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#2400073 - 11/07/17 03:30 PM Re: First social security check came in the mail today [Re: minivan]
rrbrucea Offline
master

Registered: 01/29/04
Posts: 9827
Loc: Nort Cackalacky
Originally Posted By minivan
Originally Posted By rrbrucea
Educate me please... why then is 67-1/2 mentioned as full retirement and full benefit age? Would there be any substantial difference in SS benefits between retirement at 65 and 67-1/2?


You must be young... Full retirement used to be 65, but it was changed... full for me was 66 3 months... AFTER I was told for YEARS that it would be 65....

Try to be a private institution and do that....

Go ahead and wait, the government needs YOUR money for lots of "others" that didn't pay any SS......



LOL! Nah, I'm not young... just obviously haven't been paying close enough attention. Try and be a private institution and do that? Hmmmm, well when I interviewed (twice!) for my current job 12 years ago I had two different representatives of the company tell me, "and if you stay here 10 years you become a shareholder!" I thought that sounded GREAT, so I made my mind up right then I was in for 10 years at least! Then when I was over 8 years in the company made an announcement, "Um, you know that 10-year shareholder thing? Um, the way we're structured we can only have 100 shareholders, so sorry... no more shareholders allowed!" Now, they did hand those of us in that situation a check for $10k at ten years in order to attempt to minimize the damage. The checks were actually made for more than that, so that by the time your taxes came out they were actually handing you 10 grand. But still, over the course of the career I'm going to have here the share of stock would have made me more than $10 grand in value and dividends...

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#2400081 - 11/07/17 03:48 PM Re: First social security check came in the mail today [Re: rrbrucea]
ChryCoGuy Offline
master

Registered: 10/04/05
Posts: 5254
Loc: Canada
So is this how US SS works?

From: http://money.cnn.com/retirement/guide/SocialSecurity_basics.moneymag/index3.htm?iid=EL

Quote:
You accumulate credits based on your earnings. In 2016, you get one credit for every $1,260 you earn (that figure is adjusted higher each year), up to a limit of four credits per year. These credits remain on your record even if you change jobs or stop working for a while.

If you were born after 1929, you need 40 credits in order to receive Social Security retirement benefits.


So does that mean to collect the same SS as everybody else that you only have to earn $5040 per year for 10 years before retirement age? Or do you collect more SS if, for example, you worked for 30 years at $50,000/year?

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#2400082 - 11/07/17 03:49 PM Re: First social security check came in the mail today [Re: RapidusMaximus]
rrbrucea Offline
master

Registered: 01/29/04
Posts: 9827
Loc: Nort Cackalacky
Originally Posted By RapidusMaximus
Originally Posted By rrbrucea
Educate me please... why then is 67-1/2 mentioned as full retirement and full benefit age? Would there be any substantial difference in SS benefits between retirement at 65 and 67-1/2?

Go to https://www.ssa.gov/myaccount/ and create an account if you haven't already, they have calculators on their to show you what your forecast may look like. up




Thanks again! It's 66 and 6 months for me, not 67-1/2... it'll be here before I know it!

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#2400109 - 11/07/17 04:35 PM Re: First social security check came in the mail today [Re: B3422W5]
mopars4ever Offline
I Live Here

Registered: 01/20/03
Posts: 10330
Loc: md
A person with fewer than 35 years of earnings could increase his or her retirement benefits by working a few extra years, replacing any “zero” years in the benefit calculation.

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#2400156 - 11/07/17 05:52 PM Re: First social security check came in the mail today [Re: B3422W5]
SteveS Offline
top fuel

Registered: 02/26/06
Posts: 2206
Loc: Groveland, MA
66 and 10 months here, but 62 is looking pretty good....
_________________________
Steve

Someday I'll have another C-body.

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#2400285 - 11/07/17 10:18 PM Re: First social security check came in the mail today [Re: B3422W5]
cudaman1969 Offline
master

Registered: 01/25/04
Posts: 3620
Loc: fredericksburg,va
I took mine at 65 instead of 66, same as Medicare. My intersecting line was age 79 and change to where I would lose money, pennys not dollars. How many people did you know who never made it to SS? Who gets all the money they paid in? Remember, if still working, you can only make so much before giving part of it back. Each year the limit goes up though, I think now I can make whatever and no penalty. Also they base your allotment on the last ten years of working. Make as much as you can those last few years.


Edited by cudaman1969 (11/07/17 10:21 PM)

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#2400346 - 11/08/17 02:22 AM Re: First social security check came in the mail today [Re: Cometstorm]
RoadRunnerLuva Offline
top fuel

Registered: 01/31/03
Posts: 2313
Loc: The Great Lakes State
"To all of you who wait longer, their is NO guarantee that YOU will be here... One thing my father in law told me when I was in my twenties.. " Take that money when you can as its YOUR MONEY, and there is no guarantee how long you will live"
[/quote]

One thing for sure.... there is NO formula to determine which choice is right: take early, or defer.

Now, if you can answer that pesky question “when will I die?”

The answer becomes more clear... coffee [/quote]

Here is your answer...www.deathclock.com whistling
_________________________
"It comes down to a simple choice...get busy living or get busy dying"....

1973 Dodge Charger SE Brougham...400 CI
1972 Plymouth Duster...418 CI Stroker

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#2400448 - 11/08/17 10:11 AM Re: First social security check came in the mail today [Re: B3422W5]
HoosierTA Offline
master

Registered: 01/21/03
Posts: 3972
Loc: Bloomington, IN
I still remember being bummed that by the time I restored my Superbird, I would be a pathetic 30 year old, trying to re-live my younger days.........
_________________________
'70 Challenger R/T 383
'16 Hemi Durango SSV (work vehicle)
'15 Ram Police SSV

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#2400480 - 11/08/17 10:55 AM Re: First social security check came in the mail today [Re: HoosierTA]
Cometstorm Offline
"Beat It"

Registered: 01/21/03
Posts: 2229
Loc: St. Louis, Missouri area
Originally Posted By HoosierTA
I still remember being bummed that by the time I restored my Superbird, I would be a pathetic 30 year old, trying to re-live my younger days.........


I hate buying new AA, AAA, C, 9v batteries anymore.

They’ll have stamped on them: GOOD UNTIL 2025.

I’m like.... IF I AM! laugh2
_________________________
I'm a sneezing fish!

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#2400493 - 11/08/17 11:18 AM Re: First social security check came in the mail today [Re: RoadRunnerLuva]
VL21 Offline
super stock

Registered: 12/14/07
Posts: 1185
Loc: central Florida

Whoa!

I better sign up! NOW! or better yet, yesterday.

My time ran out August 22, 2005!

And even yet, a little over 12 years later, I am still BMI of 35 ... and still working to try to get to age 70, but the way things are going at work a few months from now at 69 is looking better and better.

And I think my SS $ would only take about a $50 hit.

I poorly planned most of my life, wasted most of my money on cars, fun, and one wife, thinking, I guess, that I wouldn't last this long ... so the extra $400 a month by hanging on until 70 seemed important.

Lately though, that last year/$50 doesn't seem so important.

Dad died at 77.
Mom at 89
paternal granddad at 100
Maternal granddad at 70?
paternal grandma at 80+ ... 10 kids
maternal grandma somewhere in her 60s? ...6 kids

Not sure if that leads anywhere ...
_________________________
It takes gasoline to interest me.

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#2400509 - 11/08/17 11:42 AM Re: First social security check came in the mail today [Re: B3422W5]
Guitar Jones Offline
master

Registered: 12/18/09
Posts: 8841
Loc: in a cattle trailer down by th...
Every time I click on that death clock it gives me a different answer. laugh2

It says I could live to be anywhere from 80 to 91.

I'm thinking they don't know me at all. laugh2
_________________________
W5 408 cid, 1.324, 6.155 @ 110.34, 9.756 @ 134.67 with a broken converter hub. Oh yeah, it's all Mopar too, 904 trans and an 8.75 rear!!

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#2400533 - 11/08/17 12:30 PM Re: First social security check came in the mail today [Re: Guitar Jones]
skicker Offline
Pro Stock

Registered: 06/09/05
Posts: 3821
Loc: Western Md.
That damn clock has to be wrong...No way in Hell I still want to be here in 2060...
It should have had a married or single information block to fill out...
_________________________
Loving all the tears... bawling

Sorry Doc...

We'll try again in 4 years...up

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#2400548 - 11/08/17 12:52 PM Re: First social security check came in the mail today [Re: B3422W5]
second 70 Offline


Registered: 02/04/14
Posts: 291
Loc: central il.
Break even for me if I take it at 62 is 78. My dilemma is my Mom will be 97 and Dad passed just before he turned 95.

So there is a hugh difference if I live to their age. Also the problem you can get into taking it early is it can be possibly taxed and if you’re going to try and save it in a bank account you get next to no interest but if you wait you get 8% more each year you wait up to 70.

So like has been said if you know when you’re going to die it would be easy.

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#2400570 - 11/08/17 01:27 PM Re: First social security check came in the mail today [Re: B3422W5]
4406bbl Online   content
super stock

Registered: 01/20/03
Posts: 831
Loc: Nebraska
Well, for those who plan on living past the year 2035 its easy, take the money early and invest it. The soc security administration says by that year they will reduce benefits, it is right on their websites big as day. Believe them.

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#2400572 - 11/08/17 01:34 PM Re: First social security check came in the mail today [Re: 4406bbl]
Guitar Jones Offline
master

Registered: 12/18/09
Posts: 8841
Loc: in a cattle trailer down by th...
Originally Posted By 4406bbl
Well, for those who plan on living past the year 2035 its easy, take the money early and invest it. The soc security administration says by that year they will reduce benefits, it is right on their websites big as day. Believe them.


I doubt I'll make it to then.
_________________________
W5 408 cid, 1.324, 6.155 @ 110.34, 9.756 @ 134.67 with a broken converter hub. Oh yeah, it's all Mopar too, 904 trans and an 8.75 rear!!

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#2400573 - 11/08/17 01:44 PM Re: First social security check came in the mail today [Re: skicker]
rrbrucea Offline
master

Registered: 01/29/04
Posts: 9827
Loc: Nort Cackalacky
Originally Posted By skicker
It should have had a married or single information block to fill out...


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#2400575 - 11/08/17 01:47 PM Re: First social security check came in the mail today [Re: Guitar Jones]
Rhinodart Offline
Rhinotruck

Registered: 01/20/03
Posts: 34962
Loc: Round Lake Beach, Illinoisy
Deathclock says I am gone in 2030, so I should be good! laugh2 With a BMI of 35 it may not take that long... luck


Edited by Rhinodart (11/08/17 01:49 PM)
_________________________
The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

JB Rhinehart, Realist

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#2400578 - 11/08/17 01:59 PM Re: First social security check came in the mail today [Re: B3422W5]
340SIX Offline


Registered: 01/19/03
Posts: 25030
Loc: Mardi Gras-Land
5'5" and 118 pounds says i am dead.
Did a a few more times and had other dates and some says dead?
Am I Dead?


Edited by 340SIX (11/08/17 02:01 PM)
_________________________
VP of the MPM in New Orleans
73 Dart Sport 340/ 70 challenger vert. That may still get built, If I live long enough

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#2400595 - 11/08/17 02:34 PM Re: First social security check came in the mail today [Re: second 70]
minivan Offline
master

Registered: 01/13/04
Posts: 8976
Loc: Eugene, Oregon
Originally Posted By second 70
Break even for me if I take it at 62 is 78. My dilemma is my Mom will be 97 and Dad passed just before he turned 95.

So there is a hugh difference if I live to their age. Also the problem you can get into taking it early is it can be possibly taxed and if you’re going to try and save it in a bank account you get next to no interest but if you wait you get 8% more each year you wait up to 70.

So like has been said if you know when you’re going to die it would be easy.


You are taxed on your SS if combined income ( SS and another income) are over 25K or if just your SS is over 25K a year..
So if you are working at 62 and taking your SS then YES you will probably be taxed on your SS....

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#2400597 - 11/08/17 02:36 PM Re: First social security check came in the mail today [Re: minivan]
pittsburghracer Online   content
Slowride

Registered: 02/02/05
Posts: 11873
Loc: PA.
My tax consultant already told me to have them take 10% out for taxes. And I didn't even sign up yet. LOL
_________________________
1970 Duster
Edelbrock headed 408
6.143@110.89 mph
9.73@135.05 mph shifting at 6700 RPM
422 Indy headed small block
6.001@113.27mph
9.44@138.23

https://flic.kr/p/WjECmg

[img]http://i.imgur.com/Z4SvNU4.jpg?1[/img]



Untitled by John Cadamore, on Flickr





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