Posted on 05/25/2009 7:24:37 AM PDT by reaganaut1
.......and I did pay into the SS system for 34 1/2 years.
Don’t forget to take into account your husband or wife’s income if you retire early. You may land up paying more in taxes if one of you is still working.
Exactly!
You can apply for benefits when you’re 61 years and 9 months old.
Take the money and run.
Congress critters and their staff, as well as federal employees have been subject to SS for more than 25 years now. Those who were in office or working for the federal government 25 years ago were given the option of remaining under the old retirement system or converting to SS.
See:
http://www.truthorfiction.com/rumors/c/congressionalpensions.htm
Don’t forget to take into account your husband or wife’s income if you retire early. You may land up paying more in taxes if one of you is still working.That's true.
Of all the gubmint websites the SSA's may be the most informative and easiest to navigate and get answers.
No offense meant to the BATFE and their website. I luuuuuuuuuv the BATF.
On Scout's Honor, I really do.
I think that this falls under the category of "get it while you can". People see the condition of the federal government's finances and are moving to cut their losses.
I hear you and you did the right thing financially as well because if you had waited until age 66 to retire you would have had to live well into your eighties to recover the amount of money you received from SS from age 62 until you turned 66.
Not necessarily. My father retired at 62 and has kept his regular insurance. When he is 65, however, he will be forced into into medicare.
“How many months before I turn 62 should I file a claim? Does it take several weeks or more?”
Not sure, but you can go to the SS web site for those kind of answers.
Do it least 4 mos. before. I took early out and for me it was the only way to go.
That's exactly what I did 8 years ago. The first 3 years I had to reduce my earnings in order to avoid the penalty of earning too much. After I reached 65 I could earn as much as I wanted with no SS penalty.
I want to live long enough to draw out all I paid in, plus a reasonable amount for the interest that money should have earned over the years.
Jeez, now I know that if I want to see a bunch of conservative Freepers clamoring for government handouts, just bring up the issue of Social Security. I’m early 40s, and will never see a dime. Too bad I have to subsidize all you old folks. And before you say you’ve earned it, whatever you paid into it will be far exceeded by what you milk out of it.
Are you talking about the penalty you have to pay through income tax or the anount of SS money you get? I'm 67 and have PERA and SS and still pay over 3000.00 in income tax. Am I missing something here?
Also the more non-SS income you have the greater the percentage of your SS benefit included when calculating federal income tax.
Regards,
GtG
Great post. Agreed, nobody should wait one minute longer than they have to in order to start recouping at least some of the money they dumped down the government toilet over their lifetime.
Get some before the Democrat “base” constituency (the losers, bums, and parasites) gobble it all up.
DEFINITELY start collecting at 62.
I’m early 40’s etc...
If this isn’t tongue in cheek, GFY
I paid into my 1st FICA in 1953 at 14 and except for a stint in the Navy, have contributed weekly to the fund for virtually my entire life. FORCED CONTRIBUTION at that.
What makes this whole program FOS is if one were to go to ‘them’ and say “Give me what I put in and I will gladly drop out of the program” ‘they’ would refuse.
I got to know the guard in my local ss office, I asked him why the need for a guard in an ss office. He told me, “you wouldn’t believe how pissed off people get when they are denied ssi”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.