Social Security benefits and retirement (vacations, spouse, coverage, graduated)
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SUPPLEMENTAL SECURITY INCOME (SSI) OVERVIEW
WHAT IS SSI?
SSI stands for Supplemental Security Income. Social Security administers this program. We pay monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Blind or disabled children may also get SSI.
HOW IS SSI DIFFERENT FROM SOCIAL SECURITY BENEFITS?
Many people who are eligible for SSI may also be entitled to Social Security benefits. In fact, the application for SSI is also an application for Social Security benefits. However, SSI and Social Security are different in many ways.
Quote:
Originally Posted by mojo101
first ,stop using the term SSI,it just makes it confusing for some one to help you.
type in full words Social security,offiicial retirement age may not be 65 anymore,Medicare etc.
you can go to Social security website and find out more
Whether you need help deciding when to retire or are ready to start the next chapter in your life, we have the tools you need to get started. No need to visit an office — estimate your benefits, apply for retirement, and check your application status online.
We were sort of debating it yesterday.. on one hand, you get a bit more money, if you wait till 70. On the other hand, you have no guarantee that you will live till 70 (67, 68, 69, etc) and, money not taken, while waiting, were lost, if you did not.
Yes, it raises your taxable income yet, then it also allows them to recalculate the largest earnings year and accordingly raise your benefit...
FYI you still probably need to have contributed to the Social Security fund for 40 quarters if you are to get back benefits. Just mentioning that since you wrote that you started late.
"Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):
It is designed to help aged, blind, and disabled people, who have little or no income; and
It provides cash to meet basic needs for food, clothing, and shelter."
We were sort of debating it yesterday.. on one hand, you get a bit more money, if you wait till 70. On the other hand, you have no guarantee that you will live till 70 (67, 68, 69, etc) and, money not taken, while waiting, were lost, if you did not.
Yes, it raises your taxable income yet, then it also allows them to recalculate the largest earnings year and accordingly raise your benefit...
Btw, Mitch. Thank you for best response.
Every year you work adds 1 more to the work history. With a 6 figure salary & over 35 years of work it kicks out a lower earning year. Work 35 years ago is adjusted into today's dollars. Work for the last 5 years may not. Adding to your work history could add something to your work history. Even if you worked to the end of 2021 it may add a few dollars to the benefit. If you like your job may not be time to quit. For a few years & nothing in benefit may be time to retire.
Waiting to claim from FRA to 70 adds about 8% per year or about 1/2% per month to the benefit.
You need to set up a MyAccount with Social Security to see how these numbers apply to you. You will need the account in retirement to manage it.
Once you get SS you can start working on Medicare to take care of health care costs. At 66.2 you can apply for both SS and Medicare at the same time & work with an isurance company for your Part B medical plan & Part D prescription plan.
Look, OP, don't get testy with people who are trying to help you.
They've tried to tell you you're using the wrong words to describe what you SAY you want.
The first thing needed to get answers that really are helpful, is to convey what you need correctly, and use the right terminology.
(Sacastically)....Go ahead and keep saying SSI when you call or deal with Soc Sec. Admin. -- when you mean Soc Sec. ....your application will be a mess.
Good luck.
Thank you. I was just entertaining the idea. My SSI is rather low, me being a late starter in the country. We don’t really need money, both of us working and both having six figure.
Didn’t know it goes up 8%. Thank you.
You might want to pay attention to the dollar amount rather than the percentage.
My social security started out at $140 dollars a month at age 62. When I signed up for Medicare Part B, it dropped to $37/ month.
But then again, given your current income and deductions you might be paying substantial taxes on your social security income. It is taxed at the marginal rate.
It made no sense for me to wait given the low level of my benefits. 8% increase on $37 is still nothing!!!
We were sort of debating it yesterday.. on one hand, you get a bit more money, if you wait till 70. On the other hand, you have no guarantee that you will live till 70 (67, 68, 69, etc) and, money not taken, while waiting, were lost, if you did not.
Yes, it raises your taxable income yet, then it also allows them to recalculate the largest earnings year and accordingly raise your benefit...
Btw, Mitch. Thank you for best response.
The question of when the optimal time to take SS draw has been debated on several threads here. From an actuarial standpoint, it does not matter, you will get the same amount of money, either more payments of a smaller amount if you start earlier, or fewer but larger payments if you wait. At 70 you get the largest payment they will provide so there is no sense in delaying past 70, as I understand it, under current law. The laws have been changed in the past and probably will be in the future as well.
My own take is that if I don't really need it, certainly I won't take it until FRA. Certainly not if still working, which I am now. My own situation, with a wife in long-term care, is not that common. I may very well take SS at FRA while still working, since if she is still alive she will get a draw on my SS as well, and this would pay for more than half of her long term care costs.
Final thought: Some people approach this as "How will I get the most money over my lifetime from SS?" If a guy wants to approach it that way, he certainly can, but, since none of us know how long we will live, we have too many unknowns to be able to do this with any certainty. I would suggest taking SS when it would help you live better after retiring. There is no one-size-fits-all answer.
You might want to pay attention to the dollar amount rather than the percentage.
My social security started out at $140 dollars a month at age 62. When I signed up for Medicare Part B, it dropped to $37/ month.
But then again, given your current income and deductions you might be paying substantial taxes on your social security income. It is taxed at the marginal rate.
It made no sense for me to wait given the low level of my benefits. 8% increase on $37 is still nothing!!!
FWIW, the 8% DRC (Delayed Retirement Credit) would apply to the gross benefit, not the net check/deposit. And it is 8% each year from FRA to age 70. BTDT.
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8% applies to gross, not net
