Social Security at 62 + 1 month.

[DannyB1954]

End of October I will be 62. I filed for Social Security. I went online and seen the first payment is at the end of December. I called them up and they said to qualify I had to be 62 for one month first. During that month no benefits are paid.  
Anybody know about this + one month rule?

 

[Steph]

That is correct, but you were smart to start now

 

[Txjaybird]

Hello, I don't know that you have to be 1mo older than your age of retirement date.  I do know that some {mine} is paid 1 mo. behind.  In Sept. I will receive my Aug benefit funds.  It's like working and getting a monthly pay check.  The employer doesn't pay a mo. in advance,  folks might not show up to work.  My SS benefits don't pay me a mo.in advance, I could be dead.... err..... not show up at the bank to get them    :huh:  

jewellann

 

[ccbreder]

i waited until i was 66, i receive about twice as much than i would at 62.

 

[GotSmart]

i waited until i was 66, i receive about twice as much than i would at 62.

:huh:    Not possible.

Depending on birth age, the benefit will be between 20% and 30% less.  

https://www.ssa.gov/planners/retire/agereduction.html

That web site has all the rules in plain gubment speek.   (I dont get it after 18+  years in academia.)  Good luck.

 

[Dennis]

Turns out that way. File at 62 then you get it at the end of the month following a full month past 62nd birthday. So you are 62 for two months before you receive your first SS check.

 

[GotSmart]

Turns out that way.  File at 62 then you get it at the end of the month following a full month past 62nd birthday.   So you are 62 for two months before you receive your first SS check.

Unless you were born on the 1st, then for there purposes you are born in the previous month...   :huh:

GAAAAA!!

 

[rvpopeye]

Yeah ^^^^^ what he said.

Oh yeah , welcome to the old farts club.

 

[ZoNiE]

Does it really matter when it starts? Once it's rolling, it comes every month...

 

[Dennis]

Unless you were born on the 1st, then for there purposes you are born in the previous month...   :huh:

GAAAAA!!

Because you were 62 the day prior to the first.  Its all easy to understand.   :huh:  lol

 

[GotSmart]

Yeah ^^^^^ what he said.

Oh yeah , welcome to the old farts club.

OFC.  That is the sound I make when I sit down.   :dodgy:

 

[Canine]

I love me some socialism.

 

[Odyssey]

Find out about getting on Medicare, too.
That's an education!

 

[Txjaybird]

Yeah ^^^^^ what he said.

Oh yeah , welcome to the old farts club.

I live in the old bats & old farts section of my apt. complex.  On Tues I get a 20% ob & of  discount at the mission thrift store.  This week I paid $4.80 for a $6 bag of books.  I put 2 big brown paper sacks together and you couldn't get a comic book in it when I'm done

Yeah I'm off topic....I just got sooooo excited saving that $1.20 that I fergot myself :angel:

Jewellann

 

[TrainChaser]

They pay you a month behind for a specific reason.  No matter when you die, you have to pay back that last month's payment to SS.  If you die on June 31st, you still have to pay it back for all of June.  But since they pay you a month behind, all they have to do is cancel the last payment.

It's easier than trying to squeeze blood from a turnip.

TIP:  At some point, you will receive a letter that says at the very top:
"Social Security Administration
Retirement, Survivors and Disability Insurance" and they list what you're getting, how much you're getting, and when you're getting it, all on one page.


SAVE THIS DOCUMENT AND PUT IT IN A SAFE PLACE WHERE YOU CAN FIND IT.  Someone, some time, will ask for it.  Sometimes they call it by some really internal stupid name.  But this is what they want.

 

[GotSmart]

AH!   

The awards letter.

I regularly go to my local SS office and pick one up.  Just ask and they will print off a copy~~~

 

[Wanderer]

One thing I have found is the debate of "When should I take SS?" is so lively (City Data forum ran HUNDREDS of pages of discussion) and it's been a simple matter of "Take it when YOU want"

For me? It's a no brainer, at 62 due to my previous heart attack and other medical needs...Heck, I may not even MAKE 62....Boy, that would piss me off for sure!!

 

[ccbreder]

:huh:    Not possible.

Depending on birth age, the benefit will be between 20% and 30% less.  

https://www.ssa.gov/planners/retire/agereduction.html

That web site has all the rules in plain gubment speek.   (I dont get it after 18+  years in academia.)  Good luck.

don't forget, i continued working at my highest ever salary during those years. Also, i remained working after starting my ss and each of those years posted an increase in benefit. everyone's result will be different than the tables figure for average. retire when you want. it was a LOT better for me to wait 4 years.

 

[DannyB1954]

Does it really matter when it starts? Once it's rolling, it comes every month...

It matters in that for the month after you turned 62 you get no benefits or pay. So in other words you turn 62, then after two months go by you get a check for one month. You get deprived of one months Pay. For me that is over a thousand dollars. I don't like giving away that much money without knowing if that is the way it must be. Apparently that is how it is. They say you can collect at 62, but what they should say is you can retire with benefits at 62 and one month, ( that is the part I never heard). 

Taking it early works for me. If I wait 4 years, (66) to get more, it will take like 10 years after that before one breaks even from the money that they didn't get during those 4 years they waited. I have some medical issues and don't anticipate living past 86. that is one of the reasons I retired at 55, and have no regrets about that. The old story about the bird in the hand is better than two in the bush. I am taking the money and running.


I thank everyone for their replies. Moderator may close if they please.

 

[frater secessus]

Unless you were born on the 1st, then for there purposes you are born in the previous month... 

Oooo, something finally breaks my way!