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Old 01-04-2011, 06:07 PM   #21
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Ha, are you 62 again?
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Old 01-04-2011, 06:13 PM   #22
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Ha, are you 62 again?
Yeah, I bought the revolver option.
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Old 01-04-2011, 06:15 PM   #23
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When I applied in July of 09, I filled out the forms on line and promptly received a statement via snail mail telling me how much I would be receiving and that my monthly payday would be the 4th Wednesday. Two months later, on the 4th Wednesday, the money hit my checking account via direct deposit and hasn't stopped yet. Never sent them anything via snail mail or even talked to anyone on the phone. I was pleasantly surprised at how simple it was. Very un-government-like.
This was my experience too.
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Old 01-04-2011, 06:26 PM   #24
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Oh, please! Will anyone leave some money for me? Still 8 years to go.
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Old 01-04-2011, 06:53 PM   #25
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Oh, please! Will anyone leave some money for me? Still 8 years to go.
10 years for me.
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Does Investment income affect SS payment?
Old 01-04-2011, 06:55 PM   #26
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Does Investment income affect SS payment?

Does withdrawing money from retirement funds affect Social Security payment? I have heard if you make more than $14K per yr, your payments are reduced. But what about taking money out of retirement funds (if you are under 66 yrs)?
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Old 01-04-2011, 06:56 PM   #27
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10 years for me.
Good! Sorry my dear, but I am in front of you in the line, and no gallantry here. That goes for bbbamI too.

I shall duck now.
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Old 01-04-2011, 07:10 PM   #28
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Good! Sorry my dear, but I am in front of you in the line, and no gallantry here. That goes for bbbamI too.

I shall duck now.
Yeah yeah yeah...I gotta wait my turn...

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Old 01-04-2011, 09:53 PM   #29
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Good! Sorry my dear, but I am in front of you in the line, and no gallantry here. That goes for bbbamI too.

I shall duck now.
No reason to hide from me my dear NW. My DH will be receiving his benefit two years before you. We'll try to leave some money for ya....
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Old 01-04-2011, 10:30 PM   #30
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I also signed up today. It won't start for a while. I am not clear whether I will get my first payment the month after my birthday month, or if that month (birthday +1) is the first month for which I earn a benefit, and the actual payment will hit my account late in the following month. I may drop by the office and ask.

Ha
I think it takes a couple of months to process. Gee, we're twins!

...or is it, great minds think alike?
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Old 01-04-2011, 10:32 PM   #31
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May you live to laugh about the days you agonized over this decision, all those many decades ago!
No kidding!
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Old 01-04-2011, 10:35 PM   #32
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Does withdrawing money from retirement funds affect Social Security payment? I have heard if you make more than $14K per yr, your payments are reduced. But what about taking money out of retirement funds (if you are under 66 yrs)?
Take a look at this. But who knows what the future will bring...


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Old 01-04-2011, 10:42 PM   #33
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No, working is working, it sucks!

When you turned 62 SS gave you a # that you would receive. Do you know how much it increased each month since you didn't take it on your 62nd B day?

I'll be 62 in April and trying to make my mind up about whether I should jump right in or hold off till DW is 62 in 23 months from now. I want to see if it is worth it to wait and how much it will increase every month that I wait.
Yep, working sucks. At least it did lately, for me.

SS sends that out annually, 3 months before your birthday month.

It does increase monthly, not annually, and so presumably 1/12 of 8% per month. It increases about 8% per year at least until full retirement age. I forget what happens after that.

You can calculate it fairly accurately online on their website.

There are some tricks to do with couples and who should claim first to maximize payout - I am not married so I didn't pay attention to that. Lots of articles on the internet.
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Old 01-04-2011, 10:45 PM   #34
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Does withdrawing money from retirement funds affect Social Security payment? I have heard if you make more than $14K per yr, your payments are reduced. But what about taking money out of retirement funds (if you are under 66 yrs)?
Money withdrawn from an IRA or 401K (that was put in pre-tax) is included as ordinary income for taxes. It goes in a different box on the form but that's how it's taxed. Earned income and IRA withdrawals both affect your income, and affect how much SS might be taxed.

Go to taxcut.com and play with the thing for free - you should be able to see how a withdrawal will affect your tax bill.
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Old 01-04-2011, 11:38 PM   #35
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Earned income and IRA withdrawals both affect your income, and affect how much SS might be taxed.
Interesting tidbit here is that attached to the recent Health Insurance Bill is a feature that removes indexing of that $85,000 first step and the higher steps also that are used to increase one's Medicare premium. This will make a big difference over time in how much we are forced to pay for Medicare. It also violates a fundamental precept of economic planning-deal with real amounts, not inflation distorted nominal amounts.

But of course what they wanted was to put stealth price increases into the bill, so fairness or economic sense was no part of the plan. It does have the political advantage that it will remain hidden for while. Except from you lucky folks who read this post.

Ha
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Old 01-04-2011, 11:46 PM   #36
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OMG! Just as some people have warned, there aren't many gummint budget shortfalls that a "little" inflation wouldn't "fix".

I knew it. I am doomed.

No, I am not! I just have to learn to live like a real monk that I bragged I could do. Or at least like Shawn does now. Being at my age now, I still have plenty of time to learn to adapt to this new standard of living, while drawing a retirement income of $100K of inflated money 15-20 years from now.
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Old 01-05-2011, 01:20 AM   #37
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17 years for me - I am behind you.

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10 years for me.
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Old 01-05-2011, 08:49 AM   #38
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Oh, please! Will anyone leave some money for me? Still 8 years to go.
Seven years here (I'll be 70 ). Of course, I do get a SS check in three years (I turned 63 on Monday), but that's just an advantage of being married and getting 50% of my DW's FRA benefit on my FRA...
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Old 01-05-2011, 09:23 AM   #39
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I signed up online in August & first deposit hit my account in September. Didn't have to provide copies of any documents. Because I have an 11 year-old daughter, my wife & daughter were also eligible for benefits. Wife had to go to local office with key documents.
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Old 01-05-2011, 09:30 AM   #40
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17 years for me - I am behind you.
Your profile says you're retiring in 2012...
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