WhooHooo! Signed up for SS today!!

[Koolau]

OK all you smart a**es. I have no idea how to set up a poll. Or a pole. The question is which item is the best cheap quick meal at Costco?

Here are the choices:

Hot Dog and a soda $1.50
Polish Sausage and a soda $1.50
Slice of whichever pizza you prefer $1.99 (drink extra)

And congratulations to the OP for waiting to grab the SS brass ring until 70.

Thanks!

Folks often ask how one can afford to live in Paradise as we do. I always mention the Costco Hot Dog/soda combo for $1.50 and living on the beach under a blue tarp. They roll their eyes, but it's true that there are still bargains everywhere - not just in HI. The Costco food service is one of those bargains IMO. Oh, and to answer someone else's question: The soda IS refillable. We did notice in recycling the paper cups at home, they have a limited life span. I think Costco wisely intends them to self destruct so that folks don't bring them back next week for a refill - not that I would stoop that low as part of my FIRE plan.

Heh, heh. I was watching a program on Costco a few months back. IIRC they were interviewing a Costco exec. In any case, the hot dog/refillable-soda combo for $1.50 (for many years now!) came up. My recollection was that the interviewer's question was how could they now charge MORE for the combo (ostensibly to make more money) but the Costco response was "How can we charge LESS for it!" I was kind of impressed with that. YMMV

 

[NW-Bound]

OK all you smart a**es. I have no idea how to set up a poll. Or a pole. The question is which item is the best cheap quick meal at Costco?

Here are the choices:

Hot Dog and a soda $1.50
Polish Sausage and a soda $1.50
Slice of whichever pizza you prefer $1.99 (drink extra)...

Want me to do a [-]pole[/-] poll for you? Nah.

I like the polish sausage myself, but YMMV. As I said, buy both. Or if you cannot eat both at one time, go with your wife, take a bite out of each and give the one you like the least to her.

 

[Koolau]

Just saw the headline that Alan Thicke kicked the bucket at 69. If he were an American, and had waited to get SS, well, you know...

Such is the game of life. Some win, and some lose... And the losers lost more than just SS.

At least (if he were in the SS system) his DW would get his increased SS payment - we must always look on the bright side.

 

[NW-Bound]

True. I just checked and Alan Thicke was married at the time of death. I wonder if the Canadian pension is like our SS.

 

[friar1610]

The OP recalled something that happened to me when I applied for SS. I was frequenting the Retire Early Home Page on the Motley Fool at the time and was using a screen name that was closer to my real name. I also had more specific info about where I lived included in my profile. I posted that I had reached this milestone in my life and mentioned how easy it was to apply on-line and arrange direct deposit to my bank. The next day I got a call from a guy claiming to be from SSA saying that they'd had some computer problems and data had been corrupted on my application. He just needed to verify a few things. I smelled a rat and told him to send me a letter requesting any information they needed. He told me that going that route would significantly delay my first payment and that it would be better if we took care of things on the phone right then. I hung up, never got a letter and got my first direct deposit on time. Obviously a scammer who would have tried to "verify" my SS# and bank account # if I had been willing to do so. Taught me a good lesson about how much to reveal on the web.

 

[gerntz]

I think the biggest fallacy I was under was thinking DW would qualify (immediately) for half my at-70 benefit. In fact, she only qualifies for half my at-FRA benefit. Because of this, she will continue to receive the benefit she earned on her own (which she began at 62, because it is larger than half my at-FRA benefit.) Now, when I pass on (assuming I go first) she will be upgraded to my at-70 benefit as I thought. That was the big thing I wanted to accomplish by waiting to 70.

Someone can correct me, but I don't think you have it right.

Since your spouse began taking benefits at 62, when she reaches her FRA she will get (age 62 benefits)/(her FRA benefits) x half your FRA benefit. This will be somewhat less than 1/2 your FRA benefit.

Similarly, if she outlives you, she'll get your age 70 benefit reduced by the same (age 62 benefits)/(her FRA benefits) ratio.

To get the full amounts, she needs to return all of her benefits since age 62, if possible.

Anyone, am I wrong about this?

 

[NW-Bound]

I don't think the above is right.

The surviving spouse will take over the higher SS payment of the couple, if he/she is of full retirement age (FRA) at the time of death of the deceased.

If the survivor's age is between 60 and FRA, there will be a reduction.

That's my understanding from reading this: https://www.ssa.gov/planners/survivors/ifyou5.html, which does not say anything about the surviving spouse already taking his/her own benefit early or not.

 

[eytonxav]

Congrats Koolau!

I too applied to get my SS bennys but I actually did it all online and found it to be a painless process...early benefits at 62 and I even got a phone call from the processor (someone in NY) who needed a couple of questions answered, one of them to actually straiten out an incorrect response on my part :face palm: My first check (actually direct deposit) should be in my account in February!

AND I would actually recommend the online process

I was planning to register for My Social Security this month and do it online. I am 67.5 and just think it might be good to sign up soon, just in case the Gov't does something negative to those that have not yet signed up. Thats probably unlikely, but better safe than sorry, and only god knows how long I've got left on earth.

 

[WithAPurpose]

What would you have changed?

Honestly, though it's not a truly HUGE pay day, it is quite significant and NOW we will have to revisit whether to fly first-class or cattle car, next trip to the mainland. The one thing I (pick an emotion (1)fear (2)regret (3)hate (4)anticipate) is the complicated (and increased) taxes. This all comes at the same time that RMDs will kick in. I WILL be paying the piper! For young folks, still cramming every dollar into their 401(k)s and Trad IRAs, (just) consider favoring ROTHS and taxable accounts or other "hiding" places for your stash. (Remember, free advice is worth no more than you pay for it.) I'm kind of thinking next year will be the "hangover" for having received such a nice payday. YMMV

I am one of those young-uns trying to figure out where my 401k money should go? I am saving the limit for my age, but splitting between Roth and Trad to keep my taxable income within the 25% Fed bracket.
With the benefit of hindsight, what would you have done differently?
Due to diverse income streams, it looks like I will be riding the 25-28% breakpoint until DH's RMDs pile on.
Any thoughts are welcome...

 

[RunningBum]

I swear this is the only group that thinks that the biggest regret of everyone who dies before 70 is not taking SS early. Maybe I should find a living 90+ person and post that I bet they regretting taking SS at 62 if they did that.


I'm still not basing any financial decisions on the deaths of a few people in the entertainment industry. YMMV.

 

[NW-Bound]

I think people who die early simply regret that they die.

About people who live till 90 regretting they take SS at 62, I have no sympathy for them. They should be grateful they live so long. One cannot have it both ways.

 

[H2ODude]

DW applied on line a few days less than the required 3 months before her FRA; she will get ~1/2 of what I will so I will claim my half of hers two months later. I'm going to wait until 70 for mine.

It was easy enough, but the screen said expect to receive approval on line in 5 days. We heard nothing, so a few weeks later she called (waiting 45 minutes for response) and was told not to worry, call back about two months prior to the start. That's passed so I guess I need to prod her to dial up and get in the que.

I've heard from friends that trips to the SS office here can be pretty depressing so I'm trying to avoid...

 

[RunningBum]

I think people who die early simply regret that they die.

About people who live till 90 regretting they take SS at 62, I have no sympathy for them. They should be grateful they live so long. One cannot have it both ways.

I just get tired of SS being brought up every time a celeb dies before age 70, like you did with Thicke.

I remember and found this gem of a post somebody wrote when Glenn Frey died.

67 - Goodbye Hotel California ... wow - Glenn Fray 67, David Bowie 69, Alan Rickman 69 ... could not collect Social Security at 70. Make sense to collect SS at 62 or 63, no later.

 

[NW-Bound]

I just get tired of SS being brought up every time a celeb dies before age 70, like you did with Thicke...

I know!

I think it is interesting to see well-to-do celebrities expire when not so old. They certainly had good medical care. You would think the 1% should have better longevity than the 99%. But my point was that one can die anytime despite his plan. Not just delaying SS, but everything else is lost as one went down to feed the daisy, or up in the air to feed global warming.

Just recently, my son was shocked when his coworker dropped dead over the weekend. He was only in the 50s, was going to retire early, and often talked about his plan for his dream retirement home, etc...

So, I was just saying one can plan all he wants, and it may not mean much, SS or whatever else. And by the way, I still do not know when I should take it. It all depends on how my stash does.

For a 30-year retirement, for me FIRECalc says the difference in spending levels amounts to a mere 2 or 3% between SS at 62 and 70. As I don't think I am going to live for another 30 years, I am inclined to take it before 70, perhaps at FRA.

I would not sweat this SS business that much, as it may not matter. It's all crapshoot.

 

[Koolau]

I am one of those young-uns trying to figure out where my 401k money should go? I am saving the limit for my age, but splitting between Roth and Trad to keep my taxable income within the 25% Fed bracket.
With the benefit of hindsight, what would you have done differently?
Due to diverse income streams, it looks like I will be riding the 25-28% breakpoint until DH's RMDs pile on.
Any thoughts are welcome...

With benefit of hindsight, I would have put less into qualified plans (401(k) and tIRAs). I would have taken advantage of Roths to the fullest extent and then funded more after-tax plans. I am now "cursed" with enough qualified money that (with my modest pension and 70-year SS and DW's SS) I will likely always get into the 25% bracket. If my 401(k) continues to grow, the "problem" will get worse as RMD divisors get smaller and smaller with age.

Stated in another thread, it's not the worst problem to have in FIRE but I think I could have ameliorated it somewhat with better planning. Still, we have no idea what taxes will be in the future as they are determined by forces beyond our control (for the most part.) At least now (as described in another current thread) I have converted our (DW's and my) LAST tIRA to a Roth. I'll be stuck with RMDs from my 401(k) but that's it. Less complicated and less to "forget" with the draconian penalty that bad memory might cost.

Sounds like your "problem" is also the "good" kind to have. Way to go on the income side!

All in all, the Taxman will get his due. All we can do is try to be as stingy with him (or her) as possible. Good luck and don't forget that YMMV.

 

[Koolau]

I've heard from friends that trips to the SS office here can be pretty depressing so I'm trying to avoid...

My first impression of the waiting room was a bit depressing. I had to "take a number" and was afraid I would have to wait my turn even though I had an appointment. BUT, less than 5 minutes late, I was called back into a comfortable office setting (quite private) and dealt with a nice young woman. Not depressing at all.

Oh, but be prepared to go through metal detectors, etc. to get in. YMMV

 

[Koolau]

I think people who die early simply regret that they die.

Heh, heh, with the amount of life insurance I have (Yeah, I know, I know.) and the bump-up in her SS to my amount and her 1/4 of my pension and ALL the marbles (even the ones she lost to me when she was 10 or 11) I think DW will still regret if I pass early - just not as much as if I hadn't set her up so well!

 

[braumeister]

My first impression of the waiting room was a bit depressing. I had to "take a number" and was afraid I would have to wait my turn even though I had an appointment. BUT, less than 5 minutes late, I was called back into a comfortable office setting (quite private) and dealt with a nice young woman. Not depressing at all.

Oh, but be prepared to go through metal detectors, etc. to get in. YMMV

I've been to local SS offices four or five times over the last ten years, most recently about six months ago. Suburban offices, no metal detectors but always a watchful guard on duty. Generally a bunch of people waiting, but you sign in on a screen that asks you to pick (very roughly) the reason you're there. It seems they use this to assign you to the most appropriate rep available.

Never had to wait more than half an hour, usually much less. Friendly and competent people to deal with. I'm extremely pleased with the service I paid for.

 

[dtbach]

I swear this is the only group that thinks that the biggest regret of everyone who dies before 70 is not taking SS early. Maybe I should find a living 90+ person and post that I bet they regretting taking SS at 62 if they did that.

My Dad just turned 96 and took SS at 62. He doesn't regret it at all.

 

[Happyras]

OK, this one just popped up today.
In defense of drawing Social Security benefits early | Financial Planning

Good argument for taking it early "bird in the hand"

 

[RunningBum]

My Dad just turned 96 and took SS at 62. He doesn't regret it at all.

My point was that the death (or longevity) of some random person shouldn't be a reason or proof for taking SS early (or late).

 

[spncity]

The wait to 70 was primarily to give DW the biggest payday possible if I "graduate" before she does. YMMV

My advice is to "flunk" rather than "graduate."

 

[foxfirev5]

My point was that the death (or longevity) of some random person shouldn't be a reason or proof for taking SS early (or late).

There is no ultimate proof either way.

 

[Peter]

I've been to local SS offices four or five times over the last ten years, most recently about six months ago. Suburban offices, no metal detectors but always a watchful guard on duty. Generally a bunch of people waiting, but you sign in on a screen that asks you to pick (very roughly) the reason you're there. It seems they use this to assign you to the most appropriate rep available.

Never had to wait more than half an hour, usually much less. Friendly and competent people to deal with. I'm extremely pleased with the service I paid for.

My experience as well.

 

[Koolau]

My advice is to "flunk" rather than "graduate."

Heh, heh, I'd like to "repeat" age 69 about 15 times.