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I turn 62 next month and have been paying into social security since I was 15. My wife will be 64 next fall and has some physical disabilities. We both still work. My question is when you look at what they send you it says how much you will get at 62 and how much you get when you hit 66. Are you stuck at the same amount regardless of when you start social security regardless of starting at 62, 63, 64 or 65 or is there an incremental increase along the way. thanks for the help.


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If you start at 62 with X-amount of dollars that is what you will get forever. There is no increase because of age after that.




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My question is if I wait until I'm 63 or 64 to start will I still be getting what I would at 62 or are there incremental increases depending on when I start.


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The benifit goes up with age, but once you take it, it is set.




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caribou:
You get a reduced benefit at age 62 from that you would get at your normal retirement age, dependent on when you were born. Normal retirement age might be age 66. Each year, after 62, the benefit is higher if you start then, rather than 62, till you reach full benefit at what ever your normal retirement age is. You do get benefit increases for COLA adjustments, but they are generally pretty low as the government uses unrealistic inflation numbers to set this increase, which usually is offset by medicare premium costs when you hit that point. You really need to find out from social security as to what your benefit schedule is. My wife started taking social security at age 62, but she didn't make much money, and she IS ten years older than me. When i hit 62, and started taking it, she was able to go to half my benefit, and she got paid double what she was getting.
The rest of it is a long story, and I don't want to get into it on here, but i am still working, and make more than what social security allows me to make without reducing the benefit. I.E. they haven't paid the benefit since around april. This supposedly stops at age 66 for me, when i can make what i want to without reduction.


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It's incremental!

You will get more if you start at 63 than you would starting at 62 but less than you would get if starting at 65.

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Be sure and look at any part time work after you start because there is a yearly limit on how much you can make and there is also a monthly limit. If you go over they will take a third of what you made. Also be aware than when figuring your income, any money made in another year does not qualify even if you got it in the same year you start SS. miles


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Thanks. Is it fairly even per year? Seems to me that what I get at 62 is about $600 less than what I get at 66. One would assume it would go up $150 per month for every year I wait. Is that accurate? I would like to work at least until I'm 66 or later but not sure I'll be able to find a job when I move next year.


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They calculate how much you would get at your full retirement age of 66 by taking your best 35 years (indexed for today's dollars), adding them up and dividing by 420 (number of months in 35 years). Then they apply their bending rules to cheat high wage earners to benefit low wage earners. Anyway, they come up with a number that represents what you would get when you turn 66. If you retire at 62 you get 80% of the 66 amount, at 63 you get 85%, at 64 you get 90%, and at 65 you get 95%. So for every year you retire before 66 it cost you 5%. Here's the thing, if you wait until 63 to get a 5% higher amount it will take you 20 years to make it up.

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My financial advisor told me I was way ahead of the game money wise to retire early. A little less money but for a longer time. People that retire early tend to live longer also. I don't have access to the info he showed me now or I'd share it with you.


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Cariboujack,
I waited until age 66 because I was still working (not by choice) and it increased my montly SS payment quite a bit over what I would have gotten at age 62. I'm still working (not by choice) and what bothers me is that they're still taking SS and Medicare out of my check. The first year I worked after age 66 they raised my SS check by $9.00 per month the following year because I had paid into SS. It will take me 48 years to get back what I paid into SS that year at $9.00 per month(and that's not counting what I paid into Medicare). I called SS and told them that I was happy with my original SS check based on my original work history and would rather not contribute any more. They didn't care whether I was happy or not.

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After you reach full retirement age. Most are 66 now. There is no limit on how much you can make by wages.


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Originally Posted by saddlesore
After you reach full retirement age. Most are 66 now. There is no limit on how much you can make by wages.


That's true, but you always have to pay social security and Medicare taxes on wages. It doesn't matter how old you are only that you are breathing and working.

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I waited until I was old enough to get the full amount. That was April 1st 2007. If I had earned more that some set amount in the rest of that year there would have been penalties.
Starting Jan 1 2008, I could have worked as much as I liked with no problems from then on.
I just don't to work anymore.


















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I believe one of you could retire and the other could receive a partial spousal check while still working. The longer the working spouse gets to 70 yrs the more they can earn.

Here's one article but please do your own research or ask a financial planner to see if this scenario would be good for you.

Collecting Spouse's SS while still working

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You are money ahead to take it the very first day you can.
Let's assume you'd get $1,000/month at 62 and $1,600/month at 66.

If you start taking the $1000, you'd receive $48,000 from then until you turned 66. Now divide that $48k by 600 and you see that it would take 80 months, or almost seven years, to make up the $48k you wouldn't have gotten if you had waited to start accepting the cash. So you wouldn't actually come out "ahead" until you turned 73.


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I have a bit more than a year before I reach 62, so I will be investigating this more thoroughly in 2013. Just got an estimated SS statement in August.

Using those numbers - If I start drawing at 62 I will bring in more money than if I wait to start drawing at age 66 UNLESS I live beyond age 77. The monthly amount depends on how much you have made and contributed over your work-lifetime - I think . . .

Kinda depends how long you think you'll live. And THAT is a guess . . .



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That does concern me. I've got 4 friends that have died in the last two years, none made it to 66. The guy whose celebration of life I went to last night was 64. Makes a guy think.


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ooh ooh take the money and run!


I've got 8 more years before I turn 62, I fully expect it to be "means determined" by then.

I also hope to have the means that they say I don't get any SS if it is indeed means tested.

but I plan to get as much back ASAP whenever I'm eligible. Great thread for us geezers and geezer wannabes.

good luck Marlin


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Originally Posted by Cariboujack
That does concern me. I've got 4 friends that have died in the last two years, none made it to 66. The guy whose celebration of life I went to last night was 64. Makes a guy think.


That's why the money you pay into SS should go into your own private account and what you don't draw should go to your estate. That's the real reason Tards don't like ROTH IRA's. SS is nothing short of a ponzi scam.

Last edited by 17ACKLEYBEE; 11/14/12.

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