Turning 62

[jnieman]

I'll be turning 62 in July and will begin receiving my social security benefit. It's one birthday I don't mind having. Looking forward to having a the extra cash so maybe we can travel more like most of our friends already do. What extras did you reward yourself with once you started getting your check? I'm thinking of getting myself a house cleaner for a once a month clean. It's just $60 and I think I deserve it for working all those years.

[2BNTV]

I was still working at 62 and when I started collecting, I saved SS money to ensure I could move here!!!

At 70, I bought myself a brand new car. :smiley:

[PR1234]

I haven't turned 62 yet....but I want to know who you get for housekeeping for $60 a month??

[Villager Joyce]

I look at the bank account on the third Wednesday of every month and smile so big it hurts my face. :1rotfl:

[jnieman]

I look at the bank account on the third Wednesday of every month and smile so big it hurts my face. :1rotfl:

I look forward to that Joyce for sure.

[Topspinmo]

I am waiting for my wife to turn 62 so she can claim me and get 1 /2 of what I get. Will be in the bucks then! "O". Wait my money is our money and her money is her money! :shocked:

[Sandtrap328]

I am waiting for my wife to turn 62 so she can claim me and get 1 /2 of what I get. Will be in the bucks then! "O". Wait my money is our money and her money is her money! :shocked:
No, you actually will find out that her money is her money and your money is her money!

[kcrazorbackfan]

I turned 62 on 4/8; my checks start next month. :a040:

[Villager Joyce]

I met with the folks at the SS office in Leesburg. Very professional and helpful. You check in on a computer when you arrive. We were seen a few minutes earlier than our appointment. I should have said that. Make an appointment. :bigbow:

[Cisco Kid]

leave so for me.
Is it true on average you get about $1000.00

[kellyjam]

No, you actually will find out that her money is her money and your money is her money!

I thought that was only with his and her closets. There is hers and ours. :boxing2:

[ureout]

I met with the folks at the SS office in Leesburg. Very professional and helpful. You check in on a computer when you arrive. We were seen a few minutes earlier than our appointment. I should have said that. Make an appointment. :bigbow:

i did my sign up on line....very easy to do

[Nightengale212]

leave so for me.
Is it true on average you get about $1000.00

Your SS check amount is based on a calculation that factors in years worked, income, and age when you choose to collect. If you set up an account on the SS web site you will be able to obtain an estimate of the amount you would receive at the age you choose to begin collecting.

[jblum315]

I haven't turned 62 yet....but I want to know who you get for housekeeping for $60 a month??

I think the OP said once a month

[jnieman]

Your SS check amount is based on a calculation that factors in years worked, income, and age when you choose to collect. If you set up an account on the SS web site you will be able to obtain an estimate of the amount you would receive at the age you choose to begin collecting.

Since I'm the oP and started this thread it is 4 months til my birthday. I received a statement this week in the mail from Soc Sec with all of that info on it including how much I will receive.

[Topspinmo]

I met with the folks at the SS office in Leesburg. Very professional and helpful. You check in on a computer when you arrive. We were seen a few minutes earlier than our appointment. I should have said that. Make an appointment. :bigbow:

Yes you want to make appointment! Otherwise the end of the line will be out the door and down the street .:oops:

[MSGirl]

I've heard of folks getting $500. Check with SS to see what you get

[Topspinmo]

IMO wouldn't wait too late in the year to retire, if you make over 39k or so ? (Can not remember the exact amount) you will get pentialized cause you made too much money in that year and your SS check may be less or none for that year depending on how much over the limit you make.

IMO best to retire early in the year, also any money you take out of retirement fund counts as yearly income and may put you in way higher tax bracket.

Also you will get questionnaire inquiring how much money you will make in that year which includes your wage before you retired minis the Ira or thrift monies ( SS can't count that as earned income for that year,)but, you will get taxed by fed on income tax earned forthe year. Just let you know what's head and how it could effect your SS retirement check or fed income tax the year you retire?

[Ohiogirl]

I am waiting for my wife to turn 62 so she can claim me and get 1 /2 of what I get. Will be in the bucks then! "O". Wait my money is our money and her money is her money! :shocked:


You may want to check this out again - unless I am mistaken (and I have made a mistake once or two in my life :), she will need to wait until she is 66. Also, she cannot claim on her own earnings at 62 to do this (get the spousal benefit of 1/2 spouse's earnings).

I am going to double check myself this summer in person at an SSA office. There is also a great website you can click around on and get these questions answered there. I think it is ssa dot gov

[Villager Joyce]

I made an appointment because there are so many factions involved. My SS was delayed a couple of months because I was still working, albeit a part time job. The rep helped determine if I was better off taking spousal half or my own. I liked that she printed the worksheet and signed it.

[jnieman]

I've heard of folks getting $500. Check with SS to see what you get

I think it depends on how much you earned in your job and how much you paid in.

[Topspinmo]

I remember this from the SS retirement portion of the retirement briefings I got before I retired less than two years ago.

As far as a spouse you can claim your spouse no matter how many times you been married. Plus you can claim the one that made the most money! It does not effect the spouses SS benefits.
Your eligible at 62 to collect SS. It will not be the full benifit. Depending on your age the full benifit could be over 65. My example for me to collect full benifit would of been 66 four months being I am baby boomer. But I can collect it at 62 with reduced benifit. You have to decide at what age and amount you can afford to retire with the amount right for you.

[Walt.]

I've heard of folks getting $500. Check with SS to see what you get

I would love $500 per month. You can lose 60% of your SS if you get a government pension. If you got that same amount of pension working for a business you wouldn't be penalized.

[Nightengale212]

You can lose 60% of your SS if you get a government pension. If you got that same amount of pension working for a business you wouldn't be penalized.

I work for the Federal Government and the information you relayed about loosing 60% of your SS if you get a Federal Government pension is incorrect info. The FERS retirement system which came about around 1987 consists of SS, a Federal pension, and TSP which is a 401K plan which the employee pays into all 3 and collects on all 3. The small remaining number of employees under the old CSRS Federal retirement systems did not pay into SS unless they had a private sector job prior to or during their Federal service employment and they would lose some SS money through the WEP process. This would not be a huge financial loss because CSRS employee's retirement calculation with 30 years of service works out to about 70-75 % of the average of their top 3 salaries. For me under FERS, my combined pension and SS will yield slightly less than 1/2 of the average of my top 3 salaries, and this is the reason why I heavily contribute to my TSP to make up the difference.

[Bavarian]

I work for the Federal Government and the information you relayed about loosing 60% of your SS if you get a Federal Government pension is incorrect info. The FERS retirement system which came about around 1987 consists of SS, a Federal pension, and TSP which is a 401K plan which the employee pays into all 3 and collects on all 3. The small remaining number of employees under the old CSRS Federal retirement systems did not pay into SS unless they had a private sector job prior to or during their Federal service employment and they would lose some SS money through the WEP process. This would not be a huge financial loss because CSRS employee's retirement calculation with 30 years of service works out to about 70-75 % of the average of their top 3 salaries. For me under FERS, my combined pension and SS will yield slightly less than 1/2 of the average of my top 3 salaries, and this is the reason why I heavily contribute to my TSP to make up the difference.

Not all of us Feds are under FERS, just the young ones. Don't assume that the poster was under FERS, he, like me, could very well be one of "those tine amount of retired Feds under CSRS"

[Bavarian]

I would love $500 per month. You can lose 60% of your SS if you get a government pension. If you got that same amount of pension working for a business you wouldn't be penalized.

Which is totally unfair!

[jnieman]

Which is totally unfair!

Yes it is unfair. My husband paid in the full amount for over 30 years to Social Security and now his is reduced because he is in the Fed Gov't CSRS Offset retirement.

[hulahips]

Think that depends on how long you worked and what you contributed I just turned 62 and am enjoying that check I worked all those yrs for. Treat yourself and enjoy

[Topspinmo]

Yes it is unfair. My husband paid in the full amount for over 30 years to Social Security and now his is reduced because he is in the Fed Gov't CSRS Offset retirement.
The CSRS gov employees are in the same boat as railroad workers. They didn't pay into SS so they don't get credit under the employment time they worked off the grid. IMO CSRS vs furs pretty close to as stated above 80% vs less that 50% monthly retirement annuity for the same years served IMO.

I know this cause I compared my years of service to buddy with the same under CSRS. That's exactully why IMO they thought up FURS to reduce retirement pay. Also IMO if you invested fully in thrift saving over 20 years and made the right investment choices it offset it and in some cases made off better, but that was 10 to 12 percent (my last few years max is 15%) coming out of you pay check above all other deductions and then big tax hit where you drew from it. So they got there invested money back that they invested in your retirement.


I paid over 45k in taxes this year. I didn't have the army of lawyers (or the deductions) like WB the tax cheat did to reduce my tax bill to less than his secretary.

I like it how people don't work for the gov. think gov. employees have it so
good. They forget the years of lower pay (at least in My pay grade).

I also like how people think military retiree got it made. But, they never served day in the military.

Also CSRS employee's had choice to convert to FURS. Few did cause the numbers didn't add up at the time of there retirement. I know the last year of two I worked there was big push to get all employees under furs. I don't know their options cause it didn't affect me.

This is just my opinion (based on my experience) , others my disagree in there world or pay grade?

[Walt.]

I work for the Federal Government and the information you relayed about loosing 60% of your SS if you get a Federal Government pension is incorrect info. .

I guess I would be incorrect IF I said I worked for the Federal Government.... which I did NOT. I did work in the private sector for quite a number of years before working for a city government.
I have no idea what CSRS, FURS, etc are.
If I worked those same earlier years and then sat home for 30 years instead of working at my city job my Social Security would not have been cut... which it was.

This thread was about how much SS you get and what could effect it?

[Villager Dude]

If you need SS take as early as possible

If not delay as long as it makes sense.

Keep in mind you may have to give some back if you are working until you reach 65 .

If your full retirement age (FRA) is 66 then you would get a 25% reduction in your SS at age 62 . So if you would get $ 1,000 at age 66 then by taking it early you would get $ 750. If you defer past age 66 till age 70 then you would get an 8% increase for each year for the 4 years till 70. So waiting till 70 and if your benefit was $1000. at age 66 then your benefit at age 70 would be $1320.

[Nightengale212]

Not all of us Feds are under FERS, just the young ones. Don't assume that the poster was under FERS, he, like me, could very well be one of "those tine amount of retired Feds under CSRS"

Guess we both assumed wrong because the poster is not under either system as he worked for a city.

Just to clarify, my reference to the small number left of CSRS employees are those still working not retired. With the CSRS pension plan ending in 1987, those that came in on the tail end of that system have reached or will soon reach 30 years of service. My CSRS friends tell me that their pensions are calculated on 30 years of service, and any time worked beyond that does not have much financial impact on their pensions.

[Bavarian]

Guess we both assumed wrong because the poster is not under either system as he worked for a city.

Just to clarify, my reference to the small number left of CSRS employees are those still working not retired. With the CSRS pension plan ending in 1987, those that came in on the tail end of that system have reached or will soon reach 30 years of service. My CSRS friends tell me that their pensions are calculated on 30 years of service, and any time worked beyond that does not have much financial impact on their pensions.

If so, that is a change. before you worked until 41 yrs, 11 mos to get full benefit 80% of high three. I took a hit leaving at 30, but wanted to lock in before Congress tampers with it. Same like the plans to take away people's SS if they have any savings.

Under these cut backs, I will not get spouse benefit of my wife's SS, which would have given her more money. There is little value to work now. As you make money, your Government Pension is cut.

I wonder if the Private sector knows we pay close to half of our medical ins, all of our dental ins and all of our Long term care ins.

We made up for it with lower pay to professionals.

[patfla06]

If you need SS take as early as possible

If not delay as long as it makes sense.

Keep in mind you may have to give some back if you are working until you reach 65 .

If your full retirement age (FRA) is 66 then you would get a 25% reduction in your SS at age 62 . So if you would get $ 1,000 at age 66 then by taking it early you would get $ 750. If you defer past age 66 till age 70 then you would get an 8% increase for each year for the 4 years till 70. So waiting till 70 and if your benefit was $1000. at age 66 then your benefit at age 70 would be $1320.

You are absolutely right!

How do you decide to take it when you hit 62 or do you wait until 66?

[pbkmaine]

First, you have to decide how long you are going to live [emoji4]. Only slightly kidding. If there is longevity in your family, and you don't need the money, wait until age 70. It's not only that there's an 8% increase for each year you wait; it's that it's 8% more plus COLA for the increased amount. I am not going to debate about the chances of SS being taxed more or adjusted. I have no idea how that will shake out. I will say that none of the proposals I am familiar with affect people currently age 55 and over. DH will take his at 70. I am 8 years younger than he is. I will take 50% of his at age 66 and then switch to mine at age 70, if that strategy continues to be allowed.

[pbkmaine]

For a good review of the subject of when to take SS, read Laurence Kotlikoff's new book: "Get What's Yours". Kotlikoff is an academic who has studied SS for years. He is considered an expert. Last time I looked, Barnes and Noble in LSL had copies.

[railroadman]

The current average is $1,294.00 per month for SS.

I have been lucky enough, to have worked for the RR all my life and retiring in February. I have never put any money into the SS system, but I do pay into railroad retirement. Which is much more per month than SS.