SS? How many worked enuf?
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SS? How many worked enuf? (by WMH [NC]) Feb 13, 2022 4:51 PM
       SS? How many worked enuf? (by Ken [NY]) Feb 13, 2022 4:52 PM
       SS? How many worked enuf? (by Tarheel T [NC]) Feb 13, 2022 5:01 PM
       SS? How many worked enuf? (by Dave [MO]) Feb 13, 2022 5:07 PM
       SS? How many worked enuf? (by Robert J [CA]) Feb 13, 2022 5:51 PM
       SS? How many worked enuf? (by 6x6 [TN]) Feb 13, 2022 6:57 PM
       SS? How many worked enuf? (by plenty [MO]) Feb 13, 2022 7:20 PM
       SS? How many worked enuf? (by Roy [AL]) Feb 13, 2022 7:55 PM
       SS? How many worked enuf? (by Homer [TX]) Feb 13, 2022 8:56 PM
       SS? How many worked enuf? (by Nicole [PA]) Feb 13, 2022 9:00 PM
       SS? How many worked enuf? (by WL [CA]) Feb 13, 2022 10:19 PM
       SS? How many worked enuf? (by Janet [KY]) Feb 13, 2022 11:09 PM
       SS? How many worked enuf? (by Tex [TX]) Feb 13, 2022 11:56 PM
       SS? How many worked enuf? (by Small potatoes [NY]) Feb 14, 2022 12:14 AM
       SS? How many worked enuf? (by gevans [SC]) Feb 14, 2022 7:22 AM
       SS? How many worked enuf? (by zero [IN]) Feb 14, 2022 7:27 AM
       SS? How many worked enuf? (by Lynn [MA]) Feb 14, 2022 7:51 AM
       SS? How many worked enuf? (by WMH [NC]) Feb 14, 2022 8:14 AM
       SS? How many worked enuf? (by Marv [IL]) Feb 14, 2022 9:01 AM
       SS? How many worked enuf? (by Steve [MA]) Feb 14, 2022 9:14 AM
       SS? How many worked enuf? (by Oregon Woodsmoke [ID]) Feb 14, 2022 10:08 AM
       SS? How many worked enuf? (by plenty [MO]) Feb 14, 2022 10:28 AM
       SS? How many worked enuf? (by WL [CA]) Feb 14, 2022 12:41 PM
       SS? How many worked enuf? (by OKHMBLDR [OK]) Feb 14, 2022 12:58 PM
       SS? How many worked enuf? (by Bonanza [NC]) Feb 14, 2022 1:03 PM
       SS? How many worked enuf? (by MMIT [VA]) Feb 14, 2022 1:05 PM
       SS? How many worked enuf? (by Susan [OH]) Feb 14, 2022 1:32 PM
       SS? How many worked enuf? (by Wilma [PA]) Feb 14, 2022 2:43 PM
       SS? How many worked enuf? (by S i d [MO]) Feb 14, 2022 3:27 PM
       SS? How many worked enuf? (by Pmh [TX]) Feb 14, 2022 5:12 PM
       SS? How many worked enuf? (by Jim in O C [CA]) Feb 14, 2022 5:31 PM
       SS? How many worked enuf? (by GKARL [PA]) Feb 14, 2022 7:13 PM
       SS? How many worked enuf? (by GKARL [PA]) Feb 14, 2022 7:53 PM
       SS? How many worked enuf? (by PG [SC]) Feb 14, 2022 9:23 PM
       SS? How many worked enuf? (by Ray-N-Pa [PA]) Feb 15, 2022 7:03 AM
       SS? How many worked enuf? (by S i d [MO]) Feb 15, 2022 7:54 AM
       SS? How many worked enuf? (by Marv [IL]) Feb 15, 2022 8:57 AM
       SS? How many worked enuf? (by BRAD 20,000 [IN]) Feb 16, 2022 10:56 PM


SS? How many worked enuf? (by WMH [NC]) Posted on: Feb 13, 2022 4:51 PM
Message:

How many on here have put in enough quarters to get SS if and when you can?

I know more and more young RE investors are not worrying about SS. My generation did.

What's the new world like?

--50.82.xxx.xxx




SS? How many worked enuf? (by Ken [NY]) Posted on: Feb 13, 2022 4:52 PM
Message:

Not me,never paid in. i am 56 --72.231.xxx.xxx




SS? How many worked enuf? (by Tarheel T [NC]) Posted on: Feb 13, 2022 5:01 PM
Message:

Paid into SS 20+ yrs could not care less about the $1700/month. Waiting til 67Ö --24.197.xxx.xx




SS? How many worked enuf? (by Dave [MO]) Posted on: Feb 13, 2022 5:07 PM
Message:

Nope, I wonít be collecting SS.

I do max an IRA every year. --66.76.xxx.xx




SS? How many worked enuf? (by Robert J [CA]) Posted on: Feb 13, 2022 5:51 PM
Message:

My father was a "Notch Baby", meaning since he was old enough to serve in World War 2, his Social Security Benefits would be reduced -- he was screwed. People who were born after him and paid less towards their SS benefits would receive more monthly payments.

Since I was born on a curtain month of a curtain year, I had to register for the Draft when I turned 18. Since I was going to college, that saved me.

Since I started working and saving money towards buying a house at 14 years of age, I paid in a lot towards my SS being Self Employed. So much so, I was SCREWED because my SS benefits could not be taken at 62, 63, 64, 65, 66, but instead a 67 years of age. I started paying at 14, not 18 and have to wait until I'm 67 -- that an extra 8 year out of my pocket...

It's always something that's going to get me.

Oh and now tenants don't have to pay rent for the past 2 years and 1 year more in the future. --47.155.xx.xxx




SS? How many worked enuf? (by 6x6 [TN]) Posted on: Feb 13, 2022 6:57 PM
Message:

I am not sure I would even want to visit CA at this point. --73.120.xx.xxx




SS? How many worked enuf? (by plenty [MO]) Posted on: Feb 13, 2022 7:20 PM
Message:

Curious too. --172.58.xxx.xxx




SS? How many worked enuf? (by Roy [AL]) Posted on: Feb 13, 2022 7:55 PM
Message:

I have paid enough in to get $1,200/month when full retirement age of 66 rolls around (2 years away). There are plenty of Americans who receive SS benefits and never paid a dime in the system. --71.207.xxx.x




SS? How many worked enuf? (by Homer [TX]) Posted on: Feb 13, 2022 8:56 PM
Message:

As of now, at 62 I can get a whopping $712 per month. I have actually thought about getting a job when I turn 59, in just a few years. Which would be difficult since Iíve not worked for anyone since I was 23. :( --66.169.xxx.xxx




SS? How many worked enuf? (by Nicole [PA]) Posted on: Feb 13, 2022 9:00 PM
Message:

I started collecting at 59 - survivor's benefits.

When you go into the office, they print out a graph/chart for you that shows intersecting lines showing the time when you are "ahead" . If you wait until 70, you collect a lot more monthly but also lose 8 years of payments. Difficult to figure out the break even points for yourself.

As usual, I have no idea what Robert is talking about. I believe everyone can collect at 62... not the full benefit amount but your reduced amount. --98.237.xxx.xx




SS? How many worked enuf? (by WL [CA]) Posted on: Feb 13, 2022 10:19 PM
Message:

Well, at the current inflation rate you will need a wheelbarrow full of cash to buy some dog food in a few years, like Argentina. According to the Ferfal blog, the three essentials when the economy collapses is a years supply of food, a Glock, and a bulletproof vest. The Glock and bulletproof vest are in case your neighbors smell you cooking food and decide to raid you . . . Guessing SS benefits won't go far then. --82.102.xx.xxx




SS? How many worked enuf? (by Janet [KY]) Posted on: Feb 13, 2022 11:09 PM
Message:

I've been collecting since I was 62. However, I have income from my farm I lease out plus income from our rental and my retirement investments from years of working public jobs. --75.23.xxx.xxx




SS? How many worked enuf? (by Tex [TX]) Posted on: Feb 13, 2022 11:56 PM
Message:

I have been struggling with retiring from my W-2 gig decent pension and collecting at 62, next year actually. Just not sure how my rentals will effect my payment. Will I have a problem? --104.51.xxx.xxx




SS? How many worked enuf? (by Small potatoes [NY]) Posted on: Feb 14, 2022 12:14 AM
Message:

I'll qualify when I finally hit the age, whatever it may be in the not so far future. I learned a long time ago not to factor it into retirement income, so if it's there it's a bonus. --172.58.xxx.xx




SS? How many worked enuf? (by gevans [SC]) Posted on: Feb 14, 2022 7:22 AM
Message:

I started collecting it at 62. IMHO, the sooner you start, the more you will get.

Those projection charts typically don't include inflation or new taxes on SS. Or the probability that it will eventually be eliminated entirely. --158.115.xxx.xxx




SS? How many worked enuf? (by zero [IN]) Posted on: Feb 14, 2022 7:27 AM
Message:

I too never really considered it a true retirement plan. I will get some from having w2's since I was 15. I stopped when the last place I worked shut down. Guess I was about 44 then.

Have had some side jobs, mostly as favors to realtors, since then but never enough to really help the money I should receive.

When I get to the point that I can no longer manage the properties it will suck some of my income away. Hopefully by then I will have enough that it won't matter. --107.147.xx.xxx




SS? How many worked enuf? (by Lynn [MA]) Posted on: Feb 14, 2022 7:51 AM
Message:

I put into it from my W2 job but will there be any left when it comes time to collect? I'm almost 50. --96.237.xx.xxx




SS? How many worked enuf? (by WMH [NC]) Posted on: Feb 14, 2022 8:14 AM
Message:

Our cross-over point was age 88. I decided to take my SS at 62. DH decided to wait.

We converted some Traditional IRAs to ROTHs last year, knowing we would pay taxes but never thinking about Medicare. Even though we didn't actually take money out, it goes on the 1040 as income and now I am paying $709 per month for Medicare. It comes directly out of my SS deposit. Plus another $100 for the gap insurance with BCBS. --50.82.xxx.xxx




SS? How many worked enuf? (by Marv [IL]) Posted on: Feb 14, 2022 9:01 AM
Message:

A short (somewhat contusing) explanation of how SS works.

When you hit 60 the SS dept takes your best 30 years earnings and figures out what you will get paid over your life expectancy.

If you keep working, a high earning year will kick out a low earning year in your best 30.

You are first eligible to get your ss at 62. They figure the months between when you start and when you reach 83.5 years. They divide your benefits by the number of months.

Those who take early have more months so they get less.

If you take early retirement, you can only earn 15k each year or your benefits will be reduced $1 for every $3 you go over.

If you wait till full retirement age, you can work and make all you want with no reduction in benefits.

Please note in order to maximize your benefits you will need to know your date of death. --67.184.xxx.xxx




SS? How many worked enuf? (by Steve [MA]) Posted on: Feb 14, 2022 9:14 AM
Message:

I've been paying into SS since I was 15 as either a W2 employee or as a self-employed businessperson so years ago I had enough quarters to qualify for SS. However, as my wife got closer to retirement age, she needed a few more quarters to qualify on her own. We just put her on the payroll as a bookkeeper & paid her a very decent salary until she got enough quarters in. Once we were qualified, we both waited until we reached 70 before we started to collect.

As to when you should apply, you should consider many things such as how lucky you feel, how healthy you are, how much other income you get, your income tax situation, your family's medical history and of course how much you might need the money before deciding whether to start collecting early or wait until you maximize the benefits available to you. --72.93.xxx.xx




SS? How many worked enuf? (by Oregon Woodsmoke [ID]) Posted on: Feb 14, 2022 10:08 AM
Message:

I don't qualify on my own, but I qualify through my husband.

I get a pittance which isn't worth much and doesn't make any difference to my life, but those of you who aren't qualifying for SS won't get Medicare. I suspect that you will be regretting not qualifying for medicare when the time comes. --76.178.xxx.xxx




SS? How many worked enuf? (by plenty [MO]) Posted on: Feb 14, 2022 10:28 AM
Message:

From what i gather. A person must work 10 years with some other criteria to qualify. So if you have never had W2 income because you are a Re investor living off passive income I suppose the conclude you can provide for yourself --172.58.xxx.xxx




SS? How many worked enuf? (by WL [CA]) Posted on: Feb 14, 2022 12:41 PM
Message:

Offhand, suspect the politicians will give away everything you have paid in anyway for votes now. Obamacare (free/subsidized heathcare) will be subsidized by cutting medicare and tricare where people have paid in . . . Suspect you will be getting the Cuban style medical care in the future Nurse assistant - ah, you have cancer. Take 2 aspirins daily . . . good luck! --201.140.xxx.xx




SS? How many worked enuf? (by OKHMBLDR [OK]) Posted on: Feb 14, 2022 12:58 PM
Message:

I'm 72, took my SS at full retirement age of 66. I paid in the max amount the last 20 years I worked. My wife had enough quarters from when she worked many years ago, so her SS was only about $600/mo. on her benefit. But she is allowed to have 50% of my benefit which is much more than what her's would have been (When I die she gets my entire benefit and her's goes away). Together we get about $44,000.00 a year in SS benefits. We have about $300 a month deducted for our Medicare benefit, and my secondary insurance is about $350/mo Everything we have is paid for, and I'm fortunate enough to have a lot of cash in the bank and other assets, so the SS for us works pretty well. --68.12.xx.xx




SS? How many worked enuf? (by Bonanza [NC]) Posted on: Feb 14, 2022 1:03 PM
Message:

Usual breakeven age is 78 where if you wait longer after 78 you make more money. But Iíll be taking mine at 62 if and when I ever get there because I donít know how long I will live and the men in my family donít seem to live that long --174.215.xx.xxx




SS? How many worked enuf? (by MMIT [VA]) Posted on: Feb 14, 2022 1:05 PM
Message:

Wife and I both started social security at 62. My analysis showed we would be further ahead if we took SSI at 62.

The social security money goes into a rental house fund. We will use that money to buy more rentals with cash. It takes several years to build up enough cash to buy a house.

We are also aggressively rolling the pretax IRA accounts (401, 403b, sep, simple, traditional) into Roth accounts. Yes, the rollover causes a bigger tax bill, higher Medicare premiums, etc.

But, we will pay less taxes during our lifetime by doing a Roth conversion than if we leave that money in the pretax account and take the RMDs. We will also have a higher net worth if we do the rollovers.

Off topic, but, I showed my analysis to one of the kids. As soon as he realized what it was, he gave it back and said he did not want to talk about it.

When we were with the next kid, he let me go over the entire plan and then said it was nice and handed it back.

When I went over the plan with the last kid, he asked several good questions and kept the analysis. The next morning he had 2 pages of questions, comments, and suggestions. He continues to ask questions and make suggestions.

All three kids agree that this kid will be the executor. --174.206.x.xxx




SS? How many worked enuf? (by Susan [OH]) Posted on: Feb 14, 2022 1:32 PM
Message:

Late to the party, as usual for me.

I get benefits from my hubby. I think I only paid in for one quarter. He paid in for many years.

We started taking ours @ 63. He gets a couple thousand a month and I get one thousand. We don't really touch it-we live off the rentals. (Except that our Medicare monthly payments come out of it before we get our check).

Really glad to have it though! --76.189.xxx.xxx




SS? How many worked enuf? (by Wilma [PA]) Posted on: Feb 14, 2022 2:43 PM
Message:

My hubby worked for 38 years continuously; but I just happened to squeak by with 10 years before I "retired" to be a mom/property manager. We never planned on Social Security being there for us, and at this point think we'll take it at 70. If SS goes away before that (just a few years away for us), we're perfectly fine. (Two of the cheapest skates you ever met, LOL.)

At 70, I'd get about $1100/mo, he'll get around $3900! That's insane. If inflation continues as it has, that will be very welcome. If it's surplus, we will have a lot of fun helping our kids and supporting charities - maybe set up that scholarship at the school where he worked that we've been talking about (for students going into trades, who get few opportunities for financial support). --98.115.xxx.xxx




SS? How many worked enuf? (by S i d [MO]) Posted on: Feb 14, 2022 3:27 PM
Message:

Yes, I will qualify for it, but I'm not counting on it. The "trust fund" (i.e. a pile of digital IOUs) is stored on a computer somewhere, and basically all it says is the US Govt will be able to borrow enough money to redeem the Govt t-bills that Social Security surplus funds were required to be invested in.

Well, we all know how that's going. We're running record deficits annually, making it harder and harder to borrow (print) more money without risking high or hyperinflation. SS does get an annual COLA, but as recent articles online point out, the 1.7% adjustment they got for LAST year (2021) didn't come anywhere close to keeping up with the inflation people actually experienced (north of 14%). So in 2022 there will be another adjusted to cover that price increase that's already been kicking people in the teeth.

Bottom line: there aren't enough tax receipts to pay benefits any more, so they'll just print more money, leading to higher inflation, and the cycle will continue until the benefits don't hardly make sense to even pay attention to any more.

Anyone who is wanting a retirement today needs hard assets, the kind the Govt cannot conjure up. Like...real estate!

--108.230.xxx.xx




SS? How many worked enuf? (by Pmh [TX]) Posted on: Feb 14, 2022 5:12 PM
Message:

relax everyone. this transitory inflation will go away in a few more years. --107.77.xxx.xxx




SS? How many worked enuf? (by Jim in O C [CA]) Posted on: Feb 14, 2022 5:31 PM
Message:

From age 15 at $.50 an hour 4 hours 5 days a week to age 65 and only unemployed for 2 weeks I qualified. --99.23.xxx.x




SS? How many worked enuf? (by GKARL [PA]) Posted on: Feb 14, 2022 7:13 PM
Message:

Funny this topic came up. I just put in for SSI last week now that I'm at full retirement age. I paid in several years through employment and self employment. I also put in for my wife who's younger. Wife is 63, employed and makes slightly over the income limit, so we'll need to pay a portion back. Made sense for her to take even with that rather than wait until her full retirement age. I messed up and should have started here right after she reached age 62. Net of the payback, we're still ahead. I made well in excess of the wage limit and would have paid back all of the benefit before full retirement along with locking in a lower benefit, so it made sense for me to wait until I reached full retirement. --209.122.xx.xxx




SS? How many worked enuf? (by GKARL [PA]) Posted on: Feb 14, 2022 7:53 PM
Message:

The income limit if you're under full retirement age is approximately 19,000 and the social security benefit reduction is two for one for every dollar over that limit. Your rental income investment income, not self employment income, so it does not affect your benefit. In other words, if you're under full retirement age and your income is exclusively rental income, the income limit for those under full retirement age doesn't apply. That limit applies to wage income and self employment income subject to SE taxes.

In my case, since I'm at full retirement age, I can continue make an unlimited amount of wages and draw SSI. My wife makes about 4000 over the limit which will result in a payback of $ 2000. It's not permanently lost but is used to credit against the future benefits. Even with the reduction, we will net more by taking early versus waiting until full retirement age for her. Near money is always better than far money and most would be advised to take the benefit as early as possible rather than wait --209.122.xx.xxx




SS? How many worked enuf? (by PG [SC]) Posted on: Feb 14, 2022 9:23 PM
Message:

I spent a lot of time - most people don't - studying SS and the best time to take benefits.

Steve MA 2CD paragraph - Well Said.

I talk to so many people who don't understand the basics of SS benefits. Something as simple as benefits at 66 would be about 32% more than at 62. Some people are shocked when I tell them that.

Interesting note about SS - 35 to 40% of the eligible folks take SS at 62 and many of those do so because they think it will run out. --184.20.xxx.xx




SS? How many worked enuf? (by Ray-N-Pa [PA]) Posted on: Feb 15, 2022 7:03 AM
Message:

I don't want to under-mind the importance of Social security - especially to those in the world who really didn't elect to make a financial plan for later on in life.

Instead I want to ask the question in the eyes of a real estate investor. If it takes 10 years to become fully vested so you can collect SSI, how much passive income can you make during that same time.

If your answer is more than what you can expect with social security, then there is importance in finding ways to harvest that passive income.

I paid into the system 21 years while I was in the military. With military pay being discounted from what a civilian doing the same job does, my guess is my social security will reflect that.

--24.101.xxx.xxx




SS? How many worked enuf? (by S i d [MO]) Posted on: Feb 15, 2022 7:54 AM
Message:

Ray, you mentioned the people who have elected not to make a financial plan for later in life. Yes, they will be on SS only in most cases, plus possibly they'll have some home equity. It's better than nothing. But it's hardly the "golden years" so often dreamed of.

Dave Ramsey made a joke regarding retirement: "You need to plan for your retirement or you'll end up buying the book '100 Ways to Prepare Alpo.'" That's not far off from the truth. The system is going bankrupt as we type/read, although technically it will never go bankrupt since the Govt can print endless money or cut benefits. Either way the result is the same: loss of promised purchasing power.

This is why I do not favor Govt "entitlement" systems. They cause people to turn off their brains and figure "the Govt will take care of me." --108.230.xxx.xx




SS? How many worked enuf? (by Marv [IL]) Posted on: Feb 15, 2022 8:57 AM
Message:

Some contributors have mentioned SSI. Please note there is a difference between SSI and SS.

This thread generally speaks to SS.

SSI is Supplemental Security Income. This is paid to adults and children who have low income and resources, and who are blind and disabled.

--67.184.xxx.xxx




SS? How many worked enuf? (by BRAD 20,000 [IN]) Posted on: Feb 16, 2022 10:56 PM
Message:

Dave Ramsey and other financial people smarter than me suggest starting at 62. The govt has tons of data and knows people will die before reaching the higher payouts. THAT is why they built in the incentive to wait.

Take it now and put it to use.

BRAD --73.102.xxx.xxx





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