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Discussion: Social Security benefits

Posted Discussion
Feb. 7, 2012
surf88
Men's 60
869 posts
Social Security benefits
I received an email today from a family member recommending that I apply for social security benefits. I am of age to qualify for benefits but frankly have never given it a single thought before today. Obviously there seniors out there who have gone through this and might have rational thoughts/ideas about same.

I am not interested in getting involved with a political forum of any kind, simply interested in thoughtful intelligent mentorship from those who have been there, done that. I appreciate it.
Thanks,
S88
Feb. 7, 2012
mad dog
Men's 60
3929 posts
ed i would do it,i just signed up online,real easy to do....it will also figure out what you would get,if your 65 you get medicare also.....

i didn't get a lot(as i just got in the 40 quarters ya need) but every little bit helps.

just sign up,i would say....if ya paid it in,you deserve it back......
Feb. 7, 2012
Capt Kirk
403 posts
Like Mad Dog said it is easy process to sign up online, here is their website: http://www.socialsecurity.gov/
Feb. 7, 2012
#19
Men's 60
252 posts
Depends on your own circumstances ... If you apply at age 62, you take a penalty of a certain percentage for each year prior to your full retirement age ... The amount you receive grows for each year you wait.
Feb. 7, 2012
Gary19
Men's 50
2615 posts
#19, I am "only" 55 and not really thinking about SS just yet, but that has always been what I have heard.
Feb. 7, 2012
mad dog
Men's 60
3929 posts
#19 i take a hit no matter,b/c of my DOD retirement.....i looked at what i would get,at the older ages, and felt it would be better for me to do it at 62....what happens if ya don't make it to an older age to apply....
Feb. 7, 2012
rtaven
Men's 65
22 posts
if you are healthy and don,t need it wait till 70,you get about 8% increase a year.
make sure you apply for medicare before 65. your insurance rates go way up when you hit 65. a and b with supplemental and meds.
if your spouse draws social security the other can draw at spouces 1\2 rate with no penalty.
there are lots of things you can do but can be unreversable.
you can no longer pay back and start over.
Feb. 7, 2012
kbl
Men's 60
528 posts
guys....best thing i did was take SS at 62 as i had no bills or house payments and also have a daughter at the time that was 12 yrs old. it will be a long time till i make up($) early retirement....everyones situation is different. now i can do what i want and get partime work when needed and also play a tournament once a month. good luck to all. thanks, ken
Feb. 7, 2012
JamesLG
299 posts


Kbl:

I am with you on this one. My Dad worked his tail off until he was 62, retired, got sick and gone at 63. You only go around once so better do what you can when you can still do it.

James
Feb. 7, 2012
softballman47
Men's 65
8 posts
I took mine at age 62 (25 % penalty) instead of waiting until age 66 - my money manager calculated it would take to age 74 before I broke even - did not want to chance leaving money on the table
Feb. 7, 2012
BruceinGa
Men's 60
2634 posts
I'm 62 and just retired. I'm trying to wait until I'm at least 65 before I draw SS.
Pay attention to what rtaven said about a spouse drawing 1/2 of the other SS. You can even submit forms for SS and then suspend it, then let the spouse draw 50%.
Feb. 7, 2012
DoubleL10
Men's 65
811 posts
Bob and softballman47, I also started collecting at 62. My money manager told me I would be 76 before I broke even. I figure I don't want tl leave money on the table either. I would recommend starting to collect as soon as you are eligible. No telling when the rules may change and start dates might even be pushed back. JMHO.
Feb. 7, 2012
cyborg45
78 posts
Another thing to consider is how much money you want to make. If you do
retire before your full retirement age, you can only make about 14,000 a year before the penalty kicks in. The max is about 35,000 a year in your final year of full retirement age. Once you get to your full retirement age, and start collecting, you can make all you want without penalty. For those of you actively involved in enterprise beyond retirement age, this is a big thing to consider.
Feb. 7, 2012
mad dog
Men's 60
3929 posts
i say take it as early as you become eligible.....ya never know what the future holds for us......rtraven,if you sign up at 62 for SS,you will be automatically enrolled into medicare at 65,per the lady who i talked to at SS.......another reason to sign up at 62.....
Feb. 7, 2012
Webbie25
Men's 60
1964 posts
Guys-we did the math, too. If we start taking it at 62, our break even point if we waited was a 81 years old. Besides, the older you get, the less enjoyment you will most likely get out of it. We will start collecting at the earliest age we can.
Feb. 8, 2012
DoubleL10
Men's 65
811 posts
maddog, you were told correctly by SS about automatically being enrolled in Medicare. I started collecting SS at 62 and last year, before I had my 65th birthday, I received a nice, shiny new Medicare card in the mail without having to do anything!
Feb. 8, 2012
Paco13
364 posts
This is probably the most informative topic on this board, thanks Surf88 for starting it. Good insight granted that I am 53 and have a ways to go, still enjoy the mentoring and knowledge that you guys impart. This is the kind of stuff that we need more on this board. Good work.

Jesus te ama!!!
Feb. 8, 2012
curveball
Men's 65
400 posts
I started SS at 62 for similar reasons as above posters, and at the advise of an accountant. . One of the biggest surprises for me though, was the fact that my 13 year old daughter got a SS check monthly for 2/3 the amount I got! Dependent children attending school till age 18 recieve 66% of the recipients amount. Her payments ceased the month after she turned 18.
Feb. 8, 2012
the wood
1076 posts
It is true that you will take a 25% penalty is you begin @ age 62. But there are good reasons to do so...
1) you might die before the crossover point (the # of years it takes to catch up).
2) who really knows the long term health of the social security system? The ratio of workers to retirees reduces every year. Do not under estimate this consideration.
Take it while you can unless you still have earned income. Then it becomes a different comparison.
Mad Dog: Your DOD retirement should not reduce your social security benefits but it does take you over the 'modified adjusted gross income' threshold (50% of soc sec inc + DOD inc). DOD retirement income should not be construed as 'earned income'.
BW

Feb. 8, 2012
Ho
229 posts
I took early retirement at 62..the person at Social security told me I would not start losing money by going early until age 75.

To me it was worth it...took a part time job writing for a newspaper and that along with the monthly security check starting at age 62 more than covered any benefits I would have lost.

The key is to find a part time job after you take early retirement and you make out on the deal.

Ho
Feb. 8, 2012
hitman
Men's 65
299 posts
I statred at 64 1/2 due to still having earned income. When I did start I changed from February to January and it was decreased by $14. After some minor calculating I would break even after 148 months, over 12 years, I chose to start in January and hope I live long enough to experience the loss.

The Hitman
Feb. 8, 2012
outfielder
Men's 65
58 posts
You need to start drawing ss at age 62 because it will take you approx. 14 years to recoup the money you lost from age 62 to age 66 or whenever your full ss kicks in, also one more thing to consider, your ss is a taxable income and whatever they tell you that you will draw every month, that is the amount you get and there are no deductions unless you request it by a form you have to fill out.
Feb. 9, 2012
Capt Kirk
403 posts
Thanks to SS benefits, I am able to travel and play in more senior softball tournaments. Probably didn't realize that would be a factor when they were deducting FICA. I took my SS benefits at 62, a bird in hand is worth two in the bush.
Feb. 9, 2012
#6
Men's 60
1183 posts
Capt Kirk,
You can't call what you do as playing......lol. Are ya'll playing SA on the 25th ?
Feb. 9, 2012
Capt Kirk
403 posts
#5, will be there on 2-25 playing with the 60's and will be playing on 2-26 with the 50's, assuming my SS disability check is deposited before 2-25. See you there, sb a good tournament, with a good group of 60's team playing on Saturday, 2-25, and good turnout of 50's teams playing on Sunday, 2-26.
Feb. 9, 2012
Capt Kirk
403 posts
sb #6 not #5, fat fingers syndrome.
Feb. 9, 2012
Capt Kirk
403 posts
SB SSD (SENIOR SOFTBALL DISABILITY NOT SOCIAL SECUITY DISABLILITY).
Feb. 9, 2012
surf88
Men's 60
869 posts
Thank you to all who posted helpful information regarding this topic. It has assisted me in my decision making process. One note, I am still operating my real estate company and am active with my Reebok business. Does that have an impact in some manner to this topic, in your opinions?
Thanks Again,
Feb. 9, 2012
cyborg45
78 posts
Yes it could. See my post above to see if this pertains to your situation.
Feb. 10, 2012
curveball
Men's 65
400 posts
You may need to talk with an accountant about wages, salary, or bonus. Some income changes your SS bene's, others do not.
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