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  #16  
Old 02-10-2019, 12:27 PM
rokdog49 rokdog49 is offline
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This will be long but useful.
First things first.
There is a booklet available from Social Security Office that will answer most of your questions called "What you need to know when you get retirement or survivors benefits".
It may also be available on the SS website www.socialsecurity.gov
As far as when to file, if you want to take it at 62, I recommend you apply three months before your 62nd birthday. It won't matter if you work right up until your 62nd birthday. Personally my wife applied at 62 and was advised by the SS person in her case, she would be better off taking the money instead of waiting.
People who wait until they are 66 or 70 are also missing 4 or eight years of monthly benefits they could be receiving. Yes, it is true that each year you wait after 62 you accrue 8% interest, BUT...it will take you a number of years of living past 66 or seventy to make up for not taking your money at 62. Remember that's a check you will be getting every month. Four years at let's say $1500/ month SS benefit is $72,000. How long will you have to live after age 66 to make up the 72k you didn't get, 12, that's how long.
The government is delighted when you delay, because they are hoping you will pass away before you make your claim. The odds are with them.
As far as extra earnings go, at 62 you would have to earn over $16,000 in the calendar year to have it affect your SS benefit. That was the number in 2016. I'm certain it's higher now. At 66, you can make as much as you want with no penalty effect on your benefit. The booklet will explain all that.

As far as when to retire from the other side of the fence,
that is entirely personal.
Do you like your job?
Do you need to make what you're making to live comfortably?
Do you have plans for your post-retirement lifestyle and how you will spend your time?
Is your health good?
Can you afford medical insurance, you can't get Medicare at 62
Do you have some kind of retirement nest egg?
What does your spouse say if you are married?
Do you have significant debt?

Lots of stuff.
You should consider an appointment with your local SS office. They will help guide you through this. They are very helpful.
Good luck.
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Last edited by rokdog49; 02-10-2019 at 12:40 PM.
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  #17  
Old 02-10-2019, 02:24 PM
The Growler The Growler is offline
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Start with the info Rokdog49 pointed you to. While well intentioned and helpful, everyone is in a different place and what worked for others may not be best for you. You need to get the facts on what your options are and consider every resource at your disposal which is hopefully more than just SSI. Take your time and make an informed decision and not just an emotional one.

Best of luck to you.
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  #18  
Old 02-10-2019, 03:36 PM
Danno Danno is offline
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I turn 59 this year so am considering all the factors to help decide when best to apply for SS benefits. For those of you that retired before being eligible for Medicaid/Medicare, what are you doing for affordable health insurance? That's the piece of the puzzle that would keep me from going earlier than 65.

Interesting thread.
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  #19  
Old 02-10-2019, 03:53 PM
rokdog49 rokdog49 is offline
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Quote:
Originally Posted by Danno View Post
I turn 59 this year so am considering all the factors to help decide when best to apply for SS benefits. For those of you that retired before being eligible for Medicaid/Medicare, what are you doing for affordable health insurance? That's the piece of the puzzle that would keep me from going earlier than 65.

Interesting thread.
The word "affordable" is the key. Depending on what type of coverage you want and things like deductibles there are a myriad of choices. The sad facts are that the more affordable the premiums the more your "out of pocket" could be enormous. One of the reasons I waited until 66 was this very thing.
If you are of lower income, there is assistance but sadly, Medicare doesn't become available until you turn 65. Medical Insurance can be a huge factor in determining when a person is able to retire.
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  #20  
Old 02-10-2019, 04:00 PM
Silly Moustache Silly Moustache is offline
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Hi, I'm a Brit so can't advise, but may I ask a question? unemployment benefit (as it tends to mean in the UK) or state pension?

FWIW, I retired at 59 mainly because my government funded projects ran out.

I was not able to take my state pension until I was 65, but I had my private pension and some investments. I planned out my finances for six years very carefully, stuck to plan and it worked out perfectly.

I did not claim unemployment benefit as I had no intention of looking for work.
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  #21  
Old 02-10-2019, 04:03 PM
Kerbie Kerbie is offline
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Default Another thought...

FWIW, to determine whether any of your Social Security income is taxable to the IRS, take one-half of your SS payout and add in your other income, including tax-exempt interest. If you're single, $25,000 is the limit before part of it will be taxable. For married couples filing jointly, the upper limit is $32,000.
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  #22  
Old 02-10-2019, 04:44 PM
rokdog49 rokdog49 is offline
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Quote:
Originally Posted by Kerbie View Post
FWIW, to determine whether any of your Social Security income is taxable to the IRS, take one-half of your SS payout and add in your other income, including tax-exempt interest. If you're single, $25,000 is the limit before part of it will be taxable. For married couples filing jointly, the upper limit is $32,000.
Kerbie is correct on this, it's in the book.
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  #23  
Old 02-10-2019, 04:54 PM
rokdog49 rokdog49 is offline
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Quote:
Originally Posted by Silly Moustache View Post
Hi, I'm a Brit so can't advise, but may I ask a question? unemployment benefit (as it tends to mean in the UK) or state pension?

FWIW, I retired at 59 mainly because my government funded projects ran out.

I was not able to take my state pension until I was 65, but I had my private pension and some investments. I planned out my finances for six years very carefully, stuck to plan and it worked out perfectly.

I did not claim unemployment benefit as I had no intention of looking for work.
I'm not sure what the question is but unemployment benefits in the U.S. are paid due to temporary or permanent layoffs and they are paid through each individual state where the person resides. I believe some Government employees still have pensions post retirement. Private enterprise pensions are no longer a part of the landscape. Tools like 401k's and other forms of retirement plans like profit-sharing are what we do now. Some are dual participation with employer and employee contributions and some are not. That also can change depending on which way the wind is blowing in any given year.
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  #24  
Old 02-10-2019, 04:59 PM
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ahorsewithnonam ahorsewithnonam is offline
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I just retired Jan 25th. I will be 64 in March. Rokdog is spot on. If you take SS prior to your FRA..full retirement age for 2019 you can earn up to $17640 before it effects your SS.

I will get my first SS check at age 64 in April.

The government isnít stupid. SS is based on actuarial tables. They have a very good handle on life expectancies. Take it early and you have smaller checks or wait until 70 and get larger checks .....ahh, but for a shorter period of time. You really canít make a mistake unless you are an outlier. It all comes out as a wash.

Me, taking it now for numerous reasons. Preserve my investments, enjoy the money while I am the youngest Iíll ever be in retirement. The extra money wonít really be needed when I am older and doing much less. Do not want to draw down my money and wait 6 more years. Should I die in that scenario my kids canít have my SS but I would have drawn down the cash they could have gotten.
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  #25  
Old 02-10-2019, 05:18 PM
rokdog49 rokdog49 is offline
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Quote:
Originally Posted by ahorsewithnonam View Post
I just retired Jan 25th. I will be 64 in March. Rokdog is spot on. If you take SS prior to your FRA..full retirement age for 2019 you can earn up to $17640 before it effects your SS.

I will get my first SS check at age 64 in April.

The government isnít stupid. SS is based on actuarial tables. They have a very good handle on life expectancies. Take it early and you have smaller checks or wait until 70 and get larger checks .....ahh, but for a shorter period of time. You really canít make a mistake unless you are an outlier. It all comes out as a wash.

Me, taking it now for numerous reasons. Preserve my investments, enjoy the money while I am the youngest Iíll ever be in retirement. The extra money wonít really be needed when I am older and doing much less. Do not want to draw down my money and wait 6 more years. Should I die in that scenario my kids canít have my SS but I would have drawn down the cash they could have gotten.
Good game plan, you are a wise one!
How are you handling your Medical Insurance until Medicare kicks in?
Just curious.
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  #26  
Old 02-10-2019, 05:45 PM
ceciltguitar ceciltguitar is offline
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You can create an account on the SS site and look at your own SS statement, which includes:

- Your IRS reported income every year that you worked.

- How much you paid in to SS every year that you worked.

- your estimated monthly benefit will be if you retire at age 62.

- your estimated monthly benefit if you start collecting SS at your "normal retirement age", which used to be 65, but now varies depending on when you were born.

- your estimated monthly benefit if you start collecting SS at age 70.
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  #27  
Old 02-10-2019, 06:39 PM
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ahorsewithnonam ahorsewithnonam is offline
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Quote:
Originally Posted by rokdog49 View Post
Good game plan, you are a wise one!
How are you handling your Medical Insurance until Medicare kicks in?
Just curious.
I have one year to go. Wife working part time at The Limited headquarters for 29 years and gets insurance. Otherwise I would have to go on COBRA.
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  #28  
Old 02-10-2019, 07:21 PM
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I retired at 61 after 40 years, 5 months, 17 days, and 5 hours in my profession. I actually wanted to retire two years earlier but held on until my wife could also retire. I'm now 68.

The only SS I get is from my 14 years in the Navy...the rest is from my retirement system and an IRA. Between the two of us we live very comfortably.

I've never looked back from my retirement.
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  #29  
Old 02-10-2019, 07:57 PM
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Retired at 57 with a decent pension and by a fortunate accident started building acoustic guitars. No regrets and will start my 14th year of this life May 1st.

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  #30  
Old 02-10-2019, 08:04 PM
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Stay young Murphy, and retire as soon as you can swing it financially. One caveat...don't retire with the fear of dying...retire with the joy of living
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