Posted on 12/31/2017 7:23:49 AM PST by SeekAndFind
Boooooom!!! Well said!
I’m not getting your point there. Are you saying that it’s somehow morally wrong for me to use my social security money (which I paid into for 45 years) to go on a fishing trip?
If I die early, it won't matter how much Social Security I didn't get because I waited!
"Getting what's coming to me" with regard to Social Security is just not a motivator for me. So long as I'm healthy, I intend to keep working and will wait for Social Security as long as possible. I loved every job I ever had going back to when I delivered papers, bagged groceries and washed dishes almost 40 years ago.
I just looked up the maximum Social Security payout as of 2017 (it appears to be $3,538). That's only about $42K a year which is practically nothing. I assume it will be more when I retire but with inflation taken into account, it probably still be a piddling amount.
So I can wait and if I do ever collect it (instead of paying into it), whatever I get will be a bonus.
Never thought of that angle. Might make sense!
Just to clarify, I don’t believe SS is a fraud. It is welfare. It is a vote buying wealth transfer scheme design. Anyone who takes it is accepting welfare. Anyone who depends on it is welfare dependent.
Will I take it? Yes. Will I support ending it today just on the cusp of collecting it? ABSOLUTELY YES!
Speaking as one over 65 but waiting, a relatively minor item is the fact that one starts owing Medicare at retirement age. Thus waiting for Social Security (SS) means a negative cash flow in terms of paying out Medicare the standard monthly Part B premium of $134. This is the minimum and does go up if your income tax AGI goes over certain breakpoints depending upon filing status. This increase takes effect 2 years following the filing of that tax return.
As for taking SS at 62 or later, look to your parents & G.Parents for a probable life expectancy. The longer that they lived, the more logic for waiting if it is economically feasible.
FYI: Taxation of SS is based upon a formula that takes 50% of SS Income and almost all other taxable income for that year. If that exceeds $25k for a Single (Filing Status) then the SS starts being taxable and increases with income up to a MAXIMUM rate of 85%.
Not sure ... but that may be another reason not to get married ...
When one is sarcastic the sarcasm is the point. The fund was intended to allow old aged and disabled people to subsist. It was to alleviate poverty in case you where disabled or outlived your means. It was not intended to enable the luxury of travel.
So when Freepers, though not necessarily you, whine about being defrauded perhaps they could examine the stated purpose of the program. Of course the stated purpose wasn’t the intended purpose.
So enjoy your SS funded vacation it is only taking two working people to provide it toy you.
My dad retired from Boeing at age 62 and lived another 24 years. I retired from there at age 64 and am still alive (as far as I know) at almost 67. I started taking SS as soon as I retired, because one rarely knows how long one has to live in the long term. Could have retired without it, but it provided a very good cushion. Yes, you get increased benefits each year you delay, but would the Federal government do something that was in your best interest instead of theirs??? Methinks not.
• First and foremost, because I could. Healthy and able to retire at 62 was a no brainer. A bird in hand is better than two in the bush. The time utility of the money in hand today outweighed the promise and value of more money down the road.
• The government could keep raising the ante for when I could retire. I decided to take the certainty of what I could get now.
• What if I got sick and couldn't enjoy it down the road? What if I waited and I died before I could draw it? The prospect of receiving more money as I got older would become a moot point if I died before I could start drawing it.
• I thought it better to take it now, than to wait for more later. The amount of money I would have to forego while waiting until 65 or 66 or 70 to start drawing a larger SS check, far-outweighed any difference in the smaller amount I could start receiving right away.
• My financial advisor said to wait until I got older. I did the opposite. He's since passed away at age 60 of a heart attack.
It's been 8 years since I started drawing my SS at age 62. I am still healthy and alive, and doing well financially. Either I made the correct decision or I just got lucky or both.
No regrets. Life is good. Enjoy the fruits of your labor while you can.
Happy New Year!
If your wife was born before 1964 she can take SS benefits at 62 and in addition you can get a check for half her benefits until you start taking your SS benefits. Your taking a check on her benefits does not affect your SS benefits.
Learned this from a retirement plan specialist we are working with. Just so happens we can take advantage of it as I am going to wait until 70. She is thrilled. That knowledge alone was worth the price of admission.
“Then came Penicillin.”
LOL. True.
Alex “mountains from mole hills” Quixote, babe, I want you to consider a New Year’s Resolution of being less the annoyingly combative cretin. You bring obtuse an art form.
Phil got it right ... sales ... and I’m jaw-dropping good.
Social Security isn’t welfare if you spent a lifetime paying in to it.
Medicare Part-D otoh...
” -———and then I’ll have to retire completely (ie not work) to see SOME of it come back.”
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Not if you’ve reached full retirement age——you can earn and collect.
.
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If you continue to work after you begin getting SSA benefits, you will probably be taxed on your SSA benefits.
As bad as that is, the law does not have a COL adjustment, so more and more people are being forced to pay taxes because incomes are higher than they were when Reagan signed this POS law, and when Clinton signed the POS bill increasing the taxes.
This taxation should be voided, but failing in that, there should be a COL adjustment each year that would stabilize the taxation, so it doesn’t keep increasing.
I’m sure Congress will get right on this.
Ok, I’ll rephrase this a bit. Im not sure where your animus lies, this person is not a illegal or welfare parasite, he’s one of millions our govt depends on are you upset he is proud and probably in the 1%? That’s how sales guys are! his Depending on the company or the exact job terms of the role,
a senior sales person is not only worth his weight in gold to his company and its clients not just in unquantifiable goodwill but in measurable results for the employer(revenues) and client (cost savings, throughput. Such a person can draw salary and commission and bonus and stock options >= the level a dr or lawyer can without having the responsibilities or demands of those jobs. And they like I can feel good we’re not living off of the taxpayers dime and be unaccountable job wise although it’s absolutely no shame to be fortunate enough to be working even in an overcompensated union position with non-merit based pay and benefits that have been collectively bargained.
Agree!!!!!
Money means nothing when you can’t enjoy it!
Foregoing monies now to wait for a larger monthly amount when you get older, doesn't factor in the total amount of monies you could receive before that older age.
Why wait until age 77 to break even if I can start receiving it now?
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