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I signed up for Social Security Benefits Today

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  • I signed up for Social Security Benefits Today

    My first check hits my checking account, April 2nd.

    Sad Panda

    I'm officially not only a creepy douche bag but officially a Senior Citizen.

    yay me

  • #2
    Grats?

    Comment


    • #3
      Enjoy it while you have it.

      Comment


      • #4
        Originally posted by DandyDon View Post
        Enjoy it while you have it.
        I've been working and paying into the system for 49 years. If the funds dry up in my lifetime, I'll die by suicide from sheriffs

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        • #5
          Why the fuck did you go to school if you're not going to continue working? You fucking bum!

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          • #6
            When did I say I was not going to continue to work?

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            • #7
              Originally posted by Who View Post
              When did I say I was not going to continue to work?
              It would be assumed since your SS will be pro-rated to make up for the amount you earn. Plus the earlier you sign onto SS the less $$ you get. If you're going to work anyway, why in the hell would you give up a fatter future SS check by waiting. You can get over 33% more if you hold off another 5 years. Makes no sense.

              Comment


              • #8
                Originally posted by s.murph View Post

                It would be assumed since your SS will be pro-rated to make up for the amount you earn. Plus the earlier you sign onto SS the less $$ you get. If you're going to work anyway, why in the hell would you give up a fatter future SS check by waiting. You can get over 33% more if you hold off another 5 years. Makes no sense.
                I couldn't agree more, pisses me off. Personal matter I may share in the future, but for now, I'm in the system.

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                • #9
                  At some age I think you can earn all you can without set off but I don't know what the age is.

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                  • #10
                    There is no offset to social security depending on your current income. You get the same SS amount, the difference is how much of it will be taxable.

                    As far as taking SS early, if you start drawing at 62 and add up all the payments until you hit 65 (or 66 or whatever your "mature" age is) You will see if you had waited until your mature date to start drawing you would have to live until 76 or 78 to get the same amount of money out of the system and start getting ahead of the curve. So for those who don't expect to live that long it makes more sense to take the money early.

                    Simple math for dummies:

                    66 - 62 = 4 years = 48 months
                    48 months x $1000 per Month = $48,000

                    Age 66 SS Payment would be $1500, so $1500 - $1000 = $500 difference

                    $48,000 / $500 per month = 96 Months
                    96 Months/12 Months per year = 8 years
                    66 + 8 = 74 = break even point

                    The $1000 and $1500 are simple numbers to illustrate the point. Substitute your own SS numbers to see what the result would be in your case.

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                    • #11
                      I'd assumed you've been on SS for decades already.

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                      • #12
                        Congrats Who ! Spend it all on hookers and viagra co-pays(let Medicare pick up most of the tab) !

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                        • #13
                          There is a lot of debate over when to take SS - lot of people are 100% convinced but it really depends upon your financial situation whether its a good idea or not to wait or take early.
                          Had a client last year take it - he was still working, debt free and saved all of his SS payment. That's NOT when to take it early. He lost a significant portion to taxes.

                          It's sort of like people making a move from a traditional IRA to a ROTH and prepaying the tax. For most people (75+% of the population probably) that's a really horrible idea because they may not have been paying much tax on their distributions anyway.

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                          • #14
                            SS called me this morning, i have a 30 day walk back window if i land a high paying job and i have an interview next Friday.

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                            • #15
                              Originally posted by Who View Post
                              SS called me this morning, i have a 30 day walk back window if i land a high paying job and i have an interview next Friday.
                              That ship has sailed

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