I'm new to these forums, I first posted earlier this month in the Hi I am part. I have been trolling quite a bit, trying to pick up advise here and there I have read alot of the FAQ. Alot of people here seem very smart, I am NOT financially savy at all, I would be a very wealthy man if I had acted differently for the past 20 years, but alas thats water under the bridge. Going forward I am trying to learn as much as I can, I am pretty smart and I learn quickly. These boards are nice because I can get advise and pick very smart brains.
I may ask very basic questions, or maybe not in the right topic, I apoligize in advance. I have Many many questions that i want to ask here, but I figure i will only ask 1 or 2 at a time lol.
My question today specifically is this: I'm retiring on Aug 1st this year, i will be 41, "If" I do not work another day for the next 20 years, will i still be able to draw my SSI that I have built up to this date when i turn 62?
Or will i lose the points i have earned since I will not have woked for 20 years? This is an important question for me because I have a decision to make when i retire. My retirement includes an option if I want to take it that will add an addtional 150 dollars or so to my pention check. It works like this: Right now my SSI check when i turn 62 is estimated to be roughly 1000 dollars a month. If i decide to take the SSI option on my pention NOW I get the additional income that I can invest or save. BUT when I turn 62 my Pension check will drop by the amount that I give them now. In other words If I take this option now and say I will draw 1000 a month, at age 62 My pension will drop 1000 a month and supposedly SSI takes up the slack. I hope this makes sence.
Please dont worry that I will listen only to the advise given here, I intend to meet with Social Security people in a month or 2. I would just like to do that as informed as possible.
I may ask very basic questions, or maybe not in the right topic, I apoligize in advance. I have Many many questions that i want to ask here, but I figure i will only ask 1 or 2 at a time lol.
My question today specifically is this: I'm retiring on Aug 1st this year, i will be 41, "If" I do not work another day for the next 20 years, will i still be able to draw my SSI that I have built up to this date when i turn 62?
Or will i lose the points i have earned since I will not have woked for 20 years? This is an important question for me because I have a decision to make when i retire. My retirement includes an option if I want to take it that will add an addtional 150 dollars or so to my pention check. It works like this: Right now my SSI check when i turn 62 is estimated to be roughly 1000 dollars a month. If i decide to take the SSI option on my pention NOW I get the additional income that I can invest or save. BUT when I turn 62 my Pension check will drop by the amount that I give them now. In other words If I take this option now and say I will draw 1000 a month, at age 62 My pension will drop 1000 a month and supposedly SSI takes up the slack. I hope this makes sence.
Please dont worry that I will listen only to the advise given here, I intend to meet with Social Security people in a month or 2. I would just like to do that as informed as possible.
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