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Moderator

Tennessee

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Posted: 05/21/21 03:08pm Link  |  Quote  |  Print  |  Notify Moderator

Social Security Myths. Ok folks, claims like some above need documentation. Otherwise it’s only hearsay and serves no purpose.

* This post was last edited 05/21/21 06:13pm by Moderator *   View edit history

Campinghoss@51

Windsor NC

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Posted: 05/21/21 06:49pm Link  |  Quote  |  Print  |  Notify Moderator

I retired at 57 and took ss at 62. I ran the numbers and I would have been 79 when it broke even. Therefore I am one happy retired man.


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jetboater454

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Posted: 05/22/21 08:30am Link  |  Quote  |  Print  |  Notify Moderator

3 tons wrote:

Took mine at 62 mainly because of poor family genes and longevity.... No regrets, but I would point out that Medicare is mandatory starting at age 65, so had I waited a couple more years the increased amount would have covered my Medicare premium...Just another factor thrown into the mix...

3 tons



You may want to check your states "help" programs. I came within $8 to qualify for the state to pick up my med payments. If I had waited a year longer I would of had to pay $144/month out of the check.


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MEXICOWANDERER

las peñas, michoacan, mexico

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Posted: 05/22/21 03:47pm Link  |  Quote  |  Print  |  Notify Moderator

One point about Social Security

Every year it loses points against actual consumer inflation. And the losses are not subtle.

Gdetrailer

PA

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Posted: 05/22/21 04:15pm Link  |  Quote  |  Print  |  Notify Moderator

MEXICOWANDERER wrote:

One point about Social Security

Every year it loses points against actual consumer inflation. And the losses are not subtle.


Sort of, perhaps, but typically with SS, most yrs there will be a "Cost Of Living Adjustment" (COLA) of some sort that is tied to inflation. Yes, there have been some yrs that there was no COLA but for the most part it does happen regularly.

https://www.ssa.gov/cola/

"Cost-of-Living Adjustment (COLA) Information for 2021

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021.

The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2020. (Note: some people receive both Social Security and SSI benefits) "


2021 is slated for 1.3% COLA which is not all that bad of an adjustment compared to the "merit" increases I got while working which averaged only a measly 1.5%-3% of my wage and the yearly increase to my health benefits was typically 8% increase each yr.. Put it this way, my "take home" wage after 22 yrs in the same job was less than what I made when I started the job..

But, one should never 100% depend on SS to live on, it was never intended to replace a "retirement" plan. That is why I put much of my money into other investments over the yrs.. Saving for retirement can be done, but most folks do not want to give up some of their today spending money to save it for a rainy day later like I did..

AKsilvereagle

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Posted: 05/23/21 03:07am Link  |  Quote  |  Print  |  Notify Moderator

Unfortunately I have been a working stiff all my life and still am a working stiff....

Fortunately I always have had a high degree in math and am one of those bean counters, disciplined sports bettor types, know where every penny goes as I obtain a receipt for anything I buy, strict with my money management and constantly weigh options, avoid fees and unnecessary overpriced extortion charges by not paying for some else's retirement, and calculate all the time ....

This is my 43rd year in the workforce - as I am just a blue collar worker and still wished I was a BUSINESSMAN !

Social Security will be my bread and butter income which eventually will be 100% dependent for me, followed by my life's savings, and my simple IRA, Roth IRA and traditional IRA I just recently obtained less than three years ago (I went short term here) which will never come close to reach the current amount of my life savings amount....

The positives : My property and well used 1966 house trailer was fully paid off since July 2001, and I never financed a vehicle in my life (I drive 45 to 51 year old rigs I had almost forever) and always lived poor but was always debt free before obtaining my house and debt free after obtaining my house....

The negatives : Type 2 diabetic non insulin, so I am not perfectly healthy anymore....Not eligible for medicare until 65th birthday (9 years away), and health care coverage as we all know is real expensive in the United States

As noted by so many - I also did the math a long time ago in reference to the guidelines of Social Security and plan to collect at 62 unless I am still forced to work due to any changes or circumstances to what the future holds...

Since today I am 6 years and 81 days away from collecting my first scheduled social security check (55th day AFTER my 62nd birthday), that is an immediate additional 60 payments I will receive unless I opt to wait 5 more years for this full retirement age thing the government offering an additional $500 monthly payment, or an additional $100 per month for each year after my 62nd birthday to draw the entitlement....

First of all, I cannot imagine me doing the same job for another 12 years at 67 years old.... let alone at 62.

Second of all, each completed year I have worked after 2013 - I am substantially increasing my pay rating formula as their rules state they calculate over 35 total years (whether you worked 35 years or not) or the highest 35 years of work history income (which means in my situation I have now eliminated the lowest 8 years which is substantial !).

Third of all, the pay rating formula in my situation won't be substantially increasing anymore after eliminating the 11th lowest year of my work history (which is 46 years of recorded income) provided I am still working my current job thru Dec 2024 at age 59.5)

Which is perfect for my situation for these moons to line up, as my 11th and 12th lowest yearly income work years is the biggest gap difference in the formula if eliminated (a 1 year $5000 gap), compared to the 12th lowest year thru the 26th lowest year (which is only a $7000 gap difference in between those 15 years COMBINED in that stretch), as the lowest yearly income within this 15 year stretch is the first 5 years that is within a $2000 gap which is not significant for a higher rating formula.

Even if I decided to wait until age 67 to retire, and that's if I have the same full time current employment for the next 11 years - it would be substantial enough to get another $700 per month (or only $500 per month if I don't work from age 62 to age 67 and not draw) - and those are a lot of if's which are too many for me.

However, after I did all the math and decide not to collect at age 62 and draw at age 67 (if I no longer work right now and forward), the government is saying to me they are willing to bet that I won't live past age 78 and two months to break even waiting 5 more years to start drawing.

The government is also saying to me that if I wish to draw at age 62, you will start losing an additional $500 to $700 of income each month you could have had starting 3 months after your 78th birthday - if you would just only wait another 5 years to draw (but in reality that is still over a 16 year gap to this break even point whether one starts collecting or not)

I have been with only two employers in the last 31 consecutive years (current job 16 years and former job 15 years) and luck holds it to be - the current job is highest paid and previous job was second highest paid, and if I continue to work my current job for the next 3 years - that will cover 34 out of 35 years in the rated formula for my two highest paid jobs at age 59.5 for the age 62 draw top formula peak.

Working thru age 60.5, 61.5, and 62 will have no bearing on increasing my rated formula for monthly income as those lowest 35 to 40 years of reported income is rather the same amount.

So, if my home is still holding up and I'm still in good health - I could retire as early as 59.5 and hope nothing major happens financially or tragically while not having health coverage (premiums are too great) and draw the IRA's without substantial penalty and live off my savings before age 62 social security kicks in and enjoy life....

All that math has told me I'd rather take the $78,000 upfront government offer for the first 5 years at age 62 and still enjoy life to the fullest rather than wait that much longer just to get an additional $500-$700 per month, as I know for certain my quality of life will surely not be the same at age 78 - 3 months and older, or I will not live to see that age.


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Horsedoc

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Posted: 05/23/21 07:51am Link  |  Quote  |  Print  |  Notify Moderator

I left at 55. Had a small pension from my job that I had to take cut on and then a state pension (law enforcement) that I also had to take a cut on. Wife left her job the next year with a SS disability (Multiple Sclerosis) We were careful with with $$ for a while until we saw how it was going to work out. I was offered a job with a local dealership (Honda and BMW) delivering and picking up autos. This worked into long haul trips in a flatbed truck to places like New Orleans area, Charlotte area, metro Miami and even Rhode Island. This part of retirement was fun and the money was OK but it got old being gone from home so much.
Financially it all worked out and we traveled for a few summers and fall around the country. Glad we were able to do this. She cannot use her legs now and we have a handicap Newmar MH to continue as much as we feel like.
Truthfully, I miss my old job and the great guys I worked with so many years ago.

colliehauler

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Posted: 05/23/21 12:15pm Link  |  Quote  |  Print  |  Notify Moderator

AKSILVEREAGLE- one sentence you wrote sums it up for me why I took SS at 62. Quality of life at 78. Now I can still do fun things that I might physical can't do at 78, if I live that long. I guess the care facility would reap the added benefits of the increased amount.

I worked shift work most of my life as well and that takes a toll on your body, especially as you get older.

* This post was edited 05/23/21 12:32pm by colliehauler *

4x4ord

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Posted: 05/23/21 12:30pm Link  |  Quote  |  Print  |  Notify Moderator

I didn’t retire at 52.... no regrets. Now 58 and still not retired .... still no regrets. I’m waiting for a worthwhile reason to retire.


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JKJavelin

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Posted: 05/23/21 02:12pm Link  |  Quote  |  Print  |  Notify Moderator

I thought I was fairly healthy when suddenly, at 60 years old, I had a quadruple heart bypass! That was labor day weekend almost 6 years ago. By the end of that year, I had a plan to retire at 63, which ended up at 62 years, 9 months. Our fifth wheel was my pre-retirement present that we bought while I was still working.
We both were on Obamacare until we hit 65,which worked out very nicely. We also started SS right away.
My whole career consisted of 50-60+ hours a week in foundries for 44 years (spit between 2 companies) and retiring early was the best thing I did.
BTW...the SS doomsday rumors are BS.
JK


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