TJ obviously does not agree with YOUR assessment, and you are stupid
.... and is telling you to stick to things you are good at,where she has no knowledge and cannot deride your comments of opinions like Legal stuff
62, And What To Do? - About SSI
- Thread starter b23hqb
- Start date
TJ obviously does not agree with YOUR assessment, and you are stupid
.... and is telling you to stick to things you are good at,where she has no knowledge and cannot deride your comments of opinions like Legal stuff
for example ..... its election time you and larry are running for the same Senate Seat in Florida ....
[or some other area with large groups of people getting Gov. money like inner cities]
Larry - we need to be fiscally responsible for our children's sake, and we need to end base line budgeting and automatic entitlement increases and while I am at it we need to cute spending on entitlements by 25%
Tilted - that guy Larry is crazy, I'm going to introduce a bill that would increase payouts, after all cost of living keeps going up and up, taking the money from DOD ... we are not fighting the cold war anymore, that money should be spent on domestic issues
Honestly who do you think is going to get elected ....
its like Teachers UNIONS - of course the UNION is going to support the Democrat who wants to increasing education spending
GWguy
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A little more info, spelled out pretty well. I'm taking my money now at 62.
http://money.cnn.com/2016/07/24/investing/70-too-late-to-claim-social-security/index.html
http://money.cnn.com/2016/07/24/investing/70-too-late-to-claim-social-security/index.html
Take it now and re-invest is the way to go.
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kwillia
n/a
That only works for those retired that have other sources of income that cover the yearly living expenses. I believe the average retired person relies on their SS to cover expenses.
Update on my situation, the OP:
Had a meeting last week at the local SSA office, and I found out, because of my CSRS retirement, I will be penalized 60% of the amount I would normally receive, regardless of when I apply for the retirement benefit. There's this little chart out called the WEP - the Windfall Elimination Provision aimed specifically at CSRS employees or others whose job earnings permitted not paying SS. If you have 20 years or less of substantial earnings outside of your CSRS salary, you only qualify for each year over the minimum required. I have 5 years of substantial earnings, all doing with my active duty in the Navy 1972 - 1976, when the threshold was much lower.
https://www.ssa.gov/pubs/EN-05-10045.pdf
If you are CSRS, and had a part time job paying SS, check the chart for each year to see if you meet the minimum required earnings.
My payment will just be playing around spending money, indeed.
Had a meeting last week at the local SSA office, and I found out, because of my CSRS retirement, I will be penalized 60% of the amount I would normally receive, regardless of when I apply for the retirement benefit. There's this little chart out called the WEP - the Windfall Elimination Provision aimed specifically at CSRS employees or others whose job earnings permitted not paying SS. If you have 20 years or less of substantial earnings outside of your CSRS salary, you only qualify for each year over the minimum required. I have 5 years of substantial earnings, all doing with my active duty in the Navy 1972 - 1976, when the threshold was much lower.
https://www.ssa.gov/pubs/EN-05-10045.pdf
If you are CSRS, and had a part time job paying SS, check the chart for each year to see if you meet the minimum required earnings.
My payment will just be playing around spending money, indeed.
GWguy
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Yes, as stated in the article. This is my case. I do not depend on SSI to live, I have a well funded IRA and a pension. After re-reading my comment, it looked like that was my recommendation for everyone. It was just what I was planning.
Update on my situation, the OP:
My payment will just be playing around spending money, indeed.
Nice you don't need it to live, sorry it was a such a letdown. Sucks.
Just shaking my head. I was expecting about a 35-40% deduction, but not 60%. I'm already set, and enjoying for the last 7 years, my wife is about to be set, for a very comfortable retirement. Like you, we planned way back when, especially me, to not even count on any kind of SS. Looks like wifey will get her full amount whenever she decides to apply, which is good.
I urge everyone else, especially the young uns', to put as much as they can into whatever kind of 401k they can. We did, and it does pay off to supplement any kind of a pension you are to receive.
GWguy
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Well, it's done. I am officially 'old'. Just got my entitlement letter from SS.
Bad news is that because my overall income (pension, IRA, SS) will exceed $25K, it's taxed. bastages. So now I have to fill out another form to have Federal taxes withheld. There goes 24% of that check....
Like b23 said, get as much into your 401k/IRA as soon as you can. I am so glad I did.
Bad news is that because my overall income (pension, IRA, SS) will exceed $25K, it's taxed. bastages. So now I have to fill out another form to have Federal taxes withheld. There goes 24% of that check....
Like b23 said, get as much into your 401k/IRA as soon as you can. I am so glad I did.
I really need to sit down with a retirement planner.
GWguy
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Yes. Yes you do.
GWguy
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It's not a bad comment, just that you have a few different things to consider than some of us do. A planner is a great idea.
It's not a bad comment, just that you have a few different things to consider than some of us do. A planner is a great idea.
I know it is. Better sooner than when it is too late.
And when you do, say, no later than tomorrow, make sure the person giving advice is a fiduciary, who is required by law to act in your best interest only.
Update on my situation, the OP:
Had a meeting last week at the local SSA office, and I found out, because of my CSRS retirement, I will be penalized 60% of the amount I would normally receive, regardless of when I apply for the retirement benefit. There's this little chart out called the WEP - the Windfall Elimination Provision aimed specifically at CSRS employees or others whose job earnings permitted not paying SS. If you have 20 years or less of substantial earnings outside of your CSRS salary, you only qualify for each year over the minimum required. I have 5 years of substantial earnings, all doing with my active duty in the Navy 1972 - 1976, when the threshold was much lower.
https://www.ssa.gov/pubs/EN-05-10045.pdf
If you are CSRS, and had a part time job paying SS, check the chart for each year to see if you meet the minimum required earnings.
My payment will just be playing around spending money, indeed.
Does military retirement get penalized too?
Shouldn't. Military should have SS with holding as required. The only years I got credit for where the five years covering my active duty time prior to becoming a rich man working for the CSRS agency. My 21 years of reserve pay, with SS with holding, did not meet the minimum threshold to be considered good years to offset the WEP.
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