Making Sense of Social Security with Mary Beth Franklin
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- Social Security can feel highly complex and extremely overwhelming. Since its creation in 1934, over 2,700 rules have been created to govern its benefits. They’re not a whole lot of fun to read, think about, or try to make sense of - especially because they were made for a world that’s very different from the one we live in now.
Few people understand this better than Mary Beth Franklin. Mary Beth is a benefits guru, a contributing editor at InvestmentNews, a nationally recognized expert in Social Security claiming strategies, and a frequent public speaker. With a background as a Capitol Hill reporter and experience as a retirement and tax editor at a national magazine, she’s an authority on retirement income planning.
Today, Mary Beth joins the podcast to answer your many questions about Social Security. You’ll learn how Social Security became the overly complicated system that it is today, why you may want to delay taking your benefits (or take them early), and how best to accurately get a sense of when to start taking withdrawals (and what you’ll owe). Most importantly, you’ll find out how to avoid the bad advice that so many retirees get - and learn how to create a plan that will work for you and your family.
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Yah sure, let's all wait until we are almost dead so we will all go out with a big fat paycheck after working for 3/4 of a century, waiting for a relaxing life.
The catch up period is 12 years. I took benefits at full retirement age of 66. The person who waits until 70 gets 32% more per month but they don't catch up to what I've already received until we both reach the age of82. Really? Who gives a crap at 82? It isn't that I stop receiving benefits at 82, it just means that person will be receiving 32% more per month. Guess what - if you don't live until 82, you lose.
Don't be stupid - take social security early.
Remember it’s your money. You and your employers have paid into it. It’s not a bonus, it’s yours! It’s not as complicated as this silly video suggests. Just file when you are ready.
I have a car and i have to pay the rent and i have to pay insurance on my car and i have to pay the insurance on it
Best thing to do is get debt free take your SS at 62 and learn to live off of it, and make money under the table for your extras. :-)
Politicians etc. gets millions on up under the table. I just live off my income, pay my taxes, and just be honest. Honesty pays.
@@acajudi100 Whatever your conscience can handle
Its not easy living off 811.00 a month ...just found out my utility company did have utility assistance cuz of my Social Security and where I'm living in the one bedroom out here in Montana they got me on a special program I would like to share it with the group the text on average overall between the high and the lows between summer and winter over the year the way they described it and I was able for 52 bucks a month on their program I was very surprised am I your childish we're running anywhere from 90 to 150 bucks a month at any one time and so I qualified maybe you could ask your utility company name is
Northwest energy and see if that would be something you could qualify for I thought I'd pass it on if you have Northwest and on Social Security whether it's SSDI or SSI don't matter try to see if you qualify you need to ask for it when you call...
I hope so 😁 is helpful to anyone living in state of Montana
Retired 2 months ago @ 60 and 3 months and 16 days. I'm as happy as I've ever been. Each persons situation is different. But after endless hours of study on the subject, have decided to collect @ 65 when medicare kicks in. My logic: there is no real benefit in delaying much longer than that, your amount is a hair less but your amount is about the same spread over more years. I will have no regrets for not waiting til 67. To anyone who is struggling with the question as to when to retire, I gave 40 plus years to sob bosses and decided it was long enough. In two months I'm a changed man, the stress is finally gone. I'm visiting my 88 year old dad and building my dream cabin. I couldn't do that while I was making my boss rich. It's my turn!!! I paid in long enough. And the land clearing exercise has strengthened me physically mentally and spiritually. Retirement it's great!!!
Wow, this is such an inspiring story. Thank you for sharing your journey on retirement.
Tell Congress to take my little 400 check I get per month and see how far can they can go on their vacation. I understand we are at the bottom of the list for any extra benefits.
Everything is going up . The elderly need more in medicine. Extras. Grocies going up over the counter medicine.
No one addresses the issue of the money you collect at 62 counts towards the lifetime amount!! You may get more per month if you wait but if you take that money you collect from 62 to 65 and apply it to the total value of your SS withdrawal, it's not as large a difference. I've done the analysis on the total payout based on withdrawal start age and as long as you live until mid 80's its not worth the gamble to delay. Additionally, if you only have a 401k/IRA for retirement, you could supplement your retirement by taking SS payments at 62 and letting your assets continue to grow. If you exhaust your 401k/IRA and delay SS until 67 or so, and then die at 70... you've barely enjoyed the higher payments and have nothing to leave to your heirs. I think it really comes down to how confident you feel about your longevity, i've seen too many folks who were fine and then within 6 months!! I would love to see an analysis of lifetime payout based on withdrawal start date, so people can clearly see the total amounts of SS you get.
Why does everyone think 70 is the end. I am 70 & I still feel like I did at 35. Stop grumbling about being old. Live & enjoy your life, your family & your friends!
Within 6 months...What?
I think you didn't complete your statement there...
@@occupantneighbor9967 Hi Linda, yes, die within 6 months of retirement, everyone is effected by their personal experiences. I think your missing the point, the issue is a math problem combined with gambling. I've done the total payout analysis if you start taking SS at 62 or 70 and live until 85, it's about a 20% diff in total payout. I just wish the experts would show the actual total value in dollars so people understand what's at stake by waiting up to 8 years to defer SS payments.
Hi Rocco, everyone's situation is unique and waiting until 70 isn't for everyone. Thanks for listening!
my brothers and sister deceased at 57 never got social security . at 72 i remarried and both husband's deceased one at 64 world war two veteran, the second at 76 so every case is different. in my day there was no 401k we paid social security before all the politics started taking social security to payoff the national debt and line their bank accounts , what is happening to SS now ? who knows . my opion it is not fair, people who did not pay should not get benefits i worked for what i get now, and both my husbands worked for years like 47 and 39 years but deceased and where did it go ? i get my own that i worked for .
I had a stroke at38 years old and I struggle to live but God blesses me.
Thanks for listening and wishing you the best!
@ Tonya Gray You may want to look into taking Niacin to lower cholesterol and astaxanthin to keep your blood thin without side effects. Wishing you the best.
God blessed you with a stroke and you thank him. That's insane.
I had a stroke when 29 year and a transient ischemic attack just month later. Had a break from stroke for about 9 years until my 10 stroke (3 Strokes and 7 Transient ischemic attack total). Are you diagnosed with Lupus or Antiphossil lipids syndrome Ms Tonya Gray??
I am 66 years still working for 6 years consecutively. When am I eligible for ss benifits
I started working at age 12 year's of age. Worked until I was 52 years old. Why is my disability check only 783.00 a month?
Hi Donna, disability is based upon your work and wage. If you have any questions, contact SSA.gov
That is very true
Because they know how to screw us that's why worked all my life too I was hours away from social security instead they gave me SSI
Disability is on what made at our work that we have did.
Hello david harris here i get SSDI and i just got a letter from social security saying that this 1.3% Raise were get i'am getting a little 18 dollar raise and this is a cost of living raise i tell you they sure do want to keep us down and if my insurance goes up like they say i well get less then i get with the raise i can't believe they keep kicking us down iam so po over this thank you. David
Hi David, thanks for listening.
I totally agree I get the same benefits as you with some stamps but they took when they gave that tiny raise
Mary Thank You For Everything You Do. Question For You. Do You Think We Will Get the Raise On Our Social Security and SSI . Let Me Know. Stay safe
Hi Joann, thanks for following along and commenting!
Sure, the SS payments are reduced when you start collecting at 62, but if you do, by the time you get to 70 years of age, you’re starting out 8 YEARS OF SS PAYMENTS ahead of the game. Also there’s return on that early money, not just in capital gains, but in the enjoyment you can get out of your money when you’re 62 vs. 70.
Thanks for your input and tuning in!
This not work for house wife’s.
My mother worked 35 years in the federal government and she passed away at the age of 62. Thank God her job gave her an early-out (a bonus) because after working all of those years she would have never been able to wait and make a decision to retire at 70 years. My mother died from breast cancer and she had early dementia and I just hate that she worked all of those years and she only had 4 years to live and the rest of her retired years she was sick. They damn near want you to be 100 years old just to receive benefits just because people are living longer. The system is not fair. They need a better system.
Heartbreaking that your mom only got to enjoy retirement for 4 years. She deserved more than that
So sorry God Bless her.
The same thing happened to me We were divorced and she passed away and She told me before we were divorced that she had filled and filed papers for me to het $900.00 a month and when I did fill some papers they told me that since I were divorced I was not legible to get anything at all .
@@aureliocabrera1631 if you married 10 years and on that time she already got SS and you will get SS base of that marriage.
@Yvonne Stewart. My co-worker died on last week 12/19/2021. She had cancer uterus after in the hospital. Her last working day was Nov 11, 2021. Does she get any day or any year to get the social benefit?
IF WE GET THIS EXTRA $200./mo FOR A YEAR... WILL SAY, HUD, RAISE OUR RENT BECAUSE WE GET THIS EXTRA MONEY... ... IS IT CONSIDERED STIMULUS???
ikr
that's crazy
Not only how long will u live? Also what's ur quality of health so u r able to enjoy that extra money when u r at 70?
Very interesting with the history of 8% in retirement.👍🏽 I did not know that.
I enjoyed and helped other.
Social Security needs a raise now
Yes since I quite working everything has more than tripled
SS raise and all things will follow too …
Beth is highly knowledgeable about the social security and rules
As long as social security been around for 2 decade why the make no changes to help the women's in america to get more money by changing the age thing to 7 years of marriage instead of 10 YEARS ! Because even 7 years is a long time to be with a husband ! And when he leaves or die , the survival can't get no pinion or nothing because she or he wasn't my to that person for 10 YEARS they changing every thing else they need to change that age to seven years of marriage so that the people can benefit and get something for all them 7years instead of 10 YEARS!
Hi Barbara! Thank you for listening!
Don't have kids. Thats the whole key here. No kids means that you could work a solid 45 years and contribute the max to SS. Then you would receive a real nice monthly SS check like I do. With the divorce rate so high why would you have kids? My wife and I have been married 35 years. No kids. I retired at 55. I just love all these women at Walmart on Saturday with 3 kids. No husband. And on food stamps. Whats wrong with that picture?women have choices.
Well I guess get 9,000 a year to live on with my daughter and she gets 445. From her Dad a month so I don't see how this is going to help people like me and my daughter?
Can a person on SSI request to be transfer to regular social security now that she is 66 years old. She started recieving social security disability at age 55 because of physical and emotional issues.
Hi Marta, once you reach your full retirement age, Social Security automatically switches from disability benefit to retirement benefit. Thanks for listening!
i was born may 9 1944 nd i retired at age of 65 may 9 2009 do i have 8% every month everymonth or every year cn you explain this for me. thank you
Hi Avelina, every month that you defer Social Security until age 70, your benefit will increase. We hope that helps clarifies things for you!
What if a person have to get your SSI at 62 year are age because are health problems. When the person turn 65 or either turn 66 can they still get full benefit
Hi Jacquelyn, we would recommend looking into the "Deemed Filing" section on this website: www.ssa.gov/benefits/retirement/planner/claiming.html
Is it true once you hit full retirement you can continue to work and earn as much money as you can?
And collect SS as well
Is that really true because if so that’s awesome. Another question once you collect your social security if you are still working do you need to take the Medicare health part if you are insured by your employer?
@@micheleoconnell4181, if you have health coverage through your employer you do not have to pay for Medicare part B coverage which is for outpatient or office visits, etc. You automatically get Medicare Part A at full retirement which is for hospital inpatient only. If you decide to get Medicare Part B later, then your group health coverage will be primary and Medicare secondary if you continue working.
I wish I could have waited but life just did not turn out that way
Thank you for watching Janie! If you have any questions let us know and be sure to check out our other videos on our channel!
I hear you. Same for me. And ❤ now waiting for my STIMULUS and nothingness ❗❗❗ Doesn't seem fair 😒🙄😪
Have you ever listened too STEPHEN GARDNER or Brian at CLEAR VALUE TAX ⁉️. BOTH GUYS are great with news, stimulus and SSI, SSDI etc and benefits from the Bills coming out of CONGRESS , FYI‼️. Have a blessed day. ❤🤷♀️❤⚘
@@retirewithpurpose I have a question , 1 ; when a couple is married and one gets disabled and is totally and permanently disabled , this year social security 562 dollars and 324.50 SSI . Then the spouse is injured and ends up totally and permanently disabled they only receive their 324.50 on SSI . We were told that if we gott a divorce (we can still live together) that the spouse could receive their social security benefits 562 a month and their SSI also ??? So why can't the second person get what is owed to them ?? We don't understand why we have to get a divorce (even though we can still live together) for the second person to get their social security 562 a month and also the SSI 324.50 ??
My 2nd question is , even though I was disabled at a young age , my mid 20's , when I get 62/ 65/68 do/can I get a retirement social security benefits ?? And if I can , will I have to go apply for my retirement social security benefits ?? My husband and I are in our mid 50's now .🙏🕊️💌
Is there an increase in benefits for military?
Please shoot us an email or click the contact us button on our website: howardbailey.com
Why do they make such a high spend down deductible and make it so its so difficult to meet the requirements to make the spend down? Alot of paperwork and hard to understand and high deductible to meet when we are under the poverty level.
this makes me scared to even apply for SSDI. I need to apply since my symptoms won't let me work anymore. Please pray for me!
Thanks for listening and wishing you the best!
I have had SSDI for 19 years, and never had a problem getting the correct money, or on time. It took 7 months to decide for them so don't be upset and apply soon! I have had medical reviews, and it all went well. I am very happy! They even can switch bank accounts easily. Said a prayer for you!
@@teresamiriamsarzotti6218 thank you for your encouragement and response. I will apply soon and it might not be perfect but it will be a start
Don’t be afraid to apply! Get your Drs on board to document ALL the health issues you have, both physically and mentally and emotionally. Documentation is key!
There is lots of paperwork to fill out, but it is relatively straightforward. Apply, don’t be discouraged if you are initially denied. Ask questions and get more documentation and reapply. If you get denied a second time, you may want to seek out the help of an attorney that specializes in Social Security Disability claims. The final step is an administrative hearing and having an attorney will be invaluable at that point.
I will pray for u where 2 or more is there any thing possibly ask and receive god is a god of love bible is baced on faith
Our government has been giving away trillions of dollars to other countries, and I worked for over 25 years, paid in to social security, and have been watching the hard money I worked myself to the breaking point for, go to everyone and anyone except me!! So why are we not taking care of this program and the people that poured money in it all these years? Why are we not awarding more cases to boost the economy? This program should be the FIRST program to be took care of!
What happens when a man gets married young then separetes for years the woman has another partner and the man gets a partner for 9 yrs.who could get the rights ,because he's right now in a life and death situation he chose me for emergency contact and I'm the only one dealing with the situation with him.
You have to be married for 10 years or more. SS will require a marriage certificate and divorce documentation as proof. Co-habitation will not count for spousal benefits.
All of this talk about Federal welfare for seniors is disgusting. All of you should be ashamed.
Not fair that we loose the income of our dead husband’s benefits, but the ex wife does. At least it should be prorated. That’s why we loose our homes and everything we worked so hard for.
NO It's not fair for both husband and wife both works 4o years for the husband and wife worked 56 years a husband s dies leaving her alone to pay all these bills and started cutting the woman off of her husband soc is just not rite, her insurance going up way more than her raise, she has moor personal care like pads and medical there's nothing left for food and clothing heat and lown care plumbing and repairs, she is to suffer and do without while there the one that never worked never pay in is living the life of King get every than free their eye care Dr,s care food s stamps and drawing from Soc that we payed in
Hi Crystal, spousal benefits continue for both for the current spouse and the ex spouse. However the current spouse may lose their benefit as only the higher of the 2 is paid to the surviving spouse. Hope this helps!
She makes it sound so easy I'm not saying it didn't work that way for her but I know my mama had to fight for survivor benefits and my daddy had to fight to get his benefits even started after working all his life and pain into it this is unfair it is not as easy as all this when they had to choose between food and medicine
Since World War Two women have gone to work it takes two now to get by now. Social security came in. The year of 1936 and Railroad Retirement came in 1934 when Roosevelt was president in my opinion he was one of the most intelligent that was ever in the White House . Different world then now you can see that it is different. Not hard to explain look at the news .you got it.
Crystal you should be able to collect a percentage of that check it out my dad did
I'm almost 49 years young I've been getting disability for 10 years now so is it possible that I will get a raise in my benefits I get ssa
Social security needs a raise because everything going up.
I think everyone with social sc should get both checks when one dies. I was never was getting any of mine when my husband died..
I'm telling you my daddy fought for his social security after working all his life it took him forever to get his benefits he had a massive heart attack a week after everything was approved and it was on its way in the mail my mother had to fight for her survivor benefits and they never gave her what she deserved it wasn't half of what my daddy made mom work too but she chose the survivor benefits and this was in early the '90s
Hi Marjorie, they always base your amount off of whichever spouse's was higher before one passed and give you the higher of the two amounts. You can always check with SSA.gov if there was an issue of not getting your payment in the transition of benefits.
@@judymiller1530 m
@@judymiller1530 lolZ
If I am 62, completely sick of working, want to travel and do fun things, I should wait until 70? I don't think so.
Hi Kurt, deferring Social Security until 70 isn't for everyone. Good luck on working towards your Job Optional status!
Im 57 and I'm on ssdi. How can I maximize my benefits from now on
Sorry to say. That drug dealing is your only hope. Lmao. Just yanking your chain . Trying to give you something to laugh about. Will pray 4 u.
You have got to be 66
Question: I became disabled at 61. Now I'm 70. Do I call in now or am I stuck at what I got at 61?
Ed 98
M n n mmń
What if ur a non-filer who never received 1st or 2nd covid-19 stimulants from IRS?
Alma I haven't gotten any of them yet either or even my fiancee either
I checked my account a while ago and I don't have any new or pending deposits but I did find out that I got my $600 stimulus check on February 4th which was a Thursday so maybe tomorrow
Hi Mary Season Greetings, Thanks for the information concerning my ability to work full-time at 66 , I am currently working part-time . Just to be clear , I can go back to working full-time at 66?
Hi Bruce, it's based off of your birth year and you can always call or ask a question on SSA.gov to be sure.
Being Disabled is awful and the fight for benefits drags you down more than people realize
Tonya I agree with you. I hear this and that, and too rifle through what's true or not is so tiresome! It's like taking a beating sometimes! I know what you are saying! Can't someone say something and it be right on ?but we can't trust the one, if their wrong or lack of knowledge!
I agree with you. Ty
They consider disabled/elderly people disposables when they aren’t that without them many of us young folks wouldn’t be here
I have to say, after watching to this facinating information I contacted SS and I was able to switch to my husbands SS benefit as it is more than mine. Thanks so much, this is very valuable.
We are glad you found so much value in this and took action! :D
I did know that can be done. Do you live with you husband under the same roof. And how old are you?
@@ivylariz7769 I thought you already knew?
If I'm on SSI and time for my retirement comes! Do I loss my SSI or do they add my retirement money on top?
And do I think they are changing the marriage laws for people on Social Security???
The problem is when you have a mixed family history like mine and my dad died at 62 but my mom is still living in at 85 it’s a coin toss. I hate that if I die without ever collecting any of my Social Security it just disappears and nobody gets it. That’s totally not fair. The money should be mine to pass on
I agree!
My husband died last year and I lucked out being 59&1/5 to collect so I get 75% instead if I was younger I would of only got 50%!
I don't care if that money goes to me , the children, a charity, wherever, but my husband worked his butt off for it and died the first month he received SS.
What a scam!!!!!!!
Tessa WB I agree but because I worked when my husband deceased they would let me take his they only gave me What ss called widow benefit my husband had 39 years paying social security where did or what happened to two thousand a month I did not get because I worked I did not get the choice I was born in the USA but I cannot even get my health care paid for like people coming from across from wherever. They get food stamps health care and all benefits even for their children I paid for my sons education and no freebie
Good for you all I was not that lucky.
I agree I was not that lucky.
@@lucilleduncan3143 Wow that sucks just because you worked!
That's just not right at all!
Blessings to You 💝🙏
Actually there is no increase for delaying benefits. Your amount is just spread out over less years.
Hi Parker, We really appreciate you following along.
Love this logic parker, retire asap and enjoy life for a change because life's to short to throw it all away to a sob boss.
Did I hear you correctly that widows cannot apply for SS online?
Apply by phone. You can mail in the papers needed.
Hi, I am 68 years old when I was younger I was getting my husband Social Security is Then I was switched when I became sixty five I need to know about my Military husband who died in active duty social Security, I like to know can I Claim my husband spousal benefits now Sign Ethel Sunni Medina, Thanks
Hi Ethel, thanks for listening! We recommend you reach out to your local social security office. They will be able to answer questions on your specific situation. secure.ssa.gov/ICON/main.jsp
Mary Beth you are total awesome I wish I had found you early I needed the info you gave on this If you ask the people at SSA the don’t have time for you Thank you so much for putting it where Ivan understand it
Hi Patricia! Thank you for watching and glad you found the information helpful!
Why are we paying for part B premium when it removes 140 dollars from some one who is below poverty level? So if one gets 1,100 a month example they are removing 140 of their income.
How fo you figure out how much your benefit is?
Hi Nancy, thanks for listening! You can either register online at www.ssa.gov/onlineservices/ or contact your local social security office!
I pray for everyone!
It a great time to invest money for growth wisely.
Were do we put the extra 200 a mounth for growth. Rainy day fund.
This nice to know stuff.
I received now $800.00 per month on social security and how much I will receive on Cola increase in January 2022 in dollars worth totally (calculated) I’am 69 year old at the present time
It depends on WEALTH Health and marital status…can’t really live the way you want with everyone’s hand in your pocket. It’s so sad to work around elders who are struggling and have to live in certain places because what they are getting to live on. And worst part is stupid ugly apartments are getting to expensive smh
I started at 58 with aneurysm and the SSI is very very low.
Wish that ex spouses could collect on their ex spouses benefits in 5-7 years instead of 10 years. A lot of people don’t stay married that long.
maybe SS will read your comment and change the rules!!
Guess that blows Christmas for alot of people this is selfish of yall having agood christman while the rest of us are inneed this sux
Especially if he is abusive
DO YOU HAVE A BOOK OUT, ON THIS SSA ,AND SSI ECT. HOW CAN I GET THIS INFORMATION.. THANK YOU FOR ALL YOU SAID.
Hi Dannetta! We are glad you enjoyed the podcast! Send us your email and we will try to get you a copy of Mary Beth Franklin's book. Shoot us a message to info@howardbailey.com
Why does social security take some of your benefits away when you sell property and have capitol gains. Why , especially when you're in advanced age. How do you get that money back
Okay so I guess I have to wait until I tried 65to get enough thing to happen when am disability now sense I got hit by a drink driver when I was 10 yes 1981 is that it?
I have a question on SSDI I am on SSDI I have a heart problem my number is 811 a month can you please clarify how much are we will get if there was increase in the SSDI Social Security
If you have Medicaid and Medicare a medical center snd pharmacy must legally take them as your insurance. If you don't have Medicaid cal your social services snd explain your medical conditions. You should bre able to get it. That way you have dual coverage and you shouldn't hand to pay just a minimal amount. I just picked up 4 scripts snd they cost me $1.30. Good luck.
We are supposedly getting an increase in our monthly ss, and another amount for payment we've been waiting for since April. Reach out to your department of health and aging, get an advocate or social worker and they'll also help. Good luck.
Hi River, one of our advisors would be happy to answer your questions. Email us your contact info to info@howardbailey.com and we will have one of them schedule a complimentary call. Another great option would be to contact your nearest Social Security Office, www.ssa.gov/agency/contact/
People need to save thier own SS money to use for thier future, not so the government can use it & borrow money from it.
Thanks for listening Andrea! If you have any questions, feel free to contact us or check SSA.gov
I am a 65 year old disabled lady. I receive about 21 hundred dollars a month from ss, SSI and a pension from my late husband's job. I'm not eligible to get food stams. After I pay all of my Bill's there is very little left for food. This is a terrible strain on me trying to survive. I'm not sure why I'm telling you this other than it's just wrong. I see people driving nice cars wearing nice clothes. My groceries come from food banks and caring families. God bless you .
I left out my point the people in the nice cars and clothes are paying for there food with food stamps and snap.
Hi Pamela, thanks for listening and if you ever have any questions feel free to contact us! howardbailey.com/contact
Yes, Social Security needs to raise to a larger amount of money. The cost of living always go up. But our minimum wage never goes higher and neither does our social security. I cannot believe that a $15.00 dollars an hour at National Level was rejected. Most companies already pay a minimum of $15.00 per hour but our Government does not approved to make it National. Raising both incomes, minimum wage and SS is essential.
$15 and our minimum wage means that I would have to pay employees that I have at $15 now about $18-$22 per hour. Bc they will not work at minimum wage at this point of their life. Before Raise in minimum wage I was sustaining 10 families at my office. I’ve had to reduce that to seven and because of increase in overhead, I will have to go to early retirement and the other seven employees will be left with no job and they are too old to be employed anywhere else. So $15 an hour minimum wage in Florida has destroyed the lives of 11 tax paying decent citizens that were all proudly working with the idea of getting to retirement at 68. Now, they will become fruitless useless members of society and live in a “ limited poor “ financial condition in their old age. I consider being poor in old age in the United States of America equal to living in hell. No family, deteriorating government support, Socially disregarded, placed in coffins named nursing homes, Tied to wheelchairs and parked in front of TVs in the Hallways, No one to feed you at lunchtime , Bring you a cup of water, talk to you or treat you like a person, ……Forcefully kept alive because you are income to them…..
And I am not the only person that will have to let go of employees because of increase in minimum wages. The increase in minimum wages does not equal to increase in income and reimbursement and prices especially in healthcare where despite the increase in prices and costs after Covid or reimbursements have been cut down. SB
Mary I am 62 I'm just irritated cop slow learner can't keep up also had a heart attack February 5th of 2020 my income monthly 811.00
Opps forgot my. 😷😷😷😷😷😷😷COVID SUX😷😷😷😷😷😷😷😷
SSD IN OHIO $741.00 A MONTH,RENT $495.00 A MONTH.
Move to a cheaper country, or state,
@@acajudi100 website for grants paying light and g
as bills
@@acajudi100 Im in Southern California where the cheapest studios are $1500 per month, trying to qualify for disability, waiting on Dr.s, but if I qualify I'll probably get something close to $1000 Soooo, it's either rent a room in some stangers house, or stay with family, (if I can find someone that will have me).
in Oregon rent is 1,500 to 3,000 a month , try living on that in OREGON, homelessness
@@acajudi100 no doesn't work that way
How does getting married effect S.S.D.i? I would love to find a spouse in the future
Ok I am still waiting for the check to razzing up what happened with that??
more, if his benefit has increased by working past 65. How can I find out? put wron age in below I am 76--born 6/5/1944
Hello what about COVID ?????🤔🤔😷
my wife was the higher earner but she stopped working at 62 but has not claimed early SS; waiting until FRA. Not worthy keep working; quality life is most important even though with the COVID BS is not really helping. i work from home and it is somehow helping to go through the adjustment of "stop" working" for so long and stressful profession, Nurse. No regrets.
Thanks for listening!
My 36 months of payments by collecting as early as possible will likely take my lifetime to recoup. We're talking about people who will be reducing their life span with every year. I want the benefit while I can use it rather than gamble on laws staying the same and living long enough to surpass the tipping point.
Most people get back everything they paid into SS within about 5 yr's. Like it or not, that's just a fact.
If you live that long right?
Hi Willow! Thanks for listening!
I got kicked off in the middle of a pandemic
I had an operation with physical therapy in Feb. When it was time to return to work COVID came. I saw no choice but to retire two years early. I can still work but until I get my vaccine I’m not going to look for a job or a house. COVID SUX🥲😪
Thanks for listening Louise!
What if you get disability income for 30yrs and go bck to work is it worth it born 1959
What about SSI OR SSDI
Hi Debbie, all 3 of your questions are great and we would like to have one of our advisors answer them over the phone. Please email us at info@howardbailey.com with your contact information and we can schedule a complimentary call to answer your questions.
I'd like to get my 1400 3rd stimulus , I get SSI and got 1st 2 payments. Could it still be in mail, SSI has my bank information but I need to know what went wrong. I even filled a 2020 tax form by May 17 2021 so IRS has my bank information and address.What can I do
Thank God..! Now I understand
the tricky part is your health and if you can afford to live with the SS money only. Mostly likely not. But as it is today with the BS of COVID we can't do anything anyway might as well keep "working" from home.
God bless you for caring
My grandson is 18 and unable to work and has never worked can he get ssi if so who’s income does he draw it off of
Increase only for me for 2021 is 1.3%
SSI people get a increase on your chest or get a raise
I have a question for Mrs Mary Bath.
when my husband passed away and I was on SSI , now I am on SSDI and I am 62 years old.
my question is , what happens when i reach retirement age of 65 ?
will i collect my husbands full SS benefit?
Hi Adam, Thanks for following along. Every situation is different. We recommend you reach out to your local social security office for answers.
Hi this is David stay on SSDI you well get more money every month and it wlell be alot more then social security Retirement im on SSDI one my mom god rest her soul Retired they told my mom she would of gotten more id she gone on SSDI and you can not collect both at the same time thank you. David
Can a survivor benefit begin at age 60 now?
I've been married for 37 years my spouse is in prison for life he is going to die there how can I receive his benefits hey Social Security benefits we are still married
Hi Yvette, this question would require additional information and we would recommend contacting your local Social Security office as they would be the best people to address your question. We would recommend having your spouse's information on hand when you call. Go to SSA.gov/locator to find the nearest office to you.
Assuming you are younger than he is (and you are at least 62) it is a simple
2-step process (and this also assumes he is the biggest breadwinner), it is:
Step 1: File for the "spousal benefit" ... you will get 1/2 of his existing benefit amount if he is receiving SS. Then, Step 2: file your "survival benefit" when he dies. You will, at that point, receive his regular monthly benefit. I hope that this helps you ... and others.
I went on social security because my husband died in 2000 I could not work after I was 67 so they changed that's when I went on social security 67 so now that I am 70 how is my social security going to be raised. However I also this year when I was 69 started working again the next month I turned 70 what is my retirement now full retirement as I don't know 67 I don't know please explain
Hi Miriam, when it comes to your specific work history they track how much you make over the years and can access that data to give you your specific benefit. Contact SSA.gov and schedule a call with them.
I will be 62 in 02-26 my question is how much federal taxes(W-4v) should be taken from your S.S withholding 7% 10% 12% or 22% and why is it that your S.S benefits will be held back a month before you start actually getting your benefits. I applied in November 2020 and will not receive benefits in till April 28th 2021 .
Well if you're making under $18,000 a year start your retirement early simply because even if you increase and retire at age 66 and a half it will take you 10 more years to recoup the money that you received from 62 till that time so I say the opposite if you're in good health you're going to be strong enough to work more hours if you like making more money at 66 up to $50,000 a year and not get penalized take the early retirement especially if you're in good shape that's what I did I'm not going to wait 10 years to get to 76 just to recoup the same money that I would have gotten do the math people it's a simple decision
You have a good point that it might be good to get SS while you are young and can enjoy it. It might also be good to make sure you have money if you live to be 90. Taking early doesn’t work for me. Yes, we all should understand that SS is actuarially neutral and we will break even at around 78-82 no matter when we take SS. But if I wait and get a larger benefit, my wife will get a larger benefit if I die and she lives on for another 10-20 years. I might not wait until 70 but I will wait until FRA and maybe a little bit longer.
@@techguy3507 The way the world is going it's not going to last much longer make everyday cow and trust in the Lord with all your heart might and soul and you'll make it rich in God's kingdom you ain't taking nothing with you blessings
@@markt9438
I said I am handling my finances to be sure my wife is taken care of after my death if I die first.
Best Answer. Get and use money early. With that 5 years early money in your hands, you can use it, enjoy it and invest it and create more dividends compared to not getting your SS money. Waiting for five years with no money in your hand? Sure they will increase it by year. But that increase is nothing compared to the dividends you yourself created because you collect your money early. One more thing, don't you want to enjoy remaining years of your younger life? There is less enjoyment at old age. They'll just make fun of you being old driver on the freeway or old worker in the gas station. What if you desire to retire at 65 and dies at 64 (God forbid). When it comes to government program - take your money and run.
God Bless you , your a smart lady.
I worked most of my life...the last Ten Years I've been on SSDI due to Multiple Sclerosis.
I will be turning 62 in March 2021.
What happens for me.
My husband works with a good job.
Right now I barely get anything.
Thank you both for your wisdom , knowledge and caring what happens to us.
Deborah
Hi Deborah, you might want to double check with SSA.gov but you could see a potential increase when your spouse files for retirement.
My husband passed away at 51. I am now 53 unable to work and have a 16 year old daughter who was cut off of her benefits because she turned 16 so I'm left trying to raise my daughter on 445.00 a month....what can I do
Great Work !
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My father retired at 55. What’s going on???
This is Roberta what if my husband had 3 brain surgery and he went blind in his left eye and deaf in his left ear do you get more money
Hi Roberta, that would a question you'd want to ask the SSA.gov about.
What was not mentioned is you have to collect the 8% increased amount for 12.5 years to break even vs collecting at 66. For instance, $3000 per month x 12 month (at 66) = $36,000 you collect the first year. OR $3000 x .08 per month = $240 extra (at 67). SO $36000 / $240 = 150 months or 12.5 years.
Brilliant observation. Cost/ benefit is exactly the right way to make that decision.
Thank you. But no one knows how long they will lives. You are taking a chance in delaying benefits.
Hi Teen, Thank you for your input. If you have any questions, be sure to let us know!
I am 50 years old so I have to wait for my 65 to get a little bit more right
If someone works in 22hrs part time job in is on ssi social security how much does social security take out of your check monthly
What is theSSA521Form and what is it for???can it boost your payout??? Can you fill it out and qualify eve if you are on asocial security???
Hi Mary, most often SSA 521 is used when someone wants to withdraw their application for disability benefits because they have decided they are well enough to work. Please contact SSA.gov to go over your specifics and they can answer it more in-depth.