Retirement

[hoz53]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

i dont know why you would stay there. You could be like many people now and work from wherever you want couldnt you?

 

[hoz53]

You may want to double check that. The numbers changed.

There was a time (not long ago) where if you retired and worked for every $2 over $12,000 you made $1.00 was deducted from your monthly check. You don't have to be financially inclined to see this was crazy. This is now gone. Earn as much as you like and you will still get your full SS check. You will also continue to pay into SS.
As I have told anyone who asks" Call Social Security, make an appointment, and that person will tell YOU exactly what you'll get". They will offer no financial advice as to what you should do but they tell you your benefits. That's the ONLY way to get an answer that's correct.

i think you are wrong about that. i believe they have raised the amount but i think thats still in effect. i have an online account with ss- it will tell you how much you can get at any certsin date.

 

[M-61]

i think you are wrong about that.

That's why I say CALL the SS. It' is confusing and my info MAY apply if you have reached FRA (full retirement age). I do know an appointment to find out exactly where anyone stands is surely worth while. When I went it took them all of 5 minutes to come up with answers for me.

 

[Straightshooter1]

i think you are wrong about that. i believe they have raised the amount but i think thats still in effect. i have an online account with ss- it will tell you how much you can get at any certsin date.

Correct . . . it has been raised. Here's a sample from my SS document from last year:

 

[jackieschmidt]

I will be 66 in October. So-called "full SS" benefit for birth year 1955 supposedly is 66 plus 2 months. Right now that is my target.

The real question is whether to stay in CA given the corrupt scoundrels in charge, high cost of living, and exorbitant taxes.

True, your full benefit is at 66+2months, but your actual monthly check will go up substantially every year until.70.

of course, it is the Governments hope that we all wait until 70 and then drop dead one week later.

 

[timeout]

Five weeks of vacation?…. Man that could be a life-changing trip to South America or Northern Europe (I have never been to Sweden, Norway, or Finland). I have worked on this site all but two days in 2021, typically 10 hours a day. Last actual vacation was two weeks in 2016.

See post #32.

 

[JimT]

True, your full benefit is at 66+2months, but your actual monthly check will go up substantially every year until.70.

of course, it is the Governments hope that we all wait until 70 and then drop dead one week later.

Actually, it’s the workers (like my four kids families) who will have to fund the $400+ Billion cash deficit in 2034 not the Government.

 

[hoz53]

That's why I say CALL the SS. It' is confusing and my info MAY apply if you have reached FRA (full retirement age). I do know an appointment to find out exactly where anyone stands is surely worth while. When I went it took them all of 5 minutes to come up with answers for me.

Yes that’s right at full age you dont have the payback penalty anymore. also a good idea to call. Ive been applying for Medicare lately and there plenty to figure out In this stuff.

 

[NorCalMikie]

Ive been applying for Medicare lately and there plenty to figure out In this stuff.

And when you sign up for SS, make DAMN SURE you get Medicare AND a "drug plan".
You may not need meds when you sign up (I didn't) but they ding you every month for not having a plan from day one, unless you had medical Ins. and drug coverage from where you worked. And there isn't SQUAT you can do about it.
Remember: "We're from the government and we're here to help".
Not everybody had Medical coverage from work. Some were lucky enough to have a job.

 

[hoz53]

And when you sign up for SS, make DAMN SURE you get Medicare AND a "drug plan".
You may not need meds when you sign up (I didn't) but they ding you every month for not having a plan from day one, unless you had medical Ins. and drug coverage from where you worked. And there isn't SQUAT you can do about it.
Remember: "We're from the government and we're here to help".
Not everybody had Medical coverage from work. Some were lucky enough to have a job.

Thanks for that. I’m signing up for traditional Medicare and gonna get supplement and drug plan, but am going to sign up for SS later. (I think)

 

[hogpatrol]

"Call that number. It's free"! Joe Namath.

 

[NorCalMikie]

I guess if you can't play football anymore, (anyone mention that to "Colin" Peckerneck?) you can still get a gig doing Ads for Medical Ins. and SS? Not enough leg to do Panty Hose ads anymore. Broadway Joe at his best.

DYNO-MITE!!

 

[sdean]

Five weeks of vacation?…. Man that could be a life-changing trip to South America or Northern Europe (I have never been to Sweden, Norway, or Finland). I have worked on this site all but two days in 2021, typically 10 hours a day. Last actual vacation was two weeks in 2016.

There is a whole lot to see in this country.

 

[sdean]

True, your full benefit is at 66+2months, but your actual monthly check will go up substantially every year until.70.

of course, it is the Governments hope that we all wait until 70 and then drop dead one week later.

It will go up 8 percent of what your 62 year old check would have been. Then will start year after you start things up. I’m sure you are maxed out so almost 60 grand for 5 years you passed up already. One should start studying their options at 60. For you self-employed people pay the max in not the min. There should be a course in SS and Medicare taught in school. Fastest way for politician to get unelected is talk about cutting SS.

 

[358WCF]

"Call that number. It's free"! Joe Namath. View attachment 1268673

And you get what you pay for. In the past I've called SS about the same thing numerous times, talked to numerous people & have been given numerous conflicting answers. YYMV, but dont bet on it. Learning ebonics can also be helpful at times when speaking with SS.

Oh... & definitely sign up for some drug coverage within 6 months of getting Mediscare. You'll be sorry if you dont.

 

[Bamban]

There is a whole lot to see in this country.

Absolutely right. So many beautiful places in this country.

We vactioned in Europe, and Asia while we were working. These days I have no desire to travel overseas, except maybe visit the Holy Land.

 

[Forum Boss]

One other item to remind folks -- GET on Medicare if you are over 65! I have some friends who say they can't be bothered. Well unless you have some kind of incredible plan with your employer, you are making a big mi$take.

As self-employed, under Obama "Affordable care", in 2020 I was paying over $1400/mo for health care coverage, with very high deductibles. Now I am paying about $450/mo total with Medicare fees, Blue Shield Supplement, and AARP (United HealthCare) Prescription coverage. My Medicare bill is currently $445 billed every two months ($222.50/mo)

Three HUGE differences I have noted with Medicare, beyond the monthly costs:

1. I can go to pretty much ANY Doctor or Clinic I want. Before many physicians refused my coverage. After going on Medicare I have changed my GP, my Oncologist, My Urologist -- all for the better.

2. Out of pocket fees have decreased dramatically. I generally walk out of any doctor's office these days with ZERO co-pay. Before it seemed I could never leave ANY office without forking over a $75-$100 payment. (That was on top of the $1400/mo premiums.)

3. Patient share of test fees have declined. Two years ago I had a neck MRI. I paid $350 on site. Two months ago I had the very same MRI at same lab and paid $65 out of pocket.

 

[skeeljc]

Figure up how much you can collect during the 8 years from 62 to 70 and compare that to how long after you reach 70 it will take to get that back.

 

[rogina]

And you get what you pay for. In the past I've called SS about the same thing numerous times, talked to numerous people & have been given numerous conflicting answers. YYMV, but dont bet on it. Learning ebonics can also be helpful at times when speaking with SS.

Oh... & definitely sign up for some drug coverage within 6 months of getting Mediscare. You'll be sorry if you dont.

I didn't know you could call SS.

 

[Fuj]

A true story on how to get a free lab radar in the state
of Pennsylvania. First turn 65 and retired. Prove you own
your home (or rent) and pay your property taxes. Thanks
to the monies from the Pa lottery, there is the "Property
tax rebate program". The first year I was eligible, I got a
check for $600 and the price of my new Lab Radar !!