.  If you change banks be sure to leave the old account open and contact SS with the new account and wait until you see it actually hit the new one.  

https://socialsecurityofficenear.me/

The link will show close by offices and a 800 number to call.    I think the 800 number is a clearing house for all sites as they don't want the local admin overwhelmed.      

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Thanks I will file in person next year. Hugs, Angela

[k169969a]

i did not apply on line as I started getting hung up in the screen.   May have been my old laptop vs their issue.    What I did do was call the 800 number and make an appointment .    Do that and you won't have to go in and wait so long.     I prefer this .   Once you start SS  you dont go back every year it will just keep coming to yout account.  If you change banks be sure to leave the old account open and contact SS with the new account and wait until you see it actually hit the new one.  

https://socialsecurityofficenear.me/

The link will show close by offices and a 800 number to call.    I think the 800 number is a clearing house for all sites as they don't want the local admin overwhelmed.      

[AngelaS579497]

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@k169969a wrote:

Yes you can start the applicatioon 90 days before your 62nd birthday.    Many people do this on line but there have been a few snags for some people and I've heard it a PIA to straighten out..   Go on line and find a local SS office close to home.  We did that.    Link here. just put in your zip

https://secure.ssa.gov/ICON/main.jsp

It may take a few weeks to get an appointment but working with a human being is far better vs getting hung up in the systems.      When you make your appointment they will tell you what to bring.   All your Identification of couse , if they sent you SS statements bring those along as well.  They will ask you your rough eanings prior to taking SS or that year and if you expct to have added earnings once you start.   

Caution once you get that first check your earnings are restricted to $1470 a month in the first partial year of benifits.    So if your on SS the last two months of 2019 all you can earn is $1470 *2 .     You can ean more in one month and less in another as long as the average does not go over $1470. 

If you earn more SS can deduct $1 for ever $2 you earn over the threshold.        This gets changed as you get closer to your full retirement age but it is somethng to be aware of. 

If your birthday is the 1st or 2nd of the month say November 1 or 2 then your first check would hit in December but otherwise they want you to wait a full calendar month to pass before recieving a check.  

Do direct deposit as it is easy and there will be no doubts about where the money goes and when its there.   I've heard losing a check via the mail becomes a PIA to resolve.

Good luck 

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What does PIA mean? Hugs, Angela

[AngelaS579497]

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@cat0w wrote:

@AngelaS579497 

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Thank you SO MUCH for posting this!!! One last question I promise/lol, were you able to apply online or did you have to go to an office? I did visit them this month. Thank goodness we have a local office here and the wait was not long. Lol, I decided to go ahead and plan on being there all day on one of my day offs from work. Anyway, was finally able to get  my online account set up. Had tried last year and was told over the phone I had to come see them. Now I am wondering if I will be able to apply for benefits next year online or will I have to go visit them again. I am not seeing a spot in my online account to APPLY for benefits or am I missing this? Hate online stuff but realize it is the way of life these days. Hugs, Angela

[k169969a]

Yes you can start the applicatioon 90 days before your 62nd birthday.    Many people do this on line but there have been a few snags for some people and I've heard it a PIA to straighten out..   Go on line and find a local SS office close to home.  We did that.    Link here. just put in your zip

https://secure.ssa.gov/ICON/main.jsp

It may take a few weeks to get an appointment but working with a human being is far better vs getting hung up in the systems.      When you make your appointment they will tell you what to bring.   All your Identification of couse , if they sent you SS statements bring those along as well.  They will ask you your rough eanings prior to taking SS or that year and if you expct to have added earnings once you start.   

Caution once you get that first check your earnings are restricted to $1470 a month in the first partial year of benifits.    So if your on SS the last two months of 2019 all you can earn is $1470 *2 .     You can ean more in one month and less in another as long as the average does not go over $1470. 

If you earn more SS can deduct $1 for ever $2 you earn over the threshold.        This gets changed as you get closer to your full retirement age but it is somethng to be aware of. 

If your birthday is the 1st or 2nd of the month say November 1 or 2 then your first check would hit in December but otherwise they want you to wait a full calendar month to pass before recieving a check.  

Do direct deposit as it is easy and there will be no doubts about where the money goes and when its there.   I've heard losing a check via the mail becomes a PIA to resolve.

Good luck 

[cat0w]

@AngelaS579497