Hello, Social Security!
For decades, I've been planning to not draw Social Security until I reached full retirement age of 66 years and 2 months so as to draw full benefit. Age 70 was out of the question since my family is not known for longevity, mostly living into the mid to upper 70s.
However, that all changed with the 2008 recession and the weak recovery under President Obama. For the first time in my life, I've been scared stiff about my economic future. The business I own took a major hit in the recession and is now earning just 10% of what it was pre-recession. I tried looking for a job, but as anyone in their 50s and 60s can tell you, the most common reaction by employers was "Ha!"
I turn 62 in December. I applied a couple of days ago and should receive my first check in January. That, coupled with my wife's SS, will give us a base monthly income that's fairly secure. I figure that if the US government goes out of business, the nation will be facing problems that dwarf my puny concerns.
One thing I didn't know is that if you retire before full SS age, there are limits on how many hours you can work per month and how much annual income you can earn. The income limit for 2017 is $16,970, or $1,410 per month.
Since I'm self-employed and own two companies, one performing marketing technology consulting (lot of skill) and the other selling stuff on the internet (not much skill), I'll need to keep an eye on earnings and limit myself where appropriate. The hour limits for self-employment are as follow:
In general, if you work more than 45 hours a month in self-employment, you’re not retired; if you work less than 15 hours a month, you’re retired. If you work between 15 and 45 hours a month, you won’t be considered retired if it’s in a job that requires a lot of skill, or you’re managing a sizable business.
I didn't plan to retire this early, so I guess I should say "Thanks Dubya!" and "Thanks Obama!"
Comments
Yeah social security!
Also signed up at 62. Got a couple checks already. I figure for the amount I put in over the years, It will take 4 1/2 years at their rate to get my money back (inflation excluded). Hell yeah, get it while you can.
One big caution -
If you are single and want retirement at 62, it might be the way to go. But if you are married and your spouse also gets Social Security and that payment is higher than the one you receive, then you will be locked out of choosing their payment rather than yours should they die before you do. So if you are married, good to really think about things before opting for SS at age 62. (And before whatever the age you need to reach to get the full benefits.)
Believing in the improbable can make your life a miracle.
yeah, I thought about that aspect
but the truth is, my wife is way behind me (in age) and way ahead of me in savings. I've got nil, besides the investment in our property. So the decision to draw early makes sense to me. I just want my SS money back before I die, so I can spend it!
yep. I grabbed it at
62, too. Mostly becuz I thought the Repubs would somehow kill it, hoping those of us already collecting an "entitlement" check would be "grandfathered." I "did the math" and the calculator said I could work 20 hrs. a week (instead of 37 or so), earn $16K on those 20 hours, essentially "enjoying" the same annual earnings before S.S., but working 17 hrs. less /week. That sold it for me. Work mostly 3 days a week instead of five, and make the same money. Bing! And... taking it early at 62 means you need to live 13, 14 years - or to age 75, 76 - to "break even" for what you would have earned had you started S.S. at age 66. Since odds are you will live to 75 or 76... a no brainer. Take it at 62! You can still work as long as you wish to work, just need to cut it to $16K /year. Chances are, like me, you can work Part Time to make that happen, so you really don't lose much, if any, income - while enjoying an extry day off (or two) from work each week. It's like a mini vacation every week! And at age 62 who don't need that! Guarantee you will feel both physically and mentally better.
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
@QMS Reading between the
Reading between the lines, your reply reminded me of the way my dad put things out there. Very droll sense of humor. A month before he died at the age of 90, he called his wife "One Big Sparkle." Hoping you have the same luck he did in living for quite a while. (And his mom died at 54, so it is not all about when your parents died. Sense of humor can keep a person strong.)
Believing in the improbable can make your life a miracle.
I don't think that applies to us.
My wife gets SS disability. My understanding is she would get a bump to my higher rate if I die first even after I start receiving benefits at 62. Do you have any information about this?
Due to unemployment, my husband collected at 62.
I waited for full age based on my date of birth. It would be difficult to live on just SS. Hats off to those who do.
"Religion is what keeps the poor from murdering the rich."--Napoleon
Indeed.
While we could live on just SS, I don't plan to. I'll keep my businesses going at a reduced level as long as I can.
that's the ticket
work till you die. I have no other option (except hermit). The fix is finding something that pays the bills and helps others as well. Coast away.
the sad ticket
My parents and my wife's parents were able to retire on full pensions plus SS. I don't know if they realized how good they had it, and I'm sure they didn't realize their children and grandchildren wouldn't enjoy the same things in life.
Or collectively buy
a 10 unit apartment bldg., fill 8 units with C-99 S.S. brethren, rent out the other two units to help pay mortgage, maintenance. Likely cheaper than trying to live separately. $120K building you're looking at $250 /mo. ea. plus $1,000 /mo. from the 2 apt. units for maintenance.
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
Worth considering as one way to create a local community
Using money set aside for retirement.
and safety net.
Still yourself, deep water can absorb many disturbances with minimal reaction.
--When the opening appears release yourself.
yeah, I first started
thinking about it at NN14 in Detroit. There were Tons of apartment buildings for sale for practically free. Well, under $75k. And, granted, they needed work, but they were still move-in condition. Add the immediately needed maintenace to the mortgage, then it's just fix up as you go.
One thing's for sure... ain't nobody living on a $900 a month S.S. check. Hell, not even getting by. But put ten of those together and it could work.
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
I'm trying to wait until 66.
I'm 65 and one month. 13 more to go. Not sure I can hang on. We'll see.
"The “jumpers” reminded us that one day we will all face only one choice and that is how we will die, not how we will live." Chris Hedges on 9/11
I wish you well.
It'd be a damn shame to get that close and then have to settle for the reduced amount.
Not worth the wait.
Take it now and enjoy a few extry bucks ea. month!
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
You forgot to thank Bill
He's the one that set up the conditions for the global economic crisis that happened during the Bush administration.
He and Herheinous did so much economic damage to this country in their 8 years.
The recovery during Obama's tenure was so weak it's hard to see what he actually accomplished.
Except for the banks of course. He helped them launder trillions of dollars after he didn't hold them accountable for their fraudulent activities.
One article I read said that the number of jobs created under his watch were mostly part time or minimum wage jobs.
Yes it was nice of him to raise the federal minimum wage to $10.10, but that is still not a livable wage, especially in the states that have higher costs of living.
His supporters like to say that he saved the auto industry, but again most of the help went to the CEOs not the workers.
The worst thing he did was watching as millions of people lost their homes while the banks continued to commit fraud and illegally take people's homes.
And because both he and Clinton were democrats, they got a pass on their disastrous policies.
In a diary yesterday on ToP, the person was writing about Herheinous' book and went into detail about how wonderful Clinton's presidency was. This person left out all of Clinton's legislation that hurt poor people and especially Black families.
I'm
Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.
Voting is like driving with a toy steering wheel.
Thanks Bubba!!
We're going in tomorrow
Not looking forward to it. First check in January you say?
So I'm 66 and 9 months. Are you saying I'm not allowed to work as much as I want? That can't be right. That would be enforced poverty since no one can live on SS by itself.
I think that if your age is 66 1/2
then there is no limit to how much money you can make. He explains this rule:
I thought that the full retirement age is 65, but I could be wrong. I do know that congress wants to increase the full retirement age to 70.
Since many of them are still working, they think that everyone should keep working until they are 70.
But these dumbasses take so many days off, including the whole month of August. And they barely work because they have aids that do much of their work for them.
Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.
Voting is like driving with a toy steering wheel.
And...
The dumbasses don't realize the difference between folks who did physical jobs for 45 years (aka fucking worked for a living) and those that pushed a pencil or sat in meetings.
So many people I know took some form of disability or had to "retire" in their 50's. These are farmers, ironworkers, carpenters etc. Human bodies did not evolve to work that hard for that long.
busted my ass since 9 y.o.
and now the govt. wants to penalise me by making too much money while retired? Their thresholds are below poverty level. Can't afford not to work and get shafted if I make below poverty income?
The age to retire with full SS benefits...
is 65, if and only if you were born before 1938. If you were born after that, there's a handy table at the bottom of this page that tells you when full benefits can start. I think Ronnie Raygun did that
tofor us. Republicans have been crying for decades that SS doesn't have enough money, and of course their only solution is to cut benefits, when they could just raise the cap.“We may not be able to change the system, but we can make the system irrelevant in our lives and in the lives of those around us.”—John Beckett
Thanks for the SS link.
I can collect at 66 straight up. Only 11 months to go, YIPPEE!!!
"The “jumpers” reminded us that one day we will all face only one choice and that is how we will die, not how we will live." Chris Hedges on 9/11
Full S.S. bennies is 66.
For most of us anyways. At 66, or 66 1/2 (not sure) you then can earn as much as you can stand, no limit.
the little things you can do are more valuable than the giant things you can't! - @thanatokephaloides. On Twitter @wink1radio. (-2.1) All about building progressive media.
@snoopydawg My understanding is
My understanding is that the age when you can work unlimited income while collecting SS retirement benefits is already at 70.
You're ok.
Since you'll be full retirement age, you can earn as much as you want, although some of it will be taxed if you exceed a certain total income.
I grabbed mine at 62
There was talk of selling out SS at the time, and I wanted to lock my benefits in place.
I'm one of the lucky ones with a pension from a teaching career. The Koch's are in Alabama (Geogia-Pacific timber co.) and are seeking to privatize our pension program and have managed to do so with new hires. It amazes me how those filthy rich MFers think teachers have too large of a pension.
Enjoy your SS one of the most successful programs ever developed in the US!
“Until justice rolls down like water and righteousness like a mighty stream.”
I'm right behind you!!
In 18 days, I'll be apply for my benefits. I wondered if I'd live long enough to ever collect a check. Now I'm just 18 days away from signing up for my benefits. In about 3 months, some of the money I've paid in will start coming back to me.
Of course, I still worry that the Paul Ryan wing of the GOP will try to take it away. If things go as I expect, come 2018 we won't have to worry much about what the GOP wants anymore. Now I'm just trying to figure out what I want to do with that first check!
“Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we.”
George W. Bush