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Anyone ever cashed out their SS?

Cigarlover

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#1
I didn't think that was even possible. Was talking with a neighbor today who said her sister, aged 51 took a lump sum from her social security and doesn't get a monthly check when she's older. I said thats probably a good move since SS is going broke but didn't even know that was possible. Anyone ever heard of that before?
 

the_shootist

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#2
Never heard of that. I just turned 64 and haven't even looked into SS yet. I suppose I should huh? I'd like to learn more about the lump sum but the tax implications might be a huge factor.
 

Goldhedge

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#4
Never heard of that. I just turned 64 and haven't even looked into SS yet. I suppose I should huh? I'd like to learn more about the lump sum but the tax implications might be a huge factor.
If you do it now you're limited to how much you can make per year.

Wait til 66 and you aren't.

Best to research it. My wife did all that for me!
 

Cigarlover

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#5
Can't be done, I tried it for me and the wife, she has it confused with some other fund she had
That was my understanding as well. She's coming over tomorrow to show me how to do it. Going to look at it anyway. She said her sister just got 75k and she cant collect when she's older.
 

newmisty

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#6
I cashed out my SS - Silver Savings. Took a hit but the Semi- Numi stuff saved my hide.
 

Cigarlover

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#7
I cant find anything about it online if your not already retirement age..
 

smooth

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#8
Allowing SS to go away is basic political suicide for all parties involved. Changes and devaluations are certainly to happen. But I have to believe that the program will be intact in some degree in the next 10 to 20 years as long as the Shit doesnt hit the fan. If I were 62 or older I'd be taking the full advantage of the program. I'm 48 years old and plan to work full time around nine more years. Then hopefully work as a consultant part time for a couple years then see what retirement looks like. If SS has been depleted at that time we all have some major hurdles to get over. Hopefully We've socked away enough resources to get by....
 

the_shootist

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#9
If you do it now you're limited to how much you can make per year.

Wait til 66 and you aren't.

Best to research it. My wife did all that for me!
Thanks, I'm not considering retiring before 66 anyway. My job pays well, great bennies and I work from home..what's not to love? I'll start looking into it
 

Goldhedge

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#12

keef

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#14
That will pay for a body bag or cardboard coffin and a quick toss into the nearest ditch or ravine.
I think it's time to open a nationwide Franchise of Crematoriums. McFrys.

Have a drive up window for the viewing and you get a bucket of chicken on the way out.

$499, includes chicken and one side for each of the bereaved. Use the furnace to keep the chicken warm. I really think it could catch on.
 

keef

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#16
In India they do cremations for $200 a pop.

How 'bout chicken fingers and a napkin with the obituary and 10% off for the next cremation? you know how fussy Americans can be.
 

Argentsum

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#18
I think they are talking about "File and Suspend."

For example,
John Smith is entitled to a Social Security check of $1,700 a month at 66, for a yearly income of $20,400. He files and suspends, looking forward to the big monthly check he’ll start receiving at 70. But he is struck with brain cancer at 68.

He can reclaim the two years of benefits and get a lump sum of $40,800 before dying.
 

gringott

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#19
Better hope they don't "fix" SS by raising the age of eligibility. You might always be a couple years shy of qualifying. I applied right away so they can't stiff me later. Fuck me that it's only $978. But cat food is 3 for $1 so I'm good.
^^^^^
Same here, a bird in the hand is worth two in the bush.

BTW, Alpo Gravy Cravers in various flavors less than 65 cents a can. Great on rice!
 

gringott

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#20
By the way, food is not taxed in Kentucky, but they tax pet food, which is discrimination against seniors IMO.
I might start a class action lawsuit.
 

southfork

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#21
Better hope they don't "fix" SS by raising the age of eligibility. You might always be a couple years shy of qualifying. I applied right away so they can't stiff me later. Fuck me that it's only $978. But cat food is 3 for $1 so I'm good.
Age goes up every year now and it will be raised after the next presidential election, you fks are living too long, me and wife went at 62 , wanna make sure I get back what I paid in and then some so please stay healthy guys and gals
 

Fatrat

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#22
I plan to go out at 62, no way in hell do I expect to see 82, and that is the big question, Do you think you will make 82?
 
Last edited:

hammerhead

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Argentsum

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#24
1536348570537.png

The three age rows represent what you would receive if you had filed your SS claim at that age.
So by age 70 you would have been paid $156K in benefits if you had claimed starting at age 62.
If you expect to live 78 years or less then age 62 is the age to claim benefits for maximum return on investment.

Caution: this chart does not factor in the possibility of reduced benefits starting in 2033.
 

Unca Walt

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#25
The trick is to get on SS as bloody soon as you can. The fiat is inflating faster than the numbers go up.

Always think back about the very slightly overweight lady that skipped the glorious dessert of strawberry parfait with chocolate truffles and sticky toffee pudding...

On the TITANIC.


Don't wait. Here's my Perfect Plan:

Get on SS. Live forever.

It's working, so far... I'm 77 and have Galapagos Turtle DNA. I got the bastages by the bells.
 

Joe King

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#26

hoarder

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#27
In India they do cremations for $200 a pop.
That would only get you medium rare around here. Let's see...what does it cost to ship a corpse to India?

Never mind.
 

historyrepete

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#28
To say I'm no financial genius is a profound understatement. I told me dad when he retired to draw his pension in the max amount monthly for him and Mom. When he was eligible for ss told him the same. Told him that my siblings and I would help out, or govt assistance if it ran dry but to draw every dime he could while he could. The ol man passed away about 6 years ago and Mom 5. They left some money on the table and the fucking govt renigged and won again. They're the house in this Ponzi scheme. Even some of Bernie Madoff clients got paid.

Drive thru funeral best sell liquor
 

Fatrat

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#29
I got a letter from SS today, and the damned thing was opened, just the sort of thing that gets my paranoia going...
 

southfork

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To say I'm no financial genius is a profound understatement. I told me dad when he retired to draw his pension in the max amount monthly for him and Mom. When he was eligible for ss told him the same. Told him that my siblings and I would help out, or govt assistance if it ran dry but to draw every dime he could while he could. The ol man passed away about 6 years ago and Mom 5. They left some money on the table and the fucking govt renigged and won again. They're the house in this Ponzi scheme. Even some of Bernie Madoff clients got paid.

Drive thru funeral best sell liquor
That's why we went at 62, never know when the man upstairs is going to call in your note, I've had 3 about dead trials in the last 25 years , two from fire ants and three banger heart attack .
 

Ensoniq

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#31
I know it’s popular to say that ss is going bankrupt and the money won’t be there when you retire but I doubt it.

Politicians fear the voters right. How are they going to sell it to us that there is no money for Socia, Security but we can keep borrowing to pay welfare

That’s a tar and feather scenario

Yeah they will devalue by inflation and play other games but kill it completely - naaaaa

Just my opinion
 

hoarder

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louky

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gringott

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#34