SS Question: If You Have Recently, Are, Or Turning... - Page 6

SeaMaiden · ‎03-10-2010

@LilacTree wrote:
@SeaMaiden wrote:
@LilacTree wrote:
@tansy wrote:
The 66 and 2 months must be your full retirement age (FRA).

There is no guarantee that you will receive a COLA every year and keep your expectations low.

Keep a close eye on your representatives.
@tansy
I've been collecting for 19 years now (I worked for 40 years, so I'll never get what I put in) . . . the COLAs are a laugh. The Medicare premium payment always goes up too, so if you get more than $12 in your SS check, you will be lucky. I wouldn't make any decision based on that, because it's far more likely it will get worse than better.
@LilacTree You only get $12 a month with SS?
@SeaMaiden
Obviously I meant $12 more than the current check. I know you knew that.

@LilacTree I was not sure buy the way you worded your statement

ccassaday · ‎10-21-2010

@missy1 wrote:
@ccassaday wrote:
@missy1 wrote:
@muttmom wrote:
@proudlyfromNJ wrote:

I made plans to retire when I turned 62. The amount of money was not a consideration. I worked for 40 years and it was time to relax and do what I wanted to do or not do.

I feel the same way.

@muttmom wrote:
@proudlyfromNJ wrote:

I made plans to retire when I turned 62. The amount of money was not a consideration. I worked for 40 years and it was time to relax and do what I wanted to do or not do.

I feel the same way.
@missy1 wrote:

This is great for both of you. Many people can't just say I am going to retire, and I am going to relax now.

If there isn't enough SS income, pension, inheritance, or another spouses income, or savings, they got to work until they die.

My generation and beyond will have to work until we are disabled/or die. The days of working at a job for 20+ years is long gone. Many companies are hiring part-time work and have NO benefits.

What does working at a job 20 years have to do with saving. Just because a employer doesn't offer pensions or 401k doesn't mean you can't go get a financial advisor and invest on your own.

My dad has been one of the lucky ones. He has worked the same job for 40+ years and will retire in June at 65. He does have a big pension he will receive when he retires. Because they stopped pensions at one point and started with 401k he has both. They will be making more in retirement.

Everybody has the responsibilty to save for retirement. Even if you start small when your out of high school or college. You would have a big nest egg to retire on. Unfortuantly Most young people don't start until it's to late or a lot later then they should.

@ missy1 wrote:
Where I live most people live paycheck to paycheck because of no jobs, part time jobs, or low paying jobs. (not because they are spending their money on junk) How can they possibly save for retirement?

I am not talking about people like that. I am talking about people who do have jobs and they just don't save. Even if you start small at 18 years old with $20 a week. There are unfortuantly disabled and other things that out beyond our control. Those aren't the situations I was talking about. If you can't find a job there are also things you can do. How about go get trained in a trade. Sometimes you have to move out of a bad area. If your not going to improve yourself to make your life better then it's on you. That is excluding unfortunate things that life throws you that you have no control over. You do have control over what kind of jobs you are marketing yourself as. Quit feeling sorry for yourself and go after something. Dream big.

CelticCrafter · ‎03-09-2010

@ccassaday wrote:
@Mom2Dogs wrote:
@Dawnie wrote:
@151949
I am collecting 1/2 of my husbands SS at no reduction to him. When I turn 70 I will switch over to collecting mine.
@151949.....is this how s.s. can typically work? Or did you have special circumstances?
Yes that is how it works. My mom gets half of my dads without a reduction to his. But you can't collect half until your husband retires. My mom could collect hers now but she is waiting until my dad retires at the end of the month to start collecting it. Because she was a stay at home mom most of her years and only worked part time she will be getting double what she would get on her own.

So she left money laying on the table by not collecting under her own as she waited for your father to retire?

ccassaday · ‎10-21-2010

@CelticCrafter wrote:
@ccassaday wrote:
@Mom2Dogs wrote:
@Dawnie wrote:
@151949
I am collecting 1/2 of my husbands SS at no reduction to him. When I turn 70 I will switch over to collecting mine.
@151949.....is this how s.s. can typically work? Or did you have special circumstances?
Yes that is how it works. My mom gets half of my dads without a reduction to his. But you can't collect half until your husband retires. My mom could collect hers now but she is waiting until my dad retires at the end of the month to start collecting it. Because she was a stay at home mom most of her years and only worked part time she will be getting double what she would get on her own.
So she left money laying on the table by not collecting under her own as she waited for your father to retire?

No. I wouldn't say that. My mom isn't even 65. She won't be 65 until next year. I suppose she could of started taking it at 62 then applied for the spousal benefit when he retired. But to tell you the truth she didn't put that much into SS. She has been a stay at home mom since 19 years old. Now a homemaker since there haven't been kids for a long time. She worked just a few hours a day when my youngest sister went to school. She worked that job until she quit to watch her first grand child when my sister went back to work. Her SS would of been practically nothing at 62. Even if she took it at 63 or 64 it's still very little. And then I am pretty sure since they file joint tax returns they would of had to pay taxes on in since my dad was still working and making good money. It would of been peanuts.

151949 · ‎03-09-2010

@missy1 wrote:
@ccassaday wrote:
@missy1 wrote:
@muttmom wrote:
@proudlyfromNJ wrote:

I made plans to retire when I turned 62. The amount of money was not a consideration. I worked for 40 years and it was time to relax and do what I wanted to do or not do.

I feel the same way.

@muttmom wrote:
@proudlyfromNJ wrote:

I made plans to retire when I turned 62. The amount of money was not a consideration. I worked for 40 years and it was time to relax and do what I wanted to do or not do.

I feel the same way.
@missy1 wrote:

This is great for both of you. Many people can't just say I am going to retire, and I am going to relax now.

If there isn't enough SS income, pension, inheritance, or another spouses income, or savings, they got to work until they die.

My generation and beyond will have to work until we are disabled/or die. The days of working at a job for 20+ years is long gone. Many companies are hiring part-time work and have NO benefits.

What does working at a job 20 years have to do with saving. Just because a employer doesn't offer pensions or 401k doesn't mean you can't go get a financial advisor and invest on your own.

My dad has been one of the lucky ones. He has worked the same job for 40+ years and will retire in June at 65. He does have a big pension he will receive when he retires. Because they stopped pensions at one point and started with 401k he has both. They will be making more in retirement.

Everybody has the responsibilty to save for retirement. Even if you start small when your out of high school or college. You would have a big nest egg to retire on. Unfortuantly Most young people don't start until it's to late or a lot later then they should.

@ missy1 wrote:
Where I live most people live paycheck to paycheck because of no jobs, part time jobs, or low paying jobs. (not because they are spending their money on junk) How can they possibly save for retirement?

Even if it's only a scant amount - everyone should be saving for retirement.

Lynnster67 · ‎08-18-2015

@SharkE

I am in an investment club and we recently had a speaker about this topic.

Certain claiming strategies were eliminated in mid-2016, but NOT the delayed retirement credits for working past your FRA.

www.ssa.gov/planners/retire/delayret.html

In addition to the SSA website, I really recommend going to Kiplinger's website as they have a good explanation in plain English, not legalese.

Lynnster67 · ‎08-18-2015

Correct - it's based on the CPI at each federal fiscal year end (9/30) vs. the prior year. The CPI is determined by the Bureau of Labor Statistics.

SharkE · ‎08-19-2010

We're all talking about different things. What I'm talking about is the folks who put off drawing SS until 70 because they were rewarded 8% more per year for every yr. they delayed.

It was in the papers. I'll never forget how it was talked about on a Tues. and they voted to cancel it by Thurs. They never acted so fast in their lives.

Hubbo will be getting it because he opted to delay drawing SS when he turned 66, so, for every yr. he works till he hits 70 he will be able to draw 8% more per yr on his benefit. Most people didn't even know it existed.

So, he 's grandfathered in.

For those who say what good will that do you , you might be dead by then, if he is, I can draw it. Depends on how much money you make the income your in. Yeah, if it's only a few dollars more it's not worth fooling with, but, in his range it amounts to enough to wait for.

SharkE · ‎08-19-2010

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

The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits.

Evie2004 · ‎09-09-2010

@151949 wrote:
I know a man who was a nuclear engineer and made a lot of money. He was married & divorced 3 times. All 3 of his ex wives collect the spousal benefit from his SS. He complains about it all the time.

An ex-wife must have been married for 10 years to qualify for this SS benefit..my sister just did this a couple of years ago..she is still working & it did not change her ex's benefit amount