any thoughts yall?
1955 | 66 and 2 months |
1956 | 66 and 4 months |
1957 | 66 and 6 months |
1958 | 66 and 8 months |
1959 | 66 and 10 months |
1960 and later | 67 |
any thoughts yall?
I don't see how you are sucking any thing.Be sure you have the "REQUIRED" number of quarters to qualify for Medicare. I just narrowly had enough, and I did not know of that requirement. I started at 62, been sucking the teat for 14 years.
Actually, I was making fun of the sucking at the teat. As now it is considered welfare, when I got my S.S. card in 1956 it was call, "Social Security Insurance Program".I don't see how you are sucking any thing.
It's your money.
Don't buy into the BS on SS.When anyone makes an investment they expect a return. The more the better.
62 was the retirement age, because at the time most men died at 60-62 years old.Outstanding thread topic, and one of my soapbox issues!
They keep pushing the 'finish-line' further away because they know a lot of us guys will kick the bucket and they get to keep 'all that money'.
I started drawing mine at 62.
My older brother had enough money in his 401K to make it to 'full retirement' age of 66, so he could get "THE BIG CHECK".
He died as an unmarried man at 65.
Ask yourself, how much more did he get by waiting?
....I'll help you out, nobody ever drew a single dime of his social security.
It is not welfare, because you pay into it.Actually, I was making fun of the sucking at the teat. As now it is considered welfare, when I got my S.S. card in 1956 it was call, "Social Security Insurance Program".
You will also be penalized if you do not sign up for part D at 65As far as Medicare, you need to start "Part A" of that on your 65th birthday. Do not delay. If you delay, you are penalized for it the rest of your life. Now Part B, you do NOT have to sign up for at age 65 IF YOU HAVE OTHER HEALTH INSURANCE, say from a spouse who is still working and you are covered under their plan. But be very careful, if you do NOT have this other health insurance, you should sign up for Part B at age 65 when you sign up for Part A. If you fail to sign up for Part B (and have no other insurance to extend that date), you will be penalized, just like Part A.
My Father worked for Sothern Railroad for 33 year, I think they where bought by someone, before he retired.As a railroader, I don't have to worry about it. We don't pay into SS. Well, actually we do, sort of, but it's kind of complicated. Anyway, we pay into a federal pension plan that pre-dates SS. SS was actually modeled after the railroad pension.
We do pay into Medicare though. Our retirement requirements are age 60 with 360 months of service. I started at age 35 so I'll actually have to work til I'm 66.5 years old. (I've missed 6 months of service due to being laid off.) For most railroaders that's a problem because they have to buy their own insurance from age 60 to 65 when Medicare kicks in.
I'm not certain what I'll do. As a Type 1 diabetic I have a shorter life expectation than average. I absolutely must have health insurance so I'm probably stuck working till 65, at the least...
I have to chime back in because I actually watched the video in the OP .My conclusion was - based on my personal data - that unless you plan on living really long, start drawing as early as you can. That way you start getting the money NOW, so if you end up dying much earlier than predicted, at least you will gotten back some of what you paid into SS over your work life. If you die the day before you start drawing, well, you lost everything.
So for people that find themselves in a situation like mine, the only real question is "Do I think I'll live a really long time?" Then, delay drawing SS. If you plan on a normal lifespan, then start drawing as soon as eligible,
I am in the same situation. I worked about 8 years, some part time and some full time, prior to becoming a Police Officer, and I have worked the last 10 years, some part time and some full time. In the next few years I will stop in at the SS office to ask about my situation and to make sure I have enough time in the private sector to allow me to collect at age 62.For me, since I already had a law enforcement pension, my Social Security earnings fell under the Windfall Elimination Provision. I was estimated to receive $1800 per month at 62 1/2, or $2300 per month at 65, but because of the Windfall Elimination Provision, my Social Security earnings dropped to $600 per month. Yes, I was penalized 2/3rds of my Social Security forever because I picked up a job which carried a state pension. There is lots of talk in the Senate this year about eliminating this WEP, but I think it is highly unlikely.
Not entirely correct about signing up for Part B or D at 65. The exception is if you or your spouse is still employed and has a good health care plan intact. Once it comes time for that to end, sign up right away. Your employeer must provide you a document to prove you were covered. My wife turned 65 2 years ago and we looked deeply into this and found she could wait until I retire. Perfectly legal. Part A is fully paid by the government and starts when you hit 65 regardless.As far as Medicare, you need to start "Part A" of that on your 65th birthday. Do not delay. If you delay, you are penalized for it the rest of your life. Now Part B, you do NOT have to sign up for at age 65 IF YOU HAVE OTHER HEALTH INSURANCE, say from a spouse who is still working and you are covered under their plan. But be very careful, if you do NOT have this other health insurance, you should sign up for Part B at age 65 when you sign up for Part A. If you fail to sign up for Part B (and have no other insurance to extend that date), you will be penalized, just like Part A.
This is exactly why I planned my retirement to be without Social Security and without my pension. Only living on what I had saved and invested myself. At this point Social Security and my pension are still intact, which is icing on the cake. If they go away I won't be happy, but at least I won't be eating liver.this article showed up tonight...
https://www.zerohedge.com/personal-finance/ugliness-awaits-many-boomers-nearing-retirement
any thoughts yall?
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