Drawing Social Security early or not?

[Dennis H]

Government struggles. Real ID. DMV. Ellis. Want right thumb print. Reader machine is on the LEFT side of the counter in a most unnatural government fashion.

 

[GetX'd]

Believe it or not I got my real ID in 15 minutes at the most notorious DMV in my area. Walked in, walked up the desk, was out in a flash. And they thanked me for my patience - something’s up....

 

[mopar 3 B]

Due to the info gained here my appointment date and time has been made. Could have just walked in and took the chance with the first come first served system. Was told it could have taken minutes or hour to see someone. Then there would have been the papers I now know are needed that I would not have had with me. So in all a pretty productive phone call.
So thanks guys

 

[Pops1967GTX]

​

 

[Fran Blacker]

View attachment 903448
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ALL true Pops!! Now the but, seen people who I worked with live hand to mouth. These guys made 50k to 75k couldn't save.

 

[steve from staten island]

And if you die early and have children they are eligible for SS benefits, assuming you paid into the system.
If you become disabled you may be eligible for SSDI.
It never fails to amaze me the opposition to one of the greatest programs this country ever introduced
Are we seeing what resembles happening during the last three years, that a policy instituted by the opposition party must be overturned, all for the sake of politics and bitterness?
SS helped millions upon millions of Americans. How many lost pension savings and count on SS in their retirement years?

 

[Fran Blacker]

Steve don't know what your talking about? Political?

 

[Ghostrider 67]

Do I detect an invisible SFSI tangent?

 

[Dennis H]

I think three years and many pages ago I planned to park it until 70. 8% a year is a great return. Still the plan.

 

[Fran Blacker]

I think three years and many pages ago I planned to park it until 70. 8% a year is a great return. Still the plan.

It's choice,if your in good health and you can start collecting before 70 any time.. A guy I worked with was a smoker, one skinny guys who's never going to be fat. Both parents were smokers lived into their 90's. Guy said I'm not quitting smoking, my parents smoked and lived to their 90's. You can guess it didn't work out for him. Died of lung cancer at 70.

 

[cr8crshr]

Steve don't know what your talking about? Political?

He never does know what he is talking about. He mouths what is presented to him even though it is factually incorrect. SS was intended to "supplement" ones retirement. Not be the sole provider of retirement income. It is up to the individual to either invest, or save in order to supplement their total retirement income as well. Those of us that have had a defined retirement benefit, i.e. pension/annuity, of which I have as a retired USAF service member, are going by the wayside every year. My annuity/retirement from the USAF had been changed and re-written to give the Service Member the opportunity to supplement their retirement income with investments in either a 401K such as the Thrift Savings Plan or on their own management of their savings and investments with an agency that handles those types of things. SS was never intended to be the sole source of income for those in retirement. It is those such as SSI that believe this and that is why they never have enough in their retirement years. Union pensions are OK but they are designed to give those members a Golden Parachute which is so vastly unfair and down right repulsive in its effect. But they will continue to rape those who struggle and scrimp and save to secure the retirement years with what meager subsistence they receive from their pay check...cr8crshr/Bill

 

[Pops1967GTX]

good friend just started receiving benefits at 62.

Here are the numbers from his Social Security statement showing what he will get at which age:

• Age 62: $1,643 ($19,716 per year)
• Age 66: $2,238 ($26,856 per year)
• Age 70: $3,009 ($36,108 per year)

A 62-year-old man has a life expectancy of nineteen years, or to age 81. Social Security has a cost of living adjustment which provides an increase in benefits over the years, but for now, we’ll disregard that. Let's look at three possibilities:

• Assume XXXX starts receiving benefits at 62. He gets $1,643 per month, or $19,716 per year, for 19 years. He receives a total of $374,600.
• If he waits until age 66, he gets $2,238 per month, or $26,856 per year, for 15 years (to age 81). He receives a total of $402,870.
• If he waits until age 70, he gets $3,009 per month, or $36,108 per year, for 11 years (to age 81). He receives a total of $397,190.

• $374,600 if he started benefits at age 62
• $402,870 if he started benefits at age 66
• $397,190 if he started benefits at age 70

 

[Fran Blacker]

That COLA adjustment is eaten up by supplemental insurance cost hikes, ask me how I know.

 

[Hey-O]

It was never created to be a soul source of income. Many people don't save all their lifes and then complain that they have been treated unfairly. It's called sacrifice or a lifestyle. No one said it would be easy or fun, but, some people will do whatever it takes to get a new car and don't have the same drive to plan for retirement. I retired at 52 and started taking SS at 62. There is no need to worry about SS running out, most of the country would die without it.

 

[mopar 3 B]

Had intended to do the 70 plan. Life changed that last summer. Started at 64 and 8 month's. Needed an income when I am not physically able to work. Retirement investments can not be touched till 67. Some times it the choice of loseing everything getting there or taking it early for the buffer.

 

[Dennis H]

Had intended to do the 70 plan. Life changed that last summer. Started at 64 and 8 month's. Needed an income when I am not physically able to work. Retirement investments can not be touched till 67. Some times it the choice of loseing everything getting there or taking it early for the buffer.

So how long between the first notice to withdraw to receiving check/deposit?

 

[Dreamcatcher]

For what it is worth (not much) I took early retirement from work at age 50 with partial pension. I lived just fine I owned my house and everything else I had. At 62 I took early SS. My total income is more than sufficient for my needs. I get around 55K a year. And my wife takes income off her 401K. We figure life isn't guaranteed and why wait if you don't have too. I still buy and sell cars and we travel. We are not rich but by the grace of God we do ok. I wouldn't change what we did for any amount of money. JMO

 

[Ceedawg]

Turned 70 in august and still working (self employed) started drawing at 65 up to around $19,000 before the take outs. Being self employed for 50 years means no retirement savings, either back in the business or to eat. But I lived well and could afford what I wanted through the years. I be damned if I was going to wait till my last ten years to enjoy what I wanted. Made way to much this year, taxes will eat me up. Need to hide more next year, can we say CASH only! Wife gets more now than when she was working (double dipper) retired same time

 

[steve from staten island]

Do I detect an invisible SFSI tangent?

You made your intent towards me very clear some time ago. If im on your ignore list than by all means you should ignore me and not mention me

 

[steve from staten island]

He never does know what he is talking about. He mouths what is presented to him even though it is factually incorrect. SS was intended to "supplement" ones retirement. Not be the sole provider of retirement income. It is up to the individual to either invest, or save in order to supplement their total retirement income as well. Those of us that have had a defined retirement benefit, i.e. pension/annuity, of which I have as a retired USAF service member, are going by the wayside every year. My annuity/retirement from the USAF had been changed and re-written to give the Service Member the opportunity to supplement their retirement income with investments in either a 401K such as the Thrift Savings Plan or on their own management of their savings and investments with an agency that handles those types of things. SS was never intended to be the sole source of income for those in retirement. It is those such as SSI that believe this and that is why they never have enough in their retirement years. Union pensions are OK but they are designed to give those members a Golden Parachute which is so vastly unfair and down right repulsive in its effect. But they will continue to rape those who struggle and scrimp and save to secure the retirement years with what meager subsistence they receive from their pay check...cr8crshr/Bill

…………….
Nothing I posted is false or not accurate. Look it up for yourself . ………………...