Poll: Individual SS Payment for ER.ORG Members - Please Read First Post for Details

[Ronstar]

$2904 net of medicare deduction. Took at 65.

 

[RobLJ]

Looks like it will be 3300/month in 2 years at 67. DW will be 3600 in 6 years. I'm taking it at 67 mostly to convince her to spend more money. I keep telling her we can spend 20-25% more a year, but since it is coming from investments, as a former accountant she can't quite accept it, although she has loosened up a bit the last few years, with the 3 grandkids. We are very lucky/blessed or whatever you wish to call it.
I got her to spend on the Mont Blanc Tour which we finished last week by telling her I'm 65 and I'm not sure how much longer I can hike 4400 feet up in a day. But she also got to meet her brother in Geneva, who has worked in Germany for 35 years. We saw him last on a bike trip down the Mosel in 2017 and he has had a heart attack and small stroke in the last 3 years, so there may not be many more chances.

 

[bigriver]

I’m 57 right now but plan to claim at 62. I think SSA says it should be about $2600-2800 a month

 

[HI Bill]

I don't collect yet, but my wife and I will haul in $5500 monthly at my age 70, if there's no reduction.

 

[maestro]

I started receiving my first benefit payment of 3500 this past June, at 66 and 5 months. As a single, I decided it was time. Didn't need the 'salary increase', but nice to see what I w*%ked so hard for. Peace.

 

[athena53]

I assume you wanted SS gross of any Medicare premiums. I get $4,137 gross, $3,647 net. Started collecting last year at age 69.

 

[harley]

It's really amazing how little 16 years of ER ($0 income) has affected my SS payment. I was above the yearly cutoff salary for about 10 years, but still, I expected more of an impact. I've really enjoyed these years of ER, and the cost of a few hundred dollars per month is a small price to pay for it.

 

[Toast]

The plan is for DH to collect at 70. His benefit will be $4341. I’ll collect $2820 at 67.

 

[bada bing]

I didn't vote as I haven't claimed yet. My last year of full time work was 2020, which by coincidence was my 35th year above the FICA tax cap. So I'll get a max claim at whatever age I start. FRA for me is 8/25 and I still earn over the pre-FRA earnings cap from my seasonal hobby job, so I won't claim before then. Probably wait for age 70. Until then I'll probably pay ~$6K/year in self employed FICA for zero benefit. Y'all are welcome for doing my part helping with the trust fund shortfall.

 

[trumpeting_angel]

I didn't claim until 70 (this July), which was difficult, watching the savings dwindle (I retired part-time in 2018, and finished working in 2019). I'm happy that I did; I get around $3,800 per month gross. I am pretty sure I can hold off taking RMDs at least until 71 (there are still some post-tax savings left), and maybe until 72. Might have a discussion with my accountant about that, though.

I've been struggling with worsening arthritis and other aches and pains, and have begun to believe that structuring my retirement to last until 100 may not be necessary, and after these years of scrimping (sort of - I bought a house with cash, added solar and heat pumps/mini-splits, and had a major fencing project done) I think I'd like more spending money. Like going out to eat a little more, and of course, ski trips, though not too far. And the house will always need something.

 

[Jimonlimon]

I'm 58. If I stop working this year I will receive $3430/month at FRA of 67. If I continue working until 67 my benefit would be $3540, or $110/month more for working 8.4 additional years. I passed the "sweet spot" of 35 pretty good years of FICA earnings last year.

I'll also draw a local government pension but will not be subject to WEP because I've always been subject to SS taxes and it's not subject to GPO.

 

[athena53]

It's really amazing how little 16 years of ER ($0 income) has affected my SS payment. I was above the yearly cutoff salary for about 10 years, but still, I expected more of an impact. I've really enjoyed these years of ER, and the cost of a few hundred dollars per month is a small price to pay for it.

I agree. I retired at age 61 and once calculated that if I'd worked another 4 years I'd have gotten a big $50/month extra.

 

[Time2]

I didn't claim until 70 (this July), which was difficult, watching the savings dwindle (I retired part-time in 2018, and finished working in 2019). I'm happy that I did; I get around $3,800 per month gross. I am pretty sure I can hold off taking RMDs at least until 71 (there are still some post-tax savings left), and maybe until 72. Might have a discussion with my accountant about that, though.

Not sure I understand what you wrote.
"You must take your first required minimum distribution for the year in which you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). However, you can delay taking the first RMD until April 1 of the following year." From https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs

I've been struggling with worsening arthritis and other aches and pains, and have begun to believe that structuring my retirement to last until 100 may not be necessary, and after these years of scrimping (sort of - I bought a house with cash, added solar and heat pumps/mini-splits, and had a major fencing project done) I think I'd like more spending money. Like going out to eat a little more, and of course, ski trips, though not too far. And the house will always need something.

At 68yrs and 6months, I have been a little more focused on health and longevity. One year ago I was diagnosed with abnormal bone marrow cells.
Cancer doc said it is just wait and watch. Then, last month I saw my family doctor, I ask about a spot on the bridge of my nose, he said, that's not a concern, but you do have a lesion higher up, (very close to my eye) that I want you to see a plastic surgeon about. So that happens in the morning.
I was sure I'd wait until 70 to collect SS, now I'm really having second thoughts about even pushing it to Mar 2024 when I'll be 69. I also pulled out our trust and started working to get that complete. I have a piece of land I don't want to leave my wife to have to sell, but the state is widening the road, so the area will have improvements if I can wait long enough. Other than that, I feel fine, did my 3 mile walk and have no more than the usual older person aches and pains. I'm pretty laid back, but this lesion, so close to my eye in what I consider a hard position to work in, has me concerned.

 

[PandaBear]

I claimed at 62 and currently receive $2488/mo. The young wife will never receive any sort of social security - not her own, not spousal, not survivor (thank you GPO).

Dh claimed at 62 and gets $2491 month. As noted above, I will also never get an social security…..thank you GPO and WEP.

 

[NW-Bound]

I have not claimed yet, but 70 is around the corner.

Claimed at 62 and now get $733.50/month, $136 after deductions. My last year of taxed SS earnings was in 1991. 31 years ago - Wow! Thank you SS. Thank you real estate.

What?? They withheld $597.5 from your SS?

Wowza! What's the story here?

 

[NW-Bound]

... I'm pretty laid back, but this lesion, so close to my eye in what I consider a hard position to work in, has me concerned.

I am sorry to hear about your problem. I hope it will be all right.

 

[trumpeting_angel]

Not sure I understand what you wrote.
"You must take your first required minimum distribution for the year in which you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). However, you can delay taking the first RMD until April 1 of the following year." From https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs

Sorry! I was trying to say I wanted to wait, but I don’t think I can.



At 68yrs and 6months, I have been a little more focused on health and longevity. One year ago I was diagnosed with abnormal bone marrow cells.
Cancer doc said it is just wait and watch. Then, last month I saw my family doctor, I ask about a spot on the bridge of my nose, he said, that's not a concern, but you do have a lesion higher up, (very close to my eye) that I want you to see a plastic surgeon about. So that happens in the morning.
I was sure I'd wait until 70 to collect SS, now I'm really having second thoughts about even pushing it to Mar 2024 when I'll be 69. I also pulled out our trust and started working to get that complete. I have a piece of land I don't want to leave my wife to have to sell, but the state is widening the road, so the area will have improvements if I can wait long enough. Other than that, I feel fine, did my 3 mile walk and have no more than the usual older person aches and pains. I'm pretty laid back, but this lesion, so close to my eye in what I consider a hard position to work in, has me concerned.

Regarding your health, the scary stuff is the worst. Scary. I’m relieved that all I have is non-scary, annoying stuff. Although the current mixture of mild arthritis and a bone spur is causing some weight gain - I’m usually more active despite the pain.

But not scary like cancer. I lost my father (69), mother (72), and only sibling (47) to cancer. I love screening tests, even the awful ones.

My hope, and I offer it to you, is that they will have better and better treatments for cancer. Indeed, they already do. All warm thoughts and good wishes for your rapid recovery and no more serious findings.

 

[tlynfatt]

3252 at full retirement age

 

[Dash man]

I started mine at 64 and 10 months, and now receive $2639.50 gross, and $1,592.80 after 22% taxes, Medicare and IRMAA.
DW will start hers when she turns 70 in three years and it will be over $4,000.

 

[Singletrack]

I have not yet taken SS, so I didn’t vote in the poll. I just turned 66, and my FRA is 66.5. My recent SSA statement states that my monthly benefit at FRA will be $3,587. At age 70, my SSA statement says that my monthly benefit will be $4,591.

I’ll probably hold off until age 70, but I’m still thinking about that 3.5 years of payments at the lower benefit amount. It’s probably best for my wife that I wait until age 70, and I don’t need the cash flow at present.

 

[dixonge]

We both claimed at 62 and have a combined SS less than $3k - 100% being invested in index funds and TSLA. Investments are primarily to self-COLA our pensions.

 

[athena53]

What?? They withheld $597.5 from your SS?

Wowza! What's the story here?

They take $490 out of mine- Medicare B plus Prescription plus IRMAA on both. I'm single so for a married couple, or for a single with higher income, entirely possible. You can also elect to have Federal taxes withheld although I don't.

 

[FiveDriver]

I receive a direct deposit of $2889 before Medicare, and I take no other deductions ( I pay our taxes out of my RMD). I claimed at my FRA of 66 years old.

We'll get a nice bump in our 'Entitlement' when DW starts her claim in February 2024. This will remove the 3 month Medicare check we write out of our House Account (about $480) and add a nice chunk of change into our Cash Flow

 

[Time2]

Then, last month I saw my family doctor, I ask about a spot on the bridge of my nose, he said, that's not a concern, but you do have a lesion higher up, (very close to my eye) that I want you to see a plastic surgeon about. So that happens in the morning...
I'm pretty laid back, but this lesion, so close to my eye in what I consider a hard position to work in, has me concerned.

I am sorry to hear about your problem. I hope it will be all right.

Saw the plastic surgeon this morning, he said, he sees nothing of any concern. I ask, why, did my doc send me to you? His response, That's Dr. Bill!
Anyway, I'm happy there is nothing and glad my doc is being cautious, being I have the other condition that does depress my immune system. On another note, I ask the plastic surgeon to look me over, ( as my dermatologist appointment in Aug was cancelled as the Dermatologist left her practice) his response was to give me three names of Dermatologists. I guess that is beneath what he does. So, I now have a new dermatologist and an appointment in February 5 months from now.
Skin in Florida, I guess?

 

[ShokWaveRider]

Seems members of ER.ORG re all over the scale on this one. With the majority being over $2,000 a month.