I went and did it....

Burrapeg

Well-Known Member
Me too. Just signed up this year also but feels very strange to suddenly realize I am 66. Brings to mind the old saying that men never grow up, the toys just get bigger and more expensive.
 

oldoakman

Well-Known Member
Me too. Just signed up this year also but feels very strange to suddenly realize I am 66. Brings to mind the old saying that men never grow up, the toys just get bigger and more expensive.
Yeah, I'm still trying to wrap my head around the fact that I can retire. I really dont feel that old. I had a nice surprise when I checked my bank account the other day, my first SS check was deposited.

Sean, please dont rain on our parade, but i understand what you are saying.
 

oldoakman

Well-Known Member
1 more year for me -- congrats retired bastard
Not retired! Just sucking the system dry before you get to. If you don't draw until your full retirement age which is dependent on your birth year, you can draw your full benefit and continue to work without any penalty on the amount you earn. Like getting the raise I've been waiting th he last 16 years for.
 

TimBr

Official Well Known Greeter
@oldoakman; Thanks for sharing that factoid, I was not aware that was the case. It is another strong incentive to wait it out as long as possible, which is what the Feds are hoping for, I assume.

P.S. Congratulations on achieving this milestone!
 
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oldoakman

Well-Known Member
@oldoakman; Thanks for sharing that factoid, I was not aware that was the case. It is another strong incentive to wait it out as long as possible, which is what the Feds are hoping for, I assume.

P.S. Congratulations on achieving this milestone!
Additionally, if you sign up earlier that your full retirement date you will be penalized by loosing $1.00 for every $3.00 ( I believe it is) you make up to a limit. If you wait longer than your full retirement date, your benefit goes up as well up to age 70. The Feds must finally realize that the system is going bankrupt and is allowing we seniors to grab as much gusto as we can while we can.
 

Burrapeg

Well-Known Member
Waiting til 70 is a bit tricky for some. A friend of mine did this and her SS was about 1500. a month instead of around 1100. if she had taken it at 66. But do the math - that is 1100 a month times 48 months, or 52,800 that she skipped taking. To make up that difference with that extra 400 a month, on top of the grand that she would be getting anyway, that is 11 more years before she just breaks even, let alone has any advantage. So she will be into her 80's before she actually profits at all from waiting. Basically, when we wait, we are gambling on a long life and the government knows, statistically, the approximate percentage of us that won't make it. This is why they are happy to let us wait and get more per month.
 

oldoakman

Well-Known Member
Waiting til 70 is a bit tricky for some. A friend of mine did this and her SS was about 1500. a month instead of around 1100. if she had taken it at 66. But do the math - that is 1100 a month times 48 months, or 52,800 that she skipped taking. To make up that difference with that extra 400 a month, on top of the grand that she would be getting anyway, that is 11 more years before she just breaks even, let alone has any advantage. So she will be into her 80's before she actually profits at all from waiting. Basically, when we wait, we are gambling on a long life and the government knows, statistically, the approximate percentage of us that won't make it. This is why they are happy to let us wait and get more per month.
Exactly. Why let them keep the $$ due me. They dont pay interest. Like I said above, I'll take the money and run
 

tnttree

Well-Known Member
Not retired! Just sucking the system dry before you get to. If you don't draw until your full retirement age which is dependent on your birth year, you can draw your full benefit and continue to work without any penalty on the amount you earn. Like getting the raise I've been waiting th he last 16 years for.
Ha thats what I tell pups,
keep the pups working
 
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