Social Security at 62 - where to deposit funds?
YodaRules
11 years ago
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Comments (20)
sushipup1
11 years agolast modified: 9 years agoYodaRules
11 years agolast modified: 9 years agoRelated Discussions
social security
Comments (1)I will admit first that I don't understand it at all, but in my opinion it is the start of phasing out soc sec. I hear a lot about preparing for your own retirement and many are confident they can do it. BUT they can't count on even it being there. The good thing about Soc Sec is that it can't be taken away from you if a tragedy strikes you or your family. If you or a family member needs a heart or kidney transplant you will of course dip into the retirement fund to save your loved one's life. Or if you or your wife runs a red light and cripples someone you will take a huge loss and may pay the rest of your life. That is just two examples of how you can lose your retirement. We all need to write our representatives and ask them to fight any changes in soc sec. If they run low on soc sec funds they should stop sending money out of this country until their responsibility to the citizens are taken care of. We are very comfortable, I have prepared for this time in our lives....BUT there is one unexpected problem. Alzheimer's. If my husbands has to be placed in a care home, I will be ok, but only because we have a lot of assets. Anyone with less will lose most of their savings and their income. The saving thing for us is our soc sec and my husband's pension....See Moresocial security
Comments (7)It's advisable to apply for Social Security benefits 3 months before you want benefits to begin. If you meet all requirements for entitlement, you can receive benefits beginning with the first full month you are age 62. Naturally, if benefits begin before age 65, they are reduced to account for the longer period over which they will be paid. When you apply, you will need the following: your Social Security number; your birth certificate; your W-2 forms or self-employment tax return for last year; your military discharge papers if you had military service; your spouse's birth certificate and Social Security number if he or she is applying for benefits; children's birth certificates and Social Security numbers, if applying for children's benefits; proof of U.S. citizenship or lawful alien status if you (or a spouse or child is applying for benefits) were not born in the U.S.; and the name of your bank and your account number so your benefits can be directly deposited into your account. You will need to submit original documents or copies certified by the issuing office - you can't just go to the UPS store and make your own copies. Maybe during your recouperation period you could pay your local SS office a visit. It can be a bear sitting and waiting to speak to someone, but worth getting good information directly from the source. Quite a bit of info on the internet, too. But as for time frame, you probably ought to start the ball rolling now for a February or March start date. Good luck to you. I'm getting close to having to start thinking about when to begin taking SS myself. I'll be 62 in the not so distant future and it's a difficult decision to make. Even if there was no pressing need to start taking SS, I'm beginning to think it wise to take it at first opportunity. Get into the system before the Govt. does something foolish with one of the few things that actually works!...See MoreSmall Social Security COLA this time
Comments (11)chisue, take another look at how Social Security benefit amounts work, it's not how you say. As an example, just to keep the numbers simple, let's say a person qualifies at age 62 and starts then. They get 75% of the amount they'd get at 66. Real numbers, let's say it's $7500 at year at 62 and it would have been $10000 at 66. By waiting, they're getting a higher amount, yes, but that's not "a return on their investment". What they passed up getting was $7500 per year for 4 years = $30,000. It takes a lot of years with that $2500 increase (which will get cost of living adjustments) to equal the $30000 they passed up. If you factor in interest cost, for someone who isn't working, unless they feel confident to live to a ripe old age, taking it sooner can be better. See what I mean?...See MoreAbout Social Security.....
Comments (39)I think Social Security will be bankrupt pretty soon. As Rosemary pointed out, most people are collecting far more than they ever put in and it can't be sustained. But you also can't shut people off because for a vast majority of seniors, it's their only income. I suspect there will be reform in the future. Not because the government actually cares about grandma and grandpa but because there's a huge portion of the electoral base who will be pretty angry if they lose their benefits or are told there's nothing left. THAT will be the only thing that dictates a change - fear of losing an election. As a disclosure I'll say I'm not talking about anyone in this thread and I'm not angry at people who receive SS. It's the plan and it's unfairness that bothers me. Just general annoyance at having money stolen from me every paycheck under the promise that it will support me in 40 years when I need it. Yeah right. And yes, I do consider it stealing because it's mandatory and there is NO guarantee that it will be available when you're due to collect. The irony is that if it were a private company running this instead of the government, I don't think it would be legal! Imagine the electric company deciding to collect $100 extra from everyone every month. This is a mandatory charge but they say that in another 20 years, you will never have to pay another electric bill. However, there's small print saying that you will only get free electric if there is any money left to cover it, and if the money is gone, you will have to keep paying for your own electric and all of the previous tens of thousands that was collected from you will not be returned. Can you say lawsuit? lol...See Moresushipup1
11 years agolast modified: 9 years agoazzalea
11 years agolast modified: 9 years agoYodaRules
11 years agolast modified: 9 years agoazzalea
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