Well, I finally done it - Social Security, it ain't social, and it ain't security.

[dancer4life]

Congratulations!!!!!

 

[dennishoddy]

You guys that have retired, did you do so online by yourself or did you elicit some help for maximum benefits ? I'm teetering on early filing but haven't yet taken the plunge.

Wife and I both did it online. We were both maxed out so it was pretty easy.

 

[dennishoddy]

I was looking at the numbers the other day. Based on the last SS statement I received, if I wait until 65 to start drawing, instead of 62, it will take ten years to make up the difference for that three years of delayed income.

I don't know if I'll even make it to 65 much less 75. At 62 SS would be about equal to my current income so to me it would be a no brainer to draw it at that time.

If I get a better paying job before I'm 62 next year, then it would be better financially to keep working but I'm not sure it would be so beneficial otherwise.

Exactly. When I was approaching 62, there was a pretty good nest egg and I started interviewing financial folks to see what they offered and how much of a cut they got.
Most of the retirement type financial folks tried to baffle me with all the lingo to show how cool they were or something in the financial world. Those got blown off pretty quickly.
Finally one guy broke it down so clearly that he got my business. My wife who was an accountant all of her career was impressed how well he spelled out how my nest egg would be managed that she went with him when she retired three years later after monitoring my account.
He also stated that I would be a fool to not start SS at 62 for the very reasons you stated, and If I waited until 70 yrs old to start SS, I would be almost 90 before realizing any gain.

 

[O4L]

Exactly. When I was approaching 62, there was a pretty good nest egg and I started interviewing financial folks to see what they offered and how much of a cut they got.
Most of the retirement type financial folks tried to baffle me with all the lingo to show how cool they were or something in the financial world. Those got blown off pretty quickly.
Finally one guy broke it down so clearly that he got my business. My wife who was an accountant all of her career was impressed how well he spelled out how my nest egg would be managed that she went with him when she retired three years later after monitoring my account.
He also stated that I would be a fool to not start SS at 62 for the very reasons you stated, and If I waited until 70 yrs old to start SS, I would be almost 90 before realizing any gain.

Well unfortunately I don't have a nest egg but I have learned how to be content with very little and life's too short to punch a clock until you die.

 

[dennishoddy]

Well unfortunately I don't have a nest egg but I have learned how to be content with very little and life's too short to punch a clock until you die.

If you can handle it, and the unfortunate Opps like losing an AC unit down the road without a nest egg, go for it. Everyone has their level of happiness.

 

[Timmy59]

I paid in for 47yrs since 1968. Excuse me, it ain't free money or a socialist program. My head is held high. I want to know why SS can go broke but welfare, foodstamps and the rest never run out of money.

The answer I would provide would get me banned. Due to technology I can't even use some of the words in a pm as they have removed my redneck freedoms.

 

[Timmy59]

Rise in Medicare premiums also. Wiped out the COL raise.

Government has seen to it that the worker ants are raped and violated from sunrise to sunset.

 

[crapsguy]

Exactly, one we are forced into.

if we were not "forced into" SS many would not pay into it and then would end up with absolutely nothing when they get old
most people collect many times as much as they paid into SS and many who paid in minimal amounts also get supplemental SS
added onto their monthly check -- some - but most - would not put back enough money for retirement if left on their own

 

[1shott]

if we were not "forced into" SS many would not pay into it and then would end up with absolutely nothing when they get old
most people collect many times as much as they paid into SS and many who paid in minimal amounts also get supplemental SS
added onto their monthly check -- some - but most - would not put back enough money for retirement if left on their own

Its still ponzie scam forced onto the American people. If it is truly our money then a person should have access to it when they reach age 65, just a example, at which time they would be able to with draw all the amount plus interest or set up a re payment plan they want.

When that person passes away, the funds would then go to their estate.

None of that happens.

Retirement is a personal choice, the .gov should not involved in it IMO.

 

[Chief Sapulpa]

You guys that have retired, did you do so online by yourself or did you elicit some help for maximum benefits ? I'm teetering on early filing but haven't yet taken the plunge.

I tried doing it online but had problems with the website so I went to the local SS office. The local guidance screwed it up so bad that a very nice lady from Philadelphia called and got everything straightened out.
Also since I was still working I waited until I turned 70 so I could get the maximum payout.