Taking the Money and Run!!!! Social Security!!! - RV-Dreams Community Forum

nightsky · RV-Dreams Family Member

Taking the Money and Run!!!! Social Security!!!

PIEERE · RV-Dreams Family Member

Just read an article from PBS on Google News suggesting people to take their SS Money at 70. I have 7 1/2 months to go before I turn 62; Early check here I come. My reason was the severe heart attack I had last March. biggrin biggrin I'm getting some of that earnings back before I become part of the Earth if I survive long enough!!! It's not alot but with the addition to work camping maybe I can afford to upgrade or at least do an upgrade.

Racerguy · RV-Dreams Family Member

I agree.I took mine at 62 and do not regret it at all.The Government is hoping you wait till 70 and become room temperature before you get there.

Loretta · RV-Dreams Family Member

Took mine at 65. Who knows where I will be at 70. Hopefully with 5 years of full-timing under my belt.

Lucky Mike · RV-Dreams Family Member

Keep pushing for your SSD/I......its a pain to get to it but if you get it it doesnt go against your ssI.............keep going buddy !!!!!!!

lindy · RV-Dreams Family Member

Due to back issues, continuing to drive truck was not possible so I grabbed the money and ran at 62 also. That plus my military retirement works out great.

PIEERE · RV-Dreams Family Member

Red Wolf wrote:
Pieere,
If your heart problems are severe enough and you cannot work, you may qualify for SS Disability payments. You can file a claim at your local SS Office. I worked for the Disability Program for twenty years, so I do have an idea of what I'm talking about. Check it out, and good luck!

Thanks for the info; have already filed the paper work, close to 30 pages with the 12 online, for SSD back in Oct., had the phone interview NOV. 8th. They needed the paperwork sent back in 10 days from the time they sent it. Now; I'm sitting on my thumbs waiting to hear from them. I even applied for SSI.

LM: What a Beuracratic.....................run around. Contemplating on one of them contingency type lawyers if I don't hear something soon.

-- Edited by PIEERE on Tuesday 15th of January 2013 09:31:52 AM

Red Wolf · RV-Dreams Community Member

Pieere,

If your heart problems are severe enough and you cannot work, you may qualify for SS Disability payments. You can file a claim at your local SS Office. I worked for the Disability Program for twenty years, so I do have an idea of what I'm talking about. Check it out, and good luck!

vairman · RV-Dreams Family Member

If you run the analysis the break-even point is a life exectancy of 80 years old. In my mind, I would take it as early as possible. It is hard to predict individual life expectancy and I would rather use it when I can enjoy it!

Mark

Terry and Jo · RV-Dreams Family Member

Yep, I'd also suggest taking the money when possible. However, keep in mind that Social Security does not have withholding taken out for either state or federal. So, based on your state of residence, be sure and calculate what needs to be set aside for taxes. We forgot to do that and when tax time came around, we ended up paying extra taxes instead of getting a small refund.

Terry

Lucky Mike · RV-Dreams Family Member

Red Wolf is "spot on Ed.........make sure you file disability......collect your paper work and contact a disability lawyer , it makes a big difference.

its not alot but I set my travel budget to it and it works!!!

Lucky Mike · RV-Dreams Family Member

Lawyer is the way to go Ed......There rate is set by SS so its not bad......plus they know all the buttons to push and how to make there way thru the crap.

When I first applied....I missed there 10 day deadline because I was in ICU on life support!!!!........there answer was reapply you missed the deadline!!

Contacted the lawyers.....all of the sudden They became nice to me and expedited the case.

lawyer collects there money thru SS on acceptance and on disability they backpay to the date of application plus 4 months so you dont lose money to the lawyer.

PIEERE · RV-Dreams Family Member

I thought it would be better to let SS Deny the claim and then go for a lawyer. I have to do some research. Really thinking about trying to go back to work in March and just taking the regular early SS. I don't like going through all this again as I tried in 1986 for an on the job injury and was denied. PM me if you want more info.

janni · RV-Dreams Family Member

I am not SS age but will definitely be taking at 62. I always wondered if it would still be available when I got there. Now on that disability claim.....makes me just angry that the people who really need it cannot seem to get it................and the ones that don't can manipulate the system and get a free ride. I have a veteran friend who has been waiting for a new hip for 2 years and now is on a year waiting list for a motorized wheel chair. He NEEDS the hip instead of the chair. His wife is getting some good advice attending a VA caregivers group. I think she is writing letters and trying use some other ways of getting her voice heard. Sorry that I got off topic. Good luck Pieere. Keep up the fight!

Jwar · RV-Dreams Family Member

janni wrote:
I am not SS age but will definitely be taking at 62. I always wondered if it would still be available when I got there. Now on that disability claim.....makes me just angry that the people who really need it cannot seem to get it................and the ones that don't can manipulate the system and get a free ride. I have a veteran friend who has been waiting for a new hip for 2 years and now is on a year waiting list for a motorized wheel chair. He NEEDS the hip instead of the chair. His wife is getting some good advice attending a VA caregivers group. I think she is writing letters and trying use some other ways of getting her voice heard. Sorry that I got off topic. Good luck Pieere. Keep up the fight!

@ janni.... Yer not off topic at all, thats the main reason they denie those of us who put the $$$$$ their in the first place.

@ Pieere....Suggest lawering up, they usualy denie the first claim for SSI, unless you arrive to thier appointment in a Hearse, of which the survivors benifit's are quicker...go figure.

@ myself.....Return searching for DP...untill the thumping in chess quits.....Im 72 and know a lot of horror storys that are factual about SSI....me gone....thumping degressing LOL

PIEERE · RV-Dreams Family Member

Janni: Not off topic at all! They need to get in touch with their Senator or congressperson if they are in their state of residency.

Jwar: It's cheaper for the ride in the hearse!!! Some told me they deny the first claim by 70%, the second time by 30%.

WestWardHo · RV-Dreams Family Member

This thread has changed direction slightly and I've been known to do that myself but back to the subject of age to start collecting SS. One school of thought among CPA's has changed from collecting as soon as possible to delaying as long as you're finacially able as we are living longer these days. It certainly would depend upon your health and needs.

One point I don't recall seeing on this forum is that if you were previously married more than 10 years, one can collect on your former spouse's benefits when you both qualify then switch to your own at 70 which amount has been increasing with time. SS officials tend not to suggest this and I know many who were misinformed. It used to be that if you remarried you couldnt collect on the ex but that law was changed some time ago, there may be an age limit on it. It's all on the government SS site.

This info may apply for some folks on here. Pierre best of luck to you in collecting.

TXRVr · RV-Dreams Family Member

I have a personal opinion of PBS that I won't share because that opinion is R rated and not appropriate for this website. The condition of this country, due to government indulgance, makes one want to take every penny offered by our "government" and run with it. Now, if there is anyone who wants to debate my two opinions stated above, please let me know. I will be happy to engage and perhaps validate my position that most everyone should be taking an early SSA retirement check.

It is a calcuated fact that it takes somewhere around 6-12 years to break even if one chooses the early option over waiting for the age of full benefit amounts. But know that the number is an average based on what each person puts into the system over a life time of earnings.

So my question would be: Do you want to wait an extra 6-12 years, expecting to live that long and get more money, or take something a bit less and spend it while you can?

I would respectfully suggest that, for everyone who is in a position to choice either option, you run the numbers associated with either choice and your life time contributions. Personally, I figure that most of the money in my SSA account was a tax anyway. So I want it back NOW.

Edit by moderator: Changed one word to broaden the scope of indulgence. Terry

-- Edited by Terry and Jo on Wednesday 16th of January 2013 09:44:44 PM

tibbar · RV-Dreams Family Member

I just started taking SS 3 months past my 62nd birth month. Pure lack of records and having to get my SS card in my current name delayed me, I can procrastinate with the best of them! My sister's accountant told them to take it at 62, said it was the better choice. Besides, we don't tend to live long being blessed with the Cancer gene.

-- Edited by tibbar on Saturday 19th of January 2013 01:39:49 AM

MarkS · RV-Dreams Family Member

I always thought I would wait till 66 to take mine. But now I am thinking that maybe I should roll up the sidewalk and quit earlier. I used the SS calculator to determine the difference in benefit for different ages from 62 to 66. Quite a difference in amount. I don't think I will decide until the month before. I'll get the trailer bought, a few maiden voyages, get the Smart paid off and one day walk in and tell the boss I need a leave of absence. Forever.

http://www.ssa.gov/retire2/AnypiaApplet.html

Edit by moderator: Activated link. Terry

-- Edited by Terry and Jo on Saturday 19th of January 2013 05:27:40 PM

phyllen · RV-Dreams Family Member

One thing - you do have an option as to having Federal Income deducted each month. We do. We each have a percentage withheld. I acutally forget how much and I'm too lazy today to look it up. They give you a choice of no withholding or certain percentages. Have not had an issue with owing more

rclvnv · RV-Dreams Family Member

Hi, based on my research, and recent application, wife and I, both 66 in April/May of this year, have applied for benefits, just last week. The key for us seemed to be the full ritirement age. Although we both would get more at 70, as long as we are both 66 (our full retirement age), I am able to get mine at the 66 yr rate, and even though she could get her own, she is able to elect the spouse's benefit (50% of mine), and let hers accrue to age 70. That seems to me to be the best of both worlds, assuming of course, we both live to 70. Although the option is not widely touted by SS, it is an option, but again, the key, I am told is that both must be 66 (currently) for this. So we start out with 150% of mine combined and if all goes well to 70,we'll get an amount equal to mine (fixed at 66), plus hers at the age 70 level. At least that's how I understand it to be. Hope this helps.

Richard

WestWardHo · RV-Dreams Family Member

Richard, that's my understanding as well. If you're married you can collect on your spouses or ex-spouses and let your own accrue. Glad you stated it this way. We'll get significant raises at 70!

Sherry

TXRVr · RV-Dreams Family Member

Each of us who are SSA entiled have an opinion, based on our particular situation, wherther or not early withdrawal is appropriate. Perhaps this is one of those situations where a Yes or No poll is appropriate.

charles · RV-Dreams Family Member

I took mine at 62 and do not regret it one bit, now 69, all things considered if one can do it at 62 it is probably the way to go.
Do the math, say at 62 you get 1,300 PER MONTH delay of any time at all adds up quickly.
If one waits, figure the YEARS that it takes to catch up for EACH MONTH that you do not collect YOUR money. Another thing, no matter how many yrs one pays into the system, your benefits are capped at 31 yrs as I recall.
One more, WE PAID INTO THE SYSTEM, it is our money NOT the governments. Plus interest for all of those years. I paid my first SS tax at 11 yrs old and did so until 62, again do the math.
It aint no entitlement, I worked for it and by the way, my entire adult working life I was SELF EMPLOYED so I have the dubious distinction of paying BOTH HALVES of the SS tax.
As always, YMMV
CCC

rclvnv · RV-Dreams Family Member

Charles, I too have had the "pleasure" of paying both parts all my life. Glad you took the time to remind all that this is not an entitlement. Seems whenever politicians want to play with it, it gets that label.

chip · RV-Dreams Community Member

Amen.... Take it and run. Don't believe the leaders. It's yours and most likely won't get it all back. My CPA said do the math. At what age has your family started checking out? OMG! That opened my eyes. Self employ too. I paid both halfs most of my life. Grab it before they figure how to give it someone who doesn't deserve it.

MarkS · RV-Dreams Family Member

But it is an entitlement. We paid for it and we're entitled to it. Just one more word our leadership(?) has convoluted the meaning of.

ahoweth · RV-Dreams Family Member

Each day is a gift and there are no promises that tomorrow will come for anyone. Yes your check might be bigger if you hold off but what if an accident occurs and you don't live to be 80 years old? What then. No one knows what tomorrow holds. Trust me, I know!!!
My wife passed away due to an accident at the age of 63. She had drawn 1 SSC check.

-- Edited by ahoweth on Monday 28th of January 2013 07:49:05 AM

MarkS · RV-Dreams Family Member

I used the calculators on the Social Security Website to plan what my income would be both at 62 and 66. I discovered that, considering the difference between the two, it would take 12 years to catch up if I waited till I was 66 to retire. So, my break even would be 78 years old. Although I would like to have the additional money each month, I am thinking that I might be better off to take the extra years of freedom and relaxation than to wait for a few bucks a month.

charles · RV-Dreams Family Member

The following has been my position on SS for decades.
It is MY money, I earned it, every cent of it AND PAID TAXES ON IT.
So, as MarkS says, I am "entitled" to it. Yes the govt. has tried to redefine "entitled". I submit that the reason for the re defining is that many decades ago SS was turned into a welfare program and not the intended purpose, retirement.

I did not compute this, perhaps some of you "number crunchers" could check it, but it does appear to be reasonable.
No citation as to writer is known to me.
CCC
-----------------------

THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION
OF AVAILABLE SOCIAL SECURITY IS:
" THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED
BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK " !!!

WHERE DID THAT MONEY GO?

Remember, not only did you and I contribute to Social Security but
your
employer did, too. It totaled 15% of your income before taxes. If you
averaged only $30K over your working life, that's close to $220,500. Read
that again. Did you see where the Government paid in one single penny? We
are talking about the money you and your employer put in a Government bank
to insure you and I that we would have a retirement check from the money we
put in, not the Government.
Now they are calling the money we put in
an entitlement when we reach the age to take it back.

If you calculate the future invested value of $4,500 per year
(yours & your employer's contribution) at a simple 5% interest rate,
(less than what the govt. pays on the money that it borrows),
after 49 years of working you'd have $892,919.98.

If you took out only 3% per year, you'd receive $26,787.60
per year and
it would last better than 30 years (until you're 95 if you retire at age 65);
and, that's with no interest paid on that final amount on deposit!

If you bought an annuity and it paid 4% per year, you'd have
a lifetime income of $2,976.40 per month.

Another thing with me.... I have two deceased husbands who died in their
50's, (one was 51 and the other one was 59 before one percent of their
social security could be drawn.

I worked all my life and am drawing 100% on my own social security).
Their S.S. money will never have one cent drawn
from what they paid into S.S. all their lives.

THE FOLKS IN WASHINGTON HAVE PULLED OFF A
BIGGER PONZI SCHEME
THAN BERNIE MADOFF EVER DID.

Entitlement my foot, I paid cash for my
social security insurance!
Just because they borrowed the money for other government spending,

it doesn't make my benefits some kind of charity or handout!!

Remember Congressional benefits? ---
free healthcare,
outrageous retirement packages,
67 paid holidays,
three weeks paid vacation; and,
unlimited paid sick days.
Now that's welfare;
and,they have the nerve
to call my social security retirement payments
entitlements?

We're "broke" and we can't help our own Seniors, Veterans, Orphans, or
Homeless; Yet, in the last few months,
we have
provided aid to:
Haiti,
Chile,
Turkey,
and now, Pakistan......home of bin Laden.
Literally, BILLIONS of DOLLARS!!!

Our retired seniors living on a 'fixed S.S. income'
receive no additional federal aid;
nor, do they get any financial breaks,
while our government

pours hundreds of billions of $$$ and tons of food to
foreign countries! (Complements of OUR taxes.)

They call Social Security and Medicare an entitlement;
even though,
most of us have been paying for it all our working lives.

Now, when it's time for us to collect,
the government is running out of money.

Why did the government borrow from it in the first place?

It was supposed to be in a locked box,
not part of the general fund.

JayKim-no regrets · RV-Dreams Family Member

Great Post Charles!!!

offroad · RV-Dreams Community Member

am just a youngster at 50. but reading these stories motivates me to take the early retirement and to take the SS full payout as early as possible. when i am eligable. am a widower so know that your health does not last forever. always shocked that friends in their 40s think they will live forever.

Delaine and Lindy · RV-Dreams Family Member

Just a comment, I took my Social Security at 62. I haven't thought one minute about waiting. I have survived Agent Orange so for, I have had a bi-pass and I have exercised all my life and still do.

I had a high School friend and was raised along with him, Charles never drank, never smoked, and was a very Christian man. Charles wait to age 70 and Charles pass away less that one year later.

Not sure if you know but Social Security hasn't been funded, and if things aren't done now, Social Security will not be there much longer first it was 2037, now it's less than 10 years. You just have to do whats best for you and yours. Good Luck.

Happy Trails...

PIEERE · RV-Dreams Family Member

Counting them down 4&1/2 months for early SS.

Lucky Mike · RV-Dreams Family Member

took mine at 52 due to disability and earned every penny of it!!!!!

melvonnar · RV-Dreams Family Member

Lucky Mike wrote:
took mine at 52 due to disability and earned every penny of it!!!!!
took mine at 53; I"m now 80; I"m one of the few that got back what I paid in. not only that, but I plan to live till I"m 100

-- Edited by melvonnar on Tuesday 19th of March 2013 05:58:58 PM