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Old 06-10-2019, 08:55 PM
 
5,424 posts, read 3,440,673 times
Reputation: 13678

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Quote:
Originally Posted by GeoffD View Post

My max is way more than $2,800/month. Like $1,000/month more. It's a COLA-protected and largely tax-free $45,222/year if I delay to age 70. If I somehow manage to blow through everything else, I can live OK on that in a paid-for house.
So by the time you are 70, the maximum will be way beyond the maximum in effect now? not disputing at all, just asking to make sure - the maximum rising would make sense.

"The maximum monthly Social Security benefit at full or normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years. Depending on when you retire and how much you made while working, your benefits may be considerably less. The estimated average monthly benefit for "all retired workers" in 2019 is $1,461."

above from: https://www.investopedia.com/ask/ans...nt-benefit.asp

Last edited by matisse12; 06-10-2019 at 10:10 PM..
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Old 06-10-2019, 09:03 PM
 
23 posts, read 10,723 times
Reputation: 19
I’m definitely taking mySS early, at 62. My grandfathers died at 60 and 66 respectively. My father had a major heart attack, no warning at 61 and died at 70. Lived a cripple during those years after his heart attack. If I wait till 67 for my full SS, my break even point will be around 84. If I live past 84, then I was stupid for taking it early. But at 84 I won’t care! Men in my family die in their 60’s. So I want my money now while I’m alive. Screw waiting, my genetics say no.
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Old 06-10-2019, 09:05 PM
 
Location: Connecticut
26,280 posts, read 42,256,997 times
Reputation: 7803
Oh wow. So many responses. I read them all. I appreciate them. Thanks, Jay
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Old 06-10-2019, 09:36 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by matisse12 View Post
So by the time you are 70, the maximum will be way beyond the maximum in effect now? not disputing at all, just asking to make sure - the maximum rising would make sense.

The maximum monthly Social Security benefit at full or normal retirement age is $2,788 for 2018 and $2,861 for 2019. However, the maximum allowable benefit amount is only payable to those who had the maximum taxable earnings for at least 35 working years. Depending on when you retire and how much you made while working, your benefits may be considerably less. The estimated average monthly benefit for "all retired workers" in 2019 is $1,461.

https://www.investopedia.com/ask/ans...nt-benefit.asp

No it's not. My FRA monthly check on the Social Security web portal is $2,975. I had 30 max years and another five that were close.


Because I'm career high income, I get a pretty large benefit out of delaying to age 70. I go from $35,700/year at FRA to $45,222/year at age 70 according to what the web portal says. I also keep a spreadsheet using Pub 05-10070 numbers and my 35 years of earnings that agrees within a few dollars.





My girlfriend has similar math. Our combined Social Security income will be almost $90K assuming we both delay until age 70.
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Old 06-10-2019, 09:45 PM
 
1,734 posts, read 1,947,792 times
Reputation: 3901
Quote:
Originally Posted by mathjak107 View Post
Again ,these discussions are not about working longer and delaying .. they are only about those who retire at 62 and have a choice as to when to file ..

Working longer or not is a whole other discussion with totally different pros and cons
Righteous point. I stand corrected!
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Old 06-10-2019, 10:40 PM
 
394 posts, read 156,333 times
Reputation: 1097
Quote:
Originally Posted by Tn_eddy View Post
Given my dad died at 49 and mom at 63, neither of them collecting a dime from SS, I took mine at 62 and smile with every passing month


Honestly, the SS money is just gravy we dump back into savings, and more of it would just be more gravy we likely won't ever need.
I got lazy and filed at 63. I forgot to file at age 62..besides, I was still working and made more than the $17K limit. I didn't want to pay the $1.00 for every $2.00 over penalty. My dad died at 66, and my mom died at 92. I have had so many health problems that I wanted to get a few checks before I died.

I have had several friends and family members who received nothing, so I wanted to get something for paying into SS all of these years. Got my first check last month, and will get another soon. Yay!
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Old 06-10-2019, 10:44 PM
 
1,734 posts, read 1,947,792 times
Reputation: 3901
Quote:
Originally Posted by JayCT View Post
I was talking to a friend the other day about Social Security and when to take it. A family member is waiting until 70 to get the maximum benefit but my friend thinks that may not be best. He noted that you are losing 7 1/2 years of income by waiting and it would take a number of years to recoup that money.

His reasoning is this. At 62 1/2 he would get $1,900 a month from SS. At 70 the benefit would be $3,600. If he starts taking it at 62, he would earn a total of $171,000 in those years between retirement and 70 ($1,900 x 12 x 7.5 = $171,000). If he waits to 70, it will take over 8 years to break even and get that $171,000 back ($3,600 - $1,900 = $1,700; $171,000/$1,700 = 100.59 months or 8 years, 4 months).

He feels he should take that money and, assuming he does not need it, invest it to get a better return. Does this make sense? Is he missing something? Jay
He's not going to get a "better return" than 8% guaranteed. Trust the received doctrine on that one. He'll jump in and out of investments, chasing yield - and wind up with 4% (studies have shown this phenomenon). In his situation, he will likely not invest all of the SS anyway, winding up with 2%. Putting hot money into the hands of an impulsive, not particularly savvy investor at age 60 is a recipe for disaster.

Tell him to cool his jets and settle down before he gets himself into a financial situation from which he cannot recover.
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Old 06-10-2019, 10:53 PM
 
Location: WA. State
60 posts, read 16,325 times
Reputation: 113
I had to apply for disability at age 55. The hearing judge told me she could authorize $1400. per month or a lesser amount. Of course I wanted the $1400. but I received a notification stating I would receive half that amount of $700. per month instead. I still do not know their reasoning but the hearing judge also mentioned that I was not insured by SS since I had not worked for two years prior to my application. Here is why I did not work for two years nor did I apply for benefits. I didn't want to apply for benefits or ask for help, denial I guess. I lived off my savings and sold everything I owned. That is how I lived for two years. I only applied for benefits after after I exhausted everything. I worked all my life and paid into SS and then they tell me I'm not insured by SS. Meanwhile believe it or not I have lived on $700. for 6 years. I am almost 62 and I am told that I will transfer to full SS and my payment will increase by only $300. I asked why I don't get my full SS amount and they said it was because I was on SSI. I guess it is a early penalty of some sort. None of it makes sense to me. If your thinking a lawyer would help me well think again. They gave me a list of "their lawyers" to choose from. I have lived as cheaply as possible which is in a RV and on my landlords property which she has reduced the rent for me which is kind of her. I have to drive to the store without insurance and I only drive when I have to. I fill up my car with gas once a year. Now that's a low carbon foot print. The $700. covers rent, propane, phone, internet and dog food. I would dare anyone to try and live on that amount for awhile. Anyone know why my payments would be so low or how they can get away with paying so little especially after working all my life?
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Old 06-10-2019, 10:59 PM
 
255 posts, read 64,766 times
Reputation: 612
You obviously don’t have 40 quarters of work if you are on SSI. SSDI is for disabled people with 40 quarters.
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Old 06-10-2019, 11:09 PM
 
Location: WA. State
60 posts, read 16,325 times
Reputation: 113
Quote:
Originally Posted by Teacher Terry View Post
You obviously don’t have 40 quarters of work if you are on SSI. SSDI is for disabled people with 40 quarters.

Would you happen to know why SS would discount my benefits at age 62? Let's say I would normally receive $1400. at age 62 (I think it is more) but instead they pay me only $1000.?


I was working up until the time I became disabled at age 53 but didn't apply for benefits until age 55.
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