Poll: Poll Thread: Did You Or Are You Going To Start Collecting Social Security Retirement Income At 62, Full Retirement Age or 70.

[Alexx1401]

My other big challenge will be the "pay back" for early SS, right now in the summer I do fire deployments and I make over $6000/week and I usually get somewhere between 6 and 9 weeks a season. So in less than 4 weeks I would exceed that threshold where they take money back. With that said, I know lots of "old guys" still doing fires, but also by that age I am not sure I will still want to do it, I will have 38 sessions in when I am 65......

We have lots of math and figuring to do in the next 5 years. I know there is math and some calculators that are available to help determine when the best time to draw SS is. I know a lot depends on how long you expect to live, but there is a point where taking it early gains more value than taking it late.

At your age your Full retirement is 67. This has not been raised for a while so law makers may try to raise it some more before you get there. At that point you can earn as much as you want without them taking. The other "rub" is insurance. By the time you are ready who knows how it will shake out. Right now a LOT of private medical is FAR better. There are several calculators on the net you can use to see how it shakes out for you are different times. My Wife is collecting and working full time now. She had originally put in to start early figuring the little they would take was not worth the wait. She had already put in the stuff online and someone from the SS Admin called her and walked her through the calculations of how it worked. He warned her she may want to wait and after she saw what he was talking about she said he was correct. It was better to wait for her full age. I had planed to do the same, was going to take it a year early until I saw what the guy had showed her so I waited. Right now for us the BIG one is medial insurance. We both take it from one of my employers. So I will stick with them as long as I can still do the job assuming it stays the same. FAR better and FAR cheaper. At your age you have a while till you will have to decide on that though so no way to know what will change by then/

 

[Nick Burkhardt]

You should be able to set up a deferred compensation account at work to stay under the SS limit and keep the monthly benefits from being reduced.

 

[wired]

You should be able to set up a deferred compensation account at work to stay under the SS limit and keep the monthly benefits from being reduced.

Having a largely cash side business would be a benefit too....or so Ive heard .

 

[Alexx1401]

You should be able to set up a deferred compensation account at work to stay under the SS limit and keep the monthly benefits from being reduced.

Had never heard of these. After taking a quick simple search sure as hell "looks" like they may well be worth looking into for many people!

 

[Burt Gummer]

You should be able to set up a deferred compensation account at work to stay under the SS limit and keep the monthly benefits from being reduced.

I know disability recipients have to stay under $1580? gross before they are cut off, but WTF - I was under the impression that if you get SS and keep on working on getting other revenue that is fine, no limits, as long as you pay robber taxes on all of it?

 

[Alexx1401]

I know disability recipients have to stay under $1580? gross before they are cut off, but WTF - I was under the impression that if you get SS and keep on working on getting other revenue that is fine, no limits, as long as you pay robber taxes on all of it?

It "should" be but no. While you can start taking it at 62 if you do they take some away for every month early and limit how much you can make before they start taking more. If you wait till your full retirement age then you can make as much as you want. They of course did this hoping more would hold off and just die before they could get out what they paid in of course. Hey we have to pay for all the people who we pay to not work you know

 

[dangerranger60]

Thats the way it was set up. It was never meant to be a savings plan. Its a pay the current recipients from incoming funds plan.

It was a savings plan till it got so much money built up that the Government "Barrowed it" and have not nor will they ever pay it back.
When the WWII and Babby Boomers were both paying in there were very few collecting, and those were only collecting $35 to $150 a month. So lots of people were paying in at a high rate, and a relative few were collecting at a very low rate. The Gov Bean Counters knew that the problem would come when a high number of Boomers started retiring and at a very high rate compared to what they contributed.
As a late Boomer I made $150 to $300 a week working as a young plumber. by the time I retired I had to make $300 to $500 a day to make it worth it.
And I collect SS based on my last quarter of work.
Had the Government kept that money in an interest-bearing account the interest would be keeping SS afloat now with fewer putting in and more collecting at an inflated rate. The Gov made it into an entitlement instead of a savings plan. And by offshoring as many jobs as they can" for environmental reasons" there are even fewer paying in to the system. DR

 

[arakboss]

It was a savings plan till it got so much money built up that the Government "Barrowed it" and have not nor will they ever pay it back.
When the WWII and Babby Boomers were both paying in there were very few collecting, and those were only collecting $35 to $150 a month. So lots of people were paying in at a high rate, and a relative few were collecting at a very low rate. The Gov Bean Counters knew that the problem would come when a high number of Boomers started retiring and at a very high rate compared to what they contributed.
As a late Boomer I made $150 to $300 a week working as a young plumber. by the time I retired I had to make $300 to $500 a day to make it worth it.
And I collect SS based on my last quarter of work.
Had the Government kept that money in an interest-bearing account the interest would be keeping SS afloat now with fewer putting in and more collecting at an inflated rate. The Gov made it into an entitlement instead of a savings plan. And by offshoring as many jobs as they can" for environmental reasons" there are even fewer paying in to the system. DR

After we deport tens of millions of working illegals, we will have many less contributors paying into the system.

 

[Alexx1401]

After we deport tens of millions of working illegals, we will have many less contributors paying into the system.

Better open the gates and tell them all to come on, the welfare is great.

 

[arakboss]

Better open the gates and tell them all to come on, the welfare is great.

Or adjust Social Security to account for the new conditions.

 

[JRuby]

So where do you think they will deport these millions of people to - which country?

 

[wired]

Can we wait until my roof gets fixed?

 

[Certaindeaf]

So where do you think they will deport these millions of people to - which country?

Haiti has nice weather.

 

[Alexx1401]

Or adjust Social Security to account for the new conditions.

SS is and has always been just another income tax. An amazing number of people still think there is some separate account that money goes into and out of. The "adjustments" are raise rates, raise the age to take, lower payments. Since lowering payments will not fly they may well try to increase the age again. There is no special account for this. They need more money to pay out? Simple, stop giving some away and use that.

 

[dangerranger60]

After we deport tens of millions of working illegals, we will have many less contributors paying into the system.

Illegal Aliens don't pay into the system. The Government collects payroll tax payments from all wage earners, but if they don't file a tax return SS and Medicare get no benefit. Neither do the states or counties. Without the tax return the government has no way of knowing where to direct the money. It eventually gets absorbed by the feds. DR

 

[wired]

Illegal Aliens don't pay into the system. The Government collects payroll tax payments from all wage earners, but if they don't file a tax return SS and Medicare get no benefit. Neither do the states or counties. Without the tax return the government has no way of knowing where to direct the money. It eventually gets absorbed by the feds. DR

Yeah they pay in. Not all of them but the ones who start working under fake docs do. Then they get busted after 3-6 months . It doesn't stay In Social Security but neither does regular SS deduction. It goes somewhere. We aren't supposed to ask where.

 

[OrPackrat]

I'm a long ways from it so I'll have to decide then but considering my father went at age 58, I might not make it that far, considering pre-existing conditions from birth that put the odds against me...

Got to build up the widow benefits...

 

[arakboss]

Yeah they pay in. Not all of them but the ones who start working under fake docs do. Then they get busted after 3-6 months . It doesn't stay In Social Security but neither does regular SS deduction. It goes somewhere. We aren't supposed to ask where.

They definitely get the money deducted from their paychecks. The ones I worked with would adjust their withholding to pay very little income tax but the payroll taxes were still taken out in full. I have no idea where the payroll taxes ended up. Having people pay in who can't get the money when they retire seems like a boon for the budget to me.

 

[AshWilliams]

They definitely get the money deducted from their paychecks. The ones I worked with would adjust their withholding to pay very little income tax but the payroll taxes were still taken out in full. I have no idea where the payroll taxes ended up. Having people pay in who can't get the money when they retire seems like a boon for the budget to me.

Yes, I worked with quite a few H-1Bs and they pay into social security with no hope of ever seeing a return. SS is absolute highway robbery and the prediction now is that the Social Security Trust Funds are expected to be depleted by 2035, after which continuing tax income would be sufficient to pay only about 81% of scheduled benefits, leading to a potential 19% reduction in benefits for recipients.

It is absolutely bureaucratic financial mismanagement of the highest order and in the end is simply another tax scheme.

 

[Alexx1401]

They definitely get the money deducted from their paychecks. The ones I worked with would adjust their withholding to pay very little income tax but the payroll taxes were still taken out in full. I have no idea where the payroll taxes ended up. Having people pay in who can't get the money when they retire seems like a boon for the budget to me.

Really? You really don't know where the money goes? Do you still believe the gov has a separate account for all the SS income they take?
There is no such thing. ALL money paid to the fed just gets dumped into the same pot.