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07-22-2017 04:09 PM
I waited until I was almost 70 because earlier I was told not to (by the clerk) because with my late husband's investments I would be returning $1 for every $2 I got.
Whatever, I didn't understand it but I waited. They paid me a lot of money in back payments (over $11,000). My daughter said it was all right so whatever.
I've never understood any of that stuff. I worked for the government so wasn't eligible. However, I do get my late husband's social security.
I think it's crazy that people are expected to be able to live on social security alone. I don't see how people could do it.
07-22-2017 04:17 PM
@gidgetgh Exactly! So many people do not understand that a bigger number does not necessarily mean the correct thing to do. I had the same experience when offered one of my pensions early. Several friends looked at their numbers and said they would wait so they would get more money. Again -- I calculated it out -- for all of us. In each case -- because of the extra years we would be getting the pensions -- we came out ahead taking it early. That one I calculated up until age 95 to prove the point. For people who cannot manage their money it is probably a better idea to wait -- but since none of us had that issue -- we have happily been collecting our pensions for several years now. I really don't care about other people's stories. You have to know yourself and your financial circumstances and THAT is what should be considered when making any of these important life decisions.
07-22-2017 04:18 PM
@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.
@151949- I wouldn't either. That's a shame.
07-22-2017 04:23 PM
@Annabellethecat66 wrote:I waited until I was almost 70 because earlier I was told not to (by the clerk) because with my late husband's investments I would be returning $1 for every $2 I got.
Whatever, I didn't understand it but I waited. They paid me a lot of money in back payments (over $11,000). My daughter said it was all right so whatever.
I've never understood any of that stuff. I worked for the government so wasn't eligible. However, I do get my late husband's social security.
I think it's crazy that people are expected to be able to live on social security alone. I don't see how people could do it.
SS is not designed to replace the full income someone received while working. That's why It's so important to contribute $$ to a retirement fund throughout one's life.
Advice for others: if you don't understand what an advisor tells you, keep asking questions until you do understand. It's important to understand so you can make a good decision for your situation.
07-22-2017 04:26 PM
PLUS - it is important to remember if one of you dies - you will lose one of your SS checks each month.You can keep the larger of the 2 but you will lose one - in our case that means a loss of half our income so an increased amount every month would need to come out of our IRA.
07-22-2017 04:45 PM
Is it true 85% of it is taxable? I did mine online & was shocked when they called to verify a few things & said I was done. I don't have to go to the SS office. 62 in Oct.
07-22-2017 04:49 PM
@gidgetgh wrote:
@Blingqueen023 wrote:I'm waiting until I'm 65. I could do it now also but I hate to lose money. You get more at 65.
Yes you do. And even more if we you wait till 66. But I'm not working anymore and my two pensions are very small so I went with the "bird in the hand" theory. Just for my personal situation I didn't want to lose three years of benefits.
If you do the math, it takes years and years to make up those 3 lost years. In my case, it would be almost 13 years to make up what I would have given up by waiting.
07-22-2017 04:49 PM
@Annabellethecat66 People my age group (I'm 68) got the real short end of the stick - pension wise. We contributed half our career into a "pension fund" but those were our lowest earning years, also the baby & child rearing years. Then , just as our contributions would have begun to be significant - the pension ended and we had to start contributing to an IRA instead.We had no idea at all how to manage that thing and many lost a lot of money in stock market lows etc. Some companies gave employer contributions and some did not. In the end - we didn't have near what we should in either fund.Not nearly what we would have had if we had the same option our entire career. It really stinks.
My DH 's company had fabulous matching at their rmanagement levels so he always saved the full amount he was allowed, plus I worked for a non profit so most of my years they just continued us with our pension plan. However, for many boomers they got really messed on by the change in retirement halfway thru their career.
07-22-2017 04:53 PM
@chickenbone wrote:Is it true 85% of it is taxable? I did mine online & was shocked when they called to verify a few things & said I was done. I don't have to go to the SS office. 62 in Oct.
@chickenbone yes 85% subject to Federal tax.
07-22-2017 05:01 PM
I am not complaining, I have a very good state pension after working for 32 years. But when I started taking Social Security at age 66, I was surprised at the tax hit. I even have 10 percent deducted for taxes but I still write a big check. I might need extra money if Medicare drastically changes as some are advocating.
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