Posted on 05/25/2009 7:24:37 AM PDT by reaganaut1
A plan that makes sense.
For me it came at age 54. Wish I could have done it sooner.
you can get medicare one year after you get disability.
ANd anyone who applies for disability over 57 is almost a shoe in to get it.
I'd bet that everybody here knows one or more.
It’s running out... get it while you can eh?
The simple solution, privatize social security. Won’t happen as long as we move to a socialist country.
It is. You get less benefits if you retire at 62 than 65.
“What happens when someone decides to collect SS benefits at 62 but still works part-time or full-time? Is that not possible? In general, Social Security should be structured so that it does not discourage healthy people in their 60s and 70s from working.”
If you take SS at 62 and work, your benefits are reduced by a percentage of your outside income (not including income from investments). Essentially, if you earn 30 to 40 K a year you will probably not get any social security benefits, however if you start collecting benefits at 62, even if you get no benefits due to outside income, you are locked into the benefits due at age 62. You can’t get the additional money you would get at 67. So, anyone who starts collecting SS at 62 due to temporary layoff is really getting screwed if they go back to work in 6 months to a year. They will never qualify for the additional benefits at age 67. It’s a genuine scam.
Anyone who plans on not working after the age of 62 and delays collecting SS till 67 in order to collect the added benefits is making a huge mistake. You are better off getting the lower benefits for 5 years than increased benefits after 5 years.
“If you retire at 62, you can still earn up to 12K a year till you are 65 or 66 at which time the amount goes up.”
The minute you apply for SS benefits you are locked into the amount you would get at that age. If you apply at 62 you automatically forfeit the increase you would get at age 66. Only at age 70 can you earn outside income without losing your SS benefits.
<I thought workers had to work a number of quarters before being eligible for social security benefits.
Yes, that’s true. My mother was a teacher in DC, which had its own pension system. She took early retirement during one of the budget crunches when they wanted to get rid of higher income teachers. After a while hanging around, she went to work in a community college to get the social security credits. Now she gets her DC pension and SS. The SS isn’t much, but neither was her teacher’s pension, so together it’s manageable.
One thing that I’ve learned is not to depend solely on the pension. I don’t think it even occured to her to put money aside other than in the pension.
“It is a no brainer.”
It is indeed. I have been to multiple retirement seminars and every one said that unless you plan to work a regular job till you are 66 you are a fool not to get the lower benefits at 62.
So YOU'RE the reason I'm working midnights. I have a face to put where the blame goes. I hope SS hangs in there until I get to retire because I'm getting tired.
Take the money at 62? Why. Do the math. How much money do yu collect in those four years, a lot.The Social Security Admin website has a calculator to figure that math for you. They show you any advantage or disadvantage, in dollars, of retiring early (at 62).
“Heck of a system we’ve designed for ourselves, yes?”
Imagine going to a financial planner who suggested a private plan that was the same as SS. You’d walk out of his office cursing his stupidity.
If a practical wish could suddenly be granted me, I would wish for a lifelong personal money manager who knew EVERYTHING that could ever be known about how to deal with this annoying realm of life.
I am 67. As of last August, I can earn any amount without losing SS. Before that, I was limited in what I could earn without reducing my SS.
Also as long as you continue earning income, you pay into ss.
“It is indeed. I have been to multiple retirement seminars and every one said that unless you plan to work a regular job till you are 66 you are a fool not to get the lower benefits at 62.”
I turn 62 in August. I do not plan on going back to work. I have a California County retirement. How many months before I turn 62 should I file a claim? Does it take several weeks or more?
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