Community Chat

[Mama Mia]

On 3/30/2014 winamac1 said:

I'm taking mine the DAY I can take it--early. DH and I both feel the same way. WE have quite a few years to get there, but we aren't waiting until 65 or older.

Great idea! I did too, at age 62, and never regretted it. DH was employed by the Federal govt for 35 years and he couldn't collect it then. A few years later he went to work for the private sector where he drew it. When he quit, he still didn't look into it. Finally, after age 70, I urged him to try. We made an appt ahead with the local SS office and when we got there it was all figured out for him, he found he could draw a good monthly benefit and he got a very hefty check for the time after age 70.

mm

[Mama Mia]

On 3/30/2014 kittymomNC said:

On 3/30/2014 Mama Mia said:

On 3/30/2014 kittymomNC said:

On 3/30/2014 happy housewife said:

On 3/30/2014 esmerelda said:

I thought SS benefits were based on what a person earned during their working life.

If that's the case, I don't know how there can be a "limit" on the monthly benefit.

there absolutely is an upper limit to what your monthly payout can be.As i said before the SS.gov site response to my question of what the max payout can be was 2346 but i guess that was incorrect according to those on this site.

I don't profess to know exactly what the current maximum benefit is, but HH is correct - I do know without a doubt that there definitely IS a maximum benefit that can be drawn.

HH was wrong as I already said if you would bother to read my post. With the COLA every year the benefit will change a little, however, as I already there is a maximum for this year if you are age 70 and worked steadily to that age. Each year it will change some for everyone.

I love that " I guess I was incorrect" bit, just say it. Duh. All anyone here has to do is look it all up on the SS web site for the correct info, why even ask here?

mm

I think the whole point here is that there is a maximum benefit, and I said I didn't know exactly what the CURRENT maximum benefit is - yes, it may change each year, but that does not negate the fact that there is a maximum....if you make a billion dollars in your working life, you can't draw a million in benefits in a year, or whatever it would calculate out to on a billion dollars!!!

No, if you read from the beginning HH was disputing the fact that Moxie said she got around $2600.00 each month and HH chimed in with the max was $2346.00. So some on here had to jump on the maximum amt as the crux of the comment. Some people never can admit they are wrong.

mm

[BellaPaprika]

Threads meander along their own way. Many times the focus shifts. No one need get upset over it.

[Caffeina]

On 3/30/2014 esmerelda said:

I thought SS benefits were based on what a person earned during their working life.

If that's the case, I don't know how there can be a "limit" on the monthly benefit.

There's a limit on the SS tax withholding each year. A person earning $200K will pay the same SS tax as a person earning $200M. Benefits are figured using only SS taxable earnings.

ssa.gov/planners/maxtax.htm

[Ditzydori]

Whoa, I didn't expect all of these responses. I will call or make an appointment with SS. It's the best thing to do. It is all so confusing to me.

Thanks for all of your replies.

[AnikaBrodie]

Make an appointment with your SS counselor. It's important to write all your questions down before the appointment so you don't forget to ask anything. Some of the above comments are incorrect or misleading.

[sylviahomeatlast]

good luck trying to get ahold of SS----

[CouponQueen]

There is a maximum you can receive..

[millieshops]

62 is still fixed as the first age at which you can receive benefits, but - and this is a huge but - it's no longer 80% of what you would get at your full retirement age.

I agree totally with those who say to make an appointment with SS and ask questions - and then before signing any papers or agreeing to any amount, take time to see if you can/should wait beyond 62 to collect. Financial counselors used to tell us to take SS as soon as we were eligible; now if you have other money to live on, they're recommending you wait because SS earns more than any other cash equivalent available now.

Only you can decide what works in your own circumstances though. For example, someone in poor health may not benefit at all from waiting.