SS and retirement question

[Citydude]

I spent 40 years in the military with 20 years as a First Sergeant. I was expected to be in control of everything around me. I still tend to be the one in the group that takes charge rather than the one that stands back. But I'm working on it.

I have coffee with a retired Sargent Major. I know what your talking about :thumbsup:

 

[ovrszd]

I have coffee with a retired Sargent Major. I know what your talking about :thumbsup:

We can't help it, conditioning training...

 

[MacLawn]

Wow ovr, 40 years in military?? I didn't know that was possible! Anyway, yep, I reckon ye've been conditioned all right. How long ye been retired?

 

[JDgreen227]

I spent 40 years in the military with 20 years as a First Sergeant. I was expected to be in control of everything around me. I still tend to be the one in the group that takes charge rather than the one that stands back. But I'm working on it.

Back in the mid 70's to mid 80's, my first line boss was a retired Army Sergeant and his way of telling us what to do was to yell at us...after we realized that was ingrained he turned out be a darn fair man to work for....give yourself credit for being the one who wants to be in charge because sometimes nobody wants that role.

 

[Larro Darro]

I'm 8 years and 8 months away from 62, but my wife will retire the last day of 2016. If you asked her, she would say 2 years 7 months and 25 days. She will be 63, and draw SS plus her retirement. When I file, I'll file on hers, since she makes the money in the family. I do love my job, and worry about spending so much time at home, but I'll take my chances.

Larro

 

[ovrszd]

Wow ovr, 40 years in military?? I didn't know that was possible! Anyway, yep, I reckon ye've been conditioned all right. How long ye been retired?

I was drafted into the Active Army in 1971, NCO Academy, tour in Vietnam, got out for 2 years, then went into Army Reserves thinking how hard can that be, Weekend Warrior and all. My unit logged over 100,000 man-days downrange while I was First Sergeant. Desert Storm, Haiti, Bosnia, Kosovo, Iraq multiple times, Afghanistan. I logged 42 months in Combat Zones. My Reserve unit is a Postal unit. Soldiers gotta have their mail..... Forced retirement at 60. I was ready. Fortunately for me my unit has not Deployed since I retired. I would have struggled with that. I retired in December 2011.

 

[Citydude]

I was drafted into the Active Army in 1971, NCO Academy, tour in Vietnam, got out for 2 years, then went into Army Reserves thinking how hard can that be, Weekend Warrior and all. My unit logged over 100,000 man-days downrange while I was First Sergeant. Desert Storm, Haiti, Bosnia, Kosovo, Iraq multiple times, Afghanistan. I logged 42 months in Combat Zones. My Reserve unit is a Postal unit. Soldiers gotta have their mail..... Forced retirement at 60. I was ready. Fortunately for me my unit has not Deployed since I retired. I would have struggled with that. I retired in December 2011.

Thank you for serving! You deserve a little R&R.

 

[MacLawn]

Good job ovr! I'm Vietnam vet, '69-70, in those days, we did one year there.

 

[ovrszd]

Good job ovr! I'm Vietnam vet, '69-70, in those days, we did one year there.

My tour was short because we were pulling out. 8 months in 1972. Started with the 7/1 Air Cav in Vinh Long. They stood down and I didn't have enough time to go home so went to 196th Inf Bde in Da Nang. They stood down and didn't have enough time to go home so went to 50th Inf in Da Nang. Deros'd from them. Got our butt kicked in Da Nang. Good times.

 

[Ken]

Yep, I'm sure the medical insurance issue is why many have to wait until at least 65. I'm already 65 and on Medicare and have great insurance too, so that's not an issue for me.

Funny timing, but just yesterday I attended a colleague's retirement banquet! He's 66, and actually retired December he said. Unless he had a big inheritance, we're about in the same financial boat since his income, etc. was same as mine. Well, I reckon if he can do it, I can too. Only thing is my work is so much at my own pace, and me wife loves what she does so much, it's no problem for us to keep on a while longer!

No one has the same figures or years of paying into SS that goes into the federal bucket for all agency's to use . So for me age 58 was a deciding time to retire from the employer I was with. Going toward encouraging workers to take a "early out pay out" the co. agree to pay my insurance until my age of 65.

Took the lump sum and retired Remember the Fed. Taxes They take the cream off the milk first.
then begin making more than expected on side jobs and so again paying into SS Fed. State and County taxes. a little extra for myself. so at age 62 took the
SS payment and quit all the side work to enjoy the retirement Now when you get the check it is called Federal Benefit payment not Social Security.
And the yearly increase fails to keep up with the cost of living.
So have the check sent to account just to pay the Utilities and monthly premium's sometime pay a Wal Mart. bill

Taking money from a 401 is Tax able
and by age 70 forced to remove % of funds or take a whopping penalty.
Now 20 years of retirement would not change what was done or make changes except when my wife reached 65 she filed on my SS and draws almost as much as I since I took early benefits.
If you have to figure all expense's for the next # of years before deciding maybe keep working I can use the deposited money. for my Federal Benefit Payment.
Everything is subject to change seldom for the good of the person drawing retirement.
ken

 

[square1]

Taking money from a 401 is Tax able and by age 70 forced to remove % of funds or take a whopping penalty.

This is something i just learned in the past year and something i think many are surprised by with regard to traditional 401ks. My traditional 401k is pretty well stocked so I've switched most contributions to a Roth since it lacks the mandatory withdrawal / taxation penalty mechanism. I'll use up the bulk of the traditional first after retirement leaving a balance at age 70 the will not cause taxation problems. Then start on the Roth, or not as needed.

 

[MacLawn]

One more thing I just learned about SS - it seems if ye plan on taking at full age, aka, 66 for me, you can actually start at 65 and 10 months. I thought it was 65 and 9 months, but read somewhere it's 65 and 10 months. Even though i won't retire at that age, I do plan to start me SS at 65/10 months! Like the monkey said when he got his tail caught in the fan - "It won't be long now, boys!".

 

[Ken45101]

One more thing I just learned about SS - it seems if ye plan on taking at full age, aka, 66 for me, you can actually start at 65 and 10 months. I thought it was 65 and 9 months, but read somewhere it's 65 and 10 months. Even though i won't retire at that age, I do plan to start me SS at 65/10 months! Like the monkey said when he got his tail caught in the fan - "It won't be long now, boys!".

You "start" SS one month, but they don't actually "pay" until the following month. (IOW, the payments are a month behind.) That might account for the numbers you quoted.

 

[smstonypoint]

You "start" SS one month, but they don't actually "pay" until the following month. (IOW, the payments are a month behind.) That might account for the numbers you quoted.

I think you are correct.

This is the way it worked for me. I started SS at 62 and my birthday is May 14. I applied for SS three months ahead of time. You are not paid for the month you are born, so I was due my first SS payment in June. That payment was made on the third Wednesday of July. (SS payments are now on staggered Wednesdays according to the day of the month of your birthday.)

Steve

 

[JDgreen227]

I think you are correct.

This is the way it worked for me. I started SS at 62 and my birthday is May 14. I applied for SS three months ahead of time. You are not paid for the month you are born, so I was due my first SS payment in June. That payment was made on the third Wednesday of July. (SS payments are now on staggered Wednesdays according to the day of the month of your birthday.)

Steve

That is the same situation that I endured...I applied 3 months in advance, my 62nd birthday was August 22, but my first SS check wasn't deposited until October 23rd.

 

[smstonypoint]

That is the same situation that I endured...I applied 3 months in advance, my 62nd birthday was August 22, but my first SS check wasn't deposited until October 23rd.

It hasn't happened to me yet, but I understand that you do not draw SS for the month you die.

Steve

 

[MacLawn]

That is the same situation that I endured...I applied 3 months in advance, my 62nd birthday was August 22, but my first SS check wasn't deposited until October 23rd.

So does this mean in your application you choose the date you want to begin SS? In other words, can I go online now to SS site and go ahead and apply for mine to start a certain month? Even though it will be a month later, I understand that, the site says you're paid the following month after ye birthday. Since I don't have to be concerned with waiting for 62, seems I could start anytime.

 

[smstonypoint]

So does this mean in your application you choose the date you want to begin SS? In other words, can I go online now to SS site and go ahead and apply for mine to start a certain month? Even though it will be a month later, I understand that, the site says you're paid the following month after ye birthday. Since I don't have to be concerned with waiting for 62, seems I could start anytime.

From How to Apply Online For Social Security Retirement Benefits

You can apply online for retirement benefits or benefits as a spouse if you:

are at least 61 years and 9 months old;
are not currently receiving benefits on your own Social Security record;
have not already applied for retirement benefits; and
want your benefits to start no more than 4 months in the future. (We cannot process your application if you apply for benefits more than 4 months in advance.)

Steve

 

[JDgreen227]

So does this mean in your application you choose the date you want to begin SS? In other words, can I go online now to SS site and go ahead and apply for mine to start a certain month? Even though it will be a month later, I understand that, the site says you're paid the following month after ye birthday. Since I don't have to be concerned with waiting for 62, seems I could start anytime.

I will try to answer your queries as best I can...I was told by SS I could apply 3 months prior to my 62nd birthday which was on 8/22/13, and I applied online 5/22/13. I could not apply sooner than 3 months prior or the site would reject my application. In your case you are well past the minimum age you could have begun to collect SS so that means you can apply anytime. I really should have made it clear I applied to collect as early as I could and I'm sorry for the omission. But I really don't know for sure what the period will be before you will get your first check, because of your filing status. One caveat: Unless Social Security will be your ONLY source of retirement income, you can expect 85% of it to be subject to Federal Income tax. I had 10% of my SS withheld for tax purposes because I also collect a pension, and that 10% worked out almost perfectly for my situation on Form 1040.

Delayed posting this until dinner was over and it looks like smstonypoint knows a LOT more than I do...:laughing:

 

[Jstpssng]

It hasn't happened to me yet, but I understand that you do not draw SS for the month you die.

Steve

Hopefully it will be a LONG TIME before you can answer that question!