SS benefits and spending

[Eagle43]

Charles, JG, Ol Rancher, et all. Turned 62 today! Now where is that social security lockbox? I want it now.

Actually, the social security administrator told me it would take 15 years to catch up if I waited until 65. There is simply no debate about taking it at 62 with those kind of numbers. And I can make 11k (or is it 12?) a year if I want to do some part-time stuff. I don't. Working 43 years must be enough.

First check in July. I can wait.

[unclemick]

Basically LBYM: 1993 - 2005, age 49 to 62 did not 'overspend' a common sense take out, just in case.

Early SS availible end of this year. Will spend it when I get it.

Bird in hand and all that rot.

Gee, thanks for telling me how important those SS checks will turn out to be.* Now I have to worry more about what the politicians are going to do.

I'll sure take SS as soon as possible -- it's a no-brainer for me.* Here's an article that favors waiting:

When to Take SS

[MRGALT2U]

Quote:

Originally Posted by Eagle43 Charles, JG, Ol Rancher, et all.* Turned 62 today!* Now where is that social security lockbox? I want it now. Actually, the social security administrator told me it would take 15 years to catch up if I waited until 65.* There is simply no debate about taking it at 62 with those kind of numbers.* And I can make 11k (or is it 12?) a year if I want to do some part-time stuff. I don't. Working 43 years must be enough. First check in July.* I can wait.

I don't understand. If you are 62, why do you have to wait until July for your first check? I assume that check will catch you up, but still..........

BTW, Happy Birthday!

JG

[MRGALT2U]

Quote:

Originally Posted by TromboneAl Gee, thanks for telling me how important those SS checks will turn out to be.* Now I have to worry more about what the politicians are going to do. I'll sure take SS as soon as possible -- it's a no-brainer for me.* Here's an article that favors waiting: When to Take SS

No-brainer here also. No use worrying about the politicians. Just plan on
the worst (from them). That's what I do and they seldom prove
me wrong

JG

[haha]

Quote:

Originally Posted by TromboneAl I'll sure take SS as soon as possible -- it's a no-brainer for me.* Here's an article that favors waiting: When to Take SS

Quote:

In fact, many people could collect more Social Security benefits over their lifetime -- and enjoy a more comfortable retirement -- by giving up the Social Security bird in hand for the larger one in the bush. -Walter Updegrave

I have to agree with Walter here. When it's a choice between a hand or a bush, my brain has nothing to do with it- I always go for the bush.


mikey

[cute fuzzy bunny]

Quote:

Originally Posted by mikey I always go for the bush.

(cough)

Another case of deciding to write an article saying something and then spinning the numbers to suit.

He notes it takes until 78 to 'break even' without investing the money, then does it again while investing at a 5% return and comes up with 81 as a break even.

You can get 5% in a frickin CD right now, or close to it in ibonds and get that cool CPI helper in there if the CPI flies through the roof. Given a ~20 year period, you can get 8+% in equity investments if future returns match past history. That brings you into the 85-87 range before you break even.

Given the <50% chance you'll make it past 81, and the likelihood that you'll find more interesting things to do with your money at 62 than at 87...I think this is still a no-brainer. I cant think of a good case where a little extra at 87+ years of age makes it worth while. Heck, if you need the money, its a no-brainer that you have to take it. If you dont need the money, then take it, invest it, and its a great 'rainy day' fund. Heck, if you dont need the money at 62 you sure as shooting probably wont need extra at 87. If nothing else, at least you get the money in hand before they screw up SS any further.

[haha]

One reason to delay payouts, esp for you bargain hunters, it gives you one more way to get more than your money's worth. Just live forever.

Mikey

[Eagle43]

Quote:

Originally Posted by MRGALT2U I don't understand. If you are 62, why do you have to wait until July for your first check? I assume that check will catch you up, but still.......... BTW, Happy Birthday! JG

Thanks.... as to the other, I submit ssa's answer:
From the ss website:
What month do retirement benefits begin?
Answer
An individual who meets all other requirements for entitlement can receive benefits beginning with the first full month the individual is age 62. Thus, benefits are not paid for the month a person reaches age 62 unless their birthday is on the first or second day of the month. (Under a common law rule, a person reaches a given age on the day before their birthday.)

Social Security benefits are paid in the month following the month for which they are due; for example, if your first month of entitlement is August, you would receive your first check in September.

So, trying to understand the above, officially I'm not entitled until June and my payment schedule is the third Wednesday of each month. I believe I will get a check for a month and 1/2 (12 June being my first full month of 62). Do y'all read that the same way I do? Maybe I need to query them, because once the date is set, it's set.

I also got DW's payment adjusted upward to reflect half of mine. Life is good!

[unclemick]

Thinking auto deposit to Vanguard - something wild and funky - like er ah:

Wellesley

Heh, heh, heh.

[MRGALT2U]

Quote:

Originally Posted by mikey I have to agree with Walter here. When it's a choice between a hand or a bush, my brain has nothing to do with it- I always go for the bush. mikey

When I was young, I always went for the bush too

JG

[Zipper]

....and "Pastor Fuzz" made a young buck's day!

[cute fuzzy bunny]

You guys are scum. Scum I tell you!

And I truly respect you for that.

[Spanky]

Quote:

Originally Posted by mikey One reason to delay payouts, esp for you bargain hunters, it gives you one more way to get more than your money's worth. Just live forever. Mikey

Hmmm ... I am certain that they will enact new laws or introduce policies to limit the number of years of payouts.

[Bookm]

Eagle43, I read everything the same way you do, except for you getting a check for a month and a half. I believe the SSA is counting from the first day you become eligible, then counting ahead 30 days. So you're actually being paid for the days elapsed and not the month, if that makes sense.

Bookm

Quote:

What month do retirement benefits begin? Answer An individual who meets all other requirements for entitlement can receive benefits beginning with the first full month the individual is age 62. Thus, benefits are not paid for the month a person reaches age 62 unless their birthday is on the first or second day of the month. (Under a common law rule, a person reaches a given age on the day before their birthday.) Social Security benefits are paid in the month following the month for which they are due; for example, if your first month of entitlement is August, you would receive your first check in September.

Typical of the government - unnecessary complexity. After reading it several times, I understand it to mean that you won't receive anything for June 12 - June 30. That is, "benefits are not paid for the month a person reaches age 62." So my guess is that your first check will be sent in August, and it will be for one month -- the month of July. But maybe they just mean that the benefits are not paid even though they accrue.

Perhaps the whole reason for the complexity is to cheat everyone out of their first partial month of SS. If not, the whole thing could be simpler: "Your eligibility starts on your 62nd birthday, and you'll receive your first check one month after that date." With that system, they'd save the cost of processing thousands of calls every year asking for clarification.