Us Social Security Forum

[Tiger7Moth]

I am now eligible to receive Social Security but, due to the current economic environment, I have decided to wait at least one year and allow my benefits to increase. However, in making this decision, I have come to realize how complicated and important this is.

So, I am hoping that someone can inform me of a forum devoted to US Social Security so that I can be more informed and keep abreast of developments.

Thanks in advance

[BEENTHEREDONETHAT]

http://www.thaivisa.com/forum/Social-Security-t220175.html

Try the above

[Jingthing]

Good question, and it is a complicated decision, but here is a link you can chew on:

If you are wealthy enough to delay taking Social Security until age 70, you're wealthy enough to take it at 62, and save and invest the monthly benefit.

http://www.retireearlyhomepage.com/SS_delay_70.html

Edited November 8, 2008 by Jingthing

[BEENTHEREDONETHAT]

Good question, and it is a complicated decision, but here is a link you can chew on:

If you are wealthy enough to delay taking Social Security until age 70, you're wealthy enough to take it at 62, and save and invest the monthly benefit.

http://www.retireearlyhomepage.com/SS_delay_70.html

Thats interesting Jingthing, the biggest problem being if you kick off at 70 your spouse is shafted out of almost $1,000 a month forever. But if you have no spouse seems like a good idea.

[zaphodbeeblebrox]

I'm far away from the decision as to whether to take early retirement, but the one thing that makes me want to start taking money at age 62, is the fact that no one knows if the system will still be intact, and how much will the benefit change if I wait another 5-8 years to begin taking the benefit. The system is basically insolvent, and, by the time I reach 70, I don't think the benefit will even be close to the maximum payments I made between ages 35 and 46.

[Jingthing]

These days with shrinking assets, many or most people think 62 IS early retirement! I am a total believer in taking it at 62. Like you said, you never know. Also if you do live longer, you get to collect longer, so the higher payouts for waiting are balanced out by that.

[ray23]

http://www.socialsecurity.gov/

Me Filed for mine turn 62 in January won't be much somewhere around $800 a month about enough to replace whatt I've lost on the rate of exchange. Bit I haev anothre retirment so that will really help. Now the bad new it will go through Manilla, supposedly this speeds up the process. Don't bet on it you will be lucky if they can find your file or ever answer an inquirey. Just my humble experience

[BEENTHEREDONETHAT]

http://www.socialsecurity.gov/

Me Filed for mine turn 62 in January won't be much somewhere around $800 a month about enough to replace whatt I've lost on the rate of exchange. Bit I haev anothre retirment so that will really help. Now the bad new it will go through Manilla, supposedly this speeds up the process. Don't bet on it you will be lucky if they can find your file or ever answer an inquirey. Just my humble experience

I took it at 62 and have beeen collecting for 12 years now, could have waited financially but have not regretted taking it early for a minute. In a few more years I will be getting less (total) than if I had waited. But a bird in the hand........

[ray23]

No actually I am in the process now.

You can order a free estimate of benefits on the site I posted they will send you what you will recieve at age 62 and at in my case age 66. In my case about $200 a months difference, so it was an easy decesion.

Keep in mind I have a Government retirement, so mine is a lessor benefit, less years paid in then a person who was in the system all their lives.

[BEENTHEREDONETHAT]

I retired at age 50 so I had 12 years with nothing going into SS before I collected. Don't remember the starting amount now it was to long ago but every little bit helps.

[Tiger7Moth]

These days with shrinking assets, many or most people think 62 IS early retirement! I am a total believer in taking it at 62. Like you said, you never know. Also if you do live longer, you get to collect longer, so the higher payouts for waiting are balanced out by that.

I had every intent to file and start receiving my benefits now, age 62, but, I don't expect to use the benefits for living expenses and in the current economic environment waiting one year and having my benefits increase 8% seems appealing.

I don't have a lot of money in savings but, even the relatively small amount I do have, I am unsure where my savings would be safe, much less increase.

I am not at all sure that the economic disaster of this past year would get even worse.

If I knew of a safe investment that would give me an 8% return, I would file now.

[Tiger7Moth]

No actually I am in the process now.

You can order a free estimate of benefits on the site I posted they will send you what you will recieve at age 62 and at in my case age 66. In my case about $200 a months difference, so it was an easy decesion.

Keep in mind I have a Government retirement, so mine is a lessor benefit, less years paid in then a person who was in the system all their lives.

I just got my estimate a couple of weeks ago and in my case the difference is $500. Of course, if I waited 4 years, it would still take years of receiving benefits to make up for the 4 years without the benefits - so, as I mentioned above, if it weren't for the current disasterous economic climate, I would take the benefits now. But, again, since I don't intend to use the benefits for living expenses, I am concerned that I would lose on any investment I would make at this point - basically, I don't currently know of any investment that I would feel any degree of confidence in.

[Tiger7Moth]

Good question, and it is a complicated decision, but here is a link you can chew on:

If you are wealthy enough to delay taking Social Security until age 70, you're wealthy enough to take it at 62, and save and invest the monthly benefit.

http://www.retireearlyhomepage.com/SS_delay_70.html

Thanks for the link

[Lost in LOS]

62 in april and i cant wait. i dont need the money to live on, but i think they may mess with the system and the easiest way is to make the eligible age higher. I would get it right away since, I feel, once you are in the system you will be ok. raising the age would be a real easy thing for our new president to do in taking office saying it will "preserve" the system. the did it a while ago and I am not willing to take the risk with the new "change" mentality. I am going to make sure my paperwork is started before the new government takes office, safe than sorry

[Nowhereman60]

Agree with others next July will be 62 and plan to apply. In fact I plan to make it a vacation back home and apply while I am there instead of trying to go through the Philippines.

[ACMIKE]

On the SS website that was listed above is a new calculator that is very simple. It will tell you the difference if you quit working before 62 and also let's you look at the benefits at different ages. One size doesn't fit all but I am like most of you, I will take it as soon as can. In my humble opinion now is a great time to invest your monthly checks in the market, for intsance if you are 62 and invest your checks for the next 8 years I think you will be way ahead of the game (dollar cost averaging).

ACMike

[CaptHaddock]

On the SS website that was listed above is a new calculator that is very simple. It will tell you the difference if you quit working before 62 and also let's you look at the benefits at different ages. One size doesn't fit all but I am like most of you, I will take it as soon as can. In my humble opinion now is a great time to invest your monthly checks in the market, for intsance if you are 62 and invest your checks for the next 8 years I think you will be way ahead of the game (dollar cost averaging).

ACMike

By delaying benefits you get a 7 - 8% REAL return GUARANTEED for each year you delay. (75% of full retirement age benefit at age 62 versus 132% of FRA at 70.5.) Do you expect to pick that up in the stock market? If you can afford to delay until age 70.5 and then live past 80 you come out ahead in dollars. But, of course, you don't actually know how long you have to live. Even so, it is worth it to wait because you are, in effect, buying a larger lifetime annuity that is adjusted for inflation. If you try to buy that privately you will have a hard time finding one and it will be much more expensive.

You don't know if you will live until 80, but then you don't know if you will live until 95. The big risk financially is outliving your money. The best way to address that risk is with an inflation-adjusted lifetime annuity. The safest and lowest cost inflation-adjusted lifetime annuity is Social Security.

[ray23]

I woudl think that if Social Security is your only retirement I beleive that is a good thought. However if yo haev an addtional retirement as I do in my cae a retired cop, good retirment with a 3% cola. Could I wait till 70 yes I could, but on the average cop has led a very stressful life an the chances of making it to 80 are pretty slim.

Beleive me Social Security is betting yuo won't make it that far. Now they used accutaries (spelling?) to make their calculations. If yuo have to you have to. But your going against the odds.

So if your say retired military not tha clear cut of a decesion.

Each peson really has to take a look at their own situtaion and decide what is best. If I was still in the work world I woudl wait it out.

[CaptHaddock]

I woudl think that if Social Security is your only retirement I beleive that is a good thought. However if yo haev an addtional retirement as I do in my cae a retired cop, good retirment with a 3% cola. Could I wait till 70 yes I could, but on the average cop has led a very stressful life an the chances of making it to 80 are pretty slim.

Beleive me Social Security is betting yuo won't make it that far. Now they used accutaries (spelling?) to make their calculations. If yuo have to you have to. But your going against the odds.

So if your say retired military not tha clear cut of a decesion.

Each peson really has to take a look at their own situtaion and decide what is best. If I was still in the work world I woudl wait it out.

It is not so much that SS is betting you won't make it to 80 as it is that those who don't will pay for those who do. This benefit is called the mortality credit and it's an important benefit for us. It is a big mistake for people to think that the game is to beat the SS Administration out of their money and to base the decision on when to take SS benefits on whether we expect to break even or not. That doesn't actually matter to us. When you die your financial problems are over--you don't need your SS benefits then because you are dead. The tough financial problem to solve is to avoid outliving our money which would be a catastrophe without a solution. The only methods available to us are: to save more during our working life, to reduce our standard of living, to make riskier bets in our investments and to win those bets, or to buy a lifetime annuity. Of these buying more lifetime annuity from the most reliable agent in town, the US govt, is the safest and cheapest. The way to buy more SS annuity is to delay taking benefits.

Now if you already have a sufficient solution in a civil service pension with a COLA then maybe defering SS is not necessary for you. Most retirees however do not have COLA-adjusted pensions.

Edited November 16, 2008 by CaptHaddock

[PeaceBlondie]

If there is no SS forum out there, you can be the first to earn a billion old Turkish dinars per per year by starting a forum.

[ray23]

Well as I said you got to look at your own situation and decide what is best for you. I would never recommend anyone else do what I have chosen just because it works for me doesn't mean it will for others.

[Pakboong]

I have just receied my second deposit and did apply from Thailand through the Manilla office. Allow a little more time going through Manilla but everything seemed to work just fine. You can call them and they will e-mail you the appropriate forms. The Manilla office will likely call you for questions on your application once it has been submitted.