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01-05-2011, 08:33 AM
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#41
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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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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01-05-2011, 08:34 AM
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#42
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by Jake46
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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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!
__________________
I used to be “Thinker25” here. Retired at 62, now 73 (in 2021), no regrets & single again. I love it. I’m in RI.
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01-05-2011, 08:41 AM
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#43
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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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.
__________________
Numbers is hard
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01-05-2011, 09:03 AM
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#44
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by REWahoo
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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Well I'm 62 1/2 so... Thanks!
__________________
I used to be “Thinker25” here. Retired at 62, now 73 (in 2021), no regrets & single again. I love it. I’m in RI.
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01-05-2011, 09:31 AM
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#45
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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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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01-05-2011, 09:41 AM
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#46
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Congratulations ! It's nice to get a monthly check .
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01-05-2011, 11:03 AM
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#47
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by 73ss454
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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Darn. My S.O. can claim on his own so I don't think getting married will help for long. Hmmmm. Need dependents....
__________________
I used to be “Thinker25” here. Retired at 62, now 73 (in 2021), no regrets & single again. I love it. I’m in RI.
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01-05-2011, 11:20 AM
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#48
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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01-05-2011, 11:49 AM
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#49
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Dryer sheet wannabe
Join Date: Dec 2010
Location: hampton
Posts: 16
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73SS454
how did your neighbor's wife & son get benefits? never heard of anything like this.
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01-05-2011, 11:55 AM
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#50
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by gizmo
how did your neighbor's wife & son get benefits? never heard of anything like this.
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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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__________________
Numbers is hard
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01-05-2011, 12:25 PM
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#51
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by FinanceDude
as SS will be exhausted.....
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I doubt it. Adjustments will be made (as they were over the years for me/DW).
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01-05-2011, 01:08 PM
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#52
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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Quote:
Originally Posted by haha
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
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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?
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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01-05-2011, 01:16 PM
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#53
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by packrat44
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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Nothing changed my mind, I am almost 70.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-05-2011, 01:58 PM
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#54
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by haha
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
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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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01-05-2011, 02:06 PM
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#55
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by rescueme
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
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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
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-05-2011, 02:17 PM
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#56
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Quote:
Originally Posted by gizmo
73SS454
how did your neighbor's wife & son get benefits? never heard of anything like this.
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Take a look at REW's post under yours and that will give you all the info you need.
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01-05-2011, 02:17 PM
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#57
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by haha
One other question if you can help again...
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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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01-05-2011, 02:17 PM
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#58
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Quote:
Originally Posted by FinanceDude
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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Yup!
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01-05-2011, 02:29 PM
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#59
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
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Quote:
Originally Posted by haha
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?
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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
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
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01-05-2011, 03:05 PM
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#60
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Thanks FIRE'd@.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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