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Old 01-05-2011, 09:33 AM   #41
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Originally Posted by thinker25 View Post
Your profile says you're retiring in 2012...
Retirement date and SS claim date are two different things. Hey, I have an eleven year gap from when I actually retired (age 59) till I expect to claim my own SS benefit (age 70).
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Old 01-05-2011, 09:34 AM   #42
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Originally Posted by Jake46 View Post
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.
Well that would be great - deposit next month... I'll let you know. They don't consider my S.O. a dependent () and neither does he. I keep trying to get him to support me but he just won't. Darn!
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Old 01-05-2011, 09:41 AM   #43
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Thinker, you may get your first SS next month as Jake46 did. SS has funky rules on exactly when you begin collecting if you apply to start when you turn 62. If you apply after you are 62 the delay from application to payoff is shorter.
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Old 01-05-2011, 10:03 AM   #44
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Thinker, you may get your first SS next month as Jake46 did. SS has funky rules on exactly when you begin collecting if you apply to start when you turn 62. If you apply after you are 62 the delay from application to payoff is shorter.
Well I'm 62 1/2 so... Thanks!
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Old 01-05-2011, 10:31 AM   #45
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My neighbor across the street applied for SS at 62 about 2 years ago. He was happy and thought he was going to get just over $1700 a month. He came home that afternoon real happy. He found, as Jake did, that his 8 year old son and PT worker wife also would receive a benefit. About $4200 a month.

Maybe we can adopt. (heh)
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Old 01-05-2011, 10:41 AM   #46
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Congratulations ! It's nice to get a monthly check .
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Old 01-05-2011, 12:03 PM   #47
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My neighbor across the street applied for SS at 62 about 2 years ago. He was happy and thought he was going to get just over $1700 a month. He came home that afternoon real happy. He found, as Jake did, that his 8 year old son and PT worker wife also would receive a benefit. About $4200 a month.

Maybe we can adopt. (heh)
Darn. My S.O. can claim on his own so I don't think getting married will help for long. Hmmmm. Need dependents....
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Old 01-05-2011, 12:20 PM   #48
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Your profile says you're retiring in 2012...
Yes, but FIRE and collecting SS can be mutually exclusive events, or in the case of us younger folks, WILL be mutually exclusive events........as SS will be exhausted by those 10,000 boomers a day turning 65 this year.........
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Old 01-05-2011, 12:49 PM   #49
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73SS454
how did your neighbor's wife & son get benefits? never heard of anything like this.
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Old 01-05-2011, 12:55 PM   #50
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Originally Posted by gizmo View Post
how did your neighbor's wife & son get benefits? never heard of anything like this.
Here ya go:Understanding The Benefits

Quote:
When you start receiving Social Security retirement or disability benefits, other family members also may be eligible for payments. For example, benefits can be paid to your husband or wife:
  • If he or she is age 62 or older; or
  • At any age if he or she is caring for your child (the child must be younger than 16 or disabled and entitled to Social Security benefits on your record).
Benefits also can be paid to your unmarried children if they are:
  • Younger than 18;
  • Between 18 and 19 years old, but in elementary or secondary school as full-time students; or
  • Age 18 or older and severely disabled (the disability must have started before age 22).
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Old 01-05-2011, 01:25 PM   #51
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as SS will be exhausted.....
I doubt it. Adjustments will be made (as they were over the years for me/DW).
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Old 01-05-2011, 02:08 PM   #52
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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
Weren't you going to wait until 70 and isn't that about 4 years away? What changed your mind regarding when to start the draw?
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Old 01-05-2011, 02:16 PM   #53
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Weren't you going to wait until 70 and isn't that about 4 years away? What changed your mind regarding when to start the draw?
Nothing changed my mind, I am almost 70.

Ha
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Old 01-05-2011, 02:58 PM   #54
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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
You "earn" your SS benefit during a full month and receive your "check" the following.

For instance, my birthday is January 3rd. When I claim (at age 70) I will not have a full month of "earnings" until February is completed.

I will receive my "check" in the second week of March (checks are delivered/deposited on the 2nd, 3rd, or 4th Wednesday of the month, depending on your birthdate), per:

2011 Schedule of Social Security Benefit Payments

Birthdate 01-10: 2nd Wednesday
Birthdate 11-20: 3rd Wednesday
Birthdate 21-31: 4th Wednesday
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Old 01-05-2011, 03:06 PM   #55
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Originally Posted by rescueme View Post
You "earn" your SS benefit during a full month and receive your "check" the following.

For instance, my birthday is January 3rd. I will not have a full month of "earnings" until February is completed.

I will receive my "check" in the second week of March (checks are delivered/deposited on the 2nd, 3rd, or 4th Wednesday of the month, depending on your birthdate), per:

2011 Schedule of Social Security Benefit Payments

Birthdate 01-10: 2nd Wednesday
Birthdate 11-20: 3rd Wednesday
Birthdate 21-31: 4th Wednesday
Thanks. I should get a check toward the end of June. At least when I was getting them before, they came on 4th Wednesday, and from your explanation it seems that is what I should expect once more.

One other question if you can help again- say my check comes in June, for benefits "earned" in May. I will thus get 7 checks in 2011. But I will have had 8 months of accruals- will my 1099 show income from the 7 months that I received, or the 8 months that I accrued?

Thanks again.

Ha
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Old 01-05-2011, 03:17 PM   #56
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73SS454
how did your neighbor's wife & son get benefits? never heard of anything like this.
Take a look at REW's post under yours and that will give you all the info you need.
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Old 01-05-2011, 03:17 PM   #57
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One other question if you can help again...
Sorry, I'm not that smart ...

You could ask "sscritic" over on Bogleheads. He's the "expert" in all kinds of SS scenerios.

However, my stupid opinion is that you can't get a 1099 for a benefit you did not receive. Think of when you wor*ed. Depending on pay cycle, your last week of December would not be paid till the next year. However, that accrued earnings would not be shown on your W2 for the current year, when you did not receive those earnings, even though they were owed to you.
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Old 01-05-2011, 03:17 PM   #58
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Yes, but FIRE and collecting SS can be mutually exclusive events, or in the case of us younger folks, WILL be mutually exclusive events........as SS will be exhausted by those 10,000 boomers a day turning 65 this year.........
Yup!
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Old 01-05-2011, 03:29 PM   #59
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One other question if you can help again- say my check comes in June, for benefits "earned" in May. I will thus get 7 checks in 2011. But I will have had 8 months of accruals- will my 1099 show income from the 7 months that I received, or the 8 months that I accrued?
The 1099 shows benefits actually received, since those are the ones you pay tax on, so for your case the 1099 will show 7, not 8
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Old 01-05-2011, 04:05 PM   #60
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Thanks FIRE'd@.

Ha
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