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#6239631 - 05/13/18 09:14 PM Re: Social Security Benefits [Re: hippie]
Chamacat Offline
trapper

Registered: 03/01/07
Posts: 1450
Loc: New Mexico
Originally Posted By: hippie
Using those numbers Chamacat, i get it would take you 12.2 years to break even.
(Your 62 to 66.4 numbers)


Thanks..I see how you did that..If the guy waited till he was 70 at the same numbers it would be at 22.6 years break even..that would make him around 88.5 years old..
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#6239637 - 05/13/18 09:23 PM Re: Social Security Benefits [Re: wissmiss]
ebsurveyor Offline
trapper

Registered: 09/10/11
Posts: 1176
Loc: sometimes PA sometimes ME
Originally Posted By: wissmiss
If you start taking SS before your full retirement age (probably 66 in this guys case), there are deductions in what you get if you are still working. Not sure of the details but your SS check is reduced.

If you wait til full retirement age, you can earn as much as you want and still get your full benefit. That is why I waited.


I did not read all of the posts, but will add my comments after reading the one I quoted. For me 66 was the age that my SS Benefit would not be reduced IF I EARNED INCOME. In short if I collected at age 62 and continue to work my SS Benefit would be reduced. I think at about $35,000 my SS Benefit would be reduced to $0.00 if I started collection SS at 62. At age 66 I could earn as much income as I could and my SS Benefit would no be reduced. So..... if you are just going to collect SS and NOT EARN INCOME I would collect as soon as possible. If you are going to collect SS and continue to EARN INCOME you better wait until the magic age for your age group.

Go here and look it up: https://www.ssa.gov/benefits/retirement/

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#6239657 - 05/13/18 09:42 PM Re: Social Security Benefits [Re: GritGuy]
Law Dog Online   content
trapper

Registered: 12/11/10
Posts: 13503
Loc: Central, SD
Originally Posted By: GritGuy
Don't think thats correct LAW, as I know people who have done just that and are getting different amount checks, it's based on your income in those quarters.

You only need 35 quarters to qualify, your income is based on the highest of those 35, whether or not you worked 40 35 or 125, but most work longer than that before getting their first SS deposit, your income from SS still continues to change as you continue to work, provided that those years change any prior years that are lower, if not then its a sixer and usually will stay the same except for government mandated cost of living raise's.

According to this SS booklet I have here, and the Medicare brother it shares, LOL


Anybody get more then $1,160 a month at 62?


Edited by Law Dog (05/14/18 08:42 AM)
Edit Reason: Wrong total
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#6239658 - 05/13/18 09:45 PM Re: Social Security Benefits [Re: Chamacat]
ebsurveyor Offline
trapper

Registered: 09/10/11
Posts: 1176
Loc: sometimes PA sometimes ME
Originally Posted By: Chamacat
Yep..I been looking around likes been suggested. I see where some states are better places to be in for state taxes on social security benefits. The question I'm going to throw out there is there federal income tax withheld no matter what state one lives in? I don't see any schedule for that.


You will need to pay federal income tax on your SS Benefit. It is optional to have income tax withheld. I have been collecting for almost 6 years and just recently have gotten back more than I put in. I still work and must continue to pay in. Both me and my employer are paying in about $8000, total $16,000 per year. I have not run the numbers but even starting at age 66 and continuing to work it is doubtful that I can live long enough to collect what me and my employers have put into the system. I think my current breakeven point is age 87.

Oh yes, they even give raises to the amount you collect. We got an increase for 2018 and my monthly benefit is $22 less than it was in 2017. It seems like every time I get an increase they also increase the amount they TAKE for Medicare.


Edited by ebsurveyor (05/13/18 10:02 PM)

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#6239662 - 05/13/18 09:50 PM Re: Social Security Benefits [Re: Chamacat]
ebsurveyor Offline
trapper

Registered: 09/10/11
Posts: 1176
Loc: sometimes PA sometimes ME
Originally Posted By: Chamacat
Yep.So does the federal government from the Social Security Administration. Send out a 1099 form? or something close to it?


They sure do send out a 1099SSA, I think it's called. They want their fare share and some states also want their share.

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#6239668 - 05/13/18 09:54 PM Re: Social Security Benefits [Re: Law Dog]
Chamacat Offline
trapper

Registered: 03/01/07
Posts: 1450
Loc: New Mexico
Originally Posted By: Law Dog
Originally Posted By: GritGuy
Don't think thats correct LAW, as I know people who have done just that and are getting different amount checks, it's based on your income in those quarters.

You only need 35 quarters to qualify, your income is based on the highest of those 35, whether or not you worked 40 35 or 125, but most work longer than that before getting their first SS deposit, your income from SS still continues to change as you continue to work, provided that those years change any prior years that are lower, if not then its a sixer and usually will stay the same except for government mandated cost of living raise's.

According to this SS booklet I have here, and the Medicare brother it shares, LOL


Anybody get more then $1,060 a month at 62?


Yep..Based on what most are saying about break even working the math backwards I'd say people are starting out at 62 around $1950-$2200
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#6239685 - 05/13/18 10:15 PM Re: Social Security Benefits [Re: Chamacat]
Law Dog Online   content
trapper

Registered: 12/11/10
Posts: 13503
Loc: Central, SD
Must be either the income bracket or the age bracket then I looked and the max was way more the ever showed up on my SS estimate statements.

That last 35-40 quarters was stopped a few years ago I was told because businesses/farmers were claiming a loss for years then a big profit before they retired so they got the larger SS payments.


Edited by Law Dog (05/13/18 10:22 PM)
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Was born in a Big City Will die in the Country OK with that!

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#6239708 - 05/13/18 10:43 PM Re: Social Security Benefits [Re: Chamacat]
GritGuy Offline


Registered: 12/23/06
Posts: 7522
Loc: Magna, Utah
Law, I don't recall the numbers they were receiving only that one was higher than the other, but it probably was not a lot as they took their SS many years ago when incomes were much lower.

As to the 35 quarter rule, don't know where your getting the info that this rule was stopped as in my last notice it states that I have qualified by making the 35 quarters at least.

In the new SS booklet it still states you have to work 35 quarters to qualify for full SS benefits as well.

Farmers and business know loop holes, however it all adds up to the same figure if the big year out weighs the small years as long as they made enough in the small year to use it, other wise if it was a zero in that year they essentially would have to make up the quarter or have an extremely large or better yearly income to make up the difference for that zero year, but they still need the 35 quarters for a full qualification. If they don't then them zero years act against them in the math for SS income amounts

They make more due to their yearly income through 25 quarters but it would not be a full amount due to not having 35 qualifying quarters.

Hope that makes sense !
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#6239710 - 05/13/18 11:07 PM Re: Social Security Benefits [Re: GritGuy]
bblwi Offline
trapper

Registered: 12/22/06
Posts: 4368
Loc: East-Central Wisconsin
Farmers also had an option to complete a SSN minimum even if they were losing money. I had several do that during the lean years as it was important to maintain or increase their quarters. I also worked hard to have the many small farmers I worked with (especially those with younger children) to have a positive 1040 F not so much for the income but the benefits for their children if they were disabled or died etc. Many times we paid the spouse a wage so that SSN could be paid in and many times in smaller farms the spouse drew more SSN than the farmer as profits were typically low. We always have to remember that built into the SSN system are income bend points and it is really important to establish income mostly at those lower levels as that is factored in much more than higher incomes are.

Bryce

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#6239788 - 05/14/18 06:35 AM Re: Social Security Benefits [Re: Chamacat]
Gary Benson Offline
trapper

Registered: 12/23/06
Posts: 5474
Loc: Sandhills Nebraska
Originally Posted By: Chamacat


Yep..Based on what most are saying about break even working the math backwards I'd say people are starting out at 62 around $1950-$2200

That's pretty close.
I'm 61 and was taken out of the working game by a Dr., lawyers, and my employer. Considered to be unsafe working around others because of seizure medicaton. I still work, just can't work for money so I work for free. My last 20 yrs I worked 10.5 hrs per day and made good money so also paid in a lot of taxes. I paid SS taxes for 45 years. They told me when I turn 65 the amount won't get sny smaller.
Even when retired, a person still has to do something to get tired so you can sleep at night. I do anyway. Can't stand to do nothing.
I see Natives here that are 30 yrs old and can barely walk, as they've spent their entire lives sitting on their bums doing nothing because they've never had to do a thing for their money.
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#6239824 - 05/14/18 07:32 AM Re: Social Security Benefits [Re: Chamacat]
rpmartin Offline
trapper

Registered: 04/03/14
Posts: 712
Loc: S/W Wisconsin
I semi retired last year at 55, used the 55 rule to access my 401k penalty free and can still work some to earn a little fun money. This thread is a very interesting read for when its time for me to sign up.
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#6239882 - 05/14/18 08:42 AM Re: Social Security Benefits [Re: Chamacat]
Law Dog Online   content
trapper

Registered: 12/11/10
Posts: 13503
Loc: Central, SD
My past statements read something like if I retired at 62 I would get $1,135 at 65 $1,400 and if disabled at any age the same $1,400 amount per month, but I did get a $25 raise last year.

That along with my State retirement does not make me rich by any means but in paying off my outstanding bills and putting in that wood boiler life is good.
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Was born in a Big City Will die in the Country OK with that!

Jerry Herbst

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#6239901 - 05/14/18 09:04 AM Re: Social Security Benefits [Re: Chamacat]
Mike C Offline
trapper

Registered: 05/23/11
Posts: 122
Loc: Ohio
My two cents. Everyone needs to look at their numbers (along with their health and income needs) and decide what is best for them and their family. You also need to look at your break even point for your individual situation. A lot of factors determine your benefits, especially if you are replacing low early worklife income with recent, significantly higher, income for example. Difference between 62 and 66 will have a break even point of mid to late 70s for most folks. Each year you continue to work affects your break even point too as you increase your benefits for each additional year you delay retiring. (That is one reason why Hal will only need 7-8 years to break even)

In general, if you are in good health, making more than $15-20,000 a year, plan to keep working, you would benefit by waiting to draw SS.

Poor health, minimal income, need additional income, you would probably want to start drawing early regardless of if you continue to work.

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#6239915 - 05/14/18 09:28 AM Re: Social Security Benefits [Re: Chamacat]
eric space Offline
trapper

Registered: 03/20/09
Posts: 470
Loc: wantage n.j.
I turn 66 August 1 and will draw then, if I can get their darn website to work. I waited cause I expect to live long enough to make up the difference between drawing at 62 and 66. My father and mother are both still alive (he is 89, she 85) and all their siblings are still alive (all are in their 90's. My 2 grandmothers lived to mid-90's, Grandfather Ralph Space died at 84, my mothers father died at 70 but he was a welder who welded inside depth charges in WWII and it destroyed his lungs. I lead a somewhat clean life, never smoked, very little alcohol,ALWAYS make sure the husband is home if I get called to do ADC work at a house (especially a bat in the house in the middle of the night), and NEVER walk on ice unless I know for a fact that the water underneath is less than 2 feet deep with a gravel bottom.
Most importantly I married a city girl. What does marrying a city girl have to do with long life you ask? I have gotten a good nights sleep for 41 years knowing that a stray click heard during the night is not the sound of a safety clicking off, or a hammer being drawn back and a cylinder rotating forward. Country girls know how to shoot, city girls do not and I sure am not going to show her how!

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#6239926 - 05/14/18 09:48 AM Re: Social Security Benefits [Re: Chamacat]
newtoga Offline
trapper

Registered: 08/17/11
Posts: 689
Loc: ohio
I retired at 55 with a good pension and took SS at 62. Both together are what I was making while I was working. Iím allowed to make 17300 per year until 66 then unlimited. I have not used any 401k and donít have to till 70 1/2.
I think retiring is upto the individual, go when you want to. Life ainít all about the money.
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#6239929 - 05/14/18 09:51 AM Re: Social Security Benefits [Re: newtoga]
Chamacat Offline
trapper

Registered: 03/01/07
Posts: 1450
Loc: New Mexico
Originally Posted By: newtoga
I retired at 55 with a good pension and took SS at 62. Both together are what I was making while I was working. Iím allowed to make 17300 per year until 66 then unlimited. I have not used any 401k and donít have to till 70 1/2.
I think retiring is upto the individual, go when you want to. Life ainít all about the money.


Yep..About the 401K..Is that by your choice or some kind of circumstance beyond your choice?..If I may ask


Edited by Chamacat (05/14/18 09:52 AM)
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#6239939 - 05/14/18 10:10 AM Re: Social Security Benefits [Re: eric space]
Pete in Frbks Offline
trapper

Registered: 12/28/06
Posts: 2929
Loc: Fairbanks, Alaska
Originally Posted By: eric space
I turn 66 August 1 and will draw then, if I can get their darn website to work. I waited cause I expect to live long enough to make up the difference between drawing at 62 and 66. My father and mother are both still alive (he is 89, she 85) and all their siblings are still alive (all are in their 90's. My 2 grandmothers lived to mid-90's, Grandfather Ralph Space died at 84, my mothers father died at 70 but he was a welder who welded inside depth charges in WWII and it destroyed his lungs. I lead a somewhat clean life, never smoked, very little alcohol,ALWAYS make sure the husband is home if I get called to do ADC work at a house (especially a bat in the house in the middle of the night), and NEVER walk on ice unless I know for a fact that the water underneath is less than 2 feet deep with a gravel bottom.
Most importantly I married a city girl. What does marrying a city girl have to do with long life you ask? I have gotten a good nights sleep for 41 years knowing that a stray click heard during the night is not the sound of a safety clicking off, or a hammer being drawn back and a cylinder rotating forward. Country girls know how to shoot, city girls do not and I sure am not going to show her how!


Best post so far! Good advice!

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#6239981 - 05/14/18 11:21 AM Re: Social Security Benefits [Re: Pete in Frbks]
bblwi Offline
trapper

Registered: 12/22/06
Posts: 4368
Loc: East-Central Wisconsin
I find it interesting to read all the detailed post regarding SSN and how to best utilize when many on here constantly bash the program, call it a commie program, liberal plot and vote for candidates who want to eliminate the program.

Bryce

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#6239996 - 05/14/18 11:48 AM Re: Social Security Benefits [Re: Chamacat]
TONY.F Offline
trapper

Registered: 03/02/14
Posts: 3274
Loc: N.C MO
IVE BEEN ON SSI disability for four years now and I can tell you that's is the biggest organized crime syndicate on the planet! They pay someone to police your every move! When they are the ones needing policed. What gets me is they act like its their money! I guess I never worked and paid in? even when I was self employed the government got a rather large check every year! If I could keep the medicare they could stick the money were the sun don't shine! id fend for my self! I'd like to go back to work doc says no! but it almost a vendetta now with ssi They tell you you can make x amount of money monthly lol ya and then they take that and then some out of your benfits then give you the boot! I can say after all this I can understand why anyone would want to hose the government! but they give you 2% PAY INCREASE and think you are rich! 2% of nothing is still nothing! Crap I loose more than that digging for my keys in a year!
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#6240011 - 05/14/18 12:22 PM Re: Social Security Benefits [Re: Chamacat]
OhioBoy Offline
trapper

Registered: 01/22/12
Posts: 1996
Loc: Ohio
https://www.ssa.gov/pubs/EN-05-10070.pdf

This is the worksheet to figure out what your SS would be. Its dated Jan 2018 and uses the 35 years of your highest earnings.

Step 7 shows that if your are retiring before your full retirement age you get 73.33% of what you would get at full retirement age.

Everyone's case is different and you should have a financial planner look over your details before applying.

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