rescueme
Thinks s/he gets paid by the post
I agree. sscritic knows so much about SS that sometimes I think he wrote the supporting documentation on the various processes
...
SS Confusion
- Thread starter Richard8655
- Start date
...
Rustward
Thinks s/he gets paid by the post
- Joined
- Apr 19, 2006
- Messages
- 1,684
The simple calculators were not comprehensive enough. I downloaded the SSA detailed calculator (AnyPIA) and that is a great program if you are into DOS and C prompts.
The one I use (AnyPIA) has the look and feel of a very early Windows application. Not sure what you mean about DOS and C prompts. It certainly will not win app of the year award, but it's the answer that counts, isn't it?
Old Microbiologist
Recycles dryer sheets
It is confusing
I am 59 and my wife is 64. I have worked my entire life but she only worked 36 quarters so I am assuming she has no benefit of her own. She now Day Trades successfully and stopped working to support her full time avocation of Day Trading. The last time I checked I will receive $1900 a month at age 62 but at the time I checked (3 years ago) I was still working and would receive the maximum amount at FRA. I believe the amount doesn't decline if you don't work at all any longer after early retirement but I have made some contributions from consulting work I did as I receive the overseas income exclusion but still have to pay FICA on the total amount. BUt, as I am retired military they don't take out deductions for FICA on military retirment benefits. I also checked previously and despite my wife being older she still get's nothing until I actually start receiving my social security so the incentive is to start early that way we both collect even though it is a reduced amount. I have no intention of waiting until FRA to start receiving the money as I am betting on a shorter life (no men in my family have ever lived past age 76) and can use the money now to supplement our retirement income for fun stuff. Later we have plenty of 401K money (somewhere in the neighborhood of $600K) which we don't want to start using until necessary as this is our emergency reserve. We also have a lot of real estate which is on hold until the market fully recovers in 20 years (joke, I hope!). The government has never shown any remorse for their taking from me so it works both ways. So, my questions are 1) are my facts correct or does the rate I will receive change if I am no longer working? Just curious.
I am 59 and my wife is 64. I have worked my entire life but she only worked 36 quarters so I am assuming she has no benefit of her own. She now Day Trades successfully and stopped working to support her full time avocation of Day Trading. The last time I checked I will receive $1900 a month at age 62 but at the time I checked (3 years ago) I was still working and would receive the maximum amount at FRA. I believe the amount doesn't decline if you don't work at all any longer after early retirement but I have made some contributions from consulting work I did as I receive the overseas income exclusion but still have to pay FICA on the total amount. BUt, as I am retired military they don't take out deductions for FICA on military retirment benefits. I also checked previously and despite my wife being older she still get's nothing until I actually start receiving my social security so the incentive is to start early that way we both collect even though it is a reduced amount. I have no intention of waiting until FRA to start receiving the money as I am betting on a shorter life (no men in my family have ever lived past age 76) and can use the money now to supplement our retirement income for fun stuff. Later we have plenty of 401K money (somewhere in the neighborhood of $600K) which we don't want to start using until necessary as this is our emergency reserve. We also have a lot of real estate which is on hold until the market fully recovers in 20 years (joke, I hope!). The government has never shown any remorse for their taking from me so it works both ways. So, my questions are 1) are my facts correct or does the rate I will receive change if I am no longer working? Just curious.
Last edited by a moderator:
LRDave
Thinks s/he gets paid by the post
The one I use (AnyPIA) has the look and feel of a very early Windows application. Not sure what you mean about DOS and C prompts. It certainly will not win app of the year award, but it's the answer that counts, isn't it?
^^^Hyperbole on my part - Windows 4 maybe. Very awkward program....
I am not at all sure I am getting a good answer. I still don't know if I am accurately gauging the impact of a 403(b) SS replacement plan on DW's SS benefit.
I HOPE it is not the case that addtional voluntary employee contributions to a 403(b) plan don't diminish the ultimate SS benefit.
Rustward
Thinks s/he gets paid by the post
- Joined
- Apr 19, 2006
- Messages
- 1,684
As far as SS is concerned, a 403(b) is treated like a 401(k) or a traditional IRA -- it has no affect on the SS benefit. In fact, a 403(b) can be rolled over to a TIRA, although some plans do not allow in-service transfers meaning that the employee must terminate before the rollover is allowed.
What will potentially reduce the SS benefit is a pension from employment not covered by SS.
Edit to add: You enter the pension information at the bottom of the Supplemental Worker Information page. You will need to know the monthly pension amount and starting date.
What will potentially reduce the SS benefit is a pension from employment not covered by SS.
Edit to add: You enter the pension information at the bottom of the Supplemental Worker Information page. You will need to know the monthly pension amount and starting date.
Last edited:
Similar threads
