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

[TIDE-HSV]

Not sure of the difference. I just took a cash payout. They sent a check and I had my broker (Raymond James) move it into my IRA with them. From there, I invested the funds in my IRA.

If it's rolled over within the statutory period, no harm...

 

[Its On A Slab]

If it's rolled over within the statutory period, no harm...

Yep. They sent me the check, and I took it to my brokerage firm's local office and had them move the $$$ into my IRA.

I have a small pension with my current company. They don't let you cash out of it, but you can get it paid out in as little as 5 years. I plan to do that, and just roll the funds into my IRA.

 

[Bazza]

FYI:

The SSA says the 2.8% cost-of-living adjustment (COLA) will take effect with benefits payable to Social Security beneficiaries in January 2026. Increased payments to people receiving SSI benefits will begin in December 2025.

The Social Security Cost-of-Living Adjustment for 2026

Are you ready to see an increase in your Social Security check? The Social Security Administration (SSA) just announced COLA.

clark.com

I'd like to thank all those who continue to pay into the system......keep up the good work!

 

[Its On A Slab]

FYI:

The SSA says the 2.8% cost-of-living adjustment (COLA) will take effect with benefits payable to Social Security beneficiaries in January 2026. Increased payments to people receiving SSI benefits will begin in December 2025.

The Social Security Cost-of-Living Adjustment for 2026

Are you ready to see an increase in your Social Security check? The Social Security Administration (SSA) just announced COLA.

clark.com

I'd like to thank all those who continue to pay into the system......keep up the good work!

I think Medicare is going up, so I guess that will eat up the 2.8%?

I'm 32 days away(as of 5PM today).

 

[Bazza]

I think Medicare is going up, so I guess that will eat up the 2.8%?

I'm 32 days away(as of 5PM today).

When that direct deposit shows up in your bank account.......it feels magical!

 

[Its On A Slab]

When that direct deposit shows up in your bank account.......it feels magical!

I talked to my investment guy and we discussed the 4% Rule. Heck, I don't need to work because that and my SS, and I will be making more than I am now working. .

All those years investing, I never thought I had done enough. Raising a family and unable to put a lot into my 401k. Plus, losing half of my portfolio in my divorce 11 years ago. I guess I did ok.

 

[4Q Basket Case]

I turn 66 years and 10 months (my full SSI retirement age) in December. I'd be in the application process now but for the government shutdown. The plan is to not collect until January 2026 anyway, so it shouldn't be a problem. But the one time I need to deal with the federal government, we're in this mess.

 

[mdb-tpet]

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.

It's not truly a Ponzi scheme, because they only pay a portion of what you pay in back to you later due to many recipients on disability getting paid without donating the full amount. Really it's a large insurance program. And all the payees eventually die and stop receiving benefits to cut off the payments. So really, it's a how much of what you paid in will you get back question based upon tax rates, life span, when you start taking money out, how much you paid in, administrative expenditures, and inflation adjustments, etc. But not a Ponzi scheme. Many could argue it SHOULD be an investor fund that pays out later, but that's not what the program does, and an investor fund every retiree the size of the US would likely just be inflationary fuel.

 

[uafan4life]

It's not truly a Ponzi scheme, because they only pay a portion of what you pay in back to you later due to many recipients on disability getting paid without donating the full amount. Really it's a large insurance program. And all the payees eventually die and stop receiving benefits to cut off the payments. So really, it's a how much of what you paid in will you get back question based upon tax rates, life span, when you start taking money out, how much you paid in, administrative expenditures, and inflation adjustments, etc. But not a Ponzi scheme. Many could argue it SHOULD be an investor fund that pays out later, but that's not what the program does, and an investor fund every retiree the size of the US would likely just be inflationary fuel.

In its simplest form, a Ponzi scheme is a financial structure in which previous contributors are paid not from their own contributions but rather from the contributions of newer contributors - requiring a constant influx of new contributors to keep the payments coming.

If that doesn't describe Social Security, nothing does...

 

[Its On A Slab]

I turn 66 years and 10 months (my full SSI retirement age) in December. I'd be in the application process now but for the government shutdown. The plan is to not collect until January 2026 anyway, so it shouldn't be a problem. But the one time I need to deal with the federal government, we're in this mess.

I worried about getting SS and Medicare set up before the looming shutdown, but everything went fairly smoothly. The Medicare Part "B" thing was worrisome - in that I got zero notice that anyone was working on my case, and the appointments to see a caseworker were booked up for months. So I just submitted my paperwork and hoped for the best.

One day, I got tired of waiting and looked on the Medicare site, and there it was(the part "B"). No notice or anything. I got my updated card a few weeks later.

 

[4Q Basket Case]

I worried about getting SS and Medicare set up before the looming shutdown, but everything went fairly smoothly. The Medicare Part "B" thing was worrisome - in that I got zero notice that anyone was working on my case, and the appointments to see a caseworker were booked up for months. So I just submitted my paperwork and hoped for the best.

One day, I got tired of waiting and looked on the Medicare site, and there it was(the part "B"). No notice or anything. I got my updated card a few weeks later.

Signing up for Medicare went pretty well, though that was almost 2 years ago. I plan to start the SSI process a couple of weeks after the shutdown ends....whenever that might be.

 

[Its On A Slab]

Signing up for Medicare went pretty well, though that was almost 2 years ago. I plan to start the SSI process a couple of weeks after the shutdown ends....whenever that might be.

The Part "A" was automatic when I turned 65. The Part "B" was what I wanted, given my intention to retire at the end of November. I was sweating it for a while due to the craziness in Congress. But I'm set, and with the Medicare supplemental. Whoo-hoo! 27 more days.

 

[Padreruf]

I have been very pleased with Medicare, Part B, and with Plan G. Other than the initial deductible and monthly drug plan payment, no expenses! Having a full body PT Scan next week just to see what's going on.

BTW, had a cancer nodule -- Basal cell -- taken off my nose on Tuesday. USE SUNSCREEN DAILY! Here's what I looked like yesterday:

 

[TIDE-HSV]

I had Mohs surgery for one a few years back. It started by my right eye and arced up to the middle of my forehead, about 5". You can't even see the scar...

 

[Its On A Slab]

I have been very pleased with Medicare, Part B, and with Plan G. Other than the initial deductible and monthly drug plan payment, no expenses! Having a full body PT Scan next week just to see what's going on.
View attachment 54042
BTW, had a cancer nodule -- Basal cell -- taken off my nose on Tuesday. USE SUNSCREEN DAILY! Here's what I looked like yesterday:

Good that you got it taken care of. I've had the trifecta (basal, squamous and stage 0 melanoma). Needless to say, my days of running outside in the Sun with no shirt on are over. I invested in a few long sleeved Sun-cooling shirts, and they have served me pretty well.

It's weird that all three of my cancers were on my right arm. Usually, I'm told it's more prone to the left due to the proximity to the car window and Sun.

 

[Its On A Slab]

I had Mohs surgery for one a few years back. It started by my right eye and arced up to the middle of my forehead, about 5". You can't even see the scar...

My MOHS surgery screwed up a tattoo on my upper right arm.

I went in to have it covered, my artist ended up convincing me to go big.

 

[75thru79]

My MOHS surgery screwed up a tattoo on my upper right arm.

I went in to have it covered, my artist ended up convincing me to go big. View attachment 54049

 

[Elefantman]

Good that you got it taken care of. I've had the trifecta (basal, squamous and stage 0 melanoma). Needless to say, my days of running outside in the Sun with no shirt on are over. I invested in a few long sleeved Sun-cooling shirts, and they have served me pretty well.

It's weird that all three of my cancers were on my right arm. Usually, I'm told it's more prone to the left due to the proximity to the car window and Sun.

My question is, do you have a right hand drive car?