I just received my first Social Security retirement benefit (payment)

[Bazza]

I turned 64 in June and sometime last month made the decision to go ahead and apply for my SS retirement benefits.

Originally, I was going to wait for my full benefit when I turned 66, but ultimately decided for me, the time had come.

While I have not retired, I have made the decision to shrink the hamster wheel way down in size, and give myself more time to spend on things other than just work.

My first benefit arrived as a direct deposit on the 7th, 4 days ago, but I didn't realize it until just now.

I don't mind sharing - it's $1,467. Pretty close to average from what I understand.

For those of you not there yet.....keep running that hamster wheel.....it will be worth the wait.

I also wanted to add that the entire process of applying for my benefit was extremely easy - I did everything online plus had one brief phone call and one brief in person visit to the local SS office, both of which were safe guards to ensure I was legit.

Sure was nice seeing that money dropped into my bank account. Now all I have to do is stay alive long enough to enjoy it.

 

[CajunCrimson]

Congrats! I'm about 15 years behind you -- save some for me

 

[Bodhisattva]

Congrats on reaching retirement, Bazza. Enjoy what you've earned.

Unfortunately, your retirement check should be a great deal more. The government has deprived you of 40+ years of compound interest. I just hope, even if it's a negative return on investment, that there will be some of my money left when the time comes.

 

[AlexanderFan]

It's not a benefit, you paid. Congratulations, you're lucky and not stupid to live this long [emoji16]

For now railroad retirement is separate from social security. I just hope it stays that way. We pay an extra 4.9% per year and I imagine there's a considerable sum sitting somewhere. Railroad workers face similar problems as social security in that technology has greatly reduced the number of contributors and I'm sure something will have to give.


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[TideMom2Boys]

Congrats! By the time I get to that age (30 more years)... we will probably have to pay the Government each month once we retire. :rolleye2:

 

[Bazza]

Thanks everyone. I'm pretty excited for the change and what lies ahead.

Regarding how things play out with SS....I touched on this with the lady whom I spoke to on the phone and without going into details, she assured me the administration is taking steps to ensure your benefits will still be there for you when it's your turn.

Next year I'm eligible for Medicare.

Wow...all of a sudden I'm feeling old!

 

[TIDE-HSV]

Thanks everyone. I'm pretty excited for the change and what lies ahead.

Regarding how things play out with SS....I touched on this with the lady whom I spoke to on the phone and without going into details, she assured me the administration is taking steps to ensure your benefits will still be there for you when it's your turn.

Next year I'm eligible for Medicare.

Wow...all of a sudden I'm feeling old!

Welcome to the club. My situation is that a huge slice of what I receive goes right back to the government in self employment taxes...

 

[Its On A Slab]

Good on you. I'm about 8 years behind you.

 

[Bazza]

Welcome to the club. My situation is that a huge slice of what I receive goes right back to the government in self employment taxes...

I guess we should all thank you then!

I certainly do - especially now!

Seriously though - if you like what you do, then that counts for a lot right there. Same with me - I'll continue working, but not at a level where it impacts my SS benefit.

Keep charging, Earle....you're an inspiration!

 

[TIDE-HSV]

I guess we should all thank you then!

I certainly do - especially now!

Seriously though - if you like what you do, then that counts for a lot right there. Same with me - I'll continue working, but not at a level where it impacts my SS benefit.

Keep charging, Earle....you're an inspiration!

Oh I long ago passed the age where there's any reduction in benefits for earning. However, I will pay the entire $19K+ in self-employment taxes this year. (They stop assessing it at $128K+ in self-employment earnings.) However, as I've said before, if it takes it to keep SS and Medicare solvent, I'm open to seeing the tax assessed against all self-employment, painful as it may be for me personally...

 

[uafan4life]

So y'all's pockets are where my monthly "investment" is going... :biggrin2:

The only real question is how long this Ponzi scheme can stay afloat.

 

[DzynKingRTR]

So y'all's pockets are where my monthly "investment" is going... :biggrin2:

The only real question is how long this Ponzi scheme can stay afloat.

The well will be dry by the time I retire.

 

[TIDE-HSV]

LOL! I'd never put the pencil to it before. I clear about $6K per year from SS benefits. Big deal. Oh, also, because of changes back a few years, it doesn't matter how much I make and pay in - my benefits will never increase by a penny...

 

[Bazza]

Oh I long ago passed the age where there's any reduction in benefits for earning. However, I will pay the entire $19K+ in self-employment taxes this year. (They stop assessing it at $128K+ in self-employment earnings.) However, as I've said before, if it takes it to keep SS and Medicare solvent, I'm open to seeing the tax assessed against all self-employment, painful as it may be for me personally...

Yes, I remember reading about it. There's a cut off age after which they don't back charge you on earnings above a certain threshold - I think it's at 70 years old or so.

Even so, I'm at the point where it wouldn't matter - I'm on cruise control right now, more or less. Nothing left to prove at anyone......clean as a whistle!

 

[Bazza]

Woohoo.....we're getting a cost of living boost! :cheers2:

[TWEET]https://twitter.com/SocialSecurity/status/1050363709728714752?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1050363709728714752&ref_url=https%3A%2F%2Fclark.com%2Fpersonal-finance-credit%2Fsocial-security-cost-of-living-adjustments-cola-2019%2F[/TWEET]

 

[Its On A Slab]

I turned 64 in June and sometime last month made the decision to go ahead and apply for my SS retirement benefits.

Originally, I was going to wait for my full benefit when I turned 66, but ultimately decided for me, the time had come.

While I have not retired, I have made the decision to shrink the hamster wheel way down in size, and give myself more time to spend on things other than just work.

My first benefit arrived as a direct deposit on the 7th, 4 days ago, but I didn't realize it until just now.

I don't mind sharing - it's $1,467. Pretty close to average from what I understand.

For those of you not there yet.....keep running that hamster wheel.....it will be worth the wait.

I also wanted to add that the entire process of applying for my benefit was extremely easy - I did everything online plus had one brief phone call and one brief in person visit to the local SS office, both of which were safe guards to ensure I was legit.

Sure was nice seeing that money dropped into my bank account. Now all I have to do is stay alive long enough to enjoy it.

Good to hear it.

I am about 8 years away from full SS retirement age. With my Dad's estate finishing probate, I doubled my portfolio, and with a couple of pensions I'm due from previous employers that will kick in at age 65, my day is coming where I tell my current employer so long.

 

[GrayTide]

Woohoo.....we're getting a cost of living boost! :cheers2:

[TWEET]https://twitter.com/SocialSecurity/status/1050363709728714752?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1050363709728714752&ref_url=https%3A%2F%2Fclark.com%2Fpersonal-finance-credit%2Fsocial-security-cost-of-living-adjustments-cola-2019%2F[/TWEET]

The Republican Congress is set to cut SS and Medicare next year also, so the net increase will be zero or less (3%-5%). My point is don't go out and spend that extra 2.8% you are anticipating.

 

[Bazza]

The Republican Congress is set to cut SS and Medicare next year also, so the net increase will be zero or less (3%-5%). My point is don't go out and spend that extra 2.8% you are anticipating.

Thanks, Gray - but that's not going to impact me, from what I understand.

Or you either, I suspect.

I'm a pretty good saver anyway so more of this goes into reserves than gets spent. I'm grateful to my parents for teaching me how to live on a budget and save.

Here's what my Mom wrote in a recent email to me, just to give you an idea. I had brought up the subject of the season Autumn on it's way....(Walter is my oldest brother).....

I will always remember the beautiful ones we had in Maine. You dad and I were so young and Walter only a toddler who was born in the DC area at Bethesda Naval Hospital. We had our first tiny television set there. . There was no TV yet in Maine but the house we rented had an attic of really good books. Our landlord kept us supplied with free lobsters and wonderful haddock. Your father became a Mason there. It was a happy time for us. It helps to remember the good things. Keep well. Love and hugs, Mom
​

 

[TIDE-HSV]

Thanks, Gray - but that's not going to impact me, from what I understand.

Or you either, I suspect.

I'm a pretty good saver anyway so more of this goes into reserves than gets spent. I'm grateful to my parents for teaching me how to live on a budget and save.

Here's what my Mom wrote in a recent email to me, just to give you an idea. I had brought up the subject of the season Autumn on it's way....(Walter is my oldest brother).....

I will always remember the beautiful ones we had in Maine. You dad and I were so young and Walter only a toddler who was born in the DC area at Bethesda Naval Hospital. We had our first tiny television set there. . There was no TV yet in Maine but the house we rented had an attic of really good books. Our landlord kept us supplied with free lobsters and wonderful haddock. Your father became a Mason there. It was a happy time for us. It helps to remember the good things. Keep well. Love and hugs, Mom
​

You need to look at their published agenda. It will definitely affect you and me both...

 

[Bazza]

You need to look at their published agenda. It will definitely affect you and me both...

I did look at it before I posted. Talk of raising the full retirement age and cutting a lot of social programs. Didn't specify SS cuts to those already signed on that I saw. Lot of generalities.

I'd love to see where this is indicated if you have the quote and link though. Thanks!