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Social Security question - when to start collecting

Discussion in 'Non-Vegas Chat' started by makikiboy, May 31, 2017.

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  1. vegasdev

    vegasdev VIP Whale

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    I have known of so many people that died before ever collecting a dime, after having paid into it all of their life. for that reason alone, I can never blame any one for taking it at 62. and if you have had any kind of health scare or major medical event, it can change your mind (against waiting) quick.
    I had a friend that wanted to start collecting at 70 so she could get as much as possible. she was single, no kids, comfortable living, didn't need the SS money to live on. she was found dead in her apartment on Christmas morning at age 69 1/2. of course, she had been working since she was a teen, and never collected a dime from SS.
     
  2. surf87

    surf87 MIA

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    Makikiboy for clarification you mentioned, "I work for the local government so I will get paid medical until I qualify for medicare." My understanding is if you retire at 60, your medical insurance stops as well unless you continue your medical through Cobra or Obama care. I understand Hawaii provides supplement medical coverage at 100% with 25 years of service but that is a supplement to Medicare. I'm 51 (not retired) so I'm not fully aware of Medicare but this is my understanding.

    1) Medicare starts automatically when you start drawing social security, or activated beginning at age 65 or higher.
    2) Medicare monthly premium is approx. $110 a month
    3) Medicare covers 80% of charges
    4) Your State of Hawaii supplemental coverage (not regular medical insurance) for Medicare will be fully funded (at 100% for 25 years of service) and covers the remaining 20% of charges (normally a Kaiser supplement (not regular medical insurance) costs about $300 a month so this is a tremendous benefit)
    5) However if you retire at 60 your regular medical insurance ceases until Medicare & your supplemental medical kicks in.
    6) Regular medical coverage at age 60 can cost $1000 or more per month as Vegasdev stated.
     
    Last edited: Jun 1, 2017
  3. dmr

    dmr Registered Abuser

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    I'm just sitting here wondering how many of these "experts" here on this thread play 6:5 blackjack? :) :) :)

    (Please throw soft stones!) :)
     
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  4. Jerseyguy

    Jerseyguy VIP Whale

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    Also keep in mind ,if this applies to you. If you retire and collect a pension lets say and take ss at 62 and you decide to go back to work at something else you will get credit for working and contributing into ss but,you can only make a certain amount until you reach 66 .Mrs. Jg ran into this when she retired,she decided to go back to work for a different company for a few years.
     
  5. nostresshere

    nostresshere Mr. Anti Debit Card

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    Some bad or miscommunicated information posted below.

    1 - Medicare starts at age 65. Nothing to do when you start taking SS.
    2 - Medicare monthly varies with what plan you select. Mine is $17 on advantage plan - was $0 two years ago.
    3 - Coverage at 80%. No idea where that came from, but most of my stuff is totally covered. Office visits are $20 or $30 - I forget - but around that.




     
  6. The Rumor

    The Rumor VIP Whale

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    nostress - you're talking apples and oranges in #2 and #3. He's talking about medicare part B. You're paying that premium before you pay for a Medicare Advantage Plan. And 80% is the coinsurance in that plan - although you are correct that the average Medicare insured has a supplemental policy of some kind that changes the deal
     
  7. The Rumor

    The Rumor VIP Whale

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    Of course she also didn't need a dime from the plan. If I drop dead at 65 I'll never have needed a dime from the plan.

    The point of SS is to provide for lifetime retirement income, not to make sure you get your tax money back.

    It's no different than a company pension plan - if you die at 65 you may get almost nothing from the plan for your 40 years of work.
     
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  8. shokhead

    shokhead No big spender unless eating drinking having fun!

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    There isn't a one answer fits all for SS. I'm lucky that I retired at 58 and have health insur paid for from work until 67. Will do medicare this year and might or might not go ahead and do SS.
     
    The Nugget!
  9. Joe

    Joe VIP Whale

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    Yes indeed you are very lucky.
    I hope you are aware that there are penalties for not starting Medicare at 65.
     
  10. makikiboy

    makikiboy VIP Whale

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    Actually for people who work for the state of Hawaii or the city and county of each island, it all depends on when you started working for the government. If you started working prior to 2003, when you retire with full benefits the state employees retirement system will take care of your medical premiums for yourself and your spouse. This is for people who have the required 25 or 30 years of service (depending on when you started working). If you started working after 2003 they clamped down on benefits and stopped giving benefits to your spouse. Nowadays you also have to work at least 25 years go get 100% paid medical, if you work less then the ERS will only pay a certain amount of your medical premium depending on how long you worked for the government.

    1) Medicare does NOT start automatically. You need to sign up within 3 months prior to your 65'th birthday. I went to a pre retirement seminar and they stressed this to all. You could get screwed if you don't sign up for medicare because the ERS won't primarily pay for your medical bills after you reach age 65.

    2) For Hawaii government workers, the ERS will send you a quarterly check to pay for the medicare premium. It is basically a reimbursement, you will have to pay for medicare (usually they will deduct it from your social security paycheck) and the ERS will reimburse you that amount. Again this is dependent on when you started working for the government and how many years you had in government. It also depends how much you are making as your medicare premiums go up depending on how much you make. This I know because I have a friend who is paying more because he was still working after age 65 and he was making more than a certain amount. Here is the info: https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html.

    3, 4, 5, 6) As long as you retire will full benefits the ERS will cover your medical premiums through HMSA or Kaiser until you reach medicare age. After that, medicare will be your primary insurer and while medicare covers a certain percent of charges you also have supplemental coverage with HMSA or Kaiser through the ERS so you get double coverage. That does not mean that you are 100% covered, it only means that you are covered by medicare and supplemental medical for that (bullshit) amount that they determine for the medical service you receive. That means that you can still accrue big bills if you have major problems and medicare and medical premiums only takes care of a certain amount of the service.

    I have friends who worked 25 years and retired at age 55 with full medical benefits, it all depends on when you started working for the government. For me I need to have at least 30 years to get full benefits. My brother started young and he will have 30 years at age 55 so he technically could retire next year with full benefits (not that he could afford to retire with his mortage and bills).

    Yeah, the benefits for unionized government workers are good, that's why I decided to go back to the government sector, better benefits, they can't just fire you (unlike in the private sector), and while the pay may not be as much as in the private sector (it was 25% more for IT people) you have job stability. The companies I work with in the private sector all started outsourcing their IT services so my coworkers were left out in the cold without a job and no benefits so I was lucky to go back to the government sector prior to that happening.
     
  11. shokhead

    shokhead No big spender unless eating drinking having fun!

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    Yes, that's why I said, Will do medicare this year.
     
    The Nugget!
  12. Gino

    Gino "The King of Inappropriate."

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    I'm 43, and there wont be shit left for me or my wife (8 years younger.) Giant ponzi scheme anyway. Thankfully I've invested well, and horde cash like a depression baby..
     
    Reno to Las Vegas...and other places in between..
  13. shokhead

    shokhead No big spender unless eating drinking having fun!

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    If you are talking SS then that's what people have been saying for yearsssssssssssssssssss. It might get tweeked but it isn't going away. OTOH, when a state like CA wants people that have not paid in able to collect then yes you might be right.
     
    The Nugget!
  14. The Rumor

    The Rumor VIP Whale

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    there will be, it will just be less

    The sky is falling view of SS is overstated. Will you get a little less? Yeah. Will you get nothing? No, with the possible exception of a phaseout of benefits for really high income retirees.

    The program needs tweaks, but it's not going to go away.
     
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  15. The Rumor

    The Rumor VIP Whale

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    SS is really not hard to fix either, it's just a matter of finally making the tweaks

    I'm not going to veer into politics but there are numerous levers that would fix the problem.
     
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  16. Joe

    Joe VIP Whale

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    OK, your post made it sound like you might stick with the company insurance until 67.
     
  17. in4mation808

    in4mation808 VMB VIP Expert Picture Taker

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    I have nothing to add here....just that I feel young, for the first time. I have 20-more years until retirement. Or at least, be eligible to retire after 30-years. :cry:
     
  18. shokhead

    shokhead No big spender unless eating drinking having fun!

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    No, I have it until 67 but I know I must get medicare as it would becomes my main insurer while my HMO will pick up what medicare doesn't.
     
    The Nugget!
  19. vegasdev

    vegasdev VIP Whale

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    I get it that some people like to make that argument. I don't see it that way. I think it should be more like an individual portable plan.
    we should be able to have a beneficiary to pass it along to if we never drew on it. and even if we were never married.
    it is in many ways a Ponzi scheme.
     
  20. vegasdev

    vegasdev VIP Whale

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    good for you! can't have too much cash. :beer:
     
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