First Social Security check - yeehaw

[EVENKEEL]

I understand if you're in a pinch and alls you got is your SS, I'd have kept on working till 66.5. There are those who like their jobs and don't want to quit, F$%ing right on, then you got the semi well off guys who don't need the money at all. Me, I'm in the middle and belong to the "lets enjoy life now" camp and took it at 62 plus a fed pension with 21.5 yrs which isn't much but it's better than a poke in the eye. Cheers

[meechai]

15 hours ago, bangkokequity said:

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!

 

Very good graphic illustration of how the carrot on the stick is not as big as they would like you to believe ????

[siamike]

On 2/27/2020 at 6:11 PM, cmarshall said:

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.

Thank you cmarshall.  I created a "My Social Security" account years ago and received an email notice from SS six months before my 70th birthday that I should apply for benefits ASAP, so I did.  I'm now two months away from my 70th birthday and according to "My Social Security" web page, my application is still being processed, and from your experience, that's completely normal.  I was told during my phone call with a SS rep in the PI that I will receive my first check beginning of June,...seems I just need to be patient. ???? 

[Kalorymetr]

Where are you people from? Can you choose retirement age in your country?

[EVENKEEL]

3 minutes ago, Kalorymetr said:

Where are you people from? Can you choose retirement age in your country?

USA Minimum age for Social Security is 62, the longer you wait the more you get.

Edited March 12, 2020 by EVENKEEL

[cmarshall]

36 minutes ago, Kalorymetr said:

Where are you people from? Can you choose retirement age in your country?

The term "retirement" is often confusing because in the US it has two distinct meanings: when you stop work and when you start to receive US Social Security.  Also, in the US, mandatory retirement ages (i.e. to stop working) were mostly outlawed in the 1970's.  

 

So, yes, Americans can decide both when to stop working and when to start collecting SS benefits, within limits.  They can also start collecting SS and keep on working.

Edited March 12, 2020 by cmarshall

[sirineou]

I will be 63 in June. I applied last week and was pleasantly surprised to see my first check deposited in my account this week. I could not believe how quick it happened. 

[gk10002000]

On 2/28/2020 at 6:09 AM, 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.

what many overlook is how much they will now have for MAGI (income) for a year.  When you start taking 401k or IRA distributions those are taxable (unless ROTH IRA).  The more money you make, the more of your social security benefit is taxable.  And your medicare payments are based on your income, so there are reasons to consider keeping your income low, say at around the 87k level which is the lowest medicare Supp B bracket. 

 

   Income may not be a big issue for many people, but for some, it behooves you to take a look at what your yearly income level may be.