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  #1  
Old 01-08-2016, 07:32 PM
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When (at what age) did you, or do you expect to begin your SSI payments?

I decided several years ago to wait several years beyond age 62, before starting my SS payments.

My rationale was because of higher monthly payments down the road - and because I'm still receiving 'earned-income' that cannot be '3 card Montied' because of an LLC, or a family situation that could cloud/camouflage my working income as some most assuredly do.

And finally, I just don't need the money regardless whether I choose to work or not, going forward. SO, why not let the monthly payments grow @ a 8% compounded annual rate to age 70?

Wondering what some of my contemporaries here have decided to do insofar as their SS payments are concerned?

I'm thinking 68 yrs. at this time - we'll see how my health holds up though.


Last edited by Skid Row Joe; 01-10-2016 at 02:53 PM.
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  #2  
Old 01-08-2016, 07:38 PM
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I took mine at age 62. My accountant advised it. I might have been ok without it but it is nice to have, and my income level was uncertain at the time.
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  #3  
Old 01-08-2016, 10:13 PM
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I took mine at 62 1/2

Discovered an interesting point.

I continued to work after retirement in a completely different field (Firefighter-Medic) at a MUCH lower salary than my previous life. After a few years I contacted the local SSA office and asked if I should be getting an adjustment in my SSA check since I have been still paying into it.

The answer from the very forthcoming agent was "We never had this conversation". It seems that the SSA disbursement is based at least in part on an average of the past 7 years of salary. If one continues to work at a lower salary the SSA payment would actually be reduced.

My advice is take it as soon as you can. The monthly stipend is less but the total payout is probably more unless you check out early. For most of us it is just walking-around mooney anyway.
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Old 01-08-2016, 10:18 PM
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One more thing

I took a great deal of ribbing ffrom my Medic partners. I pointed out to them that since I was both paying and collecting it was close to a wash anyway. In any case, I don't see it as a old-age pay out. I choose to see it as the U.S. government repaying the interest-free loan have been giving them all these yearrs.
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  #5  
Old 01-08-2016, 10:41 PM
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Rocky,
As I understand it, you may be able to write SS a check for the total amount they've already paid you, interest free, then reset at that moment or later, your higher monthly payment amount will be your reset number.

This WAS how the system could be gamed in the past, totally legally. But they (SS) ended the above option for those that changed their minds about earlier collecting prior to 65 or 66 years of age (full retirement) - at which time, you could then earn all the money you wanted to, without a monthly reduction in benefits.
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Old 01-08-2016, 11:47 PM
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I'm not counting on it being around when I retire.
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  #7  
Old 01-09-2016, 12:40 AM
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Quote:
Originally Posted by rocky raccoon View Post
I don't see it as a old-age pay out. I choose to see it as the U.S. government repaying the interest-free loan have been giving them all these yearrs.
exactly.and not adjusted for inflation.my dad took his at 62.for 2 reasons.1 my little sister was still in high school and she could also collect until she turned 18 which was after she graduated.so she collected for just over 2 yrs.all that went into a college fund and paid alot of her schooling
2. they figured that for the payments at 62 and at 65 he would have to live to be 80 before they equaled out.which as it turned out wouldn't have mattered as he died at 80.
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Old 01-09-2016, 01:41 AM
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Quote:
Originally Posted by davidmash View Post
I'm not counting on it being around when I retire.

Yep, same


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  #9  
Old 01-09-2016, 11:13 AM
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Are we talking about SS or SSI? These aren't the same thing. SSI is disability, paid out of general revenues. SS is a retirement plan (emphatically NOT an entitlement), paid by SS withholding. Your SS is based on the best of at least 35 years of earnings, not the last 7. Your earnings are indexed for inflation. Your check increases for every year you delay starting payment. You cant reset by paying it back (probably couldn't afford to anyway). File and suspend strategies that used to be available for couples are being phased out.

There's no best age to file. Actuarially, claiming at 62 vs 70 produce the same lifetime benefit if you have an average life expectancy. If you are unwell, file early. If grandpa lived to 103, file late. Its a roll of the dice.

https://www.socialsecurity.gov/pubs/10070.pdf

Last edited by Mxfrank; 01-09-2016 at 01:19 PM.
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  #10  
Old 01-09-2016, 12:01 PM
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What Mxfrank said.

I started 2 years ago, (age 66). I was working & making a lotta $$ and enjoying it, the work, that is.

My mother made it to 94.
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  #11  
Old 01-09-2016, 12:23 PM
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62 1/2. There is no best solution on when to file. Too much variability from person to person. And it's SS, not SSI, unless OP is specifically talking about disability income.
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  #12  
Old 01-09-2016, 12:42 PM
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I didn't count on it either but its nice to have and I expect it will be here for all of you younger people....its not enough to live high but it will make life livable for most people.
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  #13  
Old 01-09-2016, 01:27 PM
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Quote:
Originally Posted by Skid Row Joe View Post
I decided several years ago to wait several years beyond age 62, before starting my SSI payments.

My rationale was because of higher monthly payments down the road - and because I'm still receiving 'earned-income' that cannot be '3 card Montied' because of an LLC, or a family situation that could cloud/camouflage my working income as some most assuredly do.

And finally, I just don't need the money regardless whether I choose to work or not, going forward. SO, why not let the monthly payments grow @ a 7% compounded rate to age 70?

Wondering what some of my contemporaries here have decided to do insofar as their SSI payments are concerned?
Joe,

The longer you wait the better. Given your circumstances...don't have a need and still working.. I would wait to 66 and even beyond. Post normal retirement age benefits increase 8% a year until you reach age 70. not a bad return on a US government guaranteed LIFETIME ANNUITY. I have a client who waited until 70 to collect, all the while working in a 6 figure income job. Her 2015 total benefit ( her first full year) I estimate will be about $43,000....85% of which will be taxable.
https://socialsecurity.gov/pubs/EN-05-10035.pdf

Everyone's circumstances are different and no one knows when they're going to die. But, going at 62 causes a 25% permanent reduction in benefit...until death. I don't suggest one does that generally. You used to be able to buy your way back in between 62 and normal retirement age, but Obamacare cut that to 12 months.
https://www.socialsecurity.gov/planners/retire/withdrawal.html

I went at 66. Since I am 24 years downstream from 5 coronary artery bypasses and pack a defibrillator /pacemaker, my life expectancy is less than normal. Longevity does run in the family however. I ran some simple numbers and figured I needed to live past 80 to be getting less in total had I waited till 70. (It would take 10 years to have the additional benefit equal the 4 years of benefits from 66-70). Since I still work, I have received annual catch-ups and increases in benefits since 66.
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  #14  
Old 01-09-2016, 01:47 PM
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Originally Posted by t walgamuth View Post
I didn't count on it either but its nice to have and I expect it will be here for all of you younger people....its not enough to live high but it will make life livable for most people.
I have to disagree with this. For far too many Americans, SS benefits represent their only source of retirement income. That and part time employment means subsistence. Just barely.

10 scary retirement statistics | BenefitsPro
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  #15  
Old 01-09-2016, 05:25 PM
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The wife and myself occasionaly discuss how people probably get along on basic pensions. Our feeling is if very careful you probably can do it. Easier if poor as you are eligiable for cheap housing. Your overhead cost then is less than living in your own paid for residence.

We have no actual equivelant of food stamps in Canada and food has gotten expensive here. As a percentage of basic pensions it might consume almost half.

Some people have no awareness of how to spend money sensibly within their means. It might be very hard for them. A little late to attempt the breaking of life long habits. The most recent generations for example will in all likelihood still use credit and carry older debt loads into their retirement. Based on it may be he only existence they have known until they retire..

We also discuss how we think people on welfare do. Again it has to do with so many personal factors. Some will get by and others will always be behind the eight ball.

Now residing in large Canadian cities in general the basic pensions are not going to be enough is almost certain. Maybe they are topped up by some programs I am unaware of.

Our basic pension benefits are probably somewhat similar to the American ones.


Last edited by barry12345; 01-09-2016 at 05:47 PM.
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