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Why the Age at Which You Claim Social Security Benefits Might Not Matter

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Hypophthalmichthys molitrix
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#41
Scorpio, Scorpio, damn, you know the 'rules' ain't on our side about nothin.
We're only tryin to scrape up what little they allow us before we leave this place
in the end nobody wins
not even the rich fuckers
 

GOLDBRIX

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#43
I just went down to file a couple of hours ago. Went in, got my number and waited over an hour to be called. Got to the desk and gave her my ID and SS card, she punched in some things and said someone will contact you with an appointment time to come back and file. This has been an expensive day and nothing accomplished.
WELCOME to CIVIL SERVANTS of The SSA.
When I went to applied it took five hours and I got there when the doors opened. When I finally met a caseworker he told me "You could have done this over the internet. We see our problem cases here. The people we see are those that are already in the system but are having problems / issues that they need to see a casemanager about".
He still went through processing with me and at least I know /knew my application was done correctly with no kick-outs, stops over a technicality, or me mis-interpreting an instruction and getting hung-up.
 

gliddenralston

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#44
Same here. Day one of my 66 birthday I'm collecting back as much as I can for as long as I can.
62 is the soonest you can apply...so your waiting till full retirement age, you must have done your dd, instead of jumping at the first chance...that's the whole point of the discussion.
 

gliddenralston

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#45
Q's to consider my adviser asked me?

1- are you healthy?
2-does good health run in your family?
3-does longevity run in your family?
4-Do you need the money, have you prepared for retirement thru your working life?
5- Do you have any investments making 8% compounded guaranteed, with no downside risk?, we don't have any in here!
6-Are you claiming spousal benefits?
7- are you willing to accept 32% less yearly for life?
8- if your broke, sick or single you should file at 62.


In my case personally my wife didn't pay much in to ss, so if we file at 62 I get 32% less and she gets 35% of what my lowered amount would be, If we wait till 66 I get my full amount and she gets 50% of mine benefit, so each year I wait we get 12% more 8% for me, 4% for her. And if I die first she gets my higher benefit for the rest of her life
 
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the_shootist

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#46
62 is the soonest you can apply...so your waiting till full retirement age, you must have done your dd, instead of jumping at the first chance...that's the whole point of the discussion.
Yeah, drawing early SS checks wasn't a prudent move at the salary I've been at so I let it ride. Just a few more months and I'll be eligible for full benefits and that's when I'll start collecting.

As has been mentioned here a few times, everyone's situation is different
 

keef

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#47
I have a few freinds older than me who CAN'T retire. "Have to work til I die."

"What would I do with all that free time?"

"My wife needs to keep up appearances."

I recently asked one, small business manager mid-town, "Why don't you just downsize your lifestyle into a smaller home in a rural area (he has the suburban McMansion) and spend your time puddering around fixing up the place and then inviting the grandchildren over on weekends?"

He just looked at me the way a dog in a cage looks at you as you pass him by. I won't bring up that subject again.

Everything is about MONEY today? wow... pretty shallow way to go out.
 

tigerwillow1

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#48
Q's to consider my adviser asked me?

1- are you healthy?
2-does good health run in your family?
3-does longevity run in your family?
4-Do you need the money, have you prepared for retirement thru your working life?
5- Do you have any investments making 8% compounded guaranteed, with no downside risk?, we don't have any in here!
6-Are you claiming spousal benefits?
7- are you willing to accept 32% less yearly for life?
8- if your broke, sick or single you should file at 62.
A darn good list of what to consider when making the decision, IMO.
 

Uglytruth

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#49
5- Do you have any investments making 8% compounded guaranteed, with no downside risk?, we don't have any in here!
Ummmmmmmm I thought there was no inflation........ right? Who controls interest rates? Or was he just giving you a financial prostate exam?
 

ErrosionOfAccord

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#50
I have a few freinds older than me who CAN'T retire. "Have to work til I die."

"What would I do with all that free time?"

"My wife needs to keep up appearances."

I recently asked one, small business manager mid-town, "Why don't you just downsize your lifestyle into a smaller home in a rural area (he has the suburban McMansion) and spend your time puddering around fixing up the place and then inviting the grandchildren over on weekends?"

He just looked at me the way a dog in a cage looks at you as you pass him by. I won't bring up that subject again.

Everything is about MONEY today? wow... pretty shallow way to go out.
The bitch of it is that you just don’t know.
GM made it to 80. GF to 94. GM was the money keeper and both of her parents were store owners. She was money wise. When GF died he had about 50k left. Mom figured that would have been gone in about a year. I guess that’s another question to wonder about when I talk to them this weekend.

Point being, GF probably lived longer than he expected or wanted to. As I recall he was still golfing at 88 and stroked at 90.

We just don’t know when our ticket gets punched so what vehicle do you put your earned wealth into? From a GIMer perspective there are none worthy of trust. Sure, you can say PM’s but what’s to say a tweeker doesn’t break in with a angle grinder and take those from your safe?
 

dacrunch

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#51
I took mine @ 62 (wife was 64)... She'd been self-employed a lot so only entitles to $400/month, but since married to me they upped hers to $600. I get $1000 from SS, plus $1000 from my Construction Union pension.
I've got a back-breaking trade, so earlier was better (healthwise)... and set everything up so if I croak first my wife gets both my full SS and Union Pension, but loses her $600/month SS...
Also in my 40's we bought 7 rental units... that pay for themselves (small mortgage). No mortgage on dwelling.
The old "3-legged-stool" SS & complementary pension & personal investment... (and as a "penny-pincher" I like NO DEBT when possible).
 

the_shootist

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#53
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Bottom Feeder

Hypophthalmichthys molitrix
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#54
nice list you posted, gliddy, good advice. I would add, high on the list though: Do you believe in yourself?

JMSO,
BF
 

Dude

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#55
Come to MN. You don't even have to speak ENGLISH. Make sure you are wearing ur Habib and act like you own the place.

They might even pay ya for cab fare. Just don't sit by the pictures of Trump/Pence even though that is the only seat you will find unoccupied.
I intend to retire in Otter Tail County in the warmer months. Leaning towards Corpus Christi in the winter. It would really suck if English was not understood in either place...
I am refusing to learn Spanish as a matter of principle.
 

Dude

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#56
Dad's still working the business he started after he retired from corporate retail. Just going half days started last year. He deserves it. He's 80. If the money is still good and the job entertaining, I will not retire until 67, 8 more years...
 

tigerwillow1

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#59
The video is about the effect of the full retirement age going from 66 to 67. I suspect the math is correct (I didn't crunch the numbers myself), but without spending more time absorbing what's happening I think it leaves a wrong impression that the government is stealthily cheating future SS recipients. What's really happening is just side effects of a bungled raising of the FRA, namely that the published "retirement age" was changed without making the same change to the earliest and latest filing ages. Most financially literate people, I believe, agree that the SS retirement age needed to be increased even more than it has been. If they had bumped up the FRA, early filing age, and latest late filing age by the same amount, the percentages shown in the video wouldn't have changed. This is what they should have done. Instead they've increased the early filing window by a year, and decreased the late filing increase window by a year. Anybody who wants to whine about the early filing haircut increasing just has to start taking SS at age 63, and the haircut will be the same as it is now. For anybody who agrees that the FRA increase is justified, the only people who are getting screwed are those willing to delay filing to get the maximum late filing benefit, which is permanently reduced.
 

Rusty Shackelford

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#60
Remember that the cost of living drops dramatically for most everyone after age of 75 as they slllllooooooooowwww way down and dont do as much activity wise that requires $$$$$.....so with that in mind what is an extra $300 a month when you are not needing it and will just pigeon hole it and give it to your snot nosed grand kids that never stop by to see you anymore