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01-13-2009, 01:08 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by OAG
If you apply in a timely manner and were born in Jan (other than Jan 1st) your first check/credit deposit will be received on some Wednesday depending on the last two digits of your SSN in FEBRUARY.
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Ron, oh how I wish you were right but it just isn't so. I'm in that never-never land right now, having turned 62 on Dec 3 and my first SS payment isn't due until Feb 11.
From the SS website:
" A person who meets all requirements for entitlement can receive reduced benefits beginning with the first full month that he/she is age 62. Thus, benefits are not paid for the month a person reaches age 62 unless his or her 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 his or her birthday.)
Social Security benefits are paid in the month following the month for which they are due. For example, if your 62nd birthday is July 15, your first month of entitlement is August, and you would receive your first check in September."
I'm guessing from your answer that what I quoted above might be something SS implemented after you started collecting (HOW many years ago? ). According to SS, about 2 million new applicants sign up for SS retirement benefits each year. With the avg monthly benefit at $1,080, figuring out how to delay new recipients' checks by one month would save SS $2.16 billion per year.
Wonder if whoever came up with the idea for the delay was rewarded?
__________________
Numbers is hard
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01-13-2009, 01:11 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: May 2004
Location: SW Ohio
Posts: 14,404
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Quote:
Originally Posted by Texarkandy
Someone on a forum (this one?) indicated once to me that the impact of a few missing earnings years wouldn't be very much. Still, it's enough to have me concerned.
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Don't be concerned, the impact will be small if it is only a few years. You can hand-type your earnings into one version of the SS calculator to see the difference with various earnings histories. Try the calculator here.
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01-13-2009, 01:13 PM
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#23
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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: 9,294
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I just want to live long enough to get at least one ss check.
__________________
There's no need to complicate, our time is short..
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01-13-2009, 01:16 PM
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#24
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Recycles dryer sheets
Join Date: May 2008
Posts: 479
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I got mine!
I had a nice stretch as a minor child of a SS recipient, and I was a full time student.
It made me go back to college - I rec'd money every month until the end of the term in which I turned 21.
The rules have been changed, :::sigh:::
It would be nice to last long enough to get a few bucks at the other end ...
ta,
mew
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01-13-2009, 01:17 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: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by Texarkandy
Someone on a forum (this one?) indicated once to me that the impact of a few missing earnings years wouldn't be very much. Still, it's enough to have me concerned.
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There have been several threads on this subject. Since SS is based on the average of 35 years of earnings and leans towards lower wage earners, a few missing years will have very little impact. In my situation, I calculated the impact of the four years of 0 income between the time I retired at 58 and began SS at 62. Even though those years would have been at the max SS earnings level and replaced much lower earnings years in my distant past, the impact to my SS benefits was only $20 per month or so.
__________________
Numbers is hard
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01-13-2009, 01:24 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,499
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No rain on my parade, I'll be 62 this November.
Off topic, never thought I'd make it past 30.
__________________
There must be moderation in everything, including moderation.
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01-13-2009, 01:29 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Quote:
Originally Posted by REWahoo
Ron, oh how I wish you were right but it just isn't so. I'm in that never-never land right now, having turned 62 on Dec 3 and my first SS payment isn't due until Feb 11.
From the SS website:
" A person who meets all requirements for entitlement can receive reduced benefits beginning with the first full month that he/she is age 62. Thus, benefits are not paid for the month a person reaches age 62 unless his or her 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 his or her birthday.)
Social Security benefits are paid in the month following the month for which they are due. For example, if your 62nd birthday is July 15, your first month of entitlement is August, and you would receive your first check in September."
I'm guessing from your answer that what I quoted above might be something SS implemented after you started collecting (HOW many years ago? ). According to SS, about 2 million new applicants sign up for SS retirement benefits each year. With the avg monthly benefit at $1,080, figuring out how to delay new recipients' checks by one month would save SS $2.16 billion per year.
Wonder if whoever came up with the idea for the delay was rewarded?
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I stand corrected; I think. I originally started benefits in 2005 DOB 10/30/1940 and I received 2 checks for 05; one in Nov and one in Dec on the 3d Wednesday of those months. I repaid the money in 2008 and reapplied for benefits in October 2008 (using the 6 month "look back rule") so that my benefits would restart effective in Apr 08. I received a payment in Dec 08 for the period Apr to Nov - which was for 7 months of benefits, in arrears, plus the Dec 08 payment which (as per phone call with SSA) sent early because I was close to the payment day for that Dec. So I do not dispute what you are saying and I am sure the quote is valid but this is my experiences.
BTW the average payment is a tad lower than $1,800 a month: http://www.ssa.gov/policy/docs/quick...apshot/#table2
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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01-13-2009, 01:38 PM
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#28
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
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The average SS check for retired workers is listed as only $1089.30. No wonder they say you can't live on SS alone.
(I hadn't intended to, anyway, but gee).
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-13-2009, 01:41 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: May 2008
Posts: 6,499
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Quote:
Originally Posted by Want2retire
The average SS check for retired workers is listed as only $1089.30. No wonder they say you can't live on SS alone.
(I hadn't intended to, anyway, but gee).
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As long as it covers my medical insurance, then after 65, the medigap of whatever stripe, i'm happy.
__________________
There must be moderation in everything, including moderation.
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01-13-2009, 01:51 PM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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You sound like my dad. Every Thanksgiving, he tells me brother and I "thanks", as he knows we are funding his SS.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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01-13-2009, 01:53 PM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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My dad flat out told me that most of their SS was going to wind up in savings as part of our inheritance, and that we should consider that the SS benefit that we're probably not going to get!
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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01-13-2009, 02:50 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: Mar 2005
Location: Chicago
Posts: 13,151
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Quote:
Originally Posted by REWahoo
Since SS is based on the average of 35 years of earnings and leans towards lower wage earners, a few missing years will have very little impact.
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And here's the formula that shows the bias towards low wage earners......
90% of first $612 of
average indexed
monthly earnings,
plus
32% of the next $3,077
plus 15% of the remainder
Note, this is from 2004 so the actual numbers have probably been indexed upwards. But the lean towards low wage earners is obvious.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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01-13-2009, 02:58 PM
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#33
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,842
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Quote:
Originally Posted by freebird5825
same boat - FIREd at 48, plan to take SS at age 62. That means 12 years of zero earned income from age 48-62 unless I get a PT j*b to get 2 more years for the 35 yr averaging function.
I have 33 yrs earnings including low paying part time jobs in HS and college.
My estimate of benefit at 62 already dropped $112 per month, with 2007 earnings = 1/4 annual salary, comparing consecutive annual stmts. I cringe to see the next drop with zero earnings in 2008.
I am pessimistically expecting to see it decrease radically, and then hit a steady state once they realize I have consecutive zero earnings (no j*b) years.
We shall see...the online calculator at SS was of no help to me.
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I don't think you will see a further decline. Your statement should be assuming if the last year was zero all future years will be zero and your amount will increase by the inflation amount.
__________________
But then what do I really know?
https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
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01-13-2009, 04:50 PM
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#34
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Recycles dryer sheets
Join Date: Aug 2008
Posts: 155
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I've used the detailed calculator SS makes available. What I found was that a few missing or very low income years made a fairly small difference -- just a few dollars a month for an extra year of work. But, the age at which you take SS makes a much bigger difference. For instance, starting at 62 rather than full retirement age results in a 25% reduction.
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01-13-2009, 04:50 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: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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Quote:
Originally Posted by Running_Man
I don't think you will see a further decline. Your statement should be assuming if the last year was zero all future years will be zero and your amount will increase by the inflation amount.
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A glimmer of hope...
I will know for sure when I get my statement this year, showing zero earnings for 2008. Only 12 yrs to go until I'm eligible for the age 62 benefit.
I must admit I don't really count on too much of a SS benefit. I will be glad for whatever is left over from the literal stampede of boomer era retirees ahead of me. I write that in a realistic sense, with not one iota of begrudging.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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01-13-2009, 07:01 PM
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#36
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Recycles dryer sheets
Join Date: Jul 2008
Location: ENE MO - near STL
Posts: 424
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Quote:
Originally Posted by ziggy29
My dad flat out told me that most of their SS was going to wind up in savings as part of our inheritance, and that we should consider that the SS benefit that we're probably not going to get!
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I'm hoping that we'll be able to do exactly that with our SS (or at least a good portion of it) for our two boys. I'd really like to give them a leg up on things. Their future will be interesting.
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01-14-2009, 11:09 AM
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#37
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by ziggy29
My dad flat out told me that most of their SS was going to wind up in savings as part of our inheritance, and that we should consider that the SS benefit that we're probably not going to get!
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I like your dad's approach. I'm more optimistic than he is about the system surviving, but I think it's good to remember that a lot of the taxes people pay come back to them as increased inheritance (or decreased financial support of aged parents) even if they never receive a check from the gov't.
(If my wife had her way, we'd probably split up our benefit and send it to the kids every year while we are alive. I'm a little too conservative for that.)
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01-14-2009, 11:42 AM
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#38
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by Want2retire
The average SS check for retired workers is listed as only $1089.30. No wonder they say you can't live on SS alone.
(I hadn't intended to, anyway, but gee).
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If you are debt free in a low cost living area you can get it done but you will also be good with money.
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01-14-2009, 11:44 AM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by rec7
If you are debt free in a low cost living area you can get it done but you will also be good with money.
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If you have a couple,that would be $2200 a month. There are some folks on here who make due with that........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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01-14-2009, 11:46 AM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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And for many of us here $2,200 a month would leave a lot "due"...and payable.
__________________
Numbers is hard
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