JaredS Wrote: My hope is to be able to wait as long as possible to take mine, but I still have many more years of work before I can even consider it. My parents are both recently retired though and they are both waiting until 70 to begin collecting.
Yeah. That makes sense. If you can hold off until 70 and are still earning, 130% sounds like it's worth waiting for, if it's just a few more years.
I keep reading arguments one way or other on different strategies for retirement ages and taking out Social Security benefits. Curious everyone's thoughts here on this. There are 3 main talking points - early, full retirement age, or late as possible.
It varies a bit depending on when you were born, but the general ages are:
Early as possible: 62 years old (75% of benefits, goes up every month/year you wait)
Full retirement age: 66 years old (100% benefits)
Late as possible: 70 years old (approx. 132% max if you wait)
Here's a calculator, if interested as well: Early or Late Retirement?
Do you think one strategy is better than another no matter what, or does it depend on life situation? To me, it seems to make the most sense to start at exact full retirement age. All things being equal. But if you really need the money sooner, early. And if you were lucky, employed well or have lots of savings from other avenues, to wait until 70.
Thoughts? Figured this was a good discussion forum, as there are hundreds of articles out there that make the argument for all 3 pretty convincingly.
J.K.Logic Wrote: So does that also increase what is coming out of every single person's pocket who isn't receiving benefits by $30 -$35 more?
2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still.
Not for everyone. But for those that make over $127,200/yr they will probably end up paying a bit more to fund the program, as the maximum taxable earnings on Social Security payroll taxes will probably slightly increase.
Also the full retirement age is going up again, by 2 months in 2018.
So combining those two factors makes it pretty easy to see how SS could afford the increase. Though also to be fair, it's not a 'raise', it's a cost of living adjustment, to keep up with inflation.
2.2% increase to Social Security benefits equates to about $30-35 more per month in every single person's pocket that gets benefits. Sure that's not a ton of money still. But for those living on a fixed income budget, that's certainly welcome news. Annually, it's about an extra $360-420/year for everyone. Not too bad.
And it's also the best cost-of-living increase the program has seen % wise in the last 6 years. Way better than this year, with a very small 0.3% raise. This one is over 7 times that.
So good news, though this is just a prediction based on projected COL and whatnot. The exact % of increase will be officially announced in October, so stayed tuned.
Yeah, talks of SS disappearing completely do seem to be pretty hyperbolic. Though I have to admit I do not really expect to see full SS benefits when I reach that age, mainly because it's so long away, and.. you never know what the government at large will be or look like at that point. It would be nice I suppose, but I'm certainly not counting on it. I look at SS payments as just a tax for living in the US to be honest, that I have to put up with. If I ever get some back, cool. If not, whatever.
And that's what the detractors of the program throughout my lifetime have lead me to feel about the state of Social Security, apathetic.
In reality though, cynicism aside, like the article points out we will be seeing several common sense reforms to the program over the next few decades well before it ever gets too terribly dyer.
That means that yes, social security will change at some point, and will not be quite as good as it is even today, that's a guarantee. Rates will rise, even if just modestly, that's still a rise. Cost of living calculators and payouts will decrease. Stuff like that.
jerrischick Wrote: Where do you go to apply for social security benefits? I just turned 62 and I want to apply. I thought this was the website to do it but it seems it is just the site to talk about it. Can somebody help me?
Yes, this is a community website to discuss governmental programs, and to get help and info on them. Per your question, there are a few routes you can go to apply.
1. Apply online. Here you can apply for Retirement or Spousal benefits, as well as Medicare and Disability.
2. Apply in person at a local office. That link will give you an office locator, based on your zip code.
3. Call 1-800-772-1213. That's the main Social Security number, and you can apply (or at least start the process of applying) over the phone.
Hope that helps. Feel free and ask anyone here questions.
Is a really good resource. Calculators
are also good, but this gives you exact information based on your personal history of paying into the system. I signed up a few months ago. Even though I'm very far away from retirement age, it was good to know that I can see what I should expect in the future for retirement, assuming (hopefully) the program lasts long enough for that to happen.
This video should help as well:
What Trump cut in his agency budgets.
Great resource right there. Outlines exactly what Trump's 2018 federal budget proposal would do. All the cuts, and all the increases. The %s are listed below, for each department of note. But the article goes into much more depth, for each department as to exactly what's being cut and/or increased.
The summary I found most telling though:
To pay for an increase in defense spending, a down payment on the border wall and school voucher programs, among other things, funding was cut from the discretionary budgets of other executive departments and agencies. The Environmental Protection Agency, the State Department and the Agriculture Department took the hardest hits.
What do you make of all this? Aside from the increase to Veteran Affairs, I find the reallocation of funds disturbing to be honest. Reports are suggesting that his proposal cuts $4.1 trillion from social safety net programs. While increasing defense spending by $54 billion.
I must be missing something though.. does that mean he proposes to save over $3 trillion with the cuts? That can't be remotely true. What am I missing?
Here are those % numbers. Curious everyone's thoughts on all this.
Cutting by % -?
33% of the State Department
31% of the EPA
21% of the Agriculture Dept
21% of the Labor Dept
18% from the Dept of Health and Human Services
16% from the Commerce Dept
14% of the Education Dept
13% from Dept of Housing and Urban Development
13% from the Transportation Dept
12% from the Interior Dept
6% of the Energy Dept
5% from Small Business Administration
4% from the Treasury
4% from the Justice Dept
1% from NASA
Increases in Spending by % -
6% for the Dept of Veteran Affairs
7% for the Dept of Homeland Security
9% to the Defense Department
What's the latest on this? Is this something that's going to be voted on, or just a proposal from the administration, for talking points? Tried to google, and got a little confused.. anyone know?