Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 08/08/2010 12:38:35 PM PDT by Libloather
Forced to Retire, Some Take Social Security Early
Unable to find work, unemployed turn to reduced Social Security checks early to stay afloat
The Associated Press
By MATT SEDENSKY
MIAMI August 8, 2010
Paul Skidmore's office is shuttered, his job gone, his 18-month job search fruitless and his unemployment benefits exhausted. So at 63, he plans to file this week for Social Security benefits, three years earlier than planned.
"All I want to do is work," said Skidmore, of Finksburg, Md., who was an insurance claims adjuster for 37 years before his company downsized and closed his office last year. "And nobody will hire me."
It is one of the most striking fallouts from the bad economy: Social Security is facing its first-ever shortfall this year as a wave of people like Skidmore opt to collect payments before their full retirement age. Adding to the strain on the trust are reduced tax collections sapped by the country's historic unemployment — still at 9.5 percent.
More people filed for Social Security in 2009 — 2.74 million — than any year in history, and there was a marked increase in the number receiving reduced benefits because they filed ahead of their full retirement age. The increase came as the full Social Security retirement age rose last year from 65 to 66.
Nearly 72 percent of men who filed opted for early benefits in 2009, up from 58 percent the previous year. More women also filed — 74.7 percent in 2009 compared with 64.2 percent the previous year.
(Excerpt) Read more at abcnews.go.com ...
Social Security: More going out than coming in
Social Security and Medicare: Even Worse Deal for Younger Workers
A) It's a Ponzi Scheme and it was always doomed to failure.
B) Baby Boomers are retiring -- this was predictable about, oh, 50 years ago.
The current Depression may have accelerated some of the issues, but the bottom line is that Social Security isn't going to be there for people. It's a sham.
I’m grabbing mine as soon as I can
There’s another reason I have heard discussed for the wave of early retirees signing up for Social Security at age 62.
That reason is that they want to get in the system now, before any changes are made to benefits or qualifying for them. They think that any changes made to Social Security will not be imposed on those currently drawing benefits. So, the reasoning goes, take the reduced benefit now and hope and expect that you won’t be impacted by future changes.
We all know Social Security is a financial train wreck. The only question is, what will happen to the system to bring it back to solvency/sanity? Who will have benefits cut and what will the retirement age/other qualifications be to get benefits?
Me also. I want to get some of my money back even if it’s less than what I’d get waiting 4 years.
It was never meant to provide a living, and it never will be enough for that. It would be ideal if it could be privatized but the politics never will permit it.
Bet we see more putting their parents on Medicaid too. Some have been shifting assets away from their parents for decades to use the system. But most don’t. In addition, those whose parents do not have money but do themselves and are picking up the tab for what Medicare does not cover will start to eye Medicaid.
This is what socialism does. It makes people who are responsible feel like chumps. Sooner or later those who would never had considered gaming the system, jump right into the game.
All the more reason for Dr. Mengele and the Federal “health care” death panels to get up and running...
Mr G has filed to receive his benefits at age 62. The first reason is to get in the system. The second is that we have a child under the age of 18, so he gets half the value of Mr G’s SS every month, and as our child’s caregiver I get half. So, doubling Mr G’s SS at age 62, even for just 7 years, looked like the smart thing to do.
Amen. Take the money and run, because it’s gonna crash like any Ponzi Scheme.
Always, always, take the money first.
Whazza matter? Dont you trust your government’s promises? Look at what the gov said back in 1964!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And HERE is where the money goes!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
See! Nothing to worry about! Now, move along!
My husband and I are screwed. We have at least seven years on his and twelve on mine to collect at the earliest. I don’t blame you guys getting whatever you can get now. It’s all been a sham.
I filed two weeks ago reasoning that if I waited until the ripe old age of seventy to retire, I would get a big fat zero(like the country!).
Since my engineering skills have not been in demand for some time, the reduction in income won’t be an issue.
SSA's web page will give you the numbers you need to calculate the different scenarios.
http://www.ssa.gov/pubs/10147.html#monthlypaymentsdiffer
The only unknown is your date of death. In most cases you are better off by doing as you suggest and cash out at 62. The longer you live the more the choice moves toward the mandatory 70 retirement age.
The only people who will absolutely benefit by waiting are those who live forever. Waiting past 70 DOES NOT continue to increase your benefits
Regards,
GtG
pinged for later thanks
I’m so glad there are people getting up early to go to the SALT MINES and slaving all day to make sure “I” get my Social Security check every month!
I never thought I would see any Social Security, now I am s#!ting in tall cotton!
But next year I might be standing, saying “Welcome to Walmart”! that is, if there is a walmart then!
It was meant to addict the middle class to a form of welfare, so that tney would support the government in its program of buying votes with other people's money.
Before SS, elderly parents would live with their kids after they could no longer work. Having kids and raising them was the way you "paid in" to that system.
Nowadays, the gummint takes money from all workers, including you and your kids, and gives out a little bit of that to anybody who will apply, including those who had no kids by "choice", and even illegals who paid nothing in at all.
It's pure socialism: the government takes from the provident and gives to the profligate, ensuring a plentiful supply of voters from the latter group.
As long as the producers let them, that is. Even if we can't vote them out, we can stop feeding them.
Just think all these people were counted as on the Unemployment rolls and are now retired.That helps obumbo even more
So are you turning yours down? What’s your point?
As a general rule it’s always better to take Social Security as soon one is elegible given the fickleness of life. You culd be killed by something the day after you apply for full Social Security.
In any case, the penalty is not big enough to take the risk.
That’s what I’m thinking.. Get grandfathered in before then cut it.. I figure if I wait till 65, the rate will be what I’d get at 62.. - 7.5 years away for me. lot can happen..
Everyone I’ve talked to says to get started drawing SS as soon as you’re eligible and don’t worry about the reduced benefit, because anything can change during those 3 or 4 years. Just like the companies who dropped 401K match, or cut retiree healthcare, or even dropped their pension plans altogether. There’s times when a person has to think about taking care of #1.
Forced to retire? No, only if you give up. And the government of the socialist Marxist left WANTS you dependent on them so don’t give them the satisfaction. I am FULLY intending to retire when I want to and to NOT expect a single cent of the socialist insecurity.
I took SS at 62 years of age.
Concerned with rule changes
Also calculated that it’d take 11 years to recoup the amount I would not have collected if I had waited to draw the higher amount. At the time I questioned whether I’d last 11 more years so it was a no brainer. It looks like I’ll make it but I’m not sorry about my decision.
With the uncertainty involved you had better take it as early as possible.
The smart thing to do is to get what you can when you van get it. You have paid in money all your working life and the payout is likely not going to be there after a couple more years. hat I actually expect is for SS payments to stay static while inflation goes Weimar.
Employers want younger, cheaper workers who won’t be using health care.
There is a way to refund to SSA the money you have received to date and reapply to get the larger monthly amount associated with being older when one starts. It’s crazy, but true.
**So are you turning yours down? What’s your point?**
Forty years ago I talked with my military buddies and we all felt we would never actually draw any Social Security as the program would eventually fail.
Now I am actually getting a check, and am so glad others are still out there working like slaves and paying into Social Security to keep me in dollars!
But next year I may have to get a real job again if the program fails!
Wow, in 1970 at the age of 24 you were actually talking about this? I'm impressed at your wisdom beyond your years at the time...series.
Anybody know what interest rate we’re paying ourseves for these securities ?
***Wow, in 1970 at the age of 24 you were actually talking about this? I’m impressed at your wisdom beyond your years at the time...series.***
That’s right! and in 1972, I talked about it with my Sister-in-law, because we all knew it was a scam even then. I am surprised I am getting SS today!
I’m leading edge boomer...I’m taking mine the minute I qualify (about two years to go).
I just want my loot back now. I, under no duress, opt out of the so-called 'plan'. No interest, no dividends, just my original 'contributions' up to this point.
Unless they bump up the age limitations - eh? Think Commiecare™.
Well between myself and my employers, about 240 grand has been "contributed" to my account up to age 62 and I'm eligible to get 1700 a month.
That does not include the 63 grand to Medicare.
***So you knew since you were 24 it was a scam but you didn’t plan ahead that it might run out and you might be working at Wal-Mart next year as a greeter, and still you belittle those of us that are paying for it now?***
Now pay close attention....At 24, we knew it was a scam but could do nothing about it. Years later we landed good jobs which allowed us to stash money in a 401-k. My younger brother was able to retire before I did due to the fact he saved every extra dime he had.
After thirty one years of working I retired, took Social Security AND began drawing on my savings ans private pension. If I loose my Social security tomorrow I will no go hungry.
It has taken me years to get this set up for my retirement and even though I lost a huge ammount in the crash just before I retired I am not going to go hungry.
If I loose social security I may have to go over to walmart and see about getting a job but I still draw enough through my private anuities that I will not be destitute. I already have a list of things I WILL give up if I have to.
My poor old mama(now deceased) retired years ago and still worked for about ten years in a low paying job. She was so frugal she managed to save enough to pay cash for an automobile and still had money left over.
And just for the record, I am NOT bringing in as much retirement cash as I did when I was working.
Meanwhile I still love to razz my co workers about slaving in the Salt Mines keeping me in the “lifestyle I am accustomed to!”
For example, #10 by Clifford:
Republicans are saying, “NO!” not because they are acting like a bunch of 5 year olds,
Republicans are saying, “NO!” because they are DEALING with a bunch of 5 year olds!
Now you have the best of both...... You have the SS and are free to do whatever you want.
There is at least one skill in your bag that can be used to earn. Work some loaf some...... it’s the way of the new world for old engineers
I’ve already found a niche market for good used cars,and I’ve always been a motor head.
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