How did you not pay SS? Some deal with the teachers union or something exempted you?
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Retirement and social security
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How did you not pay SS? Some deal with the teachers union or something exempted you?
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Under the table or not work?
He was a school teacher for a better part of his life if I understood correctly.
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Then already on a pension with no income maybe..
Federal law allows certain state and local governments to exclude employees from Social Security coverage if those employees are provided with a sufficiently generous pension. Pensions for State and Local Government Workers Not Covered by Social Security: Do Benefits Meet Federal Standards?
Simple math to figure the difference depending on how long you think you'll live.
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I'm over here getting grief from coworkers for having a 2nd son which is now 9 months old & I'm 41. My 1st son is about to turn 22.
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Here. I know this is long and the numbers will be different for you but the theory is the same.
Joe is getting ready to turn 62, the youngest age at which you can begin taking benefits. His full retirement age is 67, and if he waits until then, his benefit would be $1,000 per month. But he was thinking about starting right away instead. At 62, his benefit would be $700 per month (30% less than his full benefit would be). During those first five years, he would have received a grand total of $42,000 in benefits. But at what age would waiting until 67 mean he would eventually come out ahead?
The math looks like this: Take the full amount of benefits Joe would have received by age 67 ($42,000), divide that by what he would have forfeited each month by taking them early ($300) and you get 140 months. That’s 11 years and eight months beyond his full retirement age of 67 — meaning age 78 years and eight months. It would not be until that age that Joe would begin to come out ahead.
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Joe is getting ready to turn 62, the youngest age at which you can begin taking benefits. His full retirement age is 67, and if he waits until then, his benefit would be $1,000 per month. But he was thinking about starting right away instead. At 62, his benefit would be $700 per month (30% less than his full benefit would be). During those first five years, he would have received a grand total of $42,000 in benefits. But at what age would waiting until 67 mean he would eventually come out ahead?
The math looks like this: Take the full amount of benefits Joe would have received by age 67 ($42,000), divide that by what he would have forfeited each month by taking them early ($300) and you get 140 months. That’s 11 years and eight months beyond his full retirement age of 67 — meaning age 78 years and eight months. It would not be until that age that Joe would begin to come out ahead.
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And if Joe dies at 66.75 years, then ....... he gets nothing. That's the problem with the experts who try to tell you when you should take your SS. When do you plan to die is the only question that can't be answered in the equation. So you have to decide, with the information you have and know today, what seems to be the best decision for you.
No one really "plans" to die. Most everyone fights to the very end to stay alive. Sometimes time and unforeseen occurrences befall a person and they die unexpectedly. Otherwise you can only go by your own family history. If everyone in you family makes it to 85-95 years old, then chances are you will to. If everyone is kicking the bucket at 65-70, then take the early retirement route, cause chances are you ain't gonna be around to reap the benefit of waiting until 67.
Not true - some people actually plan to die and schedule it. 
I’d like to plan for Congress.Not true - some people actually plan to die and schedule it.
While being a teacher had to undoubtedly suck a lot or (or most?) the time, this is a HUGE benefit. No random freeloaders (only the union freeloaders) can get their hands on any of the pension money. Meanwhile SS has become another form of welfare for mothers whose baby daddies bounce once they learn they will father (likely more) children.
Everyone should have the option of opting out of SS but there would need to be some ironclad legal language that said person wouldn't even think about trying to claim SS after opting out.
That's not how ss works
Most people can't manage money effectively and ss is really needed. 60 percent have no retirement savings and ss is all they have. As far as opting out - no. I'm not paying for all the idiots who opt out, end up with nothing and then go on welfare.
I should get my first check soon. I want as much money as I can get back out of that pyramid scam as fast as I can get it. I have no bigger peeve than social security and all the money that was STOLEN from my paycheck and put into a piss-poor investment that I don't get to direct where it goes if I die before I've gotten what I paid back into it.
Does anyone here have a breakdown let's say if you work for 25 years
straight and $100 a week gets put into it would you really get paid out with? Really not a big fan of the whole pyramid scheme feel like you can do things with your money to invest better with then big brother telling you what to do etc
straight and $100 a week gets put into it would you really get paid out with? Really not a big fan of the whole pyramid scheme feel like you can do things with your money to invest better with then big brother telling you what to do etc
that is an excellent example, and it convinces me even more to begin drawing on it asap.
the elephant in the room in this discussion - besides how long do you think you'll live - is your physical/mental health and overall quality of life. i'm 59 and already feel decrepit lol. so i can just imagine my mid 70s. at these ages shit deterorates fast.
so i'd rather have money as young as possible when i can actually enjoy it.
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