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Subject: SS Benefits

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Elmer Fudd    Posted 01-17-2018 at 20:05:54 [URL] [DELETE]        [Reply] [Email]  
  • SS Benefits
  • I am not using my normal name as this is a little personal.

    I have paid into SS for 49 years. I hit FRA this year. After being told by numerous folks that I was an idiot for not applying for benefits, I applied.

    Previously I figured out that a year deferal would require 13+ years in benefits to break even.

    I received a call from the SSA this afternoon. It seems I am able to draw a benefit of approximately 35% of my own benefit, and by doing so my own benefit increases the approximate 8% per year. The increase is added on monthly, and I can take my own benefit at any time. All I have to do is notify the SSA I wish to switch to my own benefit.

    I have no health issues and work full time. I tried retirement 10 years ago, and I could not sit still for more than a day without going nuts. When I originally retired I never counted on a SS benefit, and I do not need it.

    In after tax dollars, I figure the break even point with this offer is about 5.5 years. If I take my benefit I am going to pay taxes on 85% of it. If I am careful, I might squeeze by without paying taxes on the reduced benefit.

    I am sure some of you have experience with the SSA. What would you do?

    Philny    Posted 01-21-2018 at 20:31:17 [URL] [DELETE]        [Reply] [Email]  
  • Re: SS Benefits
  • The only thing I can say is youíre a long time dead .i worked with a lot of guys who didnít live over a year after retirement . Just my two cents.

    steveVa    Posted 01-18-2018 at 12:22:30 [URL] [DELETE]        [Reply] [No Email]  
  • Re: SS Benefits
  • Elmer,
    How do you get around the income limitation. My u understanding is that you loose SS benefits if you earn over 12,800 or so. And those benefits are lost and not deferred. I could be wrong but that is my understanding.

    Elmer Fudd    Posted 01-18-2018 at 12:46:25 [URL] [DELETE]        [Reply] [Email]  
  • Full Retirement Age
  • FRA eliminates the income limit. The level of your income does impact how much of your benefit is taxed as income.

    steveVa    Posted 01-18-2018 at 20:29:27 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Full Retirement Age
  • I would take full benifit at FRA. You will net more cash even though you pay more tax. Then all you do is talk to a tax guy and figure out how to reduce tax like with a health savings account. Or donate to your favorite charity. I am waiting for FRA so I can continue to earn income and take full benifits.

    Tim Daley(MI)    Posted 01-18-2018 at 09:45:38 [URL] [DELETE]        [Reply] [No Email]  
  • Re: SS Benefits
  • Tom-
    If you are still working and don't need SSI, no health issues, then why are you worried about it now for? The longer you work, the more you'll be allowed to collect when it is time. Don't be fooled by the myth that SSI is going to be broke when it is time to collect. It may be when it is time for millenials to collect because they don't work now and not putting into the system. We have organizations like HOSPICE that are legally committing Kevorkian-style suicides to Alzheimer patients thru morphine overdose while depleting all food and water to them. Average stay is less than two weeks s. Once you sign over their care to them, you have no legal rights anymore, including autopsy -they don't do them, as cremation is done rapidly to prevent detection of the opioid OD and true cause of death. You doubt what I say? Just gaggle HOSPICE and watch the video if they haven't taken it down already. Oh, it is highly defended by the left too. It leaves SS and Medicare benefits freed up -no longer have to paid out so where does the money go???

    Tim Daley(MI)

    Elmer Fudd    Posted 01-18-2018 at 11:14:52 [URL] [DELETE]        [Reply] [Email]  
  • Re: SS Benefits
  • Tim,

    The idea when I signed up was to let the SS deposits accrue in a separate account, invest the money, and hopefully come out ahead as the break even point was so far into the future with deferral.

    With the option of a reduced benefit, a break even point of less than six years for deferal, and an 8% yearly increase in benefit on my account, it seems deferring is the way to go.

    If I was to sum up what you said, I think it would go like this. The money is not going to run out, and the deferred benefit is worth waiting for.

    Dean    Posted 01-18-2018 at 11:29:33 [URL] [DELETE]        [Reply] [No Email]  
  • Re: SS Benefits
  • I cannot speak to your situation but I am nearly 2 1/2 years past FRA, still working (for the next several months), and did not sign up for SSI until recently, effective Jan 01, 2018, and only then because I was "talked into it" by others. First "benefit" payment should arrive in bank in February. Time will tell.

    I'm more concerned with Medicare part B, which I declined as I can and will keep my employers health insurance post retirement. I was unable to get information sufficient to make a rational, intelligent decision regarding Part B, so made a best guess decision. Can still change it without penalty for about 8 months. Decisions, decisions.


    Elmer Fudd    Posted 01-18-2018 at 12:08:38 [URL] [DELETE]        [Reply] [Email]  
  • Re: SS Benefits
  • When I turned 65 the insurance that I had from the company I retired at morphed into an Advantage plan. And I had to pay more than I was willing to. The company paid my insurance for 10 years after I retired.

    When I turned 65 I had to deal with Medicare, part B and part D. The company I work for now offered to pay my insurance obviating the need for part B and part D. As long as you have coverage that is rated as "Creditable Coverage" you will not incur penalaties for not having part B or part D.

    If the company you work for now is willing to insure you post retirement, they should provide you with a letter stating that you have Creditable Coverage. These letter generally are issued yearly.

    Until that coverage expires, you will not incur part B or part D penalties. You have a grace period after that coverage expires, in which you are supposed to sign up for B and D,but I do not remember how many days that is.

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