I'm putting this on the list because I know that some LSR racer friends may
soon be approaching "The Golden Years" (LOL) and Social Security will be a
consideration.
I did it yesterday. I filed for Social Security benefits. You really gotta
check out the web-site, and get in to the local office and get some guidance so
you don't end up screwing yourself. I thought each birthday was some magic
cutoff date for benefits, but it's not really so. Every month has a value on a
chart, and even though it's not directly proportional to the amount of time
past sixty two that you wait to file, for my age, it amounted to about three
bucks a month. I filed to start benefits in June, right after my sixty fourth
birthday, thinking it was some magic anniversary date that would cause my
pension to jump to the next notch.
Not exactly so. It jumps a little every month. Therefor, waiting until my
birthday was of no advantage to me but miss friendly civil service clerk didn't
bother to expalin this, and I didn't really see the light until I was back
home. By waiting until June (after my birthday) my check will be $16 per month
more. Had I started my check immediately, I'd get a slightly smaller check,
but I would have received three checks of about a thousand bucks before my
birthday. That means that figuring the three extra thousand I could have
gotten, calculated against the sixteen extra bucks I'm getting but starting
three months late, I will now have to live to a little over eighty two to
recoup those lost three grand and be ahead.
I'll be damned if I'll let the government screw me, so I guess the upside is
this is that I'm now going to live that long, if for no other reason than to
put the screws to the government! I'll show them!
Bottom line, because of the significant increase in life expenctancy, you are
probably better to start drawing SS the first day beyond age sixty two that you
stop drawing wages. Waiting to earn a slightly bigger monthly pension will not
net you more total dollars unless you live way longer than expected. You'll
lose money if you die sooner - - - like could be caused by failed parachutes,
broken spindles, locked up spider gears, nitrous explosions, or other common
maladies of old age.
Dick
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