Best time to start milking the SS cow

[GTOguy]

Originally Posted by TheRealBadger

They have this thing called the internet. Why would you step foot in a bank for any of that?

Because, like myself, Yaddie's a BOOMER. It's how we ROLL.

(and how we've always rolled, while using up all the good shit before you arrived on-scene!)

[sublime1996525]

I'm just hoping in 22 years there will be some social security for me to draw from

[Anjdog2003]

Originally Posted by sublime1996525

I'm just hoping in 22 years there will be some social security for me to draw from

Sorry bro but i'am taking it all with me.

[sublime1996525]

Originally Posted by Anjdog2003

Sorry bro but i'am taking it all with me.

You would

[Jughead]

It's never going to die. They won't let it.....it would be suicide

[LATB]

Originally Posted by Jughead

It's never going to die. They won't let it.....it would be suicide

True. But...
Means testing WILL happen. And those with any money will get axed. The pols will sell it as a means to get the rich. And the sheeple will go along.

[MidLifeinMI]

Originally Posted by Mike Mercury

between age 62 and FRA... there's a rule-of-thumb: each year you wait (at age 62) to apply for SS... it's an 8% increase in the monthly benefit.

Example; at age 62 you would get (rough estimate) $2000/month. Wait until age 63 to apply and it would be 2160/month.

Again, just a rule-O-thumb... but it puts things into perspective.

for me waiting until FRA and the recent COLA increase, my monthly SS is $2900/month.

Keep in mind, the retirement funds that you're NOT spending because you have early SS income, are also growing. Are they growing at 8%? If so, that's partially offsetting the added SS benefit that you've given up. That's one aspect many money managers don't consider.

In your example, the $2000 you're getting from SS means that an extra $2000 gets to stay in your 401K/IRA, and continues to grow. Not saying it could fully replace the $2900 you would get at 67, but it definitely pushes the breakeven age out a bit.

[Bill]

Originally Posted by LATB

True. But...
Means testing WILL happen. And those with any money will get axed. The pols will sell it as a means to get the rich. And the sheeple will go along.

They're already raising the age to collect, hoping people will die from, alternatively, the Wu flu shots, street violence, tranny suicides, cancer from mass poisonings like East Palestine, etc., before they can collect.

[Yadkin]

Originally Posted by TheRealBadger

They have this thing called the internet. Why would you step foot in a bank for any of that?

We have this thing called a Trust. Actually two of them.

[Yadkin]

Originally Posted by sublime1996525

I'm just hoping in 22 years there will be some social security for me to draw from

Nope.

[Yadkin]

Originally Posted by bill_daniels

They're already raising the age to collect, hoping people will die from, alternatively, the Wu flu shots, street violence, tranny suicides, cancer from mass poisonings like East Palestine, etc., before they can collect.

Why do you think Andrew Cuomo ignored the hospital ships that Trump parked in NY harbor and sent all the Covid patients to the nursing homes? It was to kill off the old folks on Medicare and no longer paying taxes.

[GTOguy]

Cuomo (both of them, actually) are as big of a POS as Newsom. That's saying something.

[TheRealBadger]

Originally Posted by GTOguy

Because, like myself, Yaddie's a BOOMER. It's how we ROLL.

(and how we've always rolled, while using up all the good shit before you arrived on-scene!)

Now you get it!

[TheRealBadger]

Originally Posted by Yadkin

We have this thing called a Trust. Actually two of them.

And?

[Yadkin]

Originally Posted by TheRealBadger

And?

Yes.

[Mike Mercury]

Originally Posted by sublime1996525

I'm just hoping in 22 years there will be some social security for me to draw from

Originally Posted by Jughead

It's never going to die. They won't let it.....it would be suicide

EXACTLY.

While it's admirable to not put all your eggs on one basket (relying on SS solely)... this fear of it going away has been spewed since its inception.

If SS were to suddenly end or be heavily reduced (affecting those that already paid into it)... you would see a massive rush on the capital (much bigger that what was seen during the Trump/Biden election).

It's political suicide for any elected US official to allow anything to happen to Social Security Retirement (at least to those that have already paid into it). Granted... that the rules could change over the decades, but it would not be retro-active.

[6spdC6]

Originally Posted by Mike Mercury

EXACTLY.

While it's admirable to not put all your eggs on one basket (relying on SS solely)... this fear of it going away has been spouted since its inception.

If SS were to suddenly end or be heavily reduced (affecting those that already paid into it)... you would see a massive rush on the capital (unlike what was seen during the Trump/Biden election).

It's political suicide for any elected US official to allow anything to happen to Social Security Retirement (at least to those that have already paid into it). Granted... that the rules could change over the decades, but it would not be retro-active.

Right on!-

I never ever thought it would be done away with, my beef was that it would be so heavily modified that it was reduced considerably. That would take into account your standings in pension, house worth and just a basic looking at what you accomplished and punish you for it. My wife and I made provisions to get by if SS was phucked with. We would have made it but its much easier getting back money taken from us over the years and doing with it what we want. (As was promised)

Of course the slugs that paid nothing and finagled with the politicians blessings on to a SS pay out will not get reduced, in fact if anything the way I see this country is going will do even better.
Got to make sure the criminal border jumpers get well taken care of.

[TheRealBadger]

Originally Posted by 6spdC6

Right on!-

I never ever thought it would be done away with, my beef was that it would be so heavily modified that it was reduced considerably. That would take into account your standings in pension, house worth and just a basic looking at what you accomplished and punish you for it. My wife and I made provisions to get by if SS was phucked with. We would have made it but its much easier getting back money taken from us over the years and doing with it what we want. (As was promised)

Of course the slugs that paid nothing and finagled with the politicians blessings on to a SS pay out will not get reduced, in fact if anything the way I see this country is going will do even better.
Got to make sure the criminal border jumpers get well taken care of.

Weird that you think it was like an investment fund or something. It’s an old age INSURANCE plan. People who don’t need insurance payouts shouldn’t get them.

I’m not a fan of the program, but it only makes you look stupid if you think it was meant that those who paid the most would get the most. That’s not how an insurance plan really works.

[Yadkin]

Originally Posted by TheRealBadger

Weird that you think it was like an investment fund or something. It’s an old age INSURANCE plan. People who don’t need insurance payouts shouldn’t get them.

I’m not a fan of the program, but it only makes you look stupid if you think it was meant that those who paid the most would get the most. That’s not how an insurance plan really works.

Semantics. It's a Ponzi Scheme invented by Democrats to ensure that the poor will never be able to accumulate wealth. Yet most are so stupid that they think it's a great system and will vote for the party that created it. Now you're mad because us Boomers are happily destroying the Scheme by milking it dry.

[GTOguy]

I planned on never getting it, as I said earlier and provided otherwise. SS was, after all, soooo far in the future. Well, the future seemed to 'get here' in about 15 or 20 years, not the 42 I had worked. WTF happened to the clock?? I wish I were allowed NOT to contribute all those years and invest the extra $$, but I realize I'm in the 5% of the population that lives under his means and is fiscally responsible. So it is what it is. If the promised SS was re-negged (they already raised my full amount age from 65 to 67 after I was in the workforce), I, along with many, many others would begin a campaign of wokeness and would 'get mine' one way or another. Society would crumble into a Road Warrior type of wasteland.