Wow, lucky you
I totally agree with collecting you SS check as soon as you can. I have known 2 people that have decided to wait those extra years to get "more money".
It didn't work out.
Person #1 - died before she collected a penny.
Person #2 - died shortly after she started collecting, making her total collected amount far less than if she had opted to start collecting the smaller check years before. Technically, she lost thousands instead of gaining thousands.
Of course, none of this matters since they are dead, but it does matter when a person is thinking of collecting now or later just because in theory you get more money. That theory may not pan out to be reality.
They keep raising the retirement age, and many seniors are working part time to supplement, and yes, also paying in.
I don't think it's that confusing if all earned income is subject to SSDI which it IS up to a maximum of course because let's let the rich off the hook, there would be too many weird loopholes. In my personal opinion there should be no maximum and that is why it is a regressive tax. Although there is also a maximum payout so IDK.
But yes, if you work under a certain threshold I think in my state it is 1100 bucks a month, you do not get your SSDI reduced as it is not considered enough to "sustain life." Given some states offer like 800 bucks a month in SSI or folks who haven't made much are getting like 200 bucks on SSDI it makes MINIMAL sense at all.
The rules between SSI and SSDI and SSI (disabled) are all completely different, btw. Some disability and SSI you can't "own" stuff or "have money" so if you have waited years for a payout you need a trust fund and/or like to spend it all almost immediately or you have "Too much money" and like, they reduce your benefit amount to 0 until it is gone, etc.
If you are in ANY wacky SSI/SSDI situation I sort of implore you to get a lawyer. It's really the best option and there are new rules reducing the amount of backpay you get (33% I think it is they can take) but it can be very very worth it, etc.
I just see so many people getting messed up on their SSDI.
As far as Medicare, apart from the behavioral health piece, well, put me on Medicaid ANY time. They truly aren't that bad except for behavioral health. There, they suck the big one.
I should be back on Medicare shortly. Joy. Looking forward to my copays, definitely.
Anna
I don't think it's that confusing if all earned income is subject to SSDI which it IS up to a maximum of course because let's let the rich off the hook, there would be too many weird loopholes. In my personal opinion there should be no maximum and that is why it is a regressive tax. Although there is also a maximum payout so IDK.
But yes, if you work under a certain threshold I think in my state it is 1100 bucks a month, you do not get your SSDI reduced as it is not considered enough to "sustain life." Given some states offer like 800 bucks a month in SSI or folks who haven't made much are getting like 200 bucks on SSDI it makes MINIMAL sense at all.
The rules between SSI and SSDI and SSI (disabled) are all completely different, btw. Some disability and SSI you can't "own" stuff or "have money" so if you have waited years for a payout you need a trust fund and/or like to spend it all almost immediately or you have "Too much money" and like, they reduce your benefit amount to 0 until it is gone, etc.
If you are in ANY wacky SSI/SSDI situation I sort of implore you to get a lawyer. It's really the best option and there are new rules reducing the amount of backpay you get (33% I think it is they can take) but it can be very very worth it, etc.
I just see so many people getting messed up on their SSDI.
As far as Medicare, apart from the behavioral health piece, well, put me on Medicaid ANY time. They truly aren't that bad except for behavioral health. There, they suck the big one.
I should be back on Medicare shortly. Joy. Looking forward to my copays, definitely.
Anna
I would love to know what voodoo system the IRS is using to figure out when certain people get their checks. I have a hunch it has partly to do with you SS number.
Afternoon everyone. As far as I know we haven't gotten a stimulus deposit yet. We always have our tax refund deposited to a separate account that my wife handles for college expenses so I don't have online access to that one. We came out ok on taxes this year but I'll be losing my oldest daughter as a dependent next year since she moved out in January. I may need to up my 401k deposit or something to offset losing that deduction.
Also, every year that goes by the system does stuff to SSDI. But they will NEVER eliminate it completely or kick people off until the baby boomer generation dies...Because they are a huge cohort and they VOTE. So even if you are among them for whatever reason, waiting does not make a TON of sense, IMHO.
Anna
DOH! I misunderstood. Which is why I would never work at a SS office.
So confusing.
Mine starts with 2 zeros and I don't have mine.
What worries me is how the SSA is going to treat these $1200 stimulus checks for SSI recipients.
Technically SSI recipients (whether they collect only SSI or a combo of RSDI/SSI or SSDI/SSI) have to report any income they receive or in-kind payments received (food given to them, bills paid for them, etc)
So if the SSA treats these stimulus payments as income or in-kind payments, then that means the $1200 would be deducted from future SSI checks for those getting SSI checks. Which means these SSI recipients are not actually getting a stimulus payment as SSA will take it from them through reducing their future SSI checks for however long it takes to take that $1200 away from them.
This can become a very dangerous situation for SSI recipients that don't realize that the SSA is going to take that money from future checks and end up spending most or all of that $1200 before they find out.
I cannot find any information on the internet on how the SSA is going to handle/categorize these Stimulus payments to SSI recipients.
There are rumors going around that they are going to basically follow normal rules and therefore take these stimulus payments from SSI recipients little by little, but these are just rumors that I cannot verify.
If anyone has any info on this, I would greatly appreciate you posting it or PMing me. I myself am not on SSI but I have a family member and a family friend who are. So I'm very concerned about this.
SS is only one piece...and most people find it hard to live just on SS. My two retirements would grow though. Although I've always said I will be taking SS as soon as I can. Most people in my family take it early. But ya just never know what I'm gonna do. Although I am probably taking it early.
Heck I was thinking the other day that if I don't retire in September when I can, and I die right after, my son will not get the benefits I'm going to leave for him, as in he will not get my pension checks after my death if I sign up that way and I am. So by not retiring when I can, I'm risking even my son's future. It's a lot to think about. But hopefully he can take care of himself. I'm trying to give him a good education in a good field so I won't have to worry about him. But retiring offers a lot of benefits that early death will not.
Since my son attends college where I work and we meet up a lot for lunch, I will at least work until he graduates in a couple more years. If my parents need me fulltime at some point, I will retire then.
Scary to think about not having a full-time job and just living on the measly amount I'll get. EEK
Only thing I've seen is it will not be considered income and you do not have to pay tax on it. Not sure about SS. I also read that they will only confiscate the payment for child support arrears...but not any other kind of debt.
I'm sure you'll get a step above measly .
It may be because we have used direct deposit since the IRS started using it. I'm not sure though... my wife is 12 years younger than I and more in tune with that stuff.
I haven't filed in years and never did direct deposit with taxes. However my SS payments are.
I am also in the two hundreds. We also did our taxes at the same time.... maybe that may have helped. If it doesn't have to do with biology or auto mechanics I am rather lost on it all.
If I retire in September with my 25 years, I'll receive half my current paycheck in retirement until my second retirement kicks in at 59 1/2 yo. Half of measly equals even more measly.I'm sure you'll get a step above measly .
Not something I'm willing to do quite yet.
You would not have SS plus pensions?If I retire in September with my 25 years, I'll receive half my current paycheck in retirement until my second retirement kicks in at 59 1/2 yo. Half of measly equals even more measly.
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