What's up with SS checks?

[GTOguy]

Originally Posted by LATB

You may have misunderstood my post. It sounded like you were saying there’s a pile of money somewhere and the less I take the more there is for others. That may have been the original internet. But now, it’s welfare. Paid for from current taxpayers.

I'm saying many put off taking SS until the maximum age to get that maximum payment, but they die before they get there, ending up with Zip. Others wait until the maximum payment date to get the extra money. It takes years to hit the 'break even' mark to make up for the years of $$$ collected by the early SS applicant. For me, that was around age 79. I'd rather personally have that extra $$$ between age 62 and 79 to invest, spend, or do whatever with. I will be much less active pushing age 80 than I am currently.

[dvarapala]

Originally Posted by zeek

I always got my social security retirement checks on the second Wednesday of the month. For the last two months I got it on the first Friday of the month. I checked the SS schedule and those with birthdays between the 1st and 10th are still scheduled to get payment on the 2nd Weds.

Sucks to be retired, on a fixed income, and living SS-check-to-SS-check.

Actually, I'm surprised a Baller like you even noticed which day the deposits were made.

[Anjdog2003]

Originally Posted by dvarapala

Sucks to be retired, on a fixed income, and living SS-check-to-SS-check.

Most people are living on more than a SS check. And it sucks to have to go to work.

[TheRealBadger]

Originally Posted by GTOguy

I'm saying many put off taking SS until the maximum age to get that maximum payment, but they die before they get there, ending up with Zip. Others wait until the maximum payment date to get the extra money. It takes years to hit the 'break even' mark to make up for the years of $$$ collected by the early SS applicant. For me, that was around age 79. I'd rather personally have that extra $$$ between age 62 and 79 to invest, spend, or do whatever with. I will be much less active pushing age 80 than I am currently.

Wrong-o

If age 65, your average life expectancy is 83 for men. The breakeven point for taking early or taking late for most people is, you guessed it, age 83.

You know why? Because that’s exactly the way the math and actuarial tables work. If you live the average life expectancy once you reach FRA, the. It doesn’t matter when you take it. Your assumptions just are not supported with fact, as outlined by the actuarial tables that drive the process.

[LATB]

Originally Posted by Anjdog2003

Most people are living on more than a SS check. And it sucks to have to go to work.

I love it. I pray that I can work until I die.

[Bruze]

Originally Posted by LATB

I love it. I pray that I can work until I die.

That's what I'd planned for too. I loved what I did (self-employed toolmaker).

But arthritis threw that all out the window two years ago.

And now? No way could I ever go back to work even if I was capable.

Baywatch comes on at 1:00 AM during the week, I watch that until 2, get up around 9. Shuffle around, surf, get cleaned up and leave the house at 11:30, have a 2-hour lunch with buddies, come home, sit around and surf.

On weekends I have lunch with different people, but otherwise not much different.

Next stop is a nursing home.

[markids77]

Originally Posted by TheRealBadger

Wrong-o

If age 65, your average life expectancy is 83 for men. The breakeven point for taking early or taking late for most people is, you guessed it, age 83.

You know why? Because that’s exactly the way the math and actuarial tables work. If you live the average life expectancy once you reach FRA, the. It doesn’t matter when you take it. Your assumptions just are not supported with fact, as outlined by the actuarial tables that drive the process.

Wrong-o. Each person is an individual and life expectancy and break even is unique for anyone. You make broad assumptions based on whatever reason you see fit without looking at individual cases. Actuarial tables are only valid for large samples of the populace... we as individuals make whatever decisions suit each of us best, so STFU with your broad based conclusions.

[TheRealBadger]

Originally Posted by markids77

Wrong-o. Each person is an individual and life expectancy and break even is unique for anyone. You make broad assumptions based on whatever reason you see fit without looking at individual cases. Actuarial tables are only valid for large samples of the populace... we as individuals make whatever decisions suit each of us best, so STFU with your broad based conclusions.

I already stated that.

OP said “most.” Nope. “Most” is captured by the tables . I don’t make broad shit, the math does.

[markids77]

You are another expert at the circular argument... (troll). OK... have fun with that, I'm out.

[Giraffe (He/Him)]

What's up with SS checks?

You have stainless steel checks? 304? 316?

[Torqaholic]

Originally Posted by Giraffe (He/Him)

You have stainless steel checks? 304? 316?

401

[Don Rickles]

Originally Posted by GTOguy

I'm saying many put off taking SS until the maximum age to get that maximum payment, but they die before they get there, ending up with Zip. Others wait until the maximum payment date to get the extra money. It takes years to hit the 'break even' mark to make up for the years of $$$ collected by the early SS applicant. For me, that was around age 79. I'd rather personally have that extra $$$ between age 62 and 79 to invest, spend, or do whatever with. I will be much less active pushing age 80 than I am currently.

Wrong-o. First off "Maximum" is NOT FRA. Next, if you're still working between the ages of 62-67 (stats show these are the highest earning years for most people), in your case, you'd be taxed on the income, penalized and then taxed on the SS monies. So, go for it, take the lesser amount then drop dead by 72 (randomly chosen) then WE collect the balances you left the gov......

And if you haven't planned and saved enough to the point that you're surviving solely on SS, you ****ed up.....

[LATB]

Originally Posted by Giraffe (He/Him)

You have stainless steel checks? 304? 316?

Black Stainless is all the rage. I understand there were specials last month...

[zeek]

Originally Posted by dvarapala

Sucks to be retired, on a fixed income, and living SS-check-to-SS-check.

Actually, I'm surprised a Baller like you even noticed which day the deposits were made.

I don't know where you got the idea that Im living check to check...

I use my SS check for hot rod parts....

[LATB]

Originally Posted by zeek

I don't know where you got the idea that Im living check to check...

I use my SS check for hot rod parts....

[ratflinger]

Okay, the 'real' answer. Banks get advised a few days in advance of direct deposits coming in. A year or so ago my CU started posting the deposit to their customer's accounts on the advice instead of waiting for the actual day the money would arrive. They are fronting you a zero interest loan for a couple of days as a service. My SS check comes on the 3rd Wed, but I usually receive the credit on the Friday before.

[6spdC6]

Originally Posted by ratflinger

Okay, the 'real' answer. Banks get advised a few days in advance of direct deposits coming in. A year or so ago my CU started posting the deposit to their customer's accounts on the advice instead of waiting for the actual day the money would arrive. They are fronting you a zero interest loan for a couple of days as a service. My SS check comes on the 3rd Wed, but I usually receive the credit on the Friday before.

My SS date is the 2ed Wednesday. Every now and then I see it posted a few days earlier, no big deal. Then a couple days later my pension also appears.

SS comes in handy for certain things but like many here I could/would get by fine if for some, best bet illegal reason they stop sending them!

[GTOguy]

Originally Posted by Don Rickles

Wrong-o. First off "Maximum" is NOT FRA. Next, if you're still working between the ages of 62-67 (stats show these are the highest earning years for most people), in your case, you'd be taxed on the income, penalized and then taxed on the SS monies. So, go for it, take the lesser amount then drop dead by 72 (randomly chosen) then WE collect the balances you left the gov......

And if you haven't planned and saved enough to the point that you're surviving solely on SS, you ****ed up.....

Thank goodness the naysayers are at least using the correct version of Wrong-o.

No need for me to work ever again unless I do charity stuff out of boredom.
I planned my retirement in my mid 20's and it paid off. My income stops when I die. Since I retired, I've had to learn to be less frugal and to enjoy life more. I always lived well under my means and invested, and now it's time to blow some of that. If I were in upstate NY I would drag Bruze's ass off to Olean for some killer roast beef at The Beef and Barrell. Best roast beef I've had in my life. Need to get back there.