Community Chat

[gidgetgh]

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@buyornot wrote:

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@Shelbelle wrote:

 Anyone that waits till 70 really cleans up!! 70 is max benefit to be gotten.

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...But you miss all the months of benefits from 65-70.  It takes a while to recoup that amount.

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@buyornot- You actually would then miss all the benefits from age 62-70. That's a lot of years to make up. 

[buyornot]

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@gidgetgh wrote:

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@151949 wrote:

I have a few friends who chose to stop working and start collecting at 62.They felt at the time it was a better financial choice. However, now they are in their 70's living on SS + A small amount they take from their IRA each month and things are tight for them. They are totally unable to keep up with inflation and the cost of goods.Can't go out to dinner or have anyone over for a meal because they can't afford it.Plus - if you keep working AND collect SS they take away even more because you are still working - I believe 1/2 the amount you make at your job, until you are full retirement age.In the cases of our friends - the husbands are back to working part time to keep their heads above water or(now they are old enough to work withpout penalty) , in one case , their son has done very well financially and sends them a monthly stipend.

I wouldn't want to find myself in any of those situations.

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@151949- I wouldn't either. That's a shame. 

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But whenever they "take away" some, you ALWAYS get it back-it's still yours!

[Carmie]

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@Bri36 wrote:

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@151949 wrote:

A lot of people vdon't know that ifvtheybstart to collect their SS at 62 and keep working that the amount they will get from SS is very diminished because they are still working.I don't know the formula but if you work and get SS , and are under the age when you'd get your full benefit there is a SS penalty.

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I think a lot of people know that.

Why do you keep assuming people don't know? 

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i signed up for SS when I turned 62.  When I turn 66 I will go back to SS and claim a spousal benefit.  I am entitled to up to half of what my spouse is getting.  He has made a lot more money than I have and his benefit will be really good.

My DH is not collecting SS yet. He is waiting until I turn 66 for him to collect.  He will be 68 at the time and his benefit will be higher because he waited.

He will collect a higher benefit by waiting and I will get a raise at that time.  It would be dumb for me to wait until I am older to collect under my own SS.  I would be losing money.

We have planned our retirement to get the maximum benefits.

Also, if you keep working and your SS benefits are cut because you made over the Max allowed, that income is added to your SS earnings and you will get a raise when your SS Benefits are reviewed each year.  I have income and still pay SS taxes and I got a raise this year based on that income.

There are ways to increase your SS benefits when you collect before full retirement age

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[I am still oxox]

I was told by SS the only way I can claim spousal benefit's is if he has passed away. 

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@Carmie wrote:

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@Bri36 wrote:

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@151949 wrote:

A lot of people vdon't know that ifvtheybstart to collect their SS at 62 and keep working that the amount they will get from SS is very diminished because they are still working.I don't know the formula but if you work and get SS , and are under the age when you'd get your full benefit there is a SS penalty.

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I think a lot of people know that.

Why do you keep assuming people don't know? 

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i signed up for SS when I turned 62.  When I turn 66 I will go back to SS and claim a spousal benefit.  I am entitled to up to half of what my spouse is getting.  He has made a lot more money than I have and his benefit will be really good.

My DH is not collecting SS yet. He is waiting until I turn 66 for him to collect.  He will be 68 at the time and his benefit will be higher because he waited.

He will collect a higher benefit by waiting and I will get a raise at that time.  It would be dumb for me to wait until I am older to collect under my own SS.  I would be losing money.

We have planned our retirement to get the maximum benefits.

Also, if you keep working and your SS benefits are cut because you made over the Max allowed, that income is added to your SS earnings and you will get a raise when you no longer work.

There are ways to increase your SS benefits when you collect before full retirement age

.

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[Carmie]

@I am still oxox. I don't know your circumstances, but I do know that your spouse does not have to pass to collect on his SS.

You are only able to collect half of what he gets under his benefits.  Perhaps, your SS benefit is equal to or more than half of his benefit already.

It wouldn't hurt to check with the SS office again.  Sometimes you get missing, incomplete or wrong info from their reps, especially if they are new.  I have received wrong Medicare information from a Medicare rep.  I had to explain to her how to read an adjusted claim on their system.  It happens.

[I am still oxox]

His is more than mine, I signed up last Fall and spoke to an agent several times and I was told the same thing over and over again.

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@Carmie wrote:

@I am still oxox. I don't know your circumstances, but I do know that your spouse does not have to pass to collect on his SS.

You are only able to collect half of what he gets under his benefits.  Perhaps, your SS benefit is equal to or more than half of his benefit already.

It wouldn't hurt to check with the SS office again.  Sometimes you get missing, incomplete or wrong info from their reps, especially if they are new.  I have received wrong Medicare information from a Medicare rep.  I had to explain to her how to read an adjusted claim on their system.  It happens.

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[I am still oxox]

Just pulled this off of the SS website

Most women are potentially due two benefits: your own retirement benefit and wife’s benefit on your husband’s record.  B

ut you only get the one that pays the higher rate, not both. 

A wife is due between one-third and one-half of her husband’s Social Security. 

Most working women who reach retirement age get their own Social Security benefit because it’s more than one-third to one-half of the husband’s rate. 

But if your husband dies before you, you can apply for the higher widow’s rate. (See number 5 below).

Which is totally different from what I understoond, anyway I have become disabled and my disability payment is some what larger

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@I am still oxox wrote:

His is more than mine, I signed up last Fall and spoke to an agent several times and I was told the same thing over and over again.

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@Carmie wrote:

@I am still oxox. I don't know your circumstances, but I do know that your spouse does not have to pass to collect on his SS.

You are only able to collect half of what he gets under his benefits.  Perhaps, your SS benefit is equal to or more than half of his benefit already.

It wouldn't hurt to check with the SS office again.  Sometimes you get missing, incomplete or wrong info from their reps, especially if they are new.  I have received wrong Medicare information from a Medicare rep.  I had to explain to her how to read an adjusted claim on their system.  It happens.

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[missy1]

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@Carmie wrote:

@I am still oxox. I don't know your circumstances, but I do know that your spouse does not have to pass to collect on his SS.

You are only able to collect half of what he gets under his benefits.  Perhaps, your SS benefit is equal to or more than half of his benefit already.

It wouldn't hurt to check with the SS office again.  Sometimes you get missing, incomplete or wrong info from their reps, especially if they are new.  I have received wrong Medicare information from a Medicare rep.  I had to explain to her how to read an adjusted claim on their system.  It happens.

Why does one spouse get to collect their spouses SS when they are married to that spouse?  Single people can't get this.

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[QVCPhobe]

What is the website?