U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: When did you (or when do you plan to) start taking Social Security benefits?
Age 62 66 55.00%
Age 63 2 1.67%
Age 64 3 2.50%
Age 65 10 8.33%
Age 66 19 15.83%
Age 67 or older 20 16.67%
Voters: 120. You may not vote on this poll

Reply Start New Thread
 
Old 02-28-2010, 10:12 AM
 
29,784 posts, read 34,885,423 times
Reputation: 11710

Advertisements

Ok now I need some thoughts from the financial thinkers on here. As previously noted we were doing the wife at 62 and me at 70 to maximize income for the surviving spouse. We also have great pensions and investments. I am now starting to become concerned about means testing and SS reform. Especially at age 70 when you have to start drawing down tax deferred accounts. Any thoughts? Might start taking sooner.
Reply With Quote Quick reply to this message

 
Old 02-28-2010, 01:01 PM
 
Location: Lakewood OH
21,697 posts, read 23,681,631 times
Reputation: 35449
Quote:
Originally Posted by ggg0959 View Post
I am collecting unemployment benefits presently. I am thinking of applying for social security at age 62. How do they effect each other. Does the unemployment benefit stay the same or change? Do unemployment benefits count as income? Any info wouldgrealty be appreciated.
I can't say for sure. You would be best off asking your unemployment office. But I can tell you that my cousin, who lives in Illinois, was working part time and taking SS. When she was laid off from her job, the state deducted her SS payment amount from her unemployment check so she was unable to collect the full benefits from them. Her SS remained the same.

This may differ from state to state so be sure to check out what your state unemployment rules are.
Reply With Quote Quick reply to this message
 
Old 03-01-2010, 10:09 PM
 
Location: Sacramento
13,784 posts, read 23,817,529 times
Reputation: 6195
I think means testing is a possibility over the next five years.

I'd keep an eye on the November elections, if the Republicans pick up at least five Senate seats, and 30 House of Representative seats, I think you may see it within this administration.

Obviously, if these are the election results, I'd get going on collecting social security.
Reply With Quote Quick reply to this message
 
Old 03-01-2010, 10:43 PM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by NewToCA View Post
I think means testing is a possibility over the next five years.

I'd keep an eye on the November elections, if the Republicans pick up at least five Senate seats, and 30 House of Representative seats, I think you may see it within this administration.

Obviously, if these are the election results, I'd get going on collecting social security.
You are one of the folks I was hoping would weigh in. My thoughts are similar to yours. My big question is what about federal employees and most importantly what about public empolyees in states who don't pay into SS. Would they be off the hook even though they basically get bigger pensions because the state doesn't have to pay the SS tax? Would they grand father in everyone born after 1950 which still seems to be the magic age?
Reply With Quote Quick reply to this message
 
Old 03-02-2010, 08:04 AM
 
Location: Sacramento
13,784 posts, read 23,817,529 times
Reputation: 6195
Well Tuborg, for those folks who didn't pay into Social Security I think they aren't impacted by these decisions. I view Social Security as separate from pensions, as do the entities managing the money pools.

I do think there is a significant "risk" the deal will be altered (downward) for most public pensions, but in those cases I think it will have to do with the additional benefits and/or cost of living increases.
Reply With Quote Quick reply to this message
 
Old 03-27-2010, 06:07 PM
 
Location: Los Angeles area
14,018 posts, read 17,747,361 times
Reputation: 32309
As many have said, everybody's situation is different. I started benefits at 62 because mine would be so minimal at any age that it hardly mattered (just enough quarters of part-time jobs and summer jobs to qualify, plus even that small amount reduced by the Windfall Elimination Provision). Even after three years of COLA's and a few adjustments for additional part-time wages after 62, my monthly benefit is now $133. Not that I'm not complaining at all. In fact, I am overjoyed to have Medicare which is all that matters to me in connection with Social Security.
Reply With Quote Quick reply to this message
 
Old 03-27-2010, 06:54 PM
 
Location: SoCal desert
8,093 posts, read 13,238,618 times
Reputation: 14870
Viewing the poll results ... it seems no one is listening to the so-called 'financial experts' who tell people to wait. The favorite, so far, is age 62.

Which is exactly what I plan on doing. As the song says, I want it now!
Reply With Quote Quick reply to this message
 
Old 03-28-2010, 09:22 AM
 
Location: Not where you ever lived
11,544 posts, read 26,015,185 times
Reputation: 6248
I reatired at 62 with income limits. I think I was 65 or 66 when the limits were lifted and I no longer had any income restriction. The fact that I can't take advantage of it, is another story.
Reply With Quote Quick reply to this message
 
Old 03-28-2010, 12:46 PM
 
Location: WA
5,396 posts, read 21,407,363 times
Reputation: 5903
Quote:
Originally Posted by TuborgP View Post
Ok now I need some thoughts from the financial thinkers on here. As previously noted we were doing the wife at 62 and me at 70 to maximize income for the surviving spouse. We also have great pensions and investments. I am now starting to become concerned about means testing and SS reform. Especially at age 70 when you have to start drawing down tax deferred accounts. Any thoughts? Might start taking sooner.
It is really hard to anticipate what the government will do knowing the politicians make the wrong decision 95% of the time. Means testing may be phased in like other changes on the grounds that changing the rules for people after some age (55?) does not allow time for them to adjust retirement planning.

We are guessing that will be the case or the hard decision will be deferred so our retirement plan has not changed. We do not have any pensions but do have a portfolio that is adequate to support us well until 70 when we will then count on SS to supplement it. We are spending IRA savings now while taxes are lowest for us.

The huge shifts in government spending with more going into entitlements that do not benefit us (we seem to have income putting us just above any assistance level) but taxes that still are climbing (even though we just pay on IRA withdrawals) is worrisome.

I still have a plan that counts on SS as currently estimated in my statement, IRA RMD's as currently estimated, Medicare as currently defined, and taxes escalating slightly from what they are now. If any of this changes dramatically we will attempt an adjustment but will not do anything based upon speculation as to what the idiots in DC might do.

After 45 years of savings and planning it is sometimes unnerving dealing with big shifts in the ground rules, but that is life.
Reply With Quote Quick reply to this message
 
Old 03-30-2010, 05:41 PM
 
Location: Western Colorado
11,096 posts, read 12,481,863 times
Reputation: 26132
I retired last year at 58. I am bringing home $100.00 a month less that I was when I was working. Plus I got a nice cash payout. I went to a Social Security seminar before I retired put on by the Social Security Administration. The guy putting it on asked this same question. Most people said 67. He asked, "what if you die at 63"? Well after the seminar, everyone changed their answer to 62.

When I turn 62, in 3 years, I will draw Social security and along with my monthly retirement income be making more each month that I did when I was working.

That's kinda cool.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top