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Old 02-13-2016, 07:21 PM
 
Location: Los Angeles area
14,018 posts, read 17,756,785 times
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Quote:
Originally Posted by eok View Post
There is one big reason for delaying SS that people hardly ever take into account. The older you get, the more you need the money, and the more you need for it to be automatic. SS is automatic. It arrives in your bank account on the 3rd of each month and can be used for automatic bill payments scheduled for the 3rd. When you're very old, that's a very valuable benefit, because you might forget to pay your bills manually, and you might make a lot of mistakes managing your money. The older you get, the more likely you are to make mistakes. Therefore, it mostly makes sense to put off SS till at least full retirement age, and to age 70 if possible, almost without regard to any other factors. Because putting it off increases the amount you will automatically receive each month, to make it more likely to always cover all your bills. Especially if you take action while still relatively young to reduce your bills, by getting rid of all frivolous expenses.

The real secret to happiness is simply to have more income than outgo.
No, it doesn't arrive "on the third of each month". It arrives on a schedule which is based on one's birth date. People get it on various Wednesdays depending on their birth date. For example, I receive my Social Security on the third Wednesday of each month. Some people get it on the second Wednesday, or on the fourth Wednesday.
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Old 02-13-2016, 07:35 PM
 
Location: Talmadge, San Diego, CA
13,326 posts, read 25,328,206 times
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Mine is deposited on the 3rd of the month because I have Medi-Cal. Before I had Medi-Cal, it was deposited on the 2nd Wednesday of the month.
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Old 02-13-2016, 07:49 PM
eok
 
6,684 posts, read 3,175,988 times
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Quote:
Originally Posted by Escort Rider View Post
No, it doesn't arrive "on the third of each month". It arrives on a schedule which is based on one's birth date. People get it on various Wednesdays depending on their birth date. For example, I receive my Social Security on the third Wednesday of each month. Some people get it on the second Wednesday, or on the fourth Wednesday.
As long as it always arrives when you expect it to, you can set up your bills to be paid automatically. The point being that the older you get, the more you need things to be automatic, and the more important it is to maximize your automatic income. And one way to maximize it is to delay when you start receiving it. Even if you could do a little better getting more sooner and investing it, you need to take into account that the older you get the more likely you will make mistakes and the more benefit you get from having everything be automatic.
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Old 02-13-2016, 07:51 PM
 
33,046 posts, read 22,087,347 times
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Quote:
Originally Posted by NoMoreSnowForMe View Post
Well, she has to do what makes her comfortable. But, to your question about what can someone do, they can get into subsidized housing that only requires 30% of your income for rent. Live frugally. It can be done.

Demand for subsidized housing far exceeds supply and waiting lists can take ten years to navigate.
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Old 02-13-2016, 07:55 PM
 
33,046 posts, read 22,087,347 times
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Quote:
Originally Posted by Escort Rider View Post
No, it doesn't arrive "on the third of each month". It arrives on a schedule which is based on one's birth date. People get it on various Wednesdays depending on their birth date. For example, I receive my Social Security on the third Wednesday of each month. Some people get it on the second Wednesday, or on the fourth Wednesday.

I think it also depends on which SS program you are receiving and when you signed up. I go to a medical clinic where some people get SS on the 3rd of the month.
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Old 02-13-2016, 08:09 PM
 
Location: Wasilla, AK
7,286 posts, read 4,162,134 times
Reputation: 15745
Quote:
Originally Posted by eok View Post
There is one big reason for delaying SS that people hardly ever take into account. The older you get, the more you need the money, and the more you need for it to be automatic. SS is automatic. It arrives in your bank account on the 3rd of each month and can be used for automatic bill payments scheduled for the 3rd. When you're very old, that's a very valuable benefit, because you might forget to pay your bills manually, and you might make a lot of mistakes managing your money. The older you get, the more likely you are to make mistakes. Therefore, it mostly makes sense to put off SS till at least full retirement age, and to age 70 if possible, almost without regard to any other factors. Because putting it off increases the amount you will automatically receive each month, to make it more likely to always cover all your bills. Especially if you take action while still relatively young to reduce your bills, by getting rid of all frivolous expenses.

The real secret to happiness is simply to have more income than outgo.

This is especially true for those whose primary income source is from pensions. If you don't need the money, delay taking SS for as long as you can. That way, the survivng spouse will be in better financial shape when the deceased spouse's pension stops. Because, even if there is a survivor's benefit income, it won't be as much as the pension was.
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Old 02-13-2016, 08:14 PM
 
Location: too far from the sea
19,881 posts, read 18,894,234 times
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I don't know if there's a "better" answer. She will get more money if she waits until FRA and doesn't take her SS at age 62. It may not be much more but it wil be more. When you're on a low income, even a few dollars count.

There certainly is a long waiting list to get subsidized housing depending upon where she lives. I think she would have to be age 62 to qualify for some and 65 to qualify for others. Do they allow people to work? I know you pay 1/3 of your income in rent and that includes heat in most cases.

If she doesn't have much money to begin with, she may not enjoy retiring young. She won't have any money to do anything. If she enjoys her job maybe it's good for her to stay.

She would have to be very low income to get Medicaid but maybe she would quality and she could go that route if she wanted to. But maybe her self respect is important to her and in that case she should keep her job with health insurance and work as long as she wants to.

If her final SS income when she does stop working is low enough, Medicaid will pay her Medicare Part A and Part B. That income level varies from state to state. So if it's about money, she should check and see what the income limits are and figure out how much SS she'll get. Working until age 70 could work against her if she ends up with a SS amount that's about $1.00 over the limit.

I guess a lot of it depends upon whether she's working because she wants to or she's working because she thinks she'll be better off financially. She will not necessarily be better off financially but it would take some research to figure that out.
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Old 02-13-2016, 08:19 PM
 
218 posts, read 168,034 times
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Quote:
Originally Posted by yellowsnow View Post
If she is truly low income, she can live very well as long as she owns no property. Medicaid will pay her Medicare premiums and give her a free cell phone. No copays and everything is free. Being on Medicaid opens up the food banks for free food and she can apply for SNAP(food stamps). Then she can sign up for low income senior housing. Some are fixed rate but many charge 30% of your income. All bills paid. It's not as gruesome as you think!
Where does Medicaid provide a free cell phone?
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Old 02-13-2016, 08:36 PM
 
Location: OH>IL>CO>CT
5,238 posts, read 8,423,860 times
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Quote:
Originally Posted by freemkt View Post
I think it also depends on which SS program you are receiving and when you signed up. I go to a medical clinic where some people get SS on the 3rd of the month.
Folks paid on the 3rd are "Beneficiaries receiving benefits prior to May 1997 or
receiving both Social Security benefits and SSI payment"

The SSA calendar is at https://www.socialsecurity.gov/pubs/EN-05-10031.pdf
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Old 02-13-2016, 08:39 PM
 
Location: Great State of Texas
86,093 posts, read 72,563,848 times
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Quote:
Originally Posted by Sicilee View Post
Where does Medicaid provide a free cell phone?
I think the poster meant if you are on medicaid then you qualify for the lifeline program..free smart phone and subsidized broadband plan.
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