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I elected to apply online, three months before I planned to retire and several months after I turned 62. They called me two or three weeks later, told me when and how much the first check would arrive. Did the same when my wife turned 62 and it was equally as smooth. All checks have gone into direct deposit a day ahead of schedule ever since.
Wife did the same and their service contacting us was awesome. Very smooth and customer friendly process.
The thing I liked about going in besides qucikness is that they actaully gave me paperrok on everthing so I didn't have to remember it all. The clerk was very nice also ans gave me her extension in case I had a question or problem upto when the first payment arived She said it was her case until then .
No word yet. Maybe I'll hear by the end of the month.
I understand that you're on pins and needles about this, as I've been there too. But these explanatory letters from Social Security do not always arrive very promptly, in my experience, and you can always call them (frustrating to get through all the voice recognition stuff to speak to a live agent, but you do get through) or go into an office (I suggest mid or late afternoon, when the big crowds seems to be gone).
Whenever there is a change (and getting your first ever retirement benefit payment is a change) they are supposed to send an expanatory letter of confirmation. But today, after having had my benefit withheld for over a year and a half because it was smaller than my Medicare Part B premium, I received an electronic deposit from Social Security for $143. No letter. I know my Medicare premium has gone down for 2011 (income went down in 2009 and it is based on that), and my benefit has gone up some because of continuing to work. I will eventually get a letter - perhaps later today or perhaps in a few weeks.
Remember that letters do sometimes go astray in the U.S. Mail.
Just curious........who here on the Retirement forum has, or will have to, apply for SSI/early retirement due to being unemployed? At this age, it is extremely hard finding a job.
I will turn 62 this coming June. Wife and I have agreed that if I don't find a job within the next couple of months, that I will apply for early retirement for sure. We both know that it will be lower than if I wait, but having some money ($800 or so) coming in is better than none (like I have right now). My unemployment comp money is done. We also know that if I do end up applying/getting SSI, the highest wage I can earn on a full-time job is $8.50 per hour (cap that SSI has). I will probably just go for a part-time job. I don't mind at all going for early retirement, but of course a full-time job would be better. Without having a college degree and/or certification in my career, it's been extremely hard for me to find a job here in my career (purchasing-inventory control). We don't have the money for college, let alone for me to get a certificate in purchasing (CPM). Besides that, I really feel, at this age, the degree and/or certification would be completely useless!
I can't go back to my former experience of warehousing (prior to getting into purchasing/inventory) due to the physical limitations of a hip replacement and rotator cuff surgery back in '05 and '06.
My wife was unemployed for 3 months and really thought she'd have to apply for early retirement, but got a descent job this past November. She likes working, but got quite spoiled sleeping in or taking an afternoon nap sometimes when she was unemployed. She really wants to keep working til she is 66 for full retirement. By the way, she has a Bachelor's Degree in Business Admin/Accounting with much more intense experience than I have.
sorry...but hip replacement and rotator cuff surgery does not make you eligible for many many jobs..nor SSI (sorry again...I am a healthcare provider and do the exams and sign the papers...)
why not just choose early SS ...no need to make up a reason why you cannot work..we both did it..and never looked back...
but we also owned two mones free and clear,,had no debt etc...it is called saving for a rainy day...
Your "Medicare Part B premium was greater than your monthly retirement benefit"??? I thought the Part B premium is set at around $115 per month unless your income is over 80K (170K for couples). Can you elaborate?
tho one can and many do..take early retirement at age 62...Medicare still is not eligible til age 65..unless one is disabled..
Medicare part B is deducted automatically from SS check then...currently is 98 a month(but most get a supplemental policy that YOU pay for..as Medicare is not 100% pay,,has deductibles etc..
Guess you didn't read an earlier post that I did that said I made a mistake by putting SSI. What I meant was SS. Actually, already posted as well, I'm being forced into applying for early retirement/SS due to being unemployed and having an extrememly hard time finding a job. So, next month I will apply on line. I don't turn 62 until June, but can apply up to 3 months ahead of turning 62. Wife and I want to make sure my SS starts on time (or at least close to it).
Quote:
Originally Posted by nurserosie
sorry...but hip replacement and rotator cuff surgery does not make you eligible for many many jobs..nor SSI (sorry again...I am a healthcare provider and do the exams and sign the papers...)
why not just choose early SS ...no need to make up a reason why you cannot work..we both did it..and never looked back...
but we also owned two mones free and clear,,had no debt etc...it is called saving for a rainy day...
Way back before turning 62 I had debated about retireing early so went to the local SS office and the young lady entered my SS # into the computer and quickly told me how many months I'd paid in and the approx amount I'd receive each month. No brainer there...took a couple of booklets that were for the taking and read the pertinent info and made my decision.
It would take 12 yrs to balance out the $$$ received from 62 compared to 65 at retirement. The booklet explained this. Not everyone lives to the 70-80 yrs so it's all a crapshoot. Some make it and some don't. Me...I'm lucky, still here at 79 with a few more yrs left (I think).
we also did the math...and decided that acturarily you have to live to minimum of age 78 or so before you "lose" monthly benefits by taking benes at age 62...one thing to remember is the 3 years til Medicare kicks in when you must buy and pay for your own health insurance (this can be a lot of money!!)...so remember to factor in that..obviously if one has no pre existing conditions,,your health insurance costs less..but they ding you as an individual simply for "age"...
tho one can and many do..take early retirement at age 62...Medicare still is not eligible til age 65..unless one is disabled..
Medicare part B is deducted automatically from SS check then...currently is 98 a month(but most get a supplemental policy that YOU pay for..as Medicare is not 100% pay,,has deductibles etc..
Not sure if you noticed it, but I did elaborate on this for the other poster, to explain why and how my Medicare Part B premium (yes, when I turned 65) was larger than my Social Security retirement benefit. (I have a very small S.S. benefit.) This is a somewhat unusual case. What they did is withhold the benefit and bill me for the difference. I have no complaints, as I was delighted to have the Medicare coverage. By the way, the premium you quoted above is only the lowest of five tiers of Medicare Part B premium; which one you pay depends on your IRS adjusted gross income from the year before. And even that lowest tier is now higher than what you quoted (unless you had it withheld previously); it is now about $115 per month.
Not sure if you noticed it, but I did elaborate on this for the other poster, to explain why and how my Medicare Part B premium (yes, when I turned 65) was larger than my Social Security retirement benefit. (I have a very small S.S. benefit.) This is a somewhat unusual case. What they did is withhold the benefit and bill me for the difference. I have no complaints, as I was delighted to have the Medicare coverage. By the way, the premium you quoted above is only the lowest of five tiers of Medicare Part B premium; which one you pay depends on your IRS adjusted gross income from the year before. And even that lowest tier is now higher than what you quoted (unless you had it withheld previously); it is now about $115 per month.
yes..it does depend upon whether one chooses Medicare B PPO or HMO///as a nurse I insist upon full choice of providers etc..so we both pay 98 a month (and hubby made a lot of money as a CEO )....what I neglected to mention is what we pay for our supplemental insurance..at age 71 his is 265 a month..mine is 155 a month (I also did the math on the Medicare Part D drug plan..and decided it was way not worth it..plus many of our drugs were not on the plan..and then there was the "donut hole")...now we are noticing that many providers, hospitals will NOT accept Medicare HMO..as they are losing money...
so yes..if one takes the highest level of Medicare B AND buys provide supplemental PPO coverage..the numbers would be way different..
but...it is worth it to both of us to have full choice of providers..not have to wait in line for approvals etc...we all have our own priorities..and ours happen to be healthcare!!
hubby has had heart attack, stents,,open heart,,and colon cancer surgery since age 65..we had NO out of pocket copays..and we got to pick our docs and hospitals..so we figure having PPO not HMO Medicare has already paid off..
my opinion only of course
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More on the Medicare Part B premium amounts
