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Healthcare
Jul 25, 2018 17:04:19 GMT -5
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Post by danb6177 on Jul 25, 2018 17:04:19 GMT -5
I would disagree with the artificial target of 66 also. I’ve never even heard of that. Here we talk about 60. Some even 55. But at 55 people do the SS leveling. Which means they leave early and take less annuity and compinsate for the loss by drawing early from SS. It’s a good deal. Then at 62 when SS kicks in you don’t get as much so it’s level. So back to the benefits. You are correct there are many different unions and many different contracts. I was referring to skilled workers. Like Iron workers. Operators welders pipe fitters etc. Skilled union workers often have great benefits due to the natural dangers of their jobs. You should see the life insurance I get for 8$ a month lol. I’m surprised my wife doesn’t off me and collect. Other unions don’t necessarily have skilled workers. They have regular workers that are trained to do specific tasks and these unions are usually not very good and employees are treated more like at will employees. www.ssa.gov/planners/retire/ageincrease.html Hate to break it to ya, but the "full" retirement age of 66 & change is common knowledge - if that's what you mean by 'disagree'. If you're actually agreeing that this 'target' date is artificial, I surely get that. Wow, I thought my old company was strange in offering this 'leveling' you talk about. I almost did that, but sat on it. For the company, there was also a 'break even point'. But it was hard to figure out cuz you'd still get a little something once you hit 62. The deciding factor was wanting to get out of corrupt Philly before I started collecting anything. Flat tax higher than the State. Yeah, the liquor store state job was basically unskilled, pretty much 'at will'. You just had to be pretty smart, which there is not a shortage of. And oh yeah, be physically able, and willing to put up w/crappy hours, and always working weekends. But paying 40% better than minimum wage, these jobs in a place like Philly (where minimum wage is still $7.25) are coveted and easily filled. Wow 66. That’s ridiculous. I was thinking 60 was too long lol
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Post by Deleted on Jul 25, 2018 17:32:13 GMT -5
I haven't read all this so if I'm off base excuse me. I'm sixty four. I was eligible for ss at 62.At that age my monthly allotment would be $1093.00 a month. If I waited until 66 my allotment would be $1390.00. If I waited until 70 it would be fifteen hundred something. So here is what I did and what my accountent suggested. I took the money starting at 62. If you figure that if I waited until 66 I would get three hundred more a month. So 1093.00 x12 months x four years equals $52,464.00. It would take me sixteen years to recoup that money if I waited. So I would be 82 before I broke even. The fact I had my open heart surgery and was forced to not work made my decision good. Even though I probably should have and probably still could get disability. If you still work at 62 then its a bad idea to take it. You can only make $1350.00 a month without a penalty to your ss. Any thing you make over that you lose one dollar for every two you make each month. Make sense?
Edit. If you only work part time and make $1350 or less a month when you are 62 get the SS.
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Post by divebitch on Jul 26, 2018 15:00:09 GMT -5
I haven't read all this so if I'm off base excuse me. I'm sixty four. I was eligible for ss at 62.At that age my monthly allotment would be $1093.00 a month. If I waited until 66 my allotment would be $1390.00. If I waited until 70 it would be fifteen hundred something. So here is what I did and what my accountent suggested. I took the money starting at 62. If you figure that if I waited until 66 I would get three hundred more a month. So 1093.00 x12 months x four years equals $52,464.00. It would take me sixteen years to recoup that money if I waited. So I would be 82 before I broke even. The fact I had my open heart surgery and was forced to not work made my decision good. Even though I probably should have and probably still could get disability. If you still work at 62 then its a bad idea to take it. You can only make $1350.00 a month without a penalty to your ss. Any thing you make over that you lose one dollar for every two you make each month. Make sense?
Edit. If you only work part time and make $1350 or less a month when you are 62 get the SS.
Yes, it all makes sense. You've pretty much re-iterated what I was saying, and gave a personal example of why it's true. The gov't pushes this 66 and 8 months depending on your age, maybe 2 - 4 months earlier or later depending if you're an early boomer, gen-x'er/millennial or later. IMO that number is a veiled attempt by the gov't to make you wait. Waiting only makes sense in certain cases - you really wanna keep working and/or the money is good, and you have every reason to believe you'll live til at least 75. Oh, and this is for danb6177, there are also a lot of people with no significant savings, 401k, pension, who really need that mid range salary now, and can't feel safe retiring until age 70.5 (when you must start collecting) or as long as they are healthy. Craig, IDK what the rules are for disability once you're already collecting SS. I know you can't change the date after you start collecting. If you had that option b4 taking SS, probably would've been the way to go. But IDK, worth a try. I'm definitely gonna start
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Healthcare
Jul 26, 2018 18:20:34 GMT -5
via mobile
Post by Blue Meanie on Jul 26, 2018 18:20:34 GMT -5
I haven't read all this so if I'm off base excuse me. I'm sixty four. I was eligible for ss at 62.At that age my monthly allotment would be $1093.00 a month. If I waited until 66 my allotment would be $1390.00. If I waited until 70 it would be fifteen hundred something. So here is what I did and what my accountent suggested. I took the money starting at 62. If you figure that if I waited until 66 I would get three hundred more a month. So 1093.00 x12 months x four years equals $52,464.00. It would take me sixteen years to recoup that money if I waited. So I would be 82 before I broke even. The fact I had my open heart surgery and was forced to not work made my decision good. Even though I probably should have and probably still could get disability. If you still work at 62 then its a bad idea to take it. You can only make $1350.00 a month without a penalty to your ss. Any thing you make over that you lose one dollar for every two you make each month. Make sense?
Edit. If you only work part time and make $1350 or less a month when you are 62 get the SS.
Yes, it all makes sense. You've pretty much re-iterated what I was saying, and gave a personal example of why it's true. The gov't pushes this 66 and 8 months depending on your age, maybe 2 - 4 months earlier or later depending if you're an early boomer, gen-x'er/millennial or later. IMO that number is a veiled attempt by the gov't to make you wait. Waiting only makes sense in certain cases - you really wanna keep working and/or the money is good, and you have every reason to believe you'll live til at least 75. Oh, and this is for danb6177, there are also a lot of people with no significant savings, 401k, pension, who really need that mid range salary now, and can't feel safe retiring until age 70.5 (when you must start collecting) or as long as they are healthy. Craig, IDK what the rules are for disability once you're already collecting SS. I know you can't change the date after you start collecting. If you had that option b4 taking SS, probably would've been the way to go. But IDK, worth a try. I'm definitely gonna start Once you have accepted a social security benefit, you are ineligible to apply for disability.
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Post by Deleted on Jul 26, 2018 18:43:51 GMT -5
Once you have accepted a social security benefit, you are ineligible to apply for disability. That's kind of what I thought but wasn't sure. I never applied for it because I was hopeful to go back to work. I love my work. But it just is not going to happen. Luckly, I have enough to last a while.
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Healthcare
Jul 26, 2018 19:05:24 GMT -5
via mobile
Post by Blue Meanie on Jul 26, 2018 19:05:24 GMT -5
Once you have accepted a social security benefit, you are ineligible to apply for disability. That's kind of what I thought but wasn't sure. I never applied for it because I was hopeful to go back to work. I love my work. But it just is not going to happen. Luckly, I have enough to last a while. I was too stupid to check. Never apply for Social Security Disability without an extremely competent attorney. They automatically deny you the first time no matter how dire your circumstances. I could have probably gotten it the second time had I known what I was doing. Even the board that denied me admitted they gave serious consideration to my case.
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