Social Security Stuff

[pb4uski]

Quote:

Originally Posted by sengsational ...One thing I never did was to spend even one second thinking about how wages would play into the payout amount...when it was time to leave, I left.

I spent more than a second checking into that. Working to FRA rather than quitting at 56 would have increased my benefit by a whopping $15/month IIRC.

Then... it took me one second to decide that it wasn't a factor in my decision to RE.

[Independent]

I retired at 59. SS income was a big part of the reason I felt we could do it.

OTOH, my definition of "could do it" included a substantial cushion.

[Independent]

This 2011 poll http://www.early-retirement.org/foru...ity-56869.html
seems to say that most people here are "expecting" SS benefits. The results vary by age in the direction that we'd expect.

Note that a number of comments referred to some expected means testing of benefits.

The poll specifically asked for "best estimate" of SS benefits, not a (presumably) lower number that we might use for conservative planning.

[gayl]

For those of you who don't get it or take it later than 65, how does Medicare get paid if not deducted from the SSA check?

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[Senator]

I am planning on taking SS at 70. Thay way, my SO who I would probably marry buy then, would get a nice pension for the rest of her life.

Any changes to SS probably will not affect anyone who is at least 55, except COLA limits.

SS will always be there. Even if the money is printed.

[W2R]

Quote:

Originally Posted by gayl For those of you who don't get it or take it later than 65, how does Medicare get paid if not deducted from the SSA check?

You just pay it. In my case, I chose to have them deduct it automatically from my checking account, but I could have just sent them a check every month or whatever. IIRC I had to pay the first month's by check while getting the automatic deductions set up.

I decided to wait until age 70 to take my own SS. In addition I am eligible for (and now receiving as of two weeks ago) additional divorced spousal benefits. Like today's young dreamers, I never expected SS to provide me with anything. I remember resenting paying into it back in my 20's, because I was told by the media and by those supposedly in the know, with great certainty, that I would never see a cent from Social Security. HA!! Those who said that were completely wrong.

[gayl]

Thanks W2R. Autodeduction is simple enough

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[mpeirce]

Quote:

Originally Posted by wishin&hopin ...unless the chained CPI idea rears its ugly head again.

Not so ugly really IMHO.

The chained CPI make logical sense (that's my inner engineer speaking).

Unless there isn't ANY change to SS, which seems imprudent, the chained CPI seems like one of the more reasonable proposals. It doesn't have a jarring impact on the program, but rather slowly kicks in over time.

The longer we go without tweaks to SS, the more jarring the eventual "solution" will have to be.

[Live And Learn]

I fully expect Social Security to be around when I am eligible. I only include 65% in my calculations not because I think thats what I will get (I expect to get 100% of what they say), but because its a nice little fudge factor that will cover my butt when I have an expense that was not factored into my home grown retirement planning spreadsheet. It is also why I budget to pay the full healthcare OOP maximum of 12,600 / year. Its not that I think that will happen, but it gives me peace of mind.

If I don't pay 12.6k in OOP, and I do get 100% of SSI I'm sure I'll find a way to spend the excess

[Lancelot]

Quote:

Originally Posted by pb4uski If you are single, then you are right, the discounts are calculated to be actuarially equivalent. However, if your are married, then joint mortality applies and it is a whole different ballgame unless both people worked, has similar earnings and are of similar age. For us, I worked and my earnings were above the limit almost every year since I was 30 and DW only worked part-time here and there. I plan to file and suspend at FRA and start benefits when I am 70. If the financial markets go to hell (like in great depression hell) I would start earlier to preserve my nestegg. I believe it will be there, but haircut what SS tells me we will receive by 10% to recognize that some changes will be made to preserve the system.

Agreed. And yep, I'm single

I'm with you in that I'm treating SS more as 'income' insurance. If the market goes to hell, then I'll take SS earlier to minimize the damage of with drawls from a severely depleted portfolio. The current guarantee of 8% increase for deferring from age 66 to 70 is the attraction for me

[gayl]

So I'm wondering. I was married for 17 yrs. If I draw on his SSI (he made less than me) then mine at 70, should work rigyt? Do I draw on his at 65 or 66?

[sparkee]

I'll be 64 in August, my wife 54 in December. Her SS will be much less than mine, so I'll wait until 70. Even if I don't live past the break-even point, whenever I go it'll give her a higher payout for the rest of her life. That's the plan, anyway!

[W2R]

Quote:

Originally Posted by gayl So I'm wondering. I was married for 17 yrs. If I draw on his SSI (he made less than me) then mine at 70, should work rigyt? Do I draw on his at 65 or 66?

Are you widowed or divorced? I found this link helpful for information on divorced spousal benefits from social security, but it wouldn't apply if you are widowed.

Retirement Planner: If You Are Divorced

[gayl]

So it sounds like I can't do it. XH made less than me so my benefit at 66 [$1638 m] would be more than 1/2 his. But I'll see if they'll let me. I get $2138 if I wait until 70 and we live a long time (dad to 88 with 12 heart attacks & 3 strokes, mom to 90)

[Finance Dave]

Thought some of you may enjoy this article. Do your own due diligence.

Social Security Q&A: Will Social Security Tell Me If I'm Leaving Benefits On The Table? - Forbes

[Tadpole]

Quote:

Originally Posted by gayl For those of you who don't get it or take it later than 65, how does Medicare get paid if not deducted from the SSA check? Sent from my SAMSUNG-SGH-I537 using Early Retirement Forum mobile app

For ex-federal employees, it's simple. You call the local SS office and have them arrange to take it from your pension.

[gayl]

Do you know if they can do that with ex-county employees as well? (A few yrs to medicare)

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[Running_Man]

Quote:

Originally Posted by gayl So it sounds like I can't do it. XH made less than me so my benefit at 66 [$1638 m] would be more than 1/2 his. But I'll see if they'll let me. I get $2138 if I wait until 70 and we live a long time (dad to 88 with 12 heart attacks & 3 strokes, mom to 90)

You can claim his 1/2 for you at 66 and then convert to your full SS at age 70. you would get about 800 month at age 66 and then you'll be able to get your 2138

[gayl]

That would simplify paying Medicare

[Walt34]

Quote:

Originally Posted by W2R You just pay it. In my case, I chose to have them deduct it automatically from my checking account, but I could have just sent them a check every month or whatever.

I thought that's how it would work. I'll be starting Medicare next spring when I turn 65. The main question I have is whether my BCBS premiums will go down enough to make up the premium I pay for Medicare. Since BCBS then becomes secondary I'd think so but it'll be interesting to see how that turns out. The effect is lessened because I pay 30% of the premium.

All that said we fully expect SS to be there in full for the next 10-15 years with perhaps some ah, "adjustment" after that.