Well, I went and did it

[LVSteve]

I applied for social security today. Yes, I'm taking it "early", but when I did the math it was the only thing that made sense given the chances of further employment at a salary that would make waiting even close to worthwhile.*

One part of the process baffled me slightly. I receive a retirement from a previous job in the UK and I checked the box to say so. However, at no time did it ask me to enter how much. That seemed odd given the Windfall Provision. Maybe I will get a letter to go down to the local office with proofs of how much. Given how much my SS benefits would be hit by WEP, it would be really nice if the current bill in congress made it. We shall see.

*You watch, somebody will call tomorrow with a very well paid two-year consultancy. Dafter things have happened. After all, I came to the US for a 2-3 year job...in 1997!

 

[notsofast]

I’m 69 now, I filed for and began to receive my Social Security at 67, it’s a direct deposit there every month. I worked since I was 16 retired at 67. I’m glad to have my SS, I’m not completely financially secure but the incoming SS helps.

 

[Kevin J.]

I will be applying next month to begin receiving in November when I will hit the magic 66 years and 8 months for full benefits.

 

[Ivan the Butcher]

The wife and I officially started April 2024. SSI almost covers everything in our lifestyle. So the 2 IRAs make life good.

When I got out of HS in 1974, I thought I would never see any of my Social Security payments again! So I started my IRA, originally they had a federal ID # and your banks routing #, mine was a bunch of zeros followed by 47. The wife and I waited for 66 1/2 to get 100%. I was amazed how much it is!

I never had much to do with her 401k, except to encourage her to go for maximum matching. Hers is bigger than mine! Not getting it out of Prudential's hands and into some decent stocks and bonds is being a challenge!

My original IRA was at a tiny S&L that got bought out by 5/3 National Bank. About 20 years ago, I went to roll those CDs into my stock IRA at a brokerage. The brokerage almost had to call the SEC & FDIC to get them to release my money!

We now just roll along, and spend dividends or interest, and never touch the principle. Except for INFLATION, life is good!

Ivan

 

[Xfuzz]

Windfall Provision. ..in 1997!

With that little provision my SS check after Medicare
is a whopping $34.00 a month.

Congratulations BTW....

 

[desi2358]

I started receiving mine early too. Ran the numbers and decided that waiting till "full retirement" for a pittance more just didn't make sense. I can still work some, just can't earn over a certain amount without a penalty. Had already reduced my hours due to some health issues so I am okay there. Gives me a little extra which helps in this less than great economy and working a little part time keeps me active......... Not figuring on finally quitting work completely until the wife retires. She's younger than me so maybe in a year or two.

 

[NYlakesider]

I took my SS the very first day I could. I had no intention of going back to work. (other than honey do jobs)

After putting much money into my account since I was 16 it was nice to start getting some of it back!

 

[johnbeaver]

I will start drawing mine this August at 70.
Why? Because now my check will be a little bit higher than my brothers.

The office closest is fifty miles away, so I tried to make an appointment a couple of months out when I had a planned trip to there. No can do. Phone or web only. And that was two weeks after.
Lady was nice though.

 

[SnidelyWhiplash]

My sister-in-law collected two social security checks before passing away at 62. One of my closest friends retired and within eight months died of injuries in a car crash.

Take the money and run as no one knows how many days ahead you have. Enjoy it while you can.

 

[gmarshall99]

I believe if you have 40 quarters paid into the system, the windfall provision does not apply.

 

[LVSteve]

I believe if you have 40 quarters paid into the system, the windfall provision does not apply.

WEP is complicated, even for those who have spent all their lives in the US. From what I see here, having 40 quarters does not help me. https://www.ssa.gov/pubs/EN-05-10045.pdf

I have the added wrinkle that I did not start being paid by a US business and paying taxes here until 2007. Up until then I was treated as 'normally resident in the UK'. Somebody in SSA is going to have fun unraveling that lot.

 

[Farmer17]

I'm 65 and in great health so plan on taking mine at 67 so I can still work and keep all the money I make.

 

[Rule3]

I applied for social security today. Yes, I'm taking it "early", but when I did the math it was the only thing that made sense given the chances of further employment at a salary that would make waiting even close to worthwhile.*

One part of the process baffled me slightly. I receive a retirement from a previous job in the UK and I checked the box to say so. However, at no time did it ask me to enter how much. That seemed odd given the Windfall Provision. Maybe I will get a letter to go down to the local office with proofs of how much. Given how much my SS benefits would be hit by WEP, it would be really nice if the current bill in congress made it. We shall see.

*You watch, somebody will call tomorrow with a very well paid two-year consultancy. Dafter things have happened. After all, I came to the US for a 2-3 year job...in 1997!

Wait for the Medicare sales people start harassing you (if they haven't started already!
By mail, phone, text, knocking on your door

 

[JohnRippert]

I turn 62 in October, and I will be applying early next month. None of the men in either side of my family made it to 85. The break even point for me will be around 80. So I may end up getting a little less overall, but I have already retired and I am not going to work any more. I have a small pension that is a couple hundred a month less than my SS will be. I have a decent 401K saved up that I plan not to touch until I have to start pulling out of it. Cars and house are paid off and once I do start pulling out of the retirement fund I will be making more than when I retired. I will do alright.

 

[GypsmJim]

I started planning at age 59. I calculated what the benefit would be for each year 62-70. I knew the current budget and I graphed that out as well, figuring in inflation.

I planned the retirement date based n when the 2 graphs met....which was 67.

Turned out that my income rose enough in the last 8 years that my monthly benefit was bigger than planned. That surplus allows for an extra cruise vacation each year.

Naturally the current inflation was not anticipated back then, but it has all worked out well anyway.

For me, retiring was the best thing I ever did. Doing it at 62 would have shorted the monthly budget and waiting till 70 would have stressed me too much.

Now 7 years retired and still in reasonably good health I made the right decision.

 

[pmanton]

I pulled the plug on the earliest date possible. I have worked from 17 to 62 and I believe I made the best choice for me. I love retirement. ( I'm 86)

 

[326MOD10]

You have to have 30 years of Substantial Earnings for the WEP not to apply. Substantial Earnings is basically making more, that you pay Social Security on, than the poverty level for that year.

For instance this year it is like $33,000, or somewhere there about.

When I hit 62 I will have roughly around 23 or so years of Substantial Earnings. Only helps me in that for every year I work over 20 yeas of Substantial Earnings I am supposed to lose 5% less than the max they can take out. I think.

It is very complicated.

I just got off the SS website and it looks like if I pull the plug at 62 (which is my plan) I will get a whopping $640 dollars or so. If I stay to my max retirement age it only goes up 400-500 dollars and frankly I am not sure I will make much longer than that.

The years on the PD and working low paying jobs while I went to school are biting me in the butt when it comes to SS. Sad thing is all the money I paid in while doing part time work on PD is showing no benefit to me.

I will take at 62 and let the chips fall where they may. Working on a deal where I will have a part time gig lined up to supplement my income and not have to work full time, if I work at all.

I sure hope they repeal WEP in the next few years.

 

[pharmer]

The .gov has endless ways to pick your pocket. I claimed SS at 68, couldn't hold out to 70. My wife just turned 60 and inherited an IRA. on top of healthy 5$digit tax payments they added $92/mo to my Medicare premium ( code: IRMAA screwing, no kiss for you). Income tax, SS tax, property tax, sales tax, fuel tax, excise tax; the .gov would take it all if they could. Joe

 

[Golddollar]

I applied for social security today. Yes, I'm taking it "early", but when I did the math it was the only thing that made sense given the chances of further employment at a salary that would make waiting even close to worthwhile.

I turn 62 in October, and I will be applying early next month. None of the men in either side of my family made it to 85. The break even point for me will be around 80. So I may end up getting a little less overall, but I have already retired and I am not going to work any more. I have a small pension that is a couple hundred a month less than my SS will be. I have a decent 401K saved up that I plan not to touch until I have to start pulling out of it. Cars and house are paid off and once I do start pulling out of the retirement fund I will be making more than when I retired. I will do alright.

I took my Social Security at 63 1/2. I had a lot of reasons to do so. My dad's health was slipping and he wanted to spend more time with me. I was having health issues, some I knew about and some I didn't. According to the SSA website, it would have taken me 14 years to catch up if I waited for my full retirement age. But considering the life spans of the guys in my family, it would not have been a bad bet to wait for my full retirement age to take Social Security.

BUT, sometimes life has other plans. Not long after visiting my dad, I got called into the senior partner's office to learn that I was getting an unfavorable reassignment at work. That was the mental kick in the pants I needed to put pen to paper to decide if retirement was a feasible option. With the costs of commuting 90 miles a day, to continue working would have netted me a whole additional $20 a month for the privilege of running the traffic on the Baltimore Beltway. Did I want to run the Baltimore Beltway for a whole $20 a month? Not only NO, but HECK NO! My application for Social Security was filed immediately and after 8 1/2 years in retirement I still call it the best move I ever made. I'm taking care of myself better and now I can go bust caps at the range in the middle of the day in the middle of the week. And isn't that what we worked toward?

So Steve, based on my own experience, I think you made a good move. John, I think you're making a good move and going to be OK.

 

[zeke]

Took ss at 62, and glad i did. My best friend helped to convince me as there are no guarantees. He only got 10 years of it. Being already past my expiration date, am glad i took it early so could enjoy while i can.