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Old 04-22-2011, 10:50 AM   #1
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When to Start Social Security Retirement


I'm getting close to that magical age of 62 where I'm planning to start Social Security. There are sooooo many things to consider when doing this, I was wondering what you all think. Start at 62, wait till 66, start wife at 62 and wait on mine till 66, part time work penalties. So on and so forth.

So what do you think?

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Old 04-22-2011, 04:39 PM   #2
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When to Start Social Security Retirement


The short answer is - you've made it to 62 years old (that's a feat in itself!)!
Since, you do not know what is going to happen (in the future) - take what you can get now.
I'm 62, and I never thought I'd make it this far.
The money is yours (you payed in!) - get it while you can enjoy it -
or use it to help family and friends!
Just an opinion!
rossfingal

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Old 04-22-2011, 04:52 PM   #3
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When to Start Social Security Retirement


Quote:
Originally Posted by rossfingal View Post
The short answer is - you've made it to 62 years old (that's a feat in itself!)!
Since, you do not know what is going to happen (in the future) - take what you can get now.
I'm 62, and I never thought I'd make it this far.
The money is yours (you payed in!) - get it while you can enjoy it -
or use it to help family and friends!
Just an opinion!
rossfingal

Funny, I was just thinking of all the dumb things I have done and the close calls I have had. Yes, I am surprised I made it to 62!
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Old 04-22-2011, 04:55 PM   #4
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When to Start Social Security Retirement


There is a giant black hole that sucks wealth and net worth regardless of income bracket in the US. Our health care system. Keep a watchful eye on what you will be left with medical insurance wise and your commitment to Medicare participation as you consider retiring.

I am on SSI and nowhere near the age I can tap what I put in the system. I have racked up close to $700,000 in medical bills since November for nothing particularly life threatening. I was self insured because I could not get insurance with silly pre-existing conditions. I have been wiped out.
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Old 04-22-2011, 05:04 PM   #5
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When to Start Social Security Retirement


Then you understand!
I eluded death and destruction too many times!
Whatever is going to happen, is going to happen.
You're here - take ALL the advantages of of being here!
Try to do the best you can for all the people, that are here with you (and yourself) - NOW!
(Time is of the essence!)
Regards!
rossfingal
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Old 04-22-2011, 05:08 PM   #6
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When to Start Social Security Retirement


Crop!
Sorry to hear about that {sdester}!
Very sorry!
rossfingal
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Old 04-22-2011, 07:06 PM   #7
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When to Start Social Security Retirement


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Originally Posted by rossfingal View Post
Crop!
Sorry to hear about that {sdester}!
Very sorry!
rossfingal
Losing most everything I worked toward was rough but please do not feel sorry for me. I now have more than reasonable access to one of the top health systems in Chicago that your insurance gatekeepers would probably not let you tap.

The total irony in our US system is that it needs to suck you dry first. Then, with nothing left and no insurance, you can actually fare better in some instances and actually have better healthcare choices. Total madness?

I had no problem paying for health insurance when I could get it but it usually ridered out the silliest of pre-existing and non-consequential conditions--and the procedures and meds to deal with them. I couldn't afford insurance that covered nothing and the care I needed to manage things at the same time.

It is sublime to absurd. Of course.

Every baby boomer ought to be reading the fine print as far as lifetime ceilings in their private healthcare policies. And they better pray all we contributed to Medicare will cover the amounts over. If I can ring up $700K in three weeks of hospital visits that didn't even require my chest cracked open or whatever?
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Old 04-22-2011, 07:27 PM   #8
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When to Start Social Security Retirement


(sdsester) (Sorry for misspelling before)
My response was not to say I was sorry for you (I have to have a "regard", for my fellow people).
I hear about the same situation from friends and acqaintances-
it tears my heart out (what's left of my heart).
The best, to you!
Regards!
rossfingal
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Old 04-23-2011, 10:56 PM   #9
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When to Start Social Security Retirement


I started drawing my soc sec at 62. Don't count on Medicare for your medical care. Unless it is a major medical condition, it is worthless. Part A, you pay the first $1100 of the hospital bill. Part B costs another approx $1500 a year. You still pay the first $220 of Dr bills and 20%. You have to buy a supplement to pay part of your prescriptions. It is not a good medical plan.
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Old 04-24-2011, 08:27 AM   #10
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When to Start Social Security Retirement


Insurance is a cost just like anything else. With doctors charging $100 per visit now, and prescriptions costing who knows how much, insurance is a necessity for us common folks. Although I get my health insurance paid by my retirement plan, I have to pay for a family plan to cover my wife. We pay approximately $500 per month for that and still have to pay 15% doctors bills and either $10, $20, $40 for prescriptions.

My daddy always said "you don't get something for nothing." and another "you don't get nothing for truly free son". I don't know what the answer is to the health insurance question, but I do know it is expensive having insurance, and a lot more expensive not having any.

On the SS question, starting SS at 62 or waiting until 66 is a big unknown for me. If I keep working my part time job, they will deduct $1 for every $2 I earn over the limit. However the money they deduct is not lost, but is recalculated into your SS when you reach full retirement age in my case of 66. So, it would seem to me to be a good idea to start collecting now.

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