First Social Security check - yeehaw

[EVENKEEL]

2 minutes ago, expat1010 said:

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

If it was just me, yeah I could live good. It's the old lady and kid that scarfs it down.

[BritManToo]

45 minutes ago, Pravda said:

Everyone here is celebrating being old?

Yep, I get mine next month.

[gargamon]

As I have always said,  if I need that money I have done something wrong...

 

I will be delaying until I'm 70 so I can move as much money from regular IRA's to Roth's as possible at the 10% Tax rate. The tax hit on forced IRA withdrawals can be brutal later.

[DJ54]

I’m 66 in June 2020 contemplating when to file I have income 

currently but get the feeling the axecome this year. Not for bad

performance but because I’m contract (13 years direct prior with them 16 yrs) and the Mothership likes direct.

 

any suggestions are welcomed

 

[Ireland32]

10 hours 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.

Who knows how Trump Will 

spend it , grab it Now, I started last June 

[sirineou]

Congratulations EvenKeel enjoy it in good health!!

I went to my local Social Security Office yesterday to ask questions, they were Useless,and very rude. 

I wanted to sit down with someone and be advised as to my options. First I called the 800 number to make an appointment, they told be the closest available appointment was for Late April !! I told them they must be kidding and just went there.  I really did not wait long, but when my number was called I was directed to a window, like bank , without a chair. I was told asked what questions I had by a very dry lady, who after the question printed me some material to read, No advice at all. I could have done that on line.

  I have a medical condition that prevents me from working, I was told I need to apply for disability first.

Went to their website, Now I am trying to collect required work, personal and medical information.

They do not make things easy.  I will be 63 early June.

[Guest]

3 hours ago, Mansell said:

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.

The reason they pay more later, is they are betting you will not live long enough to reach the break even point where gross payout at 62 = gross payout at 72.  In other words, for round numbers, let's say at 62 I got $1,000 per month.  Let's not even factor in a "today dollar" has much more value than a "8 years from now dollar."  Also, let's pretend there is not an annual cost of living adjustment.

Year One -   I get $12,000 You get Zero
Year Two -   I get $12,000 You get Zero
Year Three-  I get $12,000 You get Zero

Year Four -   I get $12,000 You get Zero

Year Five-     I get $12,000 You get Zero

Year Six      - I get $12,000 You get Zero

Year Seven -  I get $12,000 You get Zero

Year Eight  -   I get $12,000 You get Zero

 

So Happy Day, you are about to get your first check!  Let's say it is 20% more.

 

On the day of your first deposit, I have $96,000 ... and you have what? $1,200?  Wow. I guess you showed all of us, eh? 555!

 

Do you understand how long it will take for you to reach the same gross payout as me?  Sorry to report, Saint Peter will be delivering some bad news at the Pearly Gates ... chances are, you never did catch up.  Oh!  And I had an AMAZING retirement with that extra 30,000 + per month to play with!

 

[CH1961]

5 hours ago, EVENKEEL said:

at 62 plus another check for minor child, she's 8

You have a 8 year old child with 62?

Is this usual in USA? 

[gk10002000]

Congrats.  I am about to turn 63.  I am letting my SSA benefits increase for a while as I do not need them now and I am still working a bit.  My goal years ago was to lock up enough to qualify for the Thai Retirement @ 65,000 baht a month or just over 2,000 USD.  My starting SSA benefit right now alone will be $26,000 a year so that alone could satisfy Thai immigration, and not even counting my other passive income.  All the recent changes to Thaland have caused me to postpone my boring punch out retirement and dosh up a little more in cash and equities.  I will see how this year plays out

 

  Be aware that when you start medicare, and medicare B, those B premiums will automatically be deducted from your SSA benefits.  So if you had an income threshold in mind, keep that in mind.

 

 

[timendres]

3 hours ago, bangkokequity said:

Do you understand how long it will take for you to reach the same gross payout as me?  Sorry to report, Saint Peter will be delivering some bad news at the Pearly Gates ... chances are, you never did catch up.  Oh!  And I had an AMAZING retirement with that extra 30,000 + per month to play with!

There is no simple answer to the question of when to begin collecting SS, because it depends on a variable that you cannot know - your life expectancy. If you start at 62, and die at 65, then you look like a genius. On the other hand, if you live to be 90, you will look dumb as rocks.

 

Personally, I am lucky enough to have locked in revenue streams, so I have no need for SS. So I will collect early simply because I want to bank those checks to pass on to my sons. No matter how much larger the monthly payment is, my sons do not get those checks after my death - they can get only what I have banked by collecting them early.

[EVENKEEL]

5 hours ago, CH1961 said:

You have a 8 year old child with 62?

Is this usual in USA? 

This is Thailand, followed in my father's footstep's as he had me at age 54. But, no not a usual thing in the US.

[EVENKEEL]

Myself if I had no other assets besides my SS I would not have started at age 62. Now some of you because you do have other assets and income opted to wait to increase your SS benefits. Funny how people's logic works because I opted to collect SS at age 62 because I have other money's so if a time came that my small pension and SS can't pay the bills I can dig into my 401 K's or sell some properties.

[BritManToo]

1 hour ago, EVENKEEL said:

This is Thailand, followed in my father's footstep's as he had me at age 54. But, no not a usual thing in the US.

I have an 8 year old and I'm 65, doesn't seem that unusual.

[EVENKEEL]

53 minutes ago, BritManToo said:

I have an 8 year old and I'm 65, doesn't seem that unusual.

Not unusual here in Thailand. In the west wouldn't be easy unless you're Mick Jagger.

[Curt1591]

On 2/27/2020 at 7:28 AM, meechai said:

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

I don't wait for the 3rd Wednesday. With the exception of holiday or weekend 3rds, I always get mine on the 3rd, no matter what day of the week it is.

[meechai]

49 minutes ago, Curt1591 said:

I don't wait for the 3rd Wednesday. With the exception of holiday or weekend 3rds, I always get mine on the 3rd, no matter what day of the week it is.

We moved back to the US

 

Here the SS schedule is as follows

Birthday       Payment date

1st - 10th     Second Wednesday

11th - 20th   Third Wednesday

21st - 31st    Fourth Wednesday

Edited February 28, 2020 by meechai

[ubonjoe]

45 minutes ago, Curt1591 said:

I don't wait for the 3rd Wednesday. With the exception of holiday or weekend 3rds, I always get mine on the 3rd, no matter what day of the week it is.

That is due to you using a address for here at the SSA.

If it is a US address it the date of payment depends upon your birthday.

[Curt1591]

6 minutes ago, meechai said:

We moved back to the US

 

Here the SS schedule is as follows

Birthday       Payment date

1st - 10th     Second Wednesday

11th - 20th   Third Wednesday

21st - 31st    Fourth Wednesday

Maybe it's a direct deposit thing. Mine is deposited, like clockwork, every month on the third, or the business day ahead if the third falls on a weekend or holiday.

Must have changed. When I was living in the States it was the same as it is now.

Edited February 28, 2020 by Curt1591

[RocketDog]

16 hours ago, Mansell said:

DurecylyMaybe 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.

Reasonable enough but remember that the SSA ssys directly on their web site that the system goes broke in 2035 and benefits must be reduced. That is based on current spending and that date will probably creep forward as government debt increases. It's a trillion a year more than gov income annually now, and has increased every year. 

Population is on the decline, officially below the replacement level of 2.1 children per couple. Less workers means heavier SSA taxes on the remaining workers who are supporting us now. It is just the simple arithmetic of a pyramid scheme. 

Unless the SSA fund is replenished it's clear that benefits will suffer. 

Despite what the Orange Clown says, his actions are aimed at decreasing government support. 

 

I recommend researching the status of SSA before making crucial plans for your monthly income. 

 

I don't intend to be negative but eyes wide open is better. 

[cmarshall]

1 hour ago, RocketDog said:

Reasonable enough but remember that the SSA ssys directly on their web site that the system goes broke in 2035 and benefits must be reduced. That is based on current spending and that date will probably creep forward as government debt increases. It's a trillion a year more than gov income annually now, and has increased every year. 

Population is on the decline, officially below the replacement level of 2.1 children per couple. Less workers means heavier SSA taxes on the remaining workers who are supporting us now. It is just the simple arithmetic of a pyramid scheme. 

Unless the SSA fund is replenished it's clear that benefits will suffer. 

Despite what the Orange Clown says, his actions are aimed at decreasing government support. 

 

I recommend researching the status of SSA before making crucial plans for your monthly income. 

 

I don't intend to be negative but eyes wide open is better. 

The SS system will never "go broke."  Most of the payout comes from collection of the payroll tax which will continue.  Beginning with the Greenspan Commission in 1983 the SSA decided to increase the payroll tax to build up a reserve fund in order to be able to pay benefits to the baby boomer generation, which is a pig-in-the-python in US demographics.  It was planned from the start that this SS Trust Fund, which currently has assets of $2.9 trillion, would be spent down entirely during the lifetime of the boomers.  As of 2018 the Trust Fund still had a positive cash flow of $44 billion even though we boomers have already started collecting.  Nevertheless, it is still planned that the Trust Fund will be exhausted at some point, possibly during the lifetime of the boomers, depending on such factors as GDP growth, labor market participation rate, inflation, and tax rates.  An unexpectedly early exhaustion of the Trust Fund can be avoid in several ways, such as removing the cap on the payroll tax or taxing dividends and/or capital gains for the SSA.  If the Democrats get control they will apply one or more of these fixes.

 

https://www.ssa.gov/policy/trust-funds-summary.html

 

The US population is not declining.  The estimated population growth rate for 2020 is 0.75%.  Social Security is not a pyramid scheme although comprehending the difference may well be above your pay grade.  SS is an insurance scheme, i.e. you only collect as long as you are alive.  

 

Your post shows that you do understand anything about the SS security system.  You should follow your own advice and research the matter, if you are capable of doing so.

[cmarshall]

14 hours ago, bangkokequity said:

Do you understand how long it will take for you to reach the same gross payout as me?  Sorry to report, Saint Peter will be delivering some bad news at the Pearly Gates ... chances are, you never did catch up.  Oh!  And I had an AMAZING retirement with that extra 30,000 + per month to play with!

 

Betting against the SSA on your life span is truly a fool's errand.  Fools address the problem by making some assumption and then, on the basis of nothing, believing that the assumption is actually true.  In your case you assume that you will not live to a very old age.  And it's true that if you kick in the next 12 years you will have received more in benefits than if you had delayed your SS.  However, you apparently give no thought to what happens if you live an unexpectedly long life.  In that case you would collect less than if you had delayed.  

[Guest]

58 minutes ago, cmarshall said:

Betting against the SSA on your life span is truly a fool's errand.  Fools address the problem by making some assumption and then, on the basis of nothing, believing that the assumption is actually true.  In your case you assume that you will not live to a very old age.  And it's true that if you kick in the next 12 years you will have received more in benefits than if you had delayed your SS.  However, you apparently give no thought to what happens if you live an unexpectedly long life.  In that case you would collect less than if you had delayed.  

I think the difference with people is there are two camps "Quality of Life and Experiences" ... verses "Life Expectancy and grabbing every penny"  I lived my life to the maximum, traveled, had some amazing experiences, and made money too.  That extra cash every month made my already wonderful life in the Kingdom, even sweeter ... so why would I forego years of a better life?  Anyway, we all have our own definition of "winning" ... but I do know, know one ever looked up on their death bead and said "I could have done more, traveled more, been more generous, made my wife's life a bit brighter, and generally speaking ... had better life ... but instead, put that all on the back burner and I sure am happy I waited for a slightly larger SS check!

[Skeptic7]

Congrats! Looking forward to it even though am still 32 months away. Fortunately it's not a necessity...but it will surely be welcomed and put  to good use! ????

[Skeptic7]

21 hours ago, Pravda said:

Everyone here is celebrating being old?

No one's getting younger...may as well make the best of it! ????

[Guest]

41 minutes ago, Skeptic7 said:

Congrats! Looking forward to it even though am still 32 months away. Fortunately it's not a necessity...but it will surely be welcomed and put  to good use! ????

555.  Don't forget to do the application well in advance of your birthday to get every single payment!  ENJOY!!!

[Gumballl]

20 hours ago, bangkokequity said:

The reason they pay more later, is they are betting you will not live long enough to reach the break even point where gross payout at 62 = gross payout at 72.  In other words, for round numbers, let's say at 62 I got $1,000 per month.  Let's not even factor in a "today dollar" has much more value than a "8 years from now dollar."  Also, let's pretend there is not an annual cost of living adjustment.

Year One -   I get $12,000 You get Zero
Year Two -   I get $12,000 You get Zero
Year Three-  I get $12,000 You get Zero

Year Four -   I get $12,000 You get Zero

Year Five-     I get $12,000 You get Zero

Year Six      - I get $12,000 You get Zero

Year Seven -  I get $12,000 You get Zero

Year Eight  -   I get $12,000 You get Zero

 

So Happy Day, you are about to get your first check!  Let's say it is 20% more.

 

On the day of your first deposit, I have $96,000 ... and you have what? $1,200?  Wow. I guess you showed all of us, eh? 555!

 

Do you understand how long it will take for you to reach the same gross payout as me?  Sorry to report, Saint Peter will be delivering some bad news at the Pearly Gates ... chances are, you never did catch up.  Oh!  And I had an AMAZING retirement with that extra 30,000 + per month to play with!

 

Not a very convincing argument.

 

At 62, I will collect $2066. If I defer to age 67, then it is $3016. If I wait until age 70, then it is $3764.

 

Obviously much higher than the 20% figure you assumed between ages 62 and 67.

 

Also, at some point in time, I will need to draw monies from my 401-K/IRAs; might as well do that between the ages of 62-67.

[Guest]

20 hours ago, Gumballl said:

Not a very convincing argument.

 

At 62, I will collect $2066. If I defer to age 67, then it is $3016. If I wait until age 70, then it is $3764.

 

Obviously much higher than the 20% figure you assumed between ages 62 and 67.

 

Also, at some point in time, I will need to draw monies from my 401-K/IRAs; might as well do that between the ages of 62-67.

As I have said in other posts, there are two kinds of people in terms of SS Payment, and they are both RIGHT!  I am in the camp that understands a 2020 dollar is worth far more than a 2040 dollar.  I am also in the "Enjoy life to the fullest now, and don't worry about a bit more money in your rather limited life at 80 years of age ... at that point, just be happy you are alive and don't need to work to live (and enjoy the sweet memories of all the fun you had with that extra SS money!!!!!!!)  The other camp (You ?) defers decades of extra spending money (and also the income from wise investing) for the warm glow of getting more income in your 80's ... OK .. up to you handsome man!  555

 

Look at this sheet that shows the point where you "win" ... if that is "winning" ... OK.  Either way, please live a long happy life and enjoy your golden years in The Kingdom!  ????

[Mansell]

On 2/28/2020 at 9:38 AM, RocketDog said:

Reasonable enough but remember that the SSA ssys directly on their web site that the system goes broke in 2035 and benefits must be reduced. That is based on current spending and that date will probably creep forward as government debt increases. It's a trillion a year more than gov income annually now, and has increased every year. 

Population is on the decline, officially below the replacement level of 2.1 children per couple. Less workers means heavier SSA taxes on the remaining workers who are supporting us now. It is just the simple arithmetic of a pyramid scheme. 

Unless the SSA fund is replenished it's clear that benefits will suffer. 

Despite what the Orange Clown says, his actions are aimed at decreasing government support. 

 

I recommend researching the status of SSA before making crucial plans for your monthly income. 

 

I don't intend to be negative but eyes wide open is better. 

They have been saying that since the seventies.....not going to happen. A guy wrote a very interesting report in the LA Times five years ago in which he extrapolated that SS could easily double the payments to seniors.....this would create a good security blanket for the older folks and would stimulate the economy because most of them would spend the extra monies they received. We all know if the government paid back all the monies they siphoned off without anybodies permission, nobody would ever mention it going broke again.....but piggies will fly before that happens.

[Mansell]

On 2/27/2020 at 9:26 PM, bangkokequity said:

The reason they pay more later, is they are betting you will not live long enough to reach the break even point where gross payout at 62 = gross payout at 72.  In other words, for round numbers, let's say at 62 I got $1,000 per month.  Let's not even factor in a "today dollar" has much more value than a "8 years from now dollar."  Also, let's pretend there is not an annual cost of living adjustment.

Year One -   I get $12,000 You get Zero
Year Two -   I get $12,000 You get Zero
Year Three-  I get $12,000 You get Zero

Year Four -   I get $12,000 You get Zero

Year Five-     I get $12,000 You get Zero

Year Six      - I get $12,000 You get Zero

Year Seven -  I get $12,000 You get Zero

Year Eight  -   I get $12,000 You get Zero

 

So Happy Day, you are about to get your first check!  Let's say it is 20% more.

 

On the day of your first deposit, I have $96,000 ... and you have what? $1,200?  Wow. I guess you showed all of us, eh? 555!

 

Do you understand how long it will take for you to reach the same gross payout as me?  Sorry to report, Saint Peter will be delivering some bad news at the Pearly Gates ... chances are, you never did catch up.  Oh!  And I had an AMAZING retirement with that extra 30,000 + per month to play with!

 

Numbers are a bit off as I get 2350.00 a month. And if you kept working at 62 there are your taxes in the mix. When I’m 90 you will be skimping and I will be just fine enjoying the extra money. Cheers.

[RocketDog]

28 minutes ago, Mansell said:

They have been saying that since the seventies.....not going to happen. A guy wrote a very interesting report in the LA Times five years ago in which he extrapolated that SS could easily double the payments to seniors.....this would create a good security blanket for the older folks and would stimulate the economy because most of them would spend the extra monies they received. We all know if the government paid back all the monies they siphoned off without anybodies permission, nobody would ever mention it going broke again.....but piggies will fly before that happens.

We can only hope.

The facts I stated must seem at least a plausible explanation of why benefits could be cut. 

 

Your explanation of why they won't be is based only only on the past. 

 

We have never had a president as dangerously ignorant or immoral before either.  How do negative interest rates make sense? 

 

Many things are happening now that have never happened before. 

 

To believe such things cannot happen is called normalcy bias.