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In 1998 my aunt was getting well over $3000 a month in Social Security.
Her husband worked until he died in his 80's and never took a dime of Social Security...
He came here from Germany in the 1920's and opened a small tool and die shop and said everything he has is because of the opportunity America provided...
I have no idea how many people refuse to take it after a lifetime of paying into the system...
My Dad waited until he was 70 to draw and died a few months later... he also had paid a lifetime into the system.
Is that possible to get over $3k in 1998? I thought the max SS payment these days in 2014 were slightly above $3k. Wouldn't $3k back in 1998 with COLAs would be around $5k now and I haven't heard of any SS payments for one person anywhere near $5k?
Is that possible to get over $3k in 1998? I thought the max SS payment these days in 2014 were slightly above $3k. Wouldn't $3k back in 1998 with COLAs would be around $5k now and I haven't heard of any SS payments for one person anywhere near $5k?
Her husband was gainfully employed to the month he died... he was paying into Social Security every pay check into his 80's and never drew a single dollar out.
Upon his death, his widow applied for his benefit.
He started paying into S/S back in 1939... so about 50 years and put off drawing for the 25 years he lived after age 62,
I had never heard of this either before or since.
Maybe someone in the know could explain... he always made a good living operating his little Tool and Die shop...
I'm in the running for getting the maximum. The Social Security website says my wife and I will get $62,000 a year (just over $5000 a month) if I wait until I'm 70 to collect. This amount includes the spousal benefit. When I turn 70, if I am still working, I will have contributed for 45 and all but the first 10 or so are at the maximum rate.
Is that possible to get over $3k in 1998? I thought the max SS payment these days in 2014 were slightly above $3k. Wouldn't $3k back in 1998 with COLAs would be around $5k now and I haven't heard of any SS payments for one person anywhere near $5k?
I'm wondering the same thing. I made a very good salary for many years (and maxed out on yearly SS contributions), and my last years SS statement said that I'd make something like $3250 if I waited until 70. I hadn't heard of anyone looking at much more than that amount.
I'm wondering the same thing. I made a very good salary for many years (and maxed out on yearly SS contributions), and my last years SS statement said that I'd make something like $3250 if I waited until 70. I hadn't heard of anyone looking at much more than that amount.
I am at 39,600 at 70 in 4 more years. Last time I googled the max at 70, I was close. So yes I wonder also. Do you already have your full 35 years in?
Congrats on a lifetime of good work and now you are in positon to reap benefits. It is a great feeling to have the 35 in and a good payout. Congrats again.
I am 62 and my husband is 53 and still working at a good paying job.
I opted to take my SS this year as I have a small business from my home (earning less than the $15,000) so no disruption there of benefits.
My question has to do with spousal benefits down the road. What are the consequences of his taking early retirement at age 62 vs. FRA (67) in his case and my being able to take spousal benefits? If I'm understanding correctly, he would need to wait to file until age 67 before I could receive the spousal benefit.
Also, would he then be eligible to receive his retirement as well?
This thread is very helpful... much clearer info than on the SSA site.
I am 62 and my husband is 53 and still working at a good paying job.
I opted to take my SS this year as I have a small business from my home (earning less than the $15,000) so no disruption there of benefits.
My question has to do with spousal benefits down the road. What are the consequences of his taking early retirement at age 62 vs. FRA (67) in his case and my being able to take spousal benefits? If I'm understanding correctly, he would need to wait to file until age 67 before I could receive the spousal benefit.
Also, would he then be eligible to receive his retirement as well?
This thread is very helpful... much clearer info than on the SSA site.
For what it is worth my wife and I will soon both be 66. She filed her benefits at 62 and I am taking spousal at 66. My benefit is based on her age 66 benefit. I have read and reviewed the options numerous times but always within the context of situations similar to ours.
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