Just wondering how many of you elected to take your social security benefits at age 62 vs. 66. I've been told by various cousins they elected 62, because it "evens out" over the years. I just read my statement & it said if you take it at 62, you can continue to work (sure that is limited) and add to the amount for further years. I have 2 1/2 years till 62, but thought it would be great to get some input.
Yes, it will even out over the years - if you live! I opted to wait until I was 65 to get the largest amount possible. And, I continue to work very part time - a few hours a week, which helps on our health/RX insurances. Just a personal choice I think.
I took it at 63 because I could not leave Mary Ann home alone anymore. It cost me $300 a month less benefit for the rest of my life. I wish I could have worked until 65.
We retired when I was 62 because I was sick and knew I couldn't work much longer anyway. I had a job where I could come in early, as early as 6:30, so I did, and then go home about 9 hours later. It was getting harder and harder to wait until 3:30 to leave.
In addition my husband had his EVENT in December and three weeks later I landed in the hospital for 4 days. I was actually in the hospital longer than he was and he had a major heart event, multiple DNR and a pacemaker operation. It was a wake up call. We couldn't wait for me to be 65.5.
We took a hit financially, but frankly as long as he is alive and not in a nursing home, we are doing OK. I'm glad I stopped working when I did.
I took Social Security at 62. I believe it does even out over the years. It would be nice to have the extra $$$ now, but SS was a tremendous help to us financially the three years between 62 and 65.
I took it at 62. Figured that working until 65 would be unnecessary cruelty to me! My husband's was/is higher than mine would ever be, so when he dies, I will receive his instead of mine in any event, since it's the higher.
I'm the oddball....I took mine at 65 and 10 months. Because I work full time, the amount I would have been able to receive was very small. I was fortunate that I could wait. It's coming in handy now!
I am retiring 2 seconds after I turn 62.Since I am self employed, I plan on letting all the business income go to my dw, and that will help her ss contributions. I will be at the ss office on Monday Jan 24,2011,or I may even apply onlinebefore that.I don't care what I collect, even if it is only half....
Me too, TJoe. I retired from the state at age 50 with 30 years service -- took the money as soon as I qualified -- and plan to do the same next year at 62 with SSA. I always figured a dollar in the hand...
Check out the SSA website. They have excellent calculators to estimate your payments and they explain the differences in taking it early. It also explains the intricacies of working while drawing, etc.
On the advice of my financial planner, I started SSA at about 63 and continued working with no deductions. Now I work part-time, and my SSA payments increase a bit each year as SS is deducted from my check. My sister is 68 still working full-time and began receiving SS when she was 62.5 with increasing SS per year, also. The penalty for continuing to work if receiving SS was "dumped" several years ago.
Wow, divvi, it doesn't apply to me, but I wonder how many widows & to be widows would welcome this information. I think it would make a great "new discussion thread." I had never heard of that.
Zibby, that is such great news, thanks for the info. Haven't had time to go to the site yet. If so, I will definitely be taking mine at 62! I hadn't heard it was dumped, just remember older people where I worked limiting their hours after taking SS.
This was taken from the SS government website regarding taking SS at 62:
SSA uses the formulas below, depending on your age, to determine how much your benefit must be reduced:
* If you are under normal (or full) retirement age (FRA): when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2009 that limit is $14,160; and for 2008, that limit is $13,560. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the FRA is rising. * In the year you reach your FRA: $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach FRA. For 2009, this limit is $37,680; for 2008, this limit is $36,120. * Starting with the month you reach FRA:, you will get your benefits with NO limit on your earnings.
I have a question? Is it true that widows can receive SS at age 60? I don't want to seem callus, however, I do wonder how I will make it on my husband's retirement that I will receive. We do have a savings, however, if he needs to be placed, that will all be gone within a few months. Even though he worked for GM for 36.5 years, they canceled health and life insurance. I have a small policy on him, probably enough to cover funeral expenses. I didn't think I would ever be asking this question at this time. Thanks for any help.
kadee yes you can get it as a widow age 60 but at a substantially reduced rate compared to if you wait til you qualify yourself. you could probably check the SS website i think they have a 'planner' there andyou can put in your age etc to see how much?. or call the SS office nearest you and ask. divvi
Kadee, Social Security survivors benefits can be paid to:
* A widow or widower -- full benefits at full retirement age, or reduced benefits as early as age 60 * A disabled widow or widower -- as early as age 50 * A widow or widower at any age if he or she takes care of the deceased's child who is under age 16 or disabled, and receiving Social Security benefits * Unmarried children under 18, or up to age 19 if they are attending high school full time. Under certain circumstances, benefits can be paid to stepchildren, grandchildren, or adopted children. * Children at any age who were disabled before age 22 and remain disabled. * Dependent parents age 62 or older
Kadee, I got SS at 62 on what my DH had paid in. I have never worked since we were married so I couldn't get it in my name. DH was in the catch 22 so his SS isn't a lot and mine is a lot less! I don't know about widows but I would think you could check online and find out what you need to know.
my dh collected his full benefits and I collected half of his benefits that was nice it helped us survive as neither of us could work, when he died I now receive his benefits and lost the half I was receiving so having a hard time making ends meet now.I started collecting half when I put him in the nh, didn`t know I could do it at 62
My DW was getting half of mine, so now that will stop and I will have to make some major budget adjustments. The cost of her being here was not as much as the amount she was getting, so it is going to be tough. Also, I had to spend all my savings on her funeral, so no "back up" is there anymore. I guess I will qualify for food stamps now. This really sucks. Not only do I miss her so much, but I'm going to be under the poverty level. At least I don't have to worry about any golddiggers chasing after me.
T.J., it seems many of us will have to go through this same thing. Both of us draw SS individually and he receives two small pensions. When something happens to him, I will only have my own SS - no pensions. I will hit the below poverty level also. By that time, I will have run through our savings, my IRA, etc. I may have to chase someone with a little "gold"! LOL Hugs to you.
Looks like we are all going to be in the same leaky boat. I, for one, intend to sell the house and move to Fla. and rent a condo or apartment Don't want any taking care of repairs and the high insurance and taxes in the Sunshine State. That's the plan if I survive DH. So Children, grandchildren and great grandchildren here I come, ready or not. But since you all are finally taking care of all the cooking for the holidays I am going to eat at your houses. Oh, boy, that will be fun.
Do you still think it works the same for spouses on SSD? My husband is 59. I know if it doesn't with the little pension I will receive, I will be in poverty. I was kidding my son the other day, that I was helping him paint & bought him a new bathroom mirror for when I come to live with him. Maybe truer than I thought.
If a worker a dies, survivor benefits are payable to:
· The surviving spouse who is 60 or older;
· The surviving spouse who is 50 or older and disabled;
· The surviving spouse at any age if caring for a child under 16 or for a child who is disabled and getting social security benefits;
Survivors will usually receive from 75% to 100% each. However there is a limit per family called the family maximum, which will generally be between 150% to 180% of the workers benefit rate.
Kadee--Do you or have you worked and do you qualify for social security on your own record? If so, you need to consider that when you sign up for wife's or widow's benefits. It may be better to take wife's benefits at age 62 (or widow's at 60, if the circumstances warrant it) and hold off on claiming on your own account until 65 or later to get the full unreduced benefit. However, the individual circumstances are different in every case and the SSA staff will advise you on the best plan. Yes, you will qualify as a wife or widow on SSDI, the same as if he was receiving SS retirement benefits. It sounds like you're trying to do some advance planning, that is good.
Thanks for all the help with my question. I did work full & part time, after my kids were older. When we were transferred to Indiana, I worked part time, however, that was about 10 years ago.
My husband took social security at 64 and I wish he had started at 62. When you look at 'average life span', you may end up getting more money back over time than waiting for that 'larger check'. If you continue to work, it will increase your social security over time. It tends to run about a year later.
I retired early (age 54) when my company offered an early retirement package with full pension. At 62 I started collecting social security and have never regretted it. This week I received my Medicare card.... sigh....... :-)
I began receiving SS at 63. I'd planned to wait and work part-time until full-retirement age, but our financial advisor (provided by aerospace company I'd worked for) recommended taking it earlier because he said I'd end up making more over time as some others have mentioned. I've been notified that next year my SS check will increase $4 per month because of my part-time work. Whoopee! lol I began leave in November because my hb can't be alone any longer. My daughter will stay w/him if I'm needed once in awhile to cover for my co-worker (administrative assistant).