Retirement

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Stocker Steve

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kenny thomas" Actually 63. From reading about Social security it seems like I can draw some even though I'm still working. I'm going to check on it. Any thoughts on starting now even though I'm still working? [/quote said:
I get the math about waiting to draw, but how much use will you have for more money in your 80s ?

Local BTO was drawing SS and farming and working off farm part time and his wife was working part time. He has one of the nicest equipment lines around... Cows look like ****.

Make a wish list and then talk to your tax guy.
 

Caustic Burno

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kenny thomas said:
Caustic Burno said:
My thoughts are always take the bird in hand none of us is guaranteed tomorrow.

That's kinda what I been thinking. In seven years I have been in the hospitals probably 3 months. Died there once. I'm the best I have been in a long time now and would like to enjoy it.

My battle plan is hunting and fishing more. Oldest son hit me up the other day to run cattle on the place. I said I know where you can buy 15 registered sale barn cows.
 
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kenny thomas

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Caustic Burno said:
kenny thomas said:
Caustic Burno said:
My thoughts are always take the bird in hand none of us is guaranteed tomorrow.

That's kinda what I been thinking. In seven years I have been in the hospitals probably 3 months. Died there once. I'm the best I have been in a long time now and would like to enjoy it.

My battle plan is hunting and fishing more. Oldest son hit me up the other day to run cattle on the place. I said I know where you can buy 15 registered sale barn cows.
I'm planning on doing a lot less cattle this winter than last. They got so cheap last year I couldn't resist.
 

sstterry

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You can see your numbers here:

https://www.ssa.gov/benefits/retirement/estimator.html

You have to register and give a whole lot of info, but it will give you the offical amount.

If you start drawing now it will reduce your monthly amount you will recieve for the rest of you life. There are different schools of thought on this. Some people say I may not live to see the difference in payments so I want to draw as early as possible, others say I would prefer to wait until full retirement age (for me it is now 66 & 10 months) and get more. If you wait until age 70 then you can draw your maximum monthy amount. All of the above are calculated on your lifetime earnings history.

Given your long list of problems (and being ugly on top of that :p ) you should be able to apply for disabilty and save the retirement to get the higher amount, but that is a double edged sword, because you can not be working and expect to be approved for disabiltiy. And it takes an unbelieveably long time to be approved.
 

sstterry

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TennesseeTuxedo said:
Has anyone considered the impact on their spouse’s SSI benefit If you start drawing early considering wives generally live longer?

She is on her own.... :tiphat:
 
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kenny thomas

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sstterry said:
You can see your numbers here:

https://www.ssa.gov/benefits/retirement/estimator.html

You have to register and give a whole lot of info, but it will give you the offical amount.

If you start drawing now it will reduce your monthly amount you will recieve for the rest of you life. There are different schools of thought on this. Some people say I may not live to see the difference in payments so I want to draw as early as possible, others say I would prefer to wait until full retirement age (for me it is now 66 & 10 months) and get more. If you wait until age 70 then you can draw your maximum monthy amount. All of the above are calculated on your lifetime earnings history.

Given your long list of problems (and being ugly on top of that :p ) you should be able to apply for disabilty and save the retirement to get the higher amount, but that is a double edged sword, because you can not be working and expect to be approved for disabiltiy. And it takes an unbelieveably long time to be approved.
Actually it seems that if you don't hire a lawyer and have worked all your life it doesn't take very long to get disability approved. A friend just got hers approved in 3 months and I know several at 5 months.
The problem is that you have to wait 2 years to get Medicare. If I had the Medicare I would leave now
 

sstterry

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kenny thomas said:
sstterry said:
You can see your numbers here:

https://www.ssa.gov/benefits/retirement/estimator.html

You have to register and give a whole lot of info, but it will give you the offical amount.

If you start drawing now it will reduce your monthly amount you will recieve for the rest of you life. There are different schools of thought on this. Some people say I may not live to see the difference in payments so I want to draw as early as possible, others say I would prefer to wait until full retirement age (for me it is now 66 & 10 months) and get more. If you wait until age 70 then you can draw your maximum monthy amount. All of the above are calculated on your lifetime earnings history.

Given your long list of problems (and being ugly on top of that :p ) you should be able to apply for disabilty and save the retirement to get the higher amount, but that is a double edged sword, because you can not be working and expect to be approved for disabiltiy. And it takes an unbelieveably long time to be approved.
Actually it seems that if you don't hire a lawyer and have worked all your life it doesn't take very long to get disability approved. A friend just got hers approved in 3 months and I know several at 5 months.
The problem is that you have to wait 2 years to get Medicare. If I had the Medicare I would leave now
Never hire a lawyer when you first apply. Getting approved on the first application can be hit or miss. I have seen people get it that I never thought would and I have also seen instances where I thought how could they have been turned down

You only really need a lawyer when it comes to the Addministrative hearing stage. But hiring a lawyer does not reduce your monthly benefits, the lawyer gets (if approved by the judge) 25% of any "past due" benefits up to a cap of about $6k.
 
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kenny thomas

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sstterry said:
kenny thomas said:
sstterry said:
You can see your numbers here:

https://www.ssa.gov/benefits/retirement/estimator.html

You have to register and give a whole lot of info, but it will give you the offical amount.

If you start drawing now it will reduce your monthly amount you will recieve for the rest of you life. There are different schools of thought on this. Some people say I may not live to see the difference in payments so I want to draw as early as possible, others say I would prefer to wait until full retirement age (for me it is now 66 & 10 months) and get more. If you wait until age 70 then you can draw your maximum monthy amount. All of the above are calculated on your lifetime earnings history.

Given your long list of problems (and being ugly on top of that :p ) you should be able to apply for disabilty and save the retirement to get the higher amount, but that is a double edged sword, because you can not be working and expect to be approved for disabiltiy. And it takes an unbelieveably long time to be approved.
Actually it seems that if you don't hire a lawyer and have worked all your life it doesn't take very long to get disability approved. A friend just got hers approved in 3 months and I know several at 5 months.
The problem is that you have to wait 2 years to get Medicare. If I had the Medicare I would leave now
Never hire a lawyer when you first apply. Getting approved on the first application can be hit or miss. I have seen people get it that I never thought would and I have also seen instances where I thought how could they have been turned down

You only really need a lawyer when it comes to the Addministrative hearing stage. But hiring a lawyer does not reduce your monthly benefits, the lawyer gets (if approved by the judge) 25% of any "past due" benefits up to a cap of about $6k.
And the longer a lawyer can delay the settlement the higher their 25% amount is. I'm glad you said that not me.
 

sstterry

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kenny thomas said:
And the longer a lawyer can delay the settlement the higher their 25% amount is. I'm glad you said that not me.

Actually, the lawyer has little input about when the case is heard. It is set by the ALJ and not the lawyer.
 

TennesseeTuxedo

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sstterry said:
TennesseeTuxedo said:
Has anyone considered the impact on their spouse’s SSI benefit If you start drawing early considering wives generally live longer?

She is on her own.... :tiphat:

My best friend, mother of my children, and life partner deserves better than that from me.
 

sstterry

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TennesseeTuxedo said:
sstterry said:
TennesseeTuxedo said:
Has anyone considered the impact on their spouse’s SSI benefit If you start drawing early considering wives generally live longer?

She is on her own.... :tiphat:

My best friend, mother of my children, and life partner deserves better than that from me.
She will either be able to draw on her own or she will get 50% of what you draw. In my case, my wife has a better retirement plan than I do because she is a State employee.
 

sstterry

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TennesseeTuxedo said:
My wife has been an at home mom all our lives.
Then your situation will defintly depend on your retirement plan and Social Security (plus whatever assests you have that can be drawn down).
 

simme

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kenny thomas said:
CB I understand that but it's money I'm not getting now if it doesn't reduce the amount greatly later on when I turn full retirement age.

For each year you start SS benefits prior to your full retirement age, benefits are reduced 8%. Starting benefits 3 years early results is a 24% reduction in your monthly check for the rest of your life. Same 8% per year if you delay starting benefits after you reach your full retirement age. Starting benefits 3 years after your full retirement age will increase your check by 24% for as long as you live. It is all a gamble based on how long you are going to live. If you die at 68, you should have taken benefits the first day you could. If you are going to live to 90, you will receive more total money by delaying until you are 70. Provided you have other income or savings that allow you to delay.

My experience with my local SS office is that they give you incorrect answers. I received more accurate information by calling the SSA or doing my own internet research.
 

sstterry

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TennesseeTuxedo said:
sstterry said:
TennesseeTuxedo said:
My wife has been an at home mom all our lives.
Then your situation will defintly depend on your retirement plan and Social Security (plus whatever assests you have that can be drwan down).

My retirement plan is to work until I no longer can.
Mine is investing $6/week in Mega Millions and Powerball.
I don't want to brag, but I did win $3 last week.
 

TennesseeTuxedo

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sstterry said:
TennesseeTuxedo said:
sstterry said:
Then your situation will defintly depend on your retirement plan and Social Security (plus whatever assests you have that can be drwan down).

My retirement plan is to work until I no longer can.
Mine is investing $6/week in Mega Millions and Powerball.
I don't want to brag, but I did win $3 last week.

Quit while you’re behind, only uneducated goofs seem to win the lottery, you don’t stand a chance.
 

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