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My Conversation with Social Security Yesterday (1 Viewer)

Joe Mammy

Footballguy
I turn 62 in June. I submitted my application to receive SS on March 12, exactly 90 days from my birthday which is when you become eligible to apply through the MySocialSecurity website which had a messaging area and I received a "welcome" message after applying.

Last week I received an email saying they required some documentation and to call a number with extension. I did, left a message.

Yesterday I received a call from a private # in Philadelphia. It was the contact lady that I received the email from. (I had verified the # before I called the first time that it was legit).

She apologized for taking a week to return my call and went on to tell me that the email I received had errors in it but it was the only email they can send out now?? I asked her why they can't edit email? She said, "they are working on it." I also asked her why they didn't use the message system on the portal. She said, "that's a great suggestion, I think there's an area you can make suggestions." I'm thinking, JC what idiocy.

She went on to tell me that all the SS employees at her office were all sent home with a laptop and a secure phone to work at home with. Unfortunately, neither of them worked and it set her back a few days.

She said all she needed was to verify my ID and went through a series of questions that confirmed who I am. She said I would still need to bring my physical ID into a local SS office, but all of the offices are now closed indefinitely, but this would not delay my first check.

She said the govt was working on a new website for SS. I asked her if they were using the same 1700 Google engineers supposedly working on the CV site? She laughed really hard and said that was a joke around the office.

I expected my first check in July. She explained they are always a month in arrears and I would receive my first direct deposit in August. I asked her how will I ever get the last payment if I die? She laughed again and said you won't but your estate will get it??? 

So there you go, we all get one last payment after you are dead. Spend wisely.

 
Spreadaheets and models adjusted. Thanks for the PSA.

Also, enjoy retirement. What are you doing for health insurance?
Not sure about PSA unless referring to prostate.

ACA saved me (thanks Obama) as I had/have pre-existing conditions. Been on it for years.
 

I stopped working my professional career in 2016 & embarked on a new career as an artist, lifelong dream. I carve natural stone and have become a sculptor.

Wife turns 62 in dec. We’re in good shape with everything paid for and some decent savings. The SS income will cover expenses and then some.

 
So there you go, we all get one last payment after you are dead. Spend wisely.
Not necessarily. In order to be entitled to a SS payment, you must live the entire month that the payment is due. If you die on July 29, you are not entitled to a check for July. If it arrives in August, either your bank will automatically send it back or SS will claim it back from the account. Moral of the story: always die at the beginning of a month.

 
I do give props to the govt worker I talked to on Saturday. She called me back at 6:30 this morning to tell me the IRS will not have access to my direct deposit info I provided to SS.

That was a side question I had asked her as we had sent a check in with our 2018 return- no refund.

 
i worked it out when i got that age and taking SS @ 62 instead of 65 becomes a negative @ age 71. i had need and there are not many guys my size or with my level of health who live past 70, so.....

so others will know, one doesnt have merely the choice to take SS @ 62 or 65. one can file at any time between those ages and your compensation will be affected accordingly. in addition, you can accept SS @ 62 but then stop it anytime til 65 if you have a windfall or something and receive credit toward a higher rate of compensation as long as you do.

and yes, the govt tries to buy a free month in the way they schedule compensation to begin

 
What means this?
What he's saying is if you live past age 71 your lifetime SS earnings will be higher if you wait until 65 to start collecting SS instead of taking it at 62.   When I calculated it for myself a few years ago I thought it came out to 74 (but I could be wrong).

 
What he's saying is if you live past age 71 your lifetime SS earnings will be higher if you wait until 65 to start collecting SS instead of taking it at 62.   When I calculated it for myself a few years ago I thought it came out to 74 (but I could be wrong).
If you factor in the extra health insurance costs from 62 to 65, the break-even age should be lowered.

 
Yup, if you think you're going to live past 90, you should be working (or at least not taking SS until after 65, and even better 67).

 
Getting an 8% bump for every year you wait pays for itself for most people.  Say if you and your wife expect to get $3000 per month at 62.  If you wait until 63 then it becomes $3,240 per month, or 8% more.  

You get $36,000 that first year, so if you waited, it takes roughly 12 years for that $240 extra per month to catch up.  So if you live past 75, it is an extra $240 in your pocket every month.  

If you factor in the value of money, say you can get 5% return somewhere, that could add about 3 additional it takes to even out.  Then it would take 15 years to catch up, or if you can expect to live to 78.   Most people 62 years old can expect to live past 80.  The life expectancy for a 62 year old male is 82 years old.  For a female it is 85 years old.  So in total, if your wife lives to 85, it costs your family about $20,000 to take it at 62 vs. 63.  You can do that for every year with some diminishing returns.  If you factor in the value of money, the sweet spot is roughly 67.  If you don't factor in the value of money, it is 70.   

But all that depends on whether you think you and your wife are in average health or above.  

 
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