Social Security Questions

[disney junky]

If you are collecting, at what age did you start?
If you started early (after 62 but before full retirement age), were your reasons based on advice or just wanting to get started as soon as possible?
How did you apply? In person? By phone? On line?

 

[SC Minnie]

DH started collecting at age 62. He ran the numbers and in the grand scheme it didn't make that much difference. He had been unemployed, except for contract work, since 59. He still works part time now to get out of the house but makes under the max.

I'm not sure if he applied over the phone or online. I don't think it was in person.

 

[Kitty 34]

If you are collecting, at what age did you start?
If you started early (after 62 but before full retirement age), were your reasons based on advice or just wanting to get started as soon as possible?
How did you apply? In person? By phone? On line?

I started at 62. I applied in person. I was retiring from my 34 years of subbing so just thought I'd throw my SS money into my mix.

DH started collecting at 64 when he retired from his job of 30 some years. He applied in person, also.

It was a very easy process at least here in Michigan.

 

[disney junky]

Just a little background. I'm 63 and retired from teaching 3.5 years ago. Sold some real estate. But stopped working at all last year. The monthly benefit keeps creeping up, everyone has an opinion about when, and most of the financial advisers say wait until full retirement age (for me, 66 years 2 months) and most of the teachers in similar situations took it as soon as possible. I've pretty much determined to start within the next couple months, but I like hearing other people's perspectives.

 

[georgina]

We have longevity in both our families. DH is waiting until 70 to take his SS. I will wait until my full retirement age (67 I think) to take half of his. He did start taking his pension immediately upon retiring at age 63 because the monthly amount would not have gone up much over the next 3 years. It's a personal decision with many factors, we could afford to wait and take the significantly higher amount.

 

[Cindy's Mom]

I know a few people that died waiting from 62 to full retirement age, so I'm taking it the second its available to me. Pension in 2024, SSI in 2026. Can't come soon enough.

 

[Breezy_Carol]

My full retirement age was 66 so that is when I started SS. Just got my first deposit in March. I applied in the office with out an appointment so had to wait a bit

DH hits full retirement in June and did his online as I kind of understood the process then.

 

[leebee]

I have no idea about how social security or medicare work. I am 62 so I know I have a steep learning curve in front of me, but I always figured I had plenty of time to learn. HAHAHAHAHA! I've worked either full or part time for 36 years, so I know I am eligible (even if 10 of those years were with a public school system with a pension plan... which might mess with my SS). How do you "decide" when to retire? Is there a rule of thumb that says if I have X dollars in my retirement accounts and am Y years old and worked Z years under social security, I can retire at whatever age? I have looked online for help but haven't found much of help as so many of them are advertisements for investment firms or whatever. Guess I'd better get on the stick!

 

[Someluck]

I don't come from a family with a history of longevity, and my own health is not as good as I would like, so carpe diem! I took it at 62 and have no regrets.

 

[jo-jo]

We have longevity in both our families. DH is waiting until 70 to take his SS. I will wait until my full retirement age (67 I think) to take half of his. He did start taking his pension immediately upon retiring at age 63 because the monthly amount would not have gone up much over the next 3 years. It's a personal decision with many factors, we could afford to wait and take the significantly higher amount.

You can collect on his SS?

I thought he got his SS, you got your's, but when a spouse dies, one can pick whose ever is higher. This is not from experience, just what I've heard.

 

[Cindy's Mom]

I have no idea about how social security or medicare work. I am 62 so I know I have a steep learning curve in front of me, but I always figured I had plenty of time to learn. HAHAHAHAHA! I've worked either full or part time for 36 years, so I know I am eligible (even if 10 of those years were with a public school system with a pension plan... which might mess with my SS). How do you "decide" when to retire? Is there a rule of thumb that says if I have X dollars in my retirement accounts and am Y years old and worked Z years under social security, I can retire at whatever age? I have looked online for help but haven't found much of help as so many of them are advertisements for investment firms or whatever. Guess I'd better get on the stick!

I think you should got to the ssa.gov and set up an online account, I'm not sure if you can get access automatically, so you might have to wait for them to mail you a PIN. I did mine years ago and that's how it was then.

Once you have access, it tells you exactly how much you can expect at different ages. You also should see if you have enough credits to see if you even qualify for medicare. that's on the site too.

 

[gwynne]

You can collect on his SS?

I thought he got his SS, you got your's, but when a spouse dies, one can pick whose ever is higher. This is not from experience, just what I've heard.

I think the poster was referring to spousal social security.

 

[tvguy]

I know a few people that died waiting from 62 to full retirement age, so I'm taking it the second its available to me. Pension in 2024, SSI in 2026. Can't come soon enough.

Yup, it is a gamble. I plan to retire in 18 months at age 63, and the two different pieces of software that my Financial Adviser and CPA use both conclude that the odds are I will live well past full retirement age of 66 1/2, and I will be money ahead by waiting to take social security until full retirement age.

 

[amcnj]

From what I have read, the payment amounts are determined so that no matter what age you begin collecting, you will receive the same total amount, and here is the big “if”, if you live to the social security determined average life expectancy. I also don’t know how often those figures are updated.

I am going to play it by ear and review my health and income situation at 62, and each year afterwards and then decide to take it or wait another year.

The people I know who have signed up in the last several years used the online method. They never even went to an office for a consultation, and started at age 62. A few others are now over 62 and are waiting, supposedly for their full retirement age, but maybe some will end up waiting till 70

 

[Kitty 34]

I think the poster was referring to spousal social security.

Hi Gwynne!

The only beef I have with SS if I had to really choose a beef is the fact that my sister when she collects in three years (at age 62) will be getting half of her DH's SS whereas when I started collecting I just got the amount "granted" to me. She only worked as a waitress for 10 years and will be getting more than me. Oh well, it is what it is.

 

[Christine]

You can collect on his SS?

I thought he got his SS, you got your's, but when a spouse dies, one can pick whose ever is higher. This is not from experience, just what I've heard.

Yes, you can do this. It's a little known thing.

If one spouse is still working and the other is retired, the working spouse (if old enough) can file to collect 50% of the retired spouses SS.

 

[tvguy]

even if 10 of those years were with a public school system with a pension plan

Yeah, I had no idea, at least in California, many ( if not all) public school teachers do not pay into social security from that employment.

 

[amcnj]

I have no idea about how social security or medicare work. I am 62 so I know I have a steep learning curve in front of me, but I always figured I had plenty of time to learn. HAHAHAHAHA! I've worked either full or part time for 36 years, so I know I am eligible (even if 10 of those years were with a public school system with a pension plan... which might mess with my SS). How do you "decide" when to retire? Is there a rule of thumb that says if I have X dollars in my retirement accounts and am Y years old and worked Z years under social security, I can retire at whatever age? I have looked online for help but haven't found much of help as so many of them are advertisements for investment firms or whatever. Guess I'd better get on the stick!

I would start with determining your expected expenses in retirement and then seeing if you will have sufficient income to cover all the expenses. Which, if any, of your expenses will change in retirement? Will some of your current expenses, such as commuting costs, cease or decrease once retired? Will others increase, such as traveling more? Will your health care costs change once off the payroll? Once you have an expense estimate, can you cover that amount with some combination of pensions, social security and savings (IRA/401 K/other savings). If not, do you want to/can you continue working until you can meet that target, or are you willing to relocate or make other changes which lower your needs in retirement?

 

[msjprincess]

I'm probably going to start collecting at 62. Both of my parents before 66. DH is younger than me and will be retiring with a pension when I'm 62.

 

[jerseygal]

I know a few people that died waiting from 62 to full retirement age, so I'm taking it the second its available to me. Pension in 2024, SSI in 2026. Can't come soon enough.

That is very true unfortunately. It is so difficult deciding. If you are planning to be "semi retired" at 62, if you can wait, probably better to wait until full retirement age because your "semi retirement" position may exceed the max that you can earn before giving back.