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When Should I Start Collecting Social Security? - 2/23/2010 4:10:26 PM
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Fritzpw_Admin
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quote:
Finance Q&A: When Should I Start Collecting Social Security?
Deborah Nayrocker - Crosswalk.com Contributor
Dear Deborah,
Next year I'll turn 62 years of age. I'm thinking about retiring and collecting Social Security benefits when I turn 62, instead of waiting till I'm older. My husband is still working. Should I go ahead and get my benefits early or wait? -- Carol
Consider this: Wall Street Journal reported that two years ago the oldest of the baby boomers turned 62 and many of them started claiming their Social Security benefits. They thought their government benefits, 401(k)s and other investments in the market would be enough for them live on. After the market meltdown, some of them saw the need to return to work.
Read the rest of Finance Q&A: When Should I Start Collecting Social Security?
When do you think someone should start collecting?
Have you started? What has been your experience?
_____________________________
Fred "Fritz" Alberti
Director of Social Media
fritz@salemwebnetwork.com
Read today's Bible verse from my favorite online Bible
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RE: When Should I Start Collecting Social Security? - 2/23/2010 8:04:58 PM
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clydewolf
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This is a question where one answer does not fit all.
To receive the largest benefit for your work record you need to wait until age 70 to begin.
To receive the largest record based on your spouses work record, you need to wait until your Full Retirement Age. But be aware your spouse must sign up for benefits before you can receive a spousal benefit.
If you are working and not yet 65, you will pay a penalty of $1 for each $2 you earn over some threshold amount, about $14,500 for 2010.
Before you apply for SS benefits check out the website: http://www.socialsecurity.gov/
There is much information there that can help you maximize your benefit.
Plan to apply for your SS benefits about 3 months before you want your first payment to arrive.
You can apply for SS benefits on line.
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RE: When Should I Start Collecting Social Security? - 2/24/2010 2:16:28 AM
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kernsfamily
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I'll definitely go along with what Clyde said in the previous post...
it depends on YOUR situation...
See your financial advisor to go over your options.
Far too often, i see people rushing to sign up the minute they are first eligible....without thought to examine their situation.
The longer your wait...the better your "return"....
BUT, if you wait, you just may not see any of it (and, neither will anyone else)...as this is a "game" controlled by the government...with THEIR interests in mind, not yours. As THEY have to maintain control of YOUR money (for their political benefit).
Positive changes in this area could have occurred a few years ago....but, politics got in the way....and, the status quo prevailed.
_____________________________
Proud dad of 3 great girls....Blessed to have all of them in a "totally awesome" public elementary school!
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RE: When Should I Start Collecting Social Security? - 2/25/2010 9:37:54 PM
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Psalm22
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Starting to collect at 62 may make sense IF you have sufficient other non-wage income to allow you to sock it away. At least the money is then in your hands.
But as others have said, it all depends upon individual facts & circumstances.
_____________________________
And the Spirit and the bride say, "Come!" And let him who hears say, "Come!" And let him who thirsts come. Whoever desires, let him take the water of life freely. Rev. 22:17
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RE: When Should I Start Collecting Social Security? - 2/26/2010 10:03:11 AM
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Simway
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I beging receiving my SS at 65 plus 8 months which is what the law called for for those born in 1941, along with several other years. Think about this hard and long, talk to SS, and think also about your health insurance. It doens't come cheap. I pay $ 144.00 per month for my subliment. That is going up in April to $188.19, I have talked to my financial advisor and will be looking into another plan. But still, you have to look at you case and make the best decision you can. As someone else said no answer fits all.
Simway
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RE: When Should I Start Collecting Social Security? - 2/27/2010 12:10:23 AM
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Pamsy
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Maybe insurance could be an reason too since one gets medicare on ss.
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Matthew 11:28-30 "Come to me, all you who are weary and burdened, and I will give you rest... my yoke is easy, and my burden is light."
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RE: When Should I Start Collecting Social Security? - 2/28/2010 11:25:25 PM
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Pamsy
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Wow. Well then I guess that is a reason someone waits until they are 65. 
_____________________________
Matthew 11:28-30 "Come to me, all you who are weary and burdened, and I will give you rest... my yoke is easy, and my burden is light."
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RE: When Should I Start Collecting Social Security? - 3/1/2010 12:23:43 PM
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Coffee_Drinker
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I told my wife to start collecting SS as soon as she's old enough. I also told her to open her own bank account. Me, I'm going to collect my SS and work until I die. Retirement stinks.
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RE: When Should I Start Collecting Social Security? - 3/1/2010 10:58:04 PM
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relady
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quote:
Well then I guess that is a reason someone waits until they are 65. Medicare is separate from Social Security. You can collect SS early, but Medicare doesn't kick in until 65 and then it become the primary insurance, regardless of any other coverage you might have, say from an employer or spouse's employer.
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RE: When Should I Start Collecting Social Security? - 3/4/2010 12:50:51 PM
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phreddy
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quote:
ORIGINAL: relady
quote:
Well then I guess that is a reason someone waits until they are 65. Medicare is separate from Social Security. You can collect SS early, but Medicare doesn't kick in until 65 and then it become the primary insurance, regardless of any other coverage you might have, say from an employer or spouse's employer.
What are you basing your opinion that medicare becomes your primary insurance regardless of other coverage on? I am asking because my company is now being billed (we are self insured) for items that were billed to medicare as primary and our "insurance" as secondary. If you have something concrete, it could save us thousands of dollars.
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RE: When Should I Start Collecting Social Security? - 3/4/2010 7:58:49 PM
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clydewolf
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Phreddy,
Generally everyone has some form of Medicare at age 65.
Medicare has at least 3 parts.
- Medicare A is no cost to the insured, and pays for hospital costs.
- Medicare B has a premium. This is for doctor visits and special tests.
- Medicare D has a premium. This is for prescriptions.
Not everyone chooses to have Medicare B and D.
Here is a link to more Medicare information: http://www.medicare.gov/
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RE: When Should I Start Collecting Social Security? - 3/4/2010 11:50:38 PM
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relady
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quote:
What are you basing your opinion that medicare becomes your primary insurance regardless of other coverage on? I am asking because my company is now being billed (we are self insured) for items that were billed to medicare as primary and our "insurance" as secondary. Your company is being billed? Or you are being billed? I'm not sure I understand your question. I know with my parents medicare is primary and their retiree insurance from my mom's job is secondary (supplemental). She tells me that she never worries about paying anything until she gets the Medicare statements AND the insurance statements because sometimes one or the other runs behind and if you didn't understand the system you would think you owed money. But yeah, once someone hits 65 medicare should be primary, IF the person signed up as they should have.
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RE: When Should I Start Collecting Social Security? - 3/5/2010 10:07:09 AM
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GroupW
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quote:
ORIGINAL: Coffee_Drinker
Retirement stinks.
Says the Caffeinated One.
( A coincidence? I think not.)
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: When Should I Start Collecting Social Security? - 3/5/2010 2:25:59 PM
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lvanleer
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quote:
But yeah, once someone hits 65 medicare should be primary, IF the person signed up as they should have.
Not necessarily, my dad worked up until the time of death and the company insurance was primary and Medicare was secondary because of the number of employees they had....less than 50 employees I believe Medicare is not primary....the companys' health plan is....at least that's my understanding and I did work for one of the federal health benefit plans so I know something about Medicare.....you can receive before you're 65 if you're meet the disability requirements or I believe if you're in end stage renal care.
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RE: When Should I Start Collecting Social Security? - 3/5/2010 11:55:08 PM
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relady
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From: Greater St. Louis Metro
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quote:
Not necessarily, my dad worked up until the time of death and the company insurance was primary and Medicare was secondary because of the number of employees they had....less than 50 employees I believe Medicare is not primary. I did a search and you are correct that Medicare is not always primary. There are some instances where it is secondary. From an HHS report on Medicare's secondary coverage I found this:
In general, Medicare is a secondary payer to:
< coverage under a group health plan provided by an employer of 20 or more persons of working beneficiaries age 65 or older or their spouses;
< coverage under a group health plan provided by an employer of 100 or more persons based on the current employment of disabled beneficiaries or their family members;
< group health plan coverage of beneficiaries who have end stage renal disease during their first 30 months of Medicare eligibility or entitlement; and
< coverage under an automobile, no-fault, liability insurance, or workers’ compensation plan.
So while it is sometimes secondary, most of the time for most people it's going to be the primary coverage at age 65.
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RE: When Should I Start Collecting Social Security? - 3/8/2010 10:07:16 PM
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PrincessDonna
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I don't know about regular social security, but we started collecting SSDI (social security disability) last January. We never thought we'd be using it this early (we are both 30!), but my husband had a car accident in 2008 and is still disabled.
So...you never know. And I am thankful it is there...
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RE: When Should I Start Collecting Social Security? - 3/10/2010 10:32:06 PM
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mom2_3Hs
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If you expect to live a long time (like your parents/grandparents lived into their nineties), it's to your benefit to wait as long as possible to start collecting. The larger checks over a longer lifespan = larger total. If you expect to die young, take it earlier.
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RE: When Should I Start Collecting Social Security? - 3/15/2010 2:36:36 PM
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Abbreviated
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I remember the late Larry Burkett saying many times he wasn't going to take SS.
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1959-20__ Who are you living your dash for ?
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