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Old 01-08-2010, 05:25 AM
 
3,951 posts, read 6,935,072 times
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Quote:
Originally Posted by MadManofBethesda View Post
Will you be eligible for Social Security in 3 years?
The OP is 59, so yes, they're eligible for partial SS benefits. However, what I am finding out in people that I talk to, they think that they are going to retire early (62) and get the partial benefits but when they reach 65, they'll get full benefits.

Two things are wrong here and a lot of people who don't know this. First, full benefits were raised to age 67. Second, if you retire at 62 with partial benefits, you will still get partial benefits even when you reach 67 and beyond.

Check out the facts on the Social Security website before doing anything and then see from there what you can afford.
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Old 01-08-2010, 09:02 AM
 
29,782 posts, read 34,871,258 times
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Quote:
Originally Posted by thebobs View Post
The OP is 59, so yes, they're eligible for partial SS benefits. However, what I am finding out in people that I talk to, they think that they are going to retire early (62) and get the partial benefits but when they reach 65, they'll get full benefits.

Two things are wrong here and a lot of people who don't know this. First, full benefits were raised to age 67. Second, if you retire at 62 with partial benefits, you will still get partial benefits even when you reach 67 and beyond.

Check out the facts on the Social Security website before doing anything and then see from there what you can afford.

What is amazing is the number of people who don't realize SS is based on 35 years work experience and for every year short you get a 0 for earnings reducing your benefit potential. My wife is taking hers at 62 and I will declare for spousal at 66 and then mine at 70. We are still in the age 66 group.
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Old 01-08-2010, 09:20 AM
 
8,201 posts, read 11,915,499 times
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Quote:
Originally Posted by thebobs View Post
The OP is 59, so yes, they're eligible for partial SS benefits.
Your statement is incorrect and irrelevant to my question.

Not everyone is or will be eligible for Social Security - - at any age (myself for example).

I asked the OP the question because he indicated he was or would be receiving a pension. If the pension was based on work not covered by SS (like many public service employees), then he, in fact, would not be eligible to receive SS. (Unless he had earned his credits in some other endeavor.)

As it turns out, this was not the case and the OP subsequently posted that he would be eligible for SS.
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Old 01-08-2010, 09:54 AM
 
3,627 posts, read 12,822,862 times
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Insurance? Healthcare?

My parents were getting about 2k in pension plus social security and they socked a lot of that away in Roth IRAs. WHILE THEY WERE BOTH HEALTHY. My dad has since passed away and my mom lives with us.

My mom is getting about 2k total now in survivors benefits and partial pension, and it is a bit harder because we have to pay for in home help [caregivers]...if you get sick and need personal care or a nursing home, all bets are OFF. She was in a nursing home shortly at $160 a day, we got her home but are still spending about $100 a day and I do a lot of the work. Plus regular expenses. Fortunately they have better health insurance now than I have through my current corporate policy. Everything you saved will be eaten up ....

......because medicare and coinsurance don't typically pay for THAT stuff. You have to go on medicaid and they have really tightened up medicaid elibiligity because people were sheltering assets with their kids.

But since my dad saved every other paycheck since I was a kid and lived frugally, my mother will have all she needs. But I have taken his lesson to heart. I plan to work until I no longer can..........or have a job.
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Old 01-08-2010, 11:43 AM
 
3,951 posts, read 6,935,072 times
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Quote:
Originally Posted by MadManofBethesda View Post
Your statement is incorrect and irrelevant to my question.

Not everyone is or will be eligible for Social Security - - at any age (myself for example).

I asked the OP the question because he indicated he was or would be receiving a pension. If the pension was based on work not covered by SS (like many public service employees), then he, in fact, would not be eligible to receive SS. (Unless he had earned his credits in some other endeavor.)

As it turns out, this was not the case and the OP subsequently posted that he would be eligible for SS.
Oops typo. The post originally said they were 59 and in 3 years eligible. I forgot to mention in the 3 years they will be eligible.
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Old 01-08-2010, 03:29 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Quote:
Originally Posted by thebobs View Post
The OP is 59, so yes, they're eligible for partial SS benefits. However, what I am finding out in people that I talk to, they think that they are going to retire early (62) and get the partial benefits but when they reach 65, they'll get full benefits.

Two things are wrong here and a lot of people who don't know this. First, full benefits were raised to age 67. Second, if you retire at 62 with partial benefits, you will still get partial benefits even when you reach 67 and beyond.

Check out the facts on the Social Security website before doing anything and then see from there what you can afford.
Not everyone is at the 67 age..it's staggered.
If you take at 62 then it's reduced benefits.
At your full retirement age (66 - 67) you can cancel it, pay it back with no interest and reapply for full benefits.

http://www.kiplinger.com/magazine/ar..._security.html

Yes you can do that..it's on the website. Don't know how long that loophole will stay opened though. That would be about 4-5 years of SS payments that you would have to pay back in a lump sum but with no interest. Actually not a bad idea if you have the money saved on the side.
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Old 01-08-2010, 03:43 PM
 
71,597 posts, read 71,751,865 times
Reputation: 49217
the best part is you can pay back the social security and take a credit or a tax deduction towards a roth conversion that year.. talk about a sweet deal.....

the paying back of the social security would leave you most likely with a negative income for the year.. normally you cant carry it over so its wasted...

do a roth conversion and apply the negative income to the roth.. bingo! free conversion and a higher social security payment ....and no rmd's
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Old 01-08-2010, 04:59 PM
 
4,574 posts, read 7,060,700 times
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I think it is totally fascinating how people feel so differently about money...it is the most taboo subject in our society. When I was younger I spent money without giving it a second thought and I was making probably half of what I do now. I'm not frugal by any means, if I really want/need something I will buy it or if I'm ready for a trip I'll go, but I don't buy LV handbags anymore or just up and quit my job because I think I want to live someplace else! I just find that my priorities have changed and I really don't get much of a thrill out of buying "stuff" anymore. I think it is just wise to have some balance when it comes to finances. Save some, give some away, and spend some. As I recall, money comes up in the Bible more than any other topic.

And I certainly don't find it depressing at all to be grateful that I have a roof over my head today, food on my table tonight, and work to do the next day. I find it to be quite comforting.
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Old 01-08-2010, 09:58 PM
 
16,437 posts, read 19,140,430 times
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Quote:
Originally Posted by mathjak107 View Post
yep thats the retirement plan for most of america, WORK UNTIL YOU CANT..

And after you can't? And if the state is broke?
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Old 01-09-2010, 02:18 AM
 
71,597 posts, read 71,751,865 times
Reputation: 49217
well then there is dumpster diving.
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