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Is age 62 the best time to start drawing my Social Security? I turn 62 in January. I am sort of semi-retired, what would be best for the long haul? Advise please.
By Jack from Murray, KY
You can go to the social security web page at www.ssa.gov. or to google.com and type in social security and under the first list that comes up click on retirement. It will give you all kinds of information. You can retire at 62 but you won't get the full amount as if you retired at 66. For people born in 1943 the retirement age for full benefits is 66. If you retire at 62 and would like to continue to work the maximum you can earn is $14,160. It is all explain in the ssa.gov web site.
If you wait you can get more in your monthly check.
I would say do the math. If I retire now at 62 I collect so much money over the years which equals $$$. Then I retire at 65 or 66, and collect $$$ over the years. Look at health issues you might have, are you happy working, etc.? My husband took early retirement at 62. Also, even though I did not earn enough credits to collect Social Security on my own person, I do collect, one half of my husband's Social Security amount at age 62. I did not know this was possible until my dear sister in law told me.
If you decide to retire at 62, you will still be allowed to work part time. If you choose to do this, my best advice is to seriously concentrate on paying off all of your bills while you're still working, so that when you eventually decide to stop working, living on reduced social security will not be a hardship for you.
I just read about this in the AARP magazine and if you start collecting SS now at 62 you won't get the full amount later.
The amount will be locked in at the time you start accepting SS so be sure you can live on the amount you will be getting before settling!
Take it now and don't worry about the money because it might now be there later when you want it or you may be dead before you can reach the age of retirement. I say go for it at 62.
Thanks to you all for the good info and advice, and personal accounts. I visit the SS Office tomorrow. So we'll just see.
Jack, Murray, KY
Do the math, an Excel spreadsheet would be a great way to try many different "scenarios". Also see this about collecting at 62 then down the road paying it back to receive a higher monthly amount. Gather all the information you can from your meeting and do your homework before making an informed decision. Good Luck!
It's a complicated question - and you also have to figure in your spouse's social security if you are married. We frankly needed the money, and I am practically retired, so I did it. Better to have the money to travel, etc. when I still can. You can still work part time, and even pay back the benefits received to go back to the higher monthly payment.
Definitely be sure all your bills are paid, no mortgage payments or car payment unless of course, you have a large ss check coming in or other income that will cover this. Also, at age 62, you will not be eligible for medicare so you will have your own health/prescription insurance to pay yourself. I retired at age 62 & I got my health/rx coverage thru' my former employer's retired employee program (not all companies have this) & because of my years of svc, the company only paid 25% of premium each month. I say, figure carefully all your expenses, bills, etc before retiring early because you may have all those covered with your money tjat will be coming in but you may not have any pin/play money which is really bad when you can't afford to do much or go anywhere. Good luck, my frame of mind is in a defintely healthier state though.
I am going to be 62 in June of 2013. I want to apply for S.S. and want to know any suggestions on tips to cut back on cable, filing out forms, places I can get help with prescriptions, and help with rent. Any tips on any subjects will be greatly appreciated. Thanks.
Have you looked into income based apartments? Contact your city/county offices and they should be able to provide a list for you. Most states also offer a voucher program for scattered house options in the community. To lower your TV bill, you would need to ask your provider what packages they offer, and probably just lower the number of extras you now pay for.
Go to your near by SS office. Just cause you turn the age in June, doesn't mean you start collecting. My husband's was at the + 6 months. He still works so he took the basic health care and has his work insurance. Your SS office may have a list of volunteers to help you with your questions.
You can find your local Social Security office number in your phone book or online and that way you can call to make an appointment so you don't have to wait as long as a walk-in would have to. They will go over eveything you need to know and, if they are like the wonderful workers here in my city, will give you oodles of suggestions of who to call to help you with your questions outside of their expertise. Personally I would go to the office some time before January and that way you will already have the wheels in motion.
Also go to your local Department of Human Services because they'll have even more suggestions of where to go for information and extra services and they themselves might even be able to help you with services if you qualify.
Enjoy your retirement :-)
About the cable tv question you had; my husband & I read a lot & the channels we receive on TV without a cable subscription is more than enough to pacific us. In our area basic cable costs a smidgeon under $10. per month. But why subscribe to it if it doesn't interest us?
People look @ us like we have 3 eyes when they find out we do not have cable. If you really enjoy it that's one thing but so many times folks tell us there is a lot of "junk" on cable yet they continue to subscribe to it & pay $60. to $80. per month for it. Look @ your situation & evaluate it. If you enjoy it that's all well & good but if not unsubscribe. Procrastination is one of the worlds worst thieves. Hope this helps you.
I am married and living with my husband. We are not sick or anything. My husband is not a US citizen, but is a resident. He doesn't have any taxes paid here in the US. If we were to divorce, or he passed, will I be able to collect anything? I am a citizen. We have been married for almost 11 years. Just asking. Thank you.
By Sonia C.
In order to get the correct answer, you will have to call your local Social Security Office and talk to them.
I agree with Redhatterb, but I also know from personal experience... You will not collect anything from his death from Social Security if he hasn't paid anything into the program. Sorry to give you such bad news - why don't you go ahead and call Social Security's 800# to find out for yourself; I do believe that I am correct in giving you that for an answer, that you would not collect anything for his death or his children if you have any together, because he hasn't paid anything into the program itself.
I am sorry but I cannot help but wonder why anyone would expect to be paid out of a fund they have never contributed to? I think many people reading your post would wonder how many years have you and your husband lived in the US and paid no taxes?
How have you been living? I do not know but perhaps you have been receiving your "benefits" all along without contributing very much?
You say your husband is a "resident" and I do not know exactly what that means but you say you are not sick so why is he not working and paying taxes?
These are personal opinions and I am sorry if anyone thinks I am being too "nosy" or inconsiderate, but I worked from the age of 8 until I retired. I feel that it is everyone's responsibility to contribute toward their own support.
My mother is retiring from work next year January and she will be 65 years old also in January. My dad has been on disability for a couple of years now, however my mother and father have been divorced for well over thirty years. Can my mother collect any benefits from my father? They were married over 10 years and years ago? Thank you.
By Sonia C.
Call your local Social Security Office and talk to them.
Years ago, the divorced wife could collect benefits from her ex husband if they were married more than 10 years before the divorce. She would receive which ever amount was greater: her own SS or his, not both. My mother and I discovered that she would get more from her own. This may well have changed. You need to go to the SS Office and find out. Need proof of marriage and divorce to check his record, as well as other documents for hers. Hope this helps.