Mon 2 Jan, 2012 07:04 pm
mr vw is really struggling, and his brother has him convinced that he can retire now (62) and still receive full benefits when he turns 65?
I told him I would ask those here who may have gone through it already for help.
He doesn't make much money, if that is an issue. self employed and bad insurance with health concerns...
I would say that the lower payments are permanent, based on the following
As a general rule, early or late retirement will give you about the same total Social Security benefits over your lifetime. If you retire early, the monthly benefit amounts will be smaller to take into account the longer period you will receive them. If you retire late, you will get benefits for a shorter period of time but the monthly amounts will be larger to make up for the months when you did not receive anything.
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit is reduced.
Another thing to consider is, 65 is no longer full retirement age. I had to be 65 and ten months. That was for persons born in 1942. Persons born later than me have a later age to consider.
what age do they calculate you to supposed to be dead?
Eb is correct, both to the full retirement age and being stuck at that level of benefit. Furthermore, if his earned income exceeds a very modest level of somewhat less than $14,000/year (last time I looked) they recapture one dollar for every two dollars. Also, unless he had some really good earning years, his SS benefit isn't going to amount to much at any age. It is based on the average of the best 35 of the last 40 years worked.
But wait! Health concerns to the extend he could get on disability? I believe that would get him up to the same benefit as full retirement age. He might look into that. You might also - not to be intrusive.
When they figure that out, they will make it retirement age.
I don't doubt it for a minute. And if you die too soon, Sorry Charlie.
I will mention it, but I don't know if his emphasema would qualify or not.
I've looked at it. (Bob was helping) but I can't qualify.
It's a hell of a process...
Emphasema sounds like a sure winner if he's doing anything even vaguely physical. Now, whether it's worth forking over for countless doctors to get the disability certified is an entirely different matter.
First, he can call the SS's 800 number and see if he has paid into enough quarters to even draw on SS. (I only say this because many self-employed don't pay their FICA taxes, and are not paying into the system over the years) They will be able to tell him exactly what benefits he will have if he draws at age 62, 65 and 70 and it will state the disability figure, too. SS will send him a statement that lists everything for him.
This will have nothing to do with his health insurnace coverage. Medicare starts at age 65.
If he considers applying for SSID (Social Security Disability) then he will have to have his Dr. fill out the forms stating he is totally unable to work and then SS has their own Dr's. that have to state the same. It is a very long process, now the initial application is done over the phone. It is intensive and all your medical documents, with dates, diagnosis, etc. have to be at hand to answer the questions.
I have known some people who are YEARS into the process. However, my late husband got his decision in 2 weeks, but he was terminal for cancer when he applied.