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Drawing Social Security early or not?

I had a workplace accident and had to retired at 51. Was on comp and was denied SS. Hired a lawyer and after almost three years was granted SSD with full retro pay. The judge said he didn't understand how I was denied in the first place. Told me it was becoming standard practice unless you lost a limb or death was eminent.
 
Yeah it's a total crapshoot since we have no idea of when we drop. A good friend retired at 60 thinking about his folks early departure so he wanted more assurance of more years of retirement. More friends are retired now and makes me think more to yank the plug. I'm pert near full retirement age anyway and self employed. Like those have said, pulling SS earlier increases the odds of getting more of your hard earned benefits over the longer term. This alone is more compelling. My work is interesting but then I think back on all the years of corporate bullshit/politics I got so sick of prompting me to start my own biz. It's still all about keeping customers happy so the politics remain that I've grown more weary of and now working with more people half my age. And I got tons of projects partly started or on deck that'll keep me busy if I stay healthy enough.
 
I think retiring and when to start drawing SS benefits are 2 separate issues. Some people retire but wait to draw SS until they max out. For example, Military, FD and PD retirees usually can retire after 20 years of service.
 
It grows 8% a year if you let it sit. Hard to guarantee that in the market. If you don’t need it, let it grow. Then if you make 70, you get a 3200@ month bonus. Hellcat and enough age to control myself. Maybe.
 
I’ve heard after drawing SS for 5-6 years, you already have drawn more than you have paid into. Don’t know if that’s true as I’ve never sat down to figure it out and I still have 20 years to go.
 
5.7 hemi said:
I’ve heard after drawing SS for 5-6 years, you already have drawn more than you have paid into. Don’t know if that’s true as I’ve never sat down to figure it out and I still have 20 years to go.
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If your not self employed your employer put in the same amount as you.
 
I understand that but, you always draw more SS than you’ve paid into. I just don’t know how long that takes.....providing you don’t die shortly after drawing SS.
 
Look at those life time earnings reports they tell you how you made. If you take 12% of your life earnings that will tell you what you and your employer put in. That won't be exact because the amount has changed over the years. Also if you make enough to have them stop deducting it. I made it once and got $5 back, whoopi do.
 
I maxed out my SS every year since 1986 and retired in may 2009 at the age of 52. Last year on July 22 I turned 62 and started collecting my SS. It wasn't about needing it, it was about just taking it as soon as I could. Waiting for more money after doing the math didn't make sense to me. Betting on how long I'd live is a suckers bet. To me, a bird in the hand is better than two in the bush. Just my opinion.
 
Started drawing same time as Medicare 65. Still working, self employed at 70 and will work till I can’t, since Trump took office phones rung off the hook with work so I’ll be here taking it. After 67 or 68 years I could make any amount I wanted and didn’t have to give back a percentage above what I drew. Chart showed I would be 79-1/2 breaking even. Six of my friends didn’t make it to 66, happens a lot and should be plenty money in SS. To many tapping into SS who put NOTHING in, wonder why it’s going broke!
 
Ceedawg said:
Started drawing same time as Medicare 65. Still working, self employed at 70 and will work till I can’t, since Trump took office phones rung off the hook with work so I’ll be here taking it. After 67 or 68 years I could make any amount I wanted and didn’t have to give back a percentage above what I drew. Chart showed I would be 79-1/2 breaking even. Six of my friends didn’t make it to 66, happens a lot and should be plenty money in SS. To many tapping into SS who put NOTHING in, wonder why it’s going broke!
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You have to put the minimum in SS to get the minimum out. Id say we both agree that people claiming fake injuries and trying to scam SS is the biggest problem
 
Don’t forget, those that NEVER put into SS get it, illegals along with people claiming fake injuries.

What really chaps my *** is that a Disabled Veteran who is rated at 100% has to fight tooth n nail to get SS! That’s total BS!
 
Ceedawg said:
To many tapping into SS who put NOTHING in, wonder why it’s going broke!
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Actually the SS pyramid is not "going broke".--- It WENT BROKE many years ago.
Everyone and anyone that gets a check from the SS system is getting that money from existing -working- contributors.
(It's not like a pension fund where the funds are expected to be held and cared for.)

If the current SS withholdings -of existing workers/earners- cannot keep up with the demand to meet the obligation to those that are drawing the funds then the taxpayers as a whole will fill in the balance due.
 
I believe they calculate your SS by your highest pay in your last 5 or 7 years. Just for the record, SS will never go broke, NEVER.
 
Hey-O said:
I believe they calculate your SS by your highest pay in your last 5 or 7 years. Just for the record, SS will never go broke, NEVER.
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That's the way it was until mid 80's. Now life time earnings. If you had a low paying job for 10 years when you were young it drags down your SS.
 
When SS first came about wasn’t it supposed to be voluntary?
 
Hey-O said:
Just for the record, SS will never go broke, NEVER.
Click to expand...

I admit that when using the words "going broke" can easily become a conversation about the meaning of the word---broke.
 
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