General Discussion

Yo_Mama

(8,303 posts)

30. 66 and that's going to 67

Sun Apr 22, 2012, 09:13 AM

Apr 2012

Oh, well.

If you take early Social Security and keep working, they take 50% of your earnings above $14,460 (2012 limit). For some older workers, that is not a problem because they are earning very little.

Current full retirement age is 66, and under current law it is increasing to 67. I see this as being quite a problem for low income elderly workers. They will go on Medicare at 65, but some will have problems paying the monthly premium from their current incomes, but if they take early SS they will be penalized.

If you have to take SS early to pay the Medicare premiums, then you will get penalized later when you are really old and not able to work in the form of lower benefit checks. But if you can't afford to take Medicare at 65, you will be penalized in the form of higher Medicare premiums.

I think there ought to be a rescue clause for older low-income retirees.

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Retirement bottom line: Many will have to work until 70 [View all] steve2470 Apr 2012 OP

I'm already planning to work to 70.... Sancho Apr 2012 #1

Military costs way less than 20% of GDP - more like 5%. Yo_Mama Apr 2012 #29

I've always thought this was a bad scenario. xchrom Apr 2012 #2

I had planned to work past 70, RebelOne Apr 2012 #3

well, I'm sure that THIS round of voting for neoliberal hacks, Wall Streeters, and yuppies MisterP Apr 2012 #4

IF anyone will employ them. patrice Apr 2012 #5

I have two relatives in their mid 60's with no prospects of ever retiring tularetom Apr 2012 #6

That's certainly how John Boehner wants it. Yo_Mama_Been_Loggin Apr 2012 #7

You can keep right on working and get social security at 65 lunatica Apr 2012 #8

If you were married to him for more than ten years, you are entitled to a stipend based 1monster Apr 2012 #12

It is called the Widow's share" of his SS Survivor's benefit happyslug Apr 2012 #19

Actually, it's called a spouse's benefit. charlyvi Apr 2012 #20

NOT in the Actual Regulations, 20 CFR § 404.336, listed herein: happyslug Apr 2012 #21

UM....the woman's ex husband is not dead. charlyvi Apr 2012 #22

Survivor's benefit is one lump sum divided among ALL survivors. happyslug Apr 2012 #23

Do you mean that I can apply for spouse's benefits when I'm 65? lunatica Apr 2012 #32

So should I apply when I'm 65 or when he is? lunatica Apr 2012 #36

According to the regulations, apply at age 62 happyslug Apr 2012 #37

Thanks. I'll do that. lunatica Apr 2012 #38

I'm collecting Survivor's Benefits kskiska Apr 2012 #24

May or may not, depends on 20 CFR § 404.403 (d) happyslug Apr 2012 #26

Thank you for all the information lunatica Apr 2012 #34

Thanks for this info lunatica Apr 2012 #35

I was married to him for 15 years lunatica Apr 2012 #31

66 and that's going to 67 Yo_Mama Apr 2012 #30

Are you saying that it's best to wait until I'm 66 or 67? lunatica Apr 2012 #33

Once you pass your full retirement age, you can work without penalty Yo_Mama Apr 2012 #39

I did. I started collecting social security when I hit 65. RebelOne Apr 2012 #41

Not this guy secondvariety Apr 2012 #9

I don't think I could stand being retired. baldguy Apr 2012 #10

That's BS about baby boomers. I've already told my husband he can't 1monster Apr 2012 #11

I'll be working until I am dead Marrah_G Apr 2012 #13

Good luck getting hired after 55. nm rhett o rick Apr 2012 #14

It isnt how long you will "have" to work, it's how long will you be able to work. rhett o rick Apr 2012 #15

Most will be unable to find work beyond 50 ProfessionalLeftist Apr 2012 #16

Work 'til you drop. Literally. marmar Apr 2012 #17

Yup- I've always figured it's best to drop dead at work- then someone's there to deal with it NBachers Apr 2012 #18

Yeah, but will employers permit it? Ilsa Apr 2012 #25

That sucks pondwater sylvi Apr 2012 #27

I was planning to retire at 55 but thanks UpYourMedsNow Apr 2012 #28

I won't have to, but I will FreeJoe Apr 2012 #40

What is this "retirement" you speak of? Bake Apr 2012 #42