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Feeling old. We applied for Social Security today.

Discussion in 'Non-Vegas Chat' started by Joe, Sep 30, 2015.

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  1. Joe

    Joe VIP Whale

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    So today we both applied for SS to begin Jan 1st and I'm feeling a bit old. My wife will be 64 and I'll be 63+ when we start to collect. I know the smart thing to do is wait as long as possible, but I just didn't see a reason to wait and continue to leave that money on the table. No kids and we'll never outlive our savings, so what the hell, more money for vacations.

    Our combined SS and meager pensions should just cover our monthly expenses. It would more than cover it if it wasn't for the annual gambling budget.:wink2:
     
    Christmas
  2. bubbakitty

    bubbakitty native Texan; born and bred.

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    Congrats Joe! I plan to bring some of my secure social $'s out in October as well as in December.......Old Uncle Sam wanted me back in the 70's and got 3 year's worth during a miserable time but I am happy to be receiving his allotment each month.

    I could of swore you married a much younger woman but if she says she is eligible then she must be.

    Good luck investing the funds!!
     
    1st Super Bowl DT...Panthers / Browns no doubt
  3. Joe Strummer

    Joe Strummer VIP Whale

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    "You can't take it with you."
    *
    That old saying........and movie ( starring Jean Arthur, I believe ?)
    *
    Joe,
    What is the time frame between applying and actually recieving the first check ?
    I think, I read the full SS amount ( to collect ) isn't until age 72 ?.......am I correct ?
     
  4. merlin

    merlin VIP Whale

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    Waiting will only be the right play if you live to be 78+, then you have to factor in how much "fun" you will have with that extra money at 80 years old. Congrats, enjoy the extra cash while you can.
     
  5. daveg000

    daveg000 High-Roller

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    Welcome to the ranks of the takers, Joe! May you collect for many, many years.
     
  6. daveg000

    daveg000 High-Roller

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    INFLATION could hit also, making it worth less then.
     
  7. charliepeete

    charliepeete Low-Roller

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    i decided to wait until i am 66 to use the file and suspend method , one can only use it if you are married........

    we are both healthy and my wife will collect a spousal amount when i file and then we will both collect at 70 .

    makes the most sense for us.................good luck
     
  8. Joe

    Joe VIP Whale

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    The SSA.gov site says you should apply two months before you want to start collecting. I applied and selected Jan 1 for the first checks to begin. For us, full SS payments begin at age 66. It all depends on the year you were born. 1952 for both of us.

    You can certainly wait longer and collect more while you're in the wheelchair in the nursing home! :evillaugh
     
    Christmas
  9. KellyLovesVegas

    KellyLovesVegas certified personal trainer/retired space nerd

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    Congratulations, Joe! What are your plans for your next vacation (gambling or otherwise)?
     
  10. Natural21

    Natural21 Low-Roller

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    I think you did the right thing, Joe. Why wait? Use it and have fun while your health permits. I started at 63 and I am not sorry.
    Good luck. :beer::beer:
     
  11. Joe

    Joe VIP Whale

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    LOL, just Vegas for Oct, Nov, & Dec. I know I'm a degenerate. :evillaugh

    Then Spring Training in AZ in March, probably Vegas in Feb & April and probably another Seattle trip in July. I'll have two years left on the passports we bought in 2008 when we moved to Vegas and still haven't used it. :cry: The dog kind of holds us back since we have to put her in the kennel. She is 50# and 12 now, so...
     
    Christmas
  12. Joe

    Joe VIP Whale

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    Just to add...I've been tracking the monthly SS increases since the first of the year. Each month we have waited, the monthly amount goes up right around .42%
     
    Christmas
  13. SteveO

    SteveO Tourist

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    If you were born between 1943 and 1954, you can draw full benefits at 66. Pre 1943 it varies.

    Social Security FAQ Link

    https://faq.ssa.gov/link/portal/34011/34019/ArticleFolder/418/Retirement
     
  14. makikiboy

    makikiboy VIP Whale

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    As someone else mentioned (depending on your age), you can collect full ss benefits between 65 and 67, it all depends on when you were born. You can hold off collecting but have to start to take it out at age 70 (best to read the ss policies to make sure). At that time you will probably be making 125% of your ssn income (what you would normally get at age 65-67). Some people actually start taking it out at age 62 where they will only be making 75% of their ssn income. If you take out your social security between age 62 to 65-67 it will be slightly reduced to the tune of about 6% a year.

    BTW, you can go to the social security web site and put in numbers to find out how much you will be getting depending what age you want to start taking it out.

    Actually the problem is with unexpected expenses. Normally we plan and could live comfortably with our social security and pension but get into trouble when we encounter unexpected expenses. Usually medical is the biggest problem, many people lose their life savings or get into financial trouble because they encounter some big medical bills that isn't taken care of by medicare. Unfortunate because we all do a lot of planning for retirement but get caught when unexpected bills pop up.


    Just made 58 this year. I plan to retire at age 62 (or so). I'm lucky, I want to hold off collecting my ss until age 66 but I have my deferred comp money (like a 401k, pre-tax money that I have been putting away to reduce my annual income) to take out of until age 66. Then I expect to get over 2k a month from ss so that will be my vegas and travel money. But delaying collecting ss also allows me to work part time without worrying about any penalties (if you start to collect social security before 65-67 - if you go back to work you can only make a certain amount of $$ before you have to pay a penalty to ss).

    Actually it is kind of confusing so best to read up on what you can get and if possible, speak with someone knowledgeable so you can make the best decision on when to start to take out your social security benefits.





    Congrats Joe! Great to start getting something from the government every month.
     
  15. jerseyguy

    jerseyguy VIP Whale

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    I only get a few hundred bucks a month because I didnt pay into ss for 30 plus years except for part time and post retirement jobs so I started at 62 because of the little amt. of money involved it didnt make sense to wait till 66.
    i always figured money in is better than money out. I'm still paying in at age 70 on my pt gig but not enough to make a difference.
    I think SS is like hitting and rounding third base,the only question is is when the coach is gonna wave you in. So enjoy that money, you earned it.
     
  16. nostresshere

    nostresshere Mr. Anti Debit Card

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    Amazing how many "experts" say to wait and draw a bigger check. Seems to make some sense. But, I know a guy that waited for the bigger check and did not draw for a few years. Never drew a check and recently died before he could get the "bigger check". You can easily put it in a spreadsheet to see where the crossover line is.
     
  17. Joe

    Joe VIP Whale

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    It really is a crap shoot. But the so-called experts are basing their advice on the majority of today's population who have saved nothing, or next to nothing for retirement.
    There is an abundance of this type studies and surveys about, here is just one.

    An alarming number of Americans aren't preparing for the day when they'll need to live off their savings.

    More than a third of adults say they have not started saving for retirement yet, according to a national poll accompanying Bankrate's monthly Financial Security Index

    http://www.bankrate.com/finance/consumer-index/survey-36-percent-not-saving-for-retirement.aspx

    The statistics and amounts people are saving, not saving, are truly scary. Many of these people are going to work until they die.
     
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  18. Markinmd

    Markinmd Tourist

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    You are 100 percent correct, it's a crap shoot. I can tell anyone exactly what they should do if they tell me exactly when they will die. Congratulations!
     
  19. SW

    SW Well-Known Member

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    Some will agree with your decision...some will not. Like many other financial decisions, doing what is right for you is all that matters. :beer:
     
  20. Breeze147

    Breeze147 Button Man

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    I was born in 1949 and couldn't get the full benefit until 70, so I started taking it at 66. I don't know where this full benefit at 66 comes from, maybe because I am single.

    I have been over and over this with counselors many times so don't start the hate mail. I get what I get and am satisfied with it. It's a nice boost in the middle of the month.
     
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