When To Begin Taking U.s. Ss Payments

[earthdome]

FYI, here is a link to a document summarizing SS benefits for dependent children.

 

 http://www.ssa.gov/pubs/EN-05-10085.pdf

[Hey Steve]

I think the key to those in their late 50's who plan on retiring at 62 is to save as much as possible-live off the benefits and use the savings, pensions, investments for start up, incidentals, and emergency. I can't see working until 66 myself.

[stevewool]

I plan to go at 58, retire i mean , so its what i can save from now till then and leave that for the just in case and live of the rental and two small pensions till my state pension kicks in and thats another 8/9 years later,

My Ems has other ideas 60 she says

[JJReyes]

If that ever did happen, I am 99% sure that all current retirees would be grandfathered in and no change would happen. Lots of precedence.

 

Politicians find ways to go around the rules and regulations that they previously created. The Social Security reserves are rapidly depleting so the temptation is to reduce the benefits to make it last. One area already under consideration is not giving or reducing SS benefits for retirees whom the government feels does not need it. If you receive retirement income above a certain level, the new proposed law can reduce or take away all or some of your Social Security benefits.

[Gerald Glatt]

If you receive retirement income above a certain level, the new proposed law can reduce or take away all or some of your Social Security benefits.

 

The government limits what you may receive in benefits to what you pay, might be more equitable to keep the upper payout but uncap the amount paid in.  The may also eliminate the cost of living increase for the top portion of SS. When we paid into SS it was a trust fund why is it right to take from those who where most successful.

[JJReyes]

The government limits what you may receive in benefits to what you pay, might be more equitable to keep the upper payout but uncap the amount paid in.  The may also eliminate the cost of living increase for the top portion of SS. When we paid into SS it was a trust fund why is it right to take from those who where most successful.

 

Right now it is all talk. Unfortunately, any adjustments will be negative, meaning a decrease in benefits. Our problem is we can't trust politicians. There is no such thing as fairness when they make changes in the law.

[scott h]

Politicians find ways to go around the rules and regulations that they previously created

 

J.J. You are correct, usually. The Military is a bit different. There are many precedents. Example, the GI bill has undergone many changes but you always get the plan that was in effect when you enlisted. Besides that the military political lobby is just to strong. If they tried to change the retirement system to be retroactive, the political fall out would be huge.

[Vince Runza]

I'm 62 and a widower. I'll be applying for Survivor benefits now, and wait until age 66 to get my own SS benefits.

[davewe]

I am 61, so I am coming up to a decision point for taking my Social Security.  I can take a reduced amount at 62 or increasingly larger amounts the longer I delay taking it.  I am fully vested at 66 years old, which means I won't  be penalized for my military pension or if I take a 401K distribution.

 

 

I am 62 so making the same decision. Went to a couple of presentations to get options. There is no right answer. BTW, I don't know what you mean about a penalty for a 401k distribution. There are penalties for withdrawing from your 401k at a younger age but certainly not for withdrawing when you are retired at 62 or 64 or 65. 

 

For a variety of reasons (not all of them economic) I will start somewhere in my 64th year. 

 

You ought to consider the fact that the govt. doesn't give anything for nothing. Therefore if they try to incent us to wait till 70 - there is a reason. OTOH, if you have a family history and everyone lives till 95 waiting awhile might be a good strategy.

 

And as someone else said if you have a Filipina wife and have a child the amount you will get for your child will more than make up for the amount you lose by taking SS early.

[Old55]

 

If that ever did happen, I am 99% sure that all current retirees would be grandfathered in and no change would happen. Lots of precedence.

 

Politicians find ways to go around the rules and regulations that they previously created. The Social Security reserves are rapidly depleting so the temptation is to reduce the benefits to make it last. One area already under consideration is not giving or reducing SS benefits for retirees whom the government feels does not need it. If you receive retirement income above a certain level, the new proposed law can reduce or take away all or some of your Social Security benefits.

 

There will be blood in the streets if our rulers try this one and they know it.