Drawing Social Security early or not?

[steve from staten island]

Steve don't know what your talking about? Political?

look at who agreed with you. Its all about politics with a few around here. I think its all they know or maybe to much time on their hands.
Ask some around this forum were they would be without SS.

 

[Fran Blacker]

look at who agreed with you. Its all about politics with a few around here. I think its all they know or maybe to much time on their hands.
Ask some around this forum were they would be without SS.

Most of what you was true. Then you started with the last three years and lost me.

 

[ws23jrt]

I started working (and paying into SS) at age 13. -Right from that start, I considered SS deductions (intended for my later benefit) to be something to be ignored as being something for me.- Anything that may come of it -way down the line- will be accepted as an unexpected plus. (mandated savings account completely out of my control??)
A bird in the hand is real. A bird sometime later is just a promise.

So today my income is a mix of investment income -due to my savings choices- and a SS check. If the SS check did not exist I honestly would not feel the impact on my lifestyle.
In fact, I would need to make an increase in my spending in order to use up my savings by the estimated date of my demise.

 

[ws23jrt]

Then you started with the last three years and lost me.

Agree--out of context and something of an entirely different topic.

 

[dart4forte]

Don’t forget the Medicare they take out when you hit 65

 

[Dennis H]

Part B is about 179 a month for Linda. I think my employer will pick it up after I retire.

 

[Paul_G]

I must add this, SSI is what very many low wage earners will rely on in retirement. Many people never advance themselves in a career, or even a wage earning job for who knows the reason. They dont have the means or discipline to plan for the future. SSI is the only thing they have to prevent poverty in old age.

There are the many who do have the fore thought to save additional money on there own through out their lives. What ticks these people off, which includes me, is what a bad investment SSI is. The return on investment is horrible compared to personal IRA or 401K investments.

 

[mopar 3 B]

So how long between the first notice to withdraw to receiving check/deposit?

I will get last months payment this month. Was setup so benefits started 1/1/20. Could have gotten the first check one month after signup but did not want it on last years income.

 

[ws23jrt]

Could have gotten the first check one month after signup but did not want it on last years income.

Thanks for the reminder---Not only were withholdings for SS mandatory -they are taxed when received. (I do get that it was withheld -against will- at the outset as -pretax money) Current tax rates apply as opposed to any choices that could have been made along the way of accumulation of the funds.

 

[FU64RY]

It was never created to be a soul source of income. Many people don't save all their lifes and then complain that they have been treated unfairly. It's called sacrifice or a lifestyle. No one said it would be easy or fun, but, some people will do whatever it takes to get a new car and don't have the same drive to plan for retirement. I retired at 52 and started taking SS at 62. There is no need to worry about SS running out, most of the country would die without it.

I did the same thing at 54 and know I made the right decision.
Still alive @ 71. On my way to play at least 2 hours of intense racquetball.

 

[Gone]

This website may be helpful to those trying to figure it out. It's from the SSA.

https://www.ssa.gov/planners/lifeexpectancy.html

 

[68Moparmaniac]

My understanding is that the money we put into SS for our benefit is long gone--spent.
There is no pot of cash. --Today's payments come from today's contributions from today's workers that is/was intended to be for their retirement. My check comes from those working now not from my working then.

When we here the terms---"national debt"--or --"unfunded obligations"---This is one of those situations.

When I got to where I had all my debt paid I started investing the extra. Kinda like my own SS except I did not spend it out from under myself in hopes that I may find it again in some other way when I needed it.

The mind boggles at the thought of how SS might look today if the money was held or invested at the very least.

Governmental Ponzi scheme from the looks of it....

 

[Dennis H]

Like many, I’ve been paying for 45 years. Through the nose. Gross amounts that yes would be millions now if managed by ME. I’ll look right in the mirror. Not an entitlement, it was earned.

 

[Pops1967GTX]

 

[Hey-O]

I did the same thing at 54 and know I made the right decision.
Still alive @ 71. On my way to play at least 2 hours of intense racquetball.

Those are the stories I love to hear!! Congrats on your freedom. It's not about how much, it's about fitting your lifestyle.

 

[Pops1967GTX]

 

[oldkimmer]

I started working (and paying into SS) at age 13. -Right from that start, I considered SS deductions (intended for my later benefit) to be something to be ignored as being something for me.- Anything that may come of it -way down the line- will be accepted as an unexpected plus. (mandated savings account completely out of my control??)
A bird in the hand is real. A bird sometime later is just a promise.

So today my income is a mix of investment income -due to my savings choices- and a SS check. If the SS check did not exist I honestly would not feel the impact on my lifestyle.
In fact, I would need to make an increase in my spending in order to use up my savings by the estimated date of my demise.

Dam, r u looking to adopt? Lol. Kim

 

[747mopar]

I have zero intentions on working that late into my life! By the time I become of age SS will likely be reduced or gone so unfortunately I'm paying out of my own pocket right now to set up a retirement.

 

[Basket case]

My Grandfather retired at 65. Had a hunting cabin,lawn mower repair on the side. Dropped dead of a heart attack six months after retirement. Buddy in high school Dad same thing, dead three months after retirement. When I lost my job last year, I had been working towards early early retirement. Wife and I talked it over, she works so we have medical. I paid off the house and her car. Haven't regretted it one bit. And between hose work and the Honey Do, no boredom.

 

[Hey-O]

Retired at age 52, am now 64, going swimming in a few hours with my wife and by one o'clock, I will have had a rum and coke. You tell me if that's a good thing or bad. If you have to think about it, you have one of several problems and I don't work, so I don't get paid to help you out with it, you're on your own!!!!!!