General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMy race to age 62.
This virus has changed everything, for all of us. Next year I am eligible for SS. I have to somehow survive financially until then. I will have to survive the virus until then, I think I can, it will be tough. If I start collecting SS next year, that will probably mean I survived the virus and Trump.
All of us, in our own way are in a race to survive the virus and Trump.
SWBTATTReg
(22,166 posts)start of SS? It's discounted I think 1/2 % per six month chunk until you get to your normal SS retirement age (probably around 66+ or so)...Otherwise, if you are fully aware of, can handle it (the discounted amount), good for you. You'll do fine.
Roland99
(53,342 posts)if you don't have an account, you can create one.
https://secure.ssa.gov/mySSA/start
Retirement
You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:
At full retirement age (67): $y a month
At age 70: $z a month
At early retirement age (62): $x a month
Your estimates are based on the assumption that you will earn $n.nn a year from now until retirement.
Cirque du So-What
(25,980 posts)Response to Cirque du So-What (Reply #7)
IcyPeas This message was self-deleted by its author.
Brainfodder
(6,423 posts)miss making it to 70, something about already doing the work of what used to be 3 people, and they were about to drop #4 on her.
I digress, that cost her $700 more per month she said, she was out at 68.
Corporations pissing you off at the end.... hmmm call me not shocked?
shockey80
(4,379 posts)Life is short.
SWBTATTReg
(22,166 posts)you. I took early retirement, don't regret one bit.
Best wishes to you.
babylonsister
(171,092 posts)was 62. An uncle died a day after he retired at 65 from a massive heart attack without collecting one red cent.
Yes, life is short and uncertain.
SWBTATTReg
(22,166 posts)A somber stat if I have ever heard one.
Bradshaw3
(7,529 posts)I also have a pension which makes it different from others. But I'm glad I made the choice I did, while also working some and staying under the limits. My SS office was very helpful in making my decision, so I recomment doing that to make sure you are making the right choice. An anecdotal note: I worked with a guy who finallhy retired later, only to die a month later.
SWBTATTReg
(22,166 posts)retired. It's a shame. I still think about them to this day. And I miss them too.
MineralMan
(146,331 posts)In the four years before your full retirement age, you will be getting payments every month. I did the math before I signed up at 62. In those four years, SS benefits added up to $40+K. I still earned other income, but kept it under the ceiling set by SS. So, basically, I worked half-time and did just fine.
You have to do the math and look at your situation. I started early because the economy was in a slump and I was having trouble finding enough work. The SS solved that problem for me. Now, at age 74, I'm still working half-time, because I can and enjoy my work.
Do the math. That's the key.
SWBTATTReg
(22,166 posts)lettucebe
(2,337 posts)I'm 63, started collecting last year. I don't work so there's no income limit to worry about. If I live a long long life, maybe it would have been better to wait but I have no idea how many years I have left, especially with this new health threat. I'd rather collect sooner, and don't care that had I waited the checks would be more.
They are betting on many never collecting at all because they pass before reaching full retirement. Just something else to consider.
SWBTATTReg
(22,166 posts)SS). Like you, I'd rather collect early (and wanted to get away from work, sick and tired of being dumped on w/ more and more work). I'm glad that I went earlier. Life is good. To me, it is the start of a whole new life.
Best wishes!
Your point about many not living long enough to collect, I did post earlier that 7% don't live long enough to collet the benefits they paid for. A sad fact. I didn't realize it was 7%, that is a lot of people (passed on).
captain queeg
(10,242 posts)DFW
(54,437 posts)That would mean racing backwards for about 6 years!
shockey80
(4,379 posts)DFW
(54,437 posts)Couldn't wait to be a teenager. It turned out that wasn't all it cracked up to be, but after having my over-the-hill party when I turned 21, things started to get interesting fast.
MineralMan
(146,331 posts)shockey80
(4,379 posts)MineralMan
(146,331 posts)It works pretty well, really. You can work about half-time and stay under the ceiling for earnings and do OK.
la-trucker
(283 posts)and we'll all be rooting for you to survive. We need you for decades to come.
So my best wishes and blessings towards the survival theme.
shockey80
(4,379 posts)EndlessWire
(6,565 posts)I had a part time job that I wanted to keep, but SS would NOT let me keep it! I knew that I could work up to a certain limit, but they refused to let me.
So, I let the job go. I wasn't sorry. The job was excruciatingly difficult They then started my SS, and I never rehired in to work.
I don't know why they did it that way. It was the best decision I could have made, and it turned out okay.
Loss of SS benefits from Trump is one of my greatest fears. But, I don't feel like it is a handout from the gov in any way.
phylny
(8,386 posts)My husband will wait until 66 and 3 months. Many of our friends are doing it this way, where the smaller wage earner takes it early and the larger sewage earner takes it on time.
empedocles
(15,751 posts)Huge difference.
Hard in deflationary times to get 8% return on investment.
[Now different story if you're going to die early; but there is an amazing number of quite old people still around].
phylny
(8,386 posts)Jrsygrl96
(110 posts)I also turn 62 next year and will take ss. I know it's less money, but I will actually be better off to do that and substitute teach a couple times a week. It's not worth it for me to wait.
I have been paying in since I'm 16 and don't know what these evil repugs will do, so I am going to take what I can get when I can get it.
Delphinus
(11,840 posts)have to - depending on my job.
I work part-time right now - and in my field, the shutdown may make it impossible to support me going back to work (I work at a nonprofit).
I was hoping to make it another year at least (62 in the summer this year), but if there is no job to go back to, I can look for another job (part-time) or live off whatever savings I have accumulated. Thankfully my husband is still employed, but even he is concerned.