SciFiFan53

[SciFiFan53]

Hi - relatively new user. I registered 6 years ago, then retired early and haven't been back. Too busy.
Now I have a question. I retired at 57 and didn't plan to take SS until I was 70. Now, I just heard a disturbing "rumor" from a friend. He says that you need to have a qualifying FICA quarterly payment during the last 10 years before you retire or you don't get ANY SS payment.
In other words, I would have had to work at least 1 quarter (and pay FICA taxes) after the age of 60 in order to get SS at age 70. If I don't work within that 10 year window, I don't get any SS. Is this true? I am 65 now.
Can't find any info about this on the web, but plan to call the SS office tomorrow.

 

[braumeister]

Your friend is spreading false rumors.

 

[COZICAN]

Your friend is spreading false rumors.

Yep

 

[HI Bill]

Your friend is spreading false rumors.

Time to get a new friend, or at least stop listening to that one!

 

[ivinsfan]

Hi - relatively new user. I registered 6 years ago, then retired early and haven't been back. Too busy.
Now I have a question. I retired at 57 and didn't plan to take SS until I was 70. Now, I just heard a disturbing "rumor" from a friend. He says that you need to have a qualifying FICA quarterly payment during the last 10 years before you retire or you don't get ANY SS payment.
In other words, I would have had to work at least 1 quarter (and pay FICA taxes) after the age of 60 in order to get SS at age 70. If I don't work within that 10 year window, I don't get any SS. Is this true? I am 65 now.
Can't find any info about this on the web, but plan to call the SS office tomorrow.

Think this through, you must already be signed up for Medicare right? So your friend is either yanking your chain or a fake know it all.

 

[SciFiFan53]

Thanks to all the replies. I was pretty sure that it was incorrect info, and yes, I am registered for Medicare. I'll talk to him and give him the correct info.

 

[ziggy29]

Not even close. The closest thing I can think of to this is that in many situations, if you don't sign up for Medicare at 65, if you do it later you can wind up paying higher premiums for it for the rest of your life compared to if you did at 65. So being that you are 65 now and you are already signed up for Medicare, I don't think you have any worries and there is no reason why you need to go back to work and you can wait until age 70 to apply to receive SS.

 

[Mdlerth]

It's a little known fact that beer makes you smarter...

Lemme guess: your friend's name is Clavin, right?

He's either speaking from ignorance or yanking your chain. Tell him you checked with the SS Administration and found out that it's true, but the rule only applies to people who turned 70 before August 14, 1945, the 10-year anniversary of Social Security. Report back what he says.

 

[GalaxyBoy]

Perhaps this friend is confusing the fact that one must have a minimum of 40 credits to collect SS. At a maximum of four credits per year, that means one must pay into SS for at least 10 years to receive benefits.

See https://www.ssa.gov/planners/credits.html