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DRR Pro
Picture of Goob
posted Hide Post
I finally set myself up in the system, but I'm waiting to draw.

The Medicare thing totally pisses me off.


"Despite the high cost of living, it remains popular."
Dave Cook
N375
 
Posts: 1573 | Location: Indy | Registered: November 21, 2008Reply With QuoteReport This Post
DRR S/Pro
Picture of Floyd Staggs
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I started collecting at 66 when I had planned to retire. Lost half of my retirement in the big crash so I kept working till 75. Banked most of SSA. I have a Medicare advantage plan thru AARP and United Healthcare. No premiums and no deductible, just a small co-pay for meds.
I'll be 80 tomorrow. I'm right behind Fern and about tied with Bob.
 
Posts: 4814 | Location: Cucamonga, Ca | Registered: May 28, 2006Reply With QuoteReport This Post
DRR Sportsman
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I started collecting at 62 because I know too many guys who waited for a few bucks more then croaked without collecting a dime.
 
Posts: 606 | Location: Lakewood, Co. | Registered: January 22, 2007Reply With QuoteReport This Post
DRR Sportsman
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Floyd you will be celebrating your birthday with Nancy Polosi. She will be 82 tomorrow. Yikes!


When everything is coming your way, your probably in the wrong lane.
 
Posts: 1000 | Location: Between a Rock and a Hard Spot, USA | Registered: December 06, 2001Reply With QuoteReport This Post
DRR Pro
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quote:
Originally posted by ferndaleflyer:
I retired at 60, got SS at 62, I am 81 in a week. I sure would hate to depend on that for retirement. What no one has mentioned is Medicare, yes health insurance. I think they take around $170 a month for that. I don't use that either but I think it only pays 80% of what it does pay but no perscriptions , teeth, glasses, or hearing aids. How did I get by you ask, well I signed up for the Marine Corps when I was 17 so the VA takes care of my health FREE. And when everyone was heading for Canada to avoid the draft--I was already done and making money. I have been blessed having not even finished high school and have lived a pretty good life so far. Sure glad I was to dumb to listen to all the "EXPERTS" I have encountered in my life. Anyway my suggestion--get it now!


Thanks for serving our great country & making it to 81!

I'm 59.5 years old, was hoping to make it to 62 & retire. I retired from the Air Force after serving 26 years. Then immediately went to work for a major defense contractor till present. I have my pension from the Air Force & disability from the VA. The way it's looking now, I'll retire in about a month due to Company losing the contract. I may try the new company for a short time but haven't received the offer yet. Trying to keep a open mind on the offer but..........

Anyway, the plan has always & still is to take social security at 62.


1980 Camaro
Taking the Best Working Small Tire Shyt Box & making it Greater Than Before!
3000 lbs.
Pump Gas 436
 
Posts: 2450 | Location: NV. | Registered: October 20, 2006Reply With QuoteReport This Post
DRR Sportsman
Picture of Hotrod Corvette
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Some people want to work forever...Some people want to live the retired life until forever gets here.

I took my SS at 62...Helps to have a pension and wise investments too.


Burt

I'm So Proud To Be An American And Not A Democrat...

 
Posts: 1216 | Location: Clinton Township, MI | Registered: September 16, 2002Reply With QuoteReport This Post
DRR Pro
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If you decide to collect your SS at an earlier age, you have a window (believe it’s 1 yr) where you can change your mind, pay what you collected back and reset your SS retirement date. Something to consider if you’re unsure about claiming it early.

I left the workforce at 62 but waited to claim my SS at 66 for 100% benefit. I looked at my parents and their siblings (Aunts + Uncles) ages to help determine how long I could possibly live. Of the 12, only 2 died early (1 cancer, other suicide/ illness) and the rest all made it to 90+. I worked in industry starting at 18 and was exposed daily to chemicals, coolants, asbestos and oils for years.

At 70 now, my plan is to race as long and hard as possible while I still have my health and ability to be competitive.
 
Posts: 2410 | Location: 53056 | Registered: December 30, 2009Reply With QuoteReport This Post



DRR Top Comp
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I don't want mt SS money. It would up me to a tax bracket where I'd actually net less money then I make now.
Hell, when I signed up for Medicare I have to pay a grand a month for it. I asked "I thought I paid for this all the years I worked?"
The lady says: "Only poor people get it for free, you make too much" I told her "Politicians aren't poor. Why do they get it for free?" I got hung up on !


.
Dave



F J B

 
Posts: 4436 | Location: Earth | Registered: February 08, 2006Reply With QuoteReport This Post
DRR Pro
Picture of fuzzy dice
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I will tell my story as it may help someone else...I decided to take early retirement at 62...at the time "full" retirement was 66...I went to the SS office and had an appointment...the man told me why not take my ex-wife's SS until I reached 66 and then convert over to mine...hers was a lot less but about the same as using mine early...

I did that and at 66 my monthly check increased by a thousand dollars when I switched over to mine...how crazy was that...we had been divorced for many years, she even re-married and passed away young at 59...for health care I used the VA until I reached 65 and then hooked up with a medicare advantage plan which even pays 70% of the medicare part B charge...

I am 75 now and will race until I can't anymore sponsored by SS and the VA (disability from agent orange)...
 
Posts: 1272 | Location: Florida (FL) | Registered: June 06, 2006Reply With QuoteReport This Post
DRR Pro
Picture of 67TSCHEVY2
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What is pretty good is that rental income doesn't not count as ordinary income on SS.
 
Posts: 1231 | Location: middle georgia | Registered: July 20, 2003Reply With QuoteReport This Post
DRR Sportsman
Picture of TD3550
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This was news to me last month. BIL on SS disability at 65. His wife basically never worked in 40 plus years. Never paid in to SS. Come to find out his wife now gets 1/2 of what he gets in SS. Does not effect his SS money at all.. What is this all about???
 
Posts: 1406 | Location: Under a Truck | Registered: August 23, 2013Reply With QuoteReport This Post
DRR Pro
Picture of Eman
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How do people work and pay into this system and know so little about it? They have a web site and buildings all over the country!
 
Posts: 1447 | Location: E TN | Registered: February 13, 2009Reply With QuoteReport This Post
DRR Pro
Picture of Goob
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quote:
Originally posted by Eman:
How do people work and pay into this system and know so little about it? They have a web site and buildings all over the country!


Because it's not like they ever saw the money.
If it weren't for payroll withholding, the people would have risen up years ago.
Most probably don't even realize their employer contributes the same amount for them.


"Despite the high cost of living, it remains popular."
Dave Cook
N375
 
Posts: 1573 | Location: Indy | Registered: November 21, 2008Reply With QuoteReport This Post
DRR S/Pro
Picture of Floyd Staggs
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quote:
Originally posted by Larry Scarth:
Floyd you will be celebrating your birthday with Nancy Polosi. She will be 82 tomorrow. Yikes!


Larry,
I remember her as the track teams punching board.
 
Posts: 4814 | Location: Cucamonga, Ca | Registered: May 28, 2006Reply With QuoteReport This Post



DRR Top Comp
Picture of wideopen231
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This is one of those big things about being self employed that bites you in the butt later. I don't know much about SS and if I am eligible for anything, If so I am sure it would be a minimum. Then I never figured retirement was part of my future other than a day or two before the funeral.

Guess I will find out how that enjoy it all when you are young and what happens when I am old idea works out.

Still interesting thread.




America home of free. Brought to you by 2nd amendment.
 
Posts: 4154 | Location: Greensboro NC | Registered: May 24, 2011Reply With QuoteReport This Post
DRR Sportsman
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Yup her and Howard Cosell. Happy Birthday Floyd and many more.


When everything is coming your way, your probably in the wrong lane.
 
Posts: 1000 | Location: Between a Rock and a Hard Spot, USA | Registered: December 06, 2001Reply With QuoteReport This Post
DRR Trophy
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Being self employed you ARE eligible for social security. The SET (self employment tax) is for social security and medicare just like employees pay out of their paychecks. On your quarterly tax returns, 10% goes to income tax and 15% goes into the SET. Those numbers are a little high because I pay tax on net profit before deductions so I dont get bit in the butt and so I can get more back at the end of the year when I do take allowable deductions. In fact, now that Im retired, I still keep my business license in force, cause of the tax benefits for self employed far outway the cost of the license each year, and I can still dabble in the work if I so desire. BTW wideopen, go to the SS website, put in your SSN and it will tell you what you have and when you can get it etc,etc,etc.

This message has been edited. Last edited by: qtrrcr,
 
Posts: 290 | Location: Nevada | Registered: February 01, 2009Reply With QuoteReport This Post
DRR Elite
Picture of adv ET 266
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Took mine at 65, normal retirement 4 years ago. My goal is exercise and try like it was the final round to beat the life statistics.
4670 miles cycling ytd.



2005 2000lb 4 link dragster
home brew 582 BBC Dart 355
1.058
2.98
4.629@149
6.094
7.310@185

 
Posts: 12149 | Location: 33463 | Registered: February 04, 2004Reply With QuoteReport This Post
DRR Pro
Picture of SlyFox
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My financial plan has never included Social Security. It's a Ponzi scheme and as such could go bust at any time. It's also way past the expected time for the political class to make Social Security "means-tested" i.e. it will become only for the "poor" and become another welfare program.

If I ever receive anything from Social Security, I'll consider it gravy - same as I do with any money I win racing.


Mike
 
Posts: 1561 | Location: Marietta, GA | Registered: December 09, 2005Reply With QuoteReport This Post
DRR Trophy
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You are right Sly, it could go bye-bye at anytime with just a swipe of POTUS's pen, that is one reason I took it early to get as much of MY money back that I put into it the last 60 years before that happens.
 
Posts: 290 | Location: Nevada | Registered: February 01, 2009Reply With QuoteReport This Post
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