First Social Security check - yeehaw

[EVENKEEL]

Yep, my official retirement date was 31 Dec - 2019 at age 62 and today I actually received my first check.

[meechai]

Conratulations!

 

Feels good doesn't it?

I also started at 62 last Nov & have smiled every month on the 3rd Wednesday since ????

[EVENKEEL]

16 minutes ago, meechai said:

Conratulations!

 

Feels good doesn't it?

I also started at 62 last Nov & have smiled every month on the 3rd Wednesday since ????

For me knowing the uncertainty of paperwork being processed is over. I always had a fear of incompetent workers screwing me up.

[tonray]

August 2020.....6 months and counting 

[cmarshall]

The first SS deposit is indeed a landmark moment.  I still get a kick out of seeing it arrive on time every month.  We owe a lot to FDR.

[Berkshire]

15 hours ago, EVENKEEL said:

Yep, my official retirement date was 31 Dec - 2019 at age 62 and today I actually received my first check.

Congrats.  So you started taking at 62.  I plan to do the same....unless the US GOV changes the law in some way.

[WalkingOrders]

Awesome! I am 7 months away!

[cdemundo]

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

[cmarshall]

45 minutes ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

It depends.  The estimate from the SSA assumes that your current income will continue until Full Retirement Age.  If, however, you have stopped working, but are delaying SS benefits to get the increase from Delayed Retirement Credits, then their estimate will not be accurate.  Also, the inflation adjustment factor that is incorporated in the estimates is not likely to match exactly the actual COLAs that are decided each year.

 

In my case, the amount I received at 70 was a little less than estimates I had received earlier, but not much.

[cmarshall]

1 hour ago, Berkshire said:

Congrats.  So you started taking at 62.  I plan to do the same....unless the US GOV changes the law in some way.

It is pretty unlikely that the SSA would change the minimum age for reduced benefits since it has been in effect from 1961 for men and 1956 for women.  The amount of the reduction for taking at 62 was 25% then and is 25% now.  So, that's not likely to change either.

[EVENKEEL]

1 hour ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

I worked 2 months beyond my 62nd birthdate and I'm getting a little over the estimate so yeah it's pretty accurate.

[Guest]

6 hours ago, tonray said:

August 2020.....6 months and counting 

As I recall ... 6 months before retirement date is the time to submit your paperwork ....

[Guest]

4 hours ago, cdemundo said:

Congrats EVENKEEL! I am still 1 year 5 months away from full retirement age.  I have been wondering how accurate is the SSA website estimated benefit.  Do any of you who have begun to receive your benefits remember if the actual benefit is close to the estimated benefit that SSA gives a person on the website?

It is very accurate.

[Guest]

EVENKEEL, Congratulations for being smart enough to start at 62 (so many people simply do not understand that is the best choice) Although we would not love trying to live on only my SS payment ... I sleep like a baby knowing we always COULD ...  Also, the 2020 election is really a coin toss now, and if Bernie wins .. Retired SS Expat WIN "bigly" 555  Enjoy your new level of comfort, knowing your future in The Kingdom is secured in many positive ways.  Wishing you a long happy retirement!

[rwill]

Just got my first check this month too.  

 

You can apply 3 months before your birthdate.  I applied on the US website but the PI office called me to ask some questions and a couple more forms to fill out.

Edited February 27, 2020 by rwill

[EVENKEEL]

43 minutes ago, bangkokequity said:

As I recall ... 6 months before retirement date is the time to submit your paperwork ....

I want to say it's 4 Mos. My retirement date was 31 Dec and I started collecting end of Feb....just yesterday.

[EVENKEEL]

Of course your birthdate matters but it's also how much money you made that year. I wanted to start on my birthdate 22 Oct but because of my income it was better to wait till end of the year.

 

Also don't forget if you have minor children you're entitled to an additional check equal to half of what your check would have been had you waited till 66.5 yrs.

Edited February 27, 2020 by EVENKEEL

[Mansell]

2 hours ago, bangkokequity said:

EVENKEEL, Congratulations for being smart enough to start at 62 (so many people simply do not understand that is the best choice) Although we would not love trying to live on only my SS payment ... I sleep like a baby knowing we always COULD ...  Also, the 2020 election is really a coin toss now, and if Bernie wins .. Retired SS Expat WIN "bigly" 555  Enjoy your new level of comfort, knowing your future in The Kingdom is secured in many positive ways.  Wishing you a long happy retirement!

Maybe the best choice for you....myself I think it is more prudent to wait until seventy, which is what I did. You may not need the extra money now, but get a few miles down the road and that extra money plus the Cost of Living increases add up. Saying you will never get your money back to me is a poverty consciousness. But to each his own.

[1FinickyOne]

congrats... what the calculations that I have seen do not take into consideration is what you might do with the money at an earlier age and if wisely invested can be greater than holding out until later in life... I started as soon as I could.

[Jaxxper]

Congratulations. I hope you don’t blow it in Soi 6 because of the excitement . Anyway congrats on your retirement !!

[DineshR]

I agree. If your health is good, then waiting to 70 is the best choice. 32% more than what you get at FRA (or 57%more compared to 62) is definitely nothing to sneeze at. Assuming a benefit of 1500 at FRA, your benefit at 62 would be 1125 vs 1980 at 70.

Edited February 27, 2020 by DineshR
Missed age 70

[Pravda]

Everyone here is celebrating being old?

[EVENKEEL]

1 minute ago, DineshR said:

I agree. If your health is good, then waiting to 70 is the best choice. 32% more than what you get at FRA (or 57%more compared to 62) is definitely nothing to sneeze at. Assuming a benefit of 1500 at FRA, your benefit at 62 would be 1125 vs 1980 at 70.

Mine is $1790 at 62 plus another check for minor child, she's 8 so another 10 yrs of that.

[siamike]

2 hours ago, rwill said:

Just got my first check this month too.  

 

You can apply 3 months before your birthdate.  I applied on the US website but the PI office called me to ask some questions and a couple more forms to fill out.

I too applied via the SS website and I too received a follow-up phone call from the PI office (only a few questions for me).  Now I'm just waiting to see how much I will get each month.  I was told during the phone call that the information will be posted on "My Social Security" web page, but so far the page is showing that my application is still being processed; anyone recall how long they had to wait for processing ??

[cmarshall]

2 hours ago, EVENKEEL said:

Of course your birthdate matters but it's also how much money you made that year. I wanted to start on my birthdate 22 Oct but because of my income it was better to wait till end of the year.

 

You may have a misconception.  If you are still working while receiving SS benefits and have reached Full Retirement aged then the SSA reviews your payments each year and adjusts them upward to reflect the additional quarters of payroll tax.  This would be true whether or not you are actually collecting your SS benefits, as long as you have passed FRA.

 

https://www.ssa.gov/planners/retire/whileworking.html

[EVENKEEL]

24 minutes ago, Pravda said:

Everyone here is celebrating being old?

Know what you mean, I'm happy the money started in. For the past 12 yrs I've been a part timer here in Thailand which is hard when you have a kid here. Sometimes I think W#F now, I could still do my job with no restrictions as a Merchant Seaman. Turn the page.

[cmarshall]

2 minutes ago, siamike said:

I too applied via the SS website and I too received a follow-up phone call from the PI office (only a few questions for me).  Now I'm just waiting to see how much I will get each month.  I was told during the phone call that the information will be posted on "My Social Security" web page, but so far the page is showing that my application is still being processed; anyone recall how long they had to wait for processing ??

If you applied well before the month in which you will receive your first payment, you will get it on time.  Probably nothing will happen until just before the date of the first payment.  That was the SSA rep's advice and it was my experience.

[expat1010]

Congratulations, easy enough to get by quite nicely in Thailand on just the SS. 

[Nyezhov]

1 minute ago, expat1010 said:

Congratulations, easy enough to get by quite nicely in Thailand on just the SS. 

Havent touched abything but my checks since I been here.

[EVENKEEL]

2 minutes ago, cmarshall said:

You may have a misconception.  If you are still working while receiving SS benefits and have reached Full Retirement aged then the SSA reviews your payments each year and adjusts them upward to reflect the additional quarters of payroll tax.  This would be true whether or not you are actually collecting your SS benefits, as long as you have passed FRA.

 

https://www.ssa.gov/planners/retire/whileworking.html

Understand what you're saying but I started at age 62. Made my SS retirement date and job retirement for same date 31 Dec.