WhooHooo! Signed up for SS today!!

[Koolau]

Quote:

Originally Posted by H2ODude 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]

Quote:

Originally Posted by NW-Bound 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]

Quote:

Originally Posted by Koolau 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]

Quote:

Originally Posted by 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.

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]

Quote:

Originally Posted by dtbach 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]

Quote:

Originally Posted by Koolau 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]

Quote:

Originally Posted by RunningBum 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]

Quote:

Originally Posted by braumeister 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]

Quote:

Originally Posted by spncity My advice is to "flunk" rather than "graduate."

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

[Hermit]

Quote:

Originally Posted by WithAPurpose 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...

I will turn 67 in February. I have the same problem as Koolau with RMDs and SS at 70. When I started IRAs and 401Ks, there was no Roth option. Later, when they were introduced, the advice I kept finding was that I was too old to make use of the Roth. It would pay better overall to stay with the traditional. I am sure that a lot of the total amount in my accounts is because the savings was all tax deferred. That does not mean it will not hurt when I have to share a large slice with my Uncle. The large income I will show after 70 will also mean a larger amount going back into the government coffers in higher Medicare monthly costs.

As things turned out in my life, I don't think I had as many choices as the younger folks do today. My DW died at 48 and I am receiving SS under her account. If I would take mine before 70, the money I receive on her account would just disappear. I will never be lower than the 25% tax bracket, so there is not a lot of incentive to do Roth conversions which would bump my income into higher Medicare payments and more taxes. The one thing I can do is give the RMDs to my favorite charity in the form of QCDs. Since I was intending to provide a large gift to them anyway, this makes a lot of sense to me. It will keep my income under the Medicare higher cost levels for a least a few years more.

[Koolau]

Quote:

Originally Posted by Hermit <SNIP> ...so there is not a lot of incentive to do Roth conversions which would bump my income into higher Medicare payments and more taxes. The one thing I can do is give the RMDs to my favorite charity in the form of QCDs. Since I was intending to provide a large gift to them anyway, this makes a lot of sense to me. It will keep my income under the Medicare higher cost levels for a least a few years more.

You are most likely right. One thing to look into is the eventual inheritance of these vehicles. IIRC there are some real tax savings to your heirs to inherit Roths. Probably not worth paying extra now in taxes and higher Medicare premiums, but maybe something to investigate. Once again, what a wonderful problem to have vs not having enough to insure you can stay retired. YMMV

[NW-Bound]

It just occurs to me that the survivor of a married couple faces a much higher tax burden.

For a single person, the 25% bracket starts at $48,000 (including standard deduction and personal exemption), while it is $96,000 for a couple. The survivor of a couple loses one SS, but all the 401k and IRA stay the same.

More the reason to up the IRA withdrawal up to the top of 15%, except that one gets hit by the big increase of ACA premium.

[Hermit]

Quote:

Originally Posted by NW-Bound It just occurs to me that the survivor of a married couple faces a much higher tax burden. For a single person, the 25% bracket starts at $48,000 (including standard deduction and personal exemption), while it is $96,000 for a couple. The survivor of a couple loses one SS, but all the 401k and IRA stay the same. More the reason to up the IRA withdrawal up to the top of 15%, except that one gets hit by the big increase of ACA premium.

These are tough problems to work through, but as Koolau points out its not that bad a problem to have. It sure beats worrying where the cash is going to come from to pay the rent.

[spncity]

Quote:

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

Suggest you "repeat" age 70 those15 times and have SS too! Then like a good forum member, post the how-to instructions here...


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[Chuckanut]

I'm curious. How long from applying for SS and giving then all the paperwork they need does it take to get notification of approval? I've been waiting 2 months to start SS under my ex-wife's account.

[Katsmeow]

I filed a claim online to start as of January (first payment to be in February a couple of months before I turn 63). I applied on 11/23 and have heard nothing yet.

They haven't asked for any paperwork although mine is very straightforward since I am applying on my own record and they have all the information.

[Peter]

Quote:

Originally Posted by Katsmeow I filed a claim online to start as of January (first payment to be in February a couple of months before I turn 63). I applied on 11/23 and have heard nothing yet. They haven't asked for any paperwork although mine is very straightforward since I am applying on my own record and they have all the information.

I'm in a similar situation. Shortly after I applied, a very helpful SS person called with a couple of questions. After providing the information, I asked when I was likely to hear anything. Reply was: nothing in the mail until early January. But you are in the system and payments will start in February, for the month of January.

[braumeister]

You can see when to expect the payment based on the birthday of the person whose SS number is being used.

Day of Birth	Assigned Payment Day
1st – 10th	Second Wednesday of the month
11th – 20th	Third Wednesday of the month
21st – 31st	Fourth Wednesday of the month

https://www.ssa.gov/kc/rp_paybenefits.htm

[gerntz]

Quote:

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

Well, his FRA was 65.