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OT - Social Security ?

Discussion in 'Uncategorized Threads' started by hmb, Mar 17, 2007.

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  1. hmb

    hmb Well-Known Member

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    You are 62 years old and have your 40 quarters. What is the minimum monthly payment you can receive? Thanhks HMB
     
  2. Diamond Grade

    Diamond Grade TS Member

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    It would depend on how much you earned and paid into Social Security. I don't think there is a set minimum payment. I was forcibly retired due to downsizing at age 55 and never returned to the work force, this was in 1996, so my highest paid years were cut short,and I got more than my buddy did by working up until his 62nd birthday. All because I was in a higher pay grade. So you need to go see the good folks at Social Security.
     
  3. grammie

    grammie TS Member

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    An illegal only has to work for 10 quarters!!!!!!

    And then with the way the international money exchange rates go,,,,that illegal can retire to mexico on your back,,your dime,,your sweat!!!!

    AKA Grammie............
     
  4. smsnyder

    smsnyder Well-Known Member

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    how can you stop paying social security? i thought you pay it every time you get a paycheck?
     
  5. smartass

    smartass TS Member

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    smsyder,

    Everyone isn't covered by SS. Older civil service government employees don't pay into ss. Many teachers (like my wife) don't pay ss as they are covered by a state retirement plan. There are many others. I think they all pay into medicare though.
     
  6. grunt

    grunt TS Supporters TS Supporters

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    If you have any federal or State retirement the government will adjust your SS payments accordingly. Meaning you will get less.
     
  7. setter

    setter Member

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    Go to website above and you can request SS benefit stmt, the site answers a number of questions, explains a great deal and indicates that it takes about 2 wks to receive stmt.
     
  8. jimbotrap

    jimbotrap TS Member

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    It is a must you contact you local SS office. All the statements above may or may be not true. From what I was advised, when I turned 65, is my allotment was based on the most resent 12 or something quarters.

    But if you want to be insulted by the system. Realise imigrants that are here
    legaly because of family, are entitled to SS benefits, without ever having contributed a red cent. And as I understand (my wife's aunt ran a nearby SS office), they are entitled to the maximum benefits.

    As I understand it we can than the Jimmy Carter Presidency (and his advisors and supporting staff) for this generous gift. Personally I can't think of one single thing Mr. Carter did for the working class or for that matter the citizens of the great country. - Jim
     
  9. grunt

    grunt TS Supporters TS Supporters

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    Dont forget medicare payments are taken out of your SS payment also.
     
  10. djpk69

    djpk69 TS Member

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    As sone as I turned 50....i recieved my "statement" of SS .......get them every year now....looks like I'll work till I'm 75 or DEAD !!!
     
  11. WTW

    WTW Member

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    I just signed up for social security last week. I retired from the post office six years ago. I have worked two and three jobs all my life, so I had plenty of quaters paid in. When they gave me my final pay amount, it was only half of what I was suppose to get. They said the democrats had pased a bill which cut all goverment employees earnings. I paid in more than most of the ellegal's and the free loaders so I think I should have been intitled mine the same as anyone else.

    I will turn 62 in April and the only reason I signed up early was because of the two hart attacts and the four by-passes I had a year ago.

    When I left the office it was full and I will tell you 98 percent of the people waiting were in their mid thirtys and of foreign blood.

    I must agree with Grammie on this one.Ted
     
  12. smartass

    smartass TS Member

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    Now there Ted, you are getting civil service retirement which is miles above social security. You really don't have anything to complain about.

    The law that cut the benifits of anyone cover by another plan who didn't pay into ss during the time that they paid into that plan was passed many years ago and shouldn't come as a surprise to anyone.
     
  13. Phil E

    Phil E TS Member

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    HMB: There is no minimum monthly payment. A person's SSA retirement check is based on the amount of his/her "average indexed monthly earnings" (AIME) over the years he paid into SSA that are used in the benefit computation. There's also no maximum, except that being paid in a given year, since if you continue to work you can increase your benefit. Some people get $100, and some $1500. There are some inaccuracies above. What Finger says is not correct, since any year you work & pay SSA tax can replace any other lower year that was or would have been used in the computation. You can call 1-800-772-1213 for answers, or browse their website, above. Phil E
     
  14. djpk69

    djpk69 TS Member

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    Based on your highest 10 years earnings....self employed...can I milk something too?
     
  15. halfmile

    halfmile Well-Known Member

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    Your monthly benefit is higher if you go to age 65, but it takes until age 77 for the 62 and 65 year retirees to draw equal amounts of money. From there the 65 guy pulls ahead.

    I quit at 62, since the quality of life is higher those 3 earlier years.

    I don't think my spending habits at 77 will be much so the early 3 years was a bonus.

    HM
     
  16. WTW

    WTW Member

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    Anonymous, That is the problem. I paid into s.s. almost the whole time I worked at the p.o.. They didn't mind taking my money all those years and now that I am not able to work I think they owe me a just amount. Yes I get a good check from the p.o. and that is because I paid a pretty penny in to my fund. I would like to see what our leaders get and how many checks they get just for fighting over who is right or wrong and only showing up for work when they want to. Enough said, thank you!!!

    Ted
     
  17. smartass

    smartass TS Member

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    I'm confused here, wtw, were you under Civil Service or FERS? In the former, one didn't pay ss while in the latter (currently in use) they do.
     
  18. X Trap 2

    X Trap 2 TS Member

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    Based on your highest 10 years earnings....self employed...can I milk something too?

    Maybe not if self employment was passive income and you did not pay social security taxes those years, like having rental properties.???

    Always check with SS.Ray.......
     
  19. WTW

    WTW Member

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    Anonymous, I was under civil service for 31 years. I also did roofing, siding and operated a restaurant while I worked for civil service. I also worked as a service station attendent for 7 years. The restaurant my wife and I had for 5 years. The 16 hour days finally got to me.

    I am not angry about this, just a little disapointed. I did pay my dues.

    Ted
     
  20. smartass

    smartass TS Member

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    Ted, if it makes you feel any better, my wife is in the same situation.
     
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