A Social Security Question For You Older Guys ??

[Timothy]

That's a really good move, Alf...  Well thought out.

[alfsauve]

On of the key's to SS is FRA, or Full Retirement Age.   In Miss Kitty and my case that was 66.  So when SHE turned 66 (she's 6 months younger than I... Yes I robbed the cradle) is when we had all this happen.  If she delays filing for her SS until she's 70, then we've collect 4 years of spousal benefit.  Taxable, of course, but found money none-the-less.

And the reason, students, you wait, is that for every year you delay filling for SS after FRA is your benefit increases 8% up until age 70.  That's like real money, given the current low rate of inflation.    THE BIG NEGATIVE, is you might DIE before you can enjoy it.

Place your bet.  Take your chances. 

[Timothy]

Alf, did you remember to "remind" the SS admin that you're a Veteran?  We younger guys are built into the system but earlier Vets need to tell them...

[billt]

And the reason, students, you wait, is that for every year you delay filling for SS after FRA is your benefit increases 8% up until age 70.  That's like real money, given the current low rate of inflation.    THE BIG NEGATIVE, is you might DIE before you can enjoy it.

That's why I didn't wait around. I took mine at 62. And Mel will too. If I waited until I was 65, yes I would get more. But I would have to play catch up for the 36 months I have already been receiving it, by taking it at 62. That would require me to live until I was 80 just to break even. Will I? I hope so. But in the meantime I will have been enjoying an extra 3 years of retirement.

[Solus]

Alf, did you remember to "remind" the SS admin that you're a Veteran?  We younger guys are built into the system but earlier Vets need to tell them...

How can you tell if they know?  I am pretty sure I told them...but don't know for sure or if they did anything with the information.  What does being 'built into the system' mean?   Just that it will show on some record they check?  Maybe since your service number IS your SSN too?

[Sponsor]

[Timothy]

How can you tell if they know?  I am pretty sure I told them...but don't know for sure or if they did anything with the information.  What does being 'built into the system' mean?   Just that it will show on some record they check?  Maybe since your service number IS your SSN too?

I'm not sure, Solus.  It's built in for me, I'm 59 so they've calculated the stipend into my benefit when I get around to collecting my SS.  I looked it up for a buddy who served in VN and he had to notify the SS Admin to get the allowance, he's 69 this year.  I'll ask him how he made out when I talk to him next.  He stopped by my shop to apply for a job today but I missed him..

Basically, since we Vets paid into SS during our active duty service, they give us a little carrot for our service.  It might amount to 100-200 more a year but it's your frigging money...

[blackwolfe]

There are nearly 400 different scenarios to receive SS benefits.  In my area, there are many financial planners that put on free SS seminars.  These are really marketing seminars for their business, but can be helpful as many of the planners will follow up with a free consultation.  Many of these businesses have software to run different scenarios.  There was a not well publicized change in the law earlier this year that had to do with married couples and the way spousal benefits are calculated that resulted in lower benefit dollars if not applied for before that time.  So the methods and calculations that applied to some past retired couple have been changed and won't be applied to new retires.   Did not affect current recipients, but did, and will affect those that did not get the changes and paper work in order before the deadline.  I also suggest consulting in person at a SS office as the case workers there were very helpful.

I believe that if you are working, your benefits may be reduced, dependent on amount of income.  I think there is a method to recover those benefit when you reach full retirement age, and the income restriction are lifted at that time but am unsure of the details.

I found out that I can actually collect spousal survivor benefits early as a widower, but it is reduced significantly, and has some pretty heavy income restrictions.  The upside is that by waiting to claim the $$$ will grow some.  Will probably use the survivor benefits as a bridge between retirement and when I draw benefits based on my record.

[Rastus]

Timothy I did not know former military get something from SS.   That's great.

You probably already know this but they have the website you can get on and calculate your benefits on actuals...they already know our SS numbers, right?

Anyway, in my situation at age 60 and looking at the earliest distribution, 62 (I wish), the difference in the benefit whether I work the next two years and contribute or I do not work and do not contribute is less than $20/month.  It's all about age for me now to increase that benefit.

I looked at the money I contributed and dang, what I would not give just to have that instead.