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01-04-2011, 05:07 PM
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#21
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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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Ha, are you 62 again?
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01-04-2011, 05:13 PM
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#22
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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 73ss454
Ha, are you 62 again?
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Yeah, I bought the revolver option. 
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-04-2011, 05:15 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
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Quote:
Originally Posted by youbet
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.
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This was my experience too.
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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01-04-2011, 05:26 PM
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#24
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Oh, please! Will anyone leave some money for me? Still 8 years to go.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-04-2011, 05:53 PM
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#25
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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Quote:
Originally Posted by NW-Bound
Oh, please! Will anyone leave some money for me? Still 8 years to go.
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10 years for me. 
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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Does Investment income affect SS payment?
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01-04-2011, 05:55 PM
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#26
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Recycles dryer sheets
Join Date: Nov 2008
Posts: 126
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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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01-04-2011, 05:56 PM
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#27
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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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. 
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-04-2011, 06:10 PM
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#28
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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Quote:
Originally Posted by NW-Bound
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...
Take A Number Ticket Dispenser #SG-0700
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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01-04-2011, 08:53 PM
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#29
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
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Quote:
Originally Posted by NW-Bound
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.... 
__________________
There's no need to complicate, our time is short..
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01-04-2011, 09:30 PM
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#30
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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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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I think it takes a couple of months to process. Gee, we're twins! 
...or is it, great minds think alike?
__________________
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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01-04-2011, 09:32 PM
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#31
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by braumeister
May you live to laugh about the days you agonized over this decision, all those many decades ago!
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No kidding! 
__________________
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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01-04-2011, 09:35 PM
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#32
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
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Quote:
Originally Posted by rsingh6675
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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Take a look at this. But who knows what the future will bring...
http://www.early-retirement.org/foru...tml#post629891
__________________
There's no need to complicate, our time is short..
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01-04-2011, 09:42 PM
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#33
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by 73ss454
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.
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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.
__________________
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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01-04-2011, 09:45 PM
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#34
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by rsingh6675
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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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.
__________________
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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01-04-2011, 10:38 PM
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#35
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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 thinker25
Earned income and IRA withdrawals both affect your income, and affect how much SS might be taxed.
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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
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-04-2011, 10:46 PM
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#36
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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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.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-05-2011, 12:20 AM
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#37
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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17 years for me - I am behind you.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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01-05-2011, 07:49 AM
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#38
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by NW-Bound
Oh, please! Will anyone leave some money for me? Still 8 years to go.
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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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01-05-2011, 08:23 AM
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#39
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Recycles dryer sheets
Join Date: Sep 2006
Location: Fort Collins
Posts: 194
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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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01-05-2011, 08:30 AM
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#40
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Full time employment: Posting here.
Join Date: Apr 2009
Posts: 939
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Quote:
Originally Posted by obgyn65
17 years for me - I am behind you.
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Your profile says you're retiring in 2012...
__________________
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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