Author Topic: Why Smart People Take Social Security at 62  (Read 3721 times)

Offline suzukig1

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Re: Why Smart People Take Social Security at 62
« Reply #15 on: February 15, 2018, 02:53:43 PM »
My former spouse was a US citizen, living in the US her entire life. She gets half the amount I receive monthly. My current wife, Filipino by birth, a Naturalized US citizen, having lived in the US since June 2000 will qualify for full survivor benefits upon my death... with proper notification, death certificate, SS records, etc, etc.
At least, that's my understanding. Hope I'm not wrong. Glo would kill me now for the insurance payoff instead  :D :D

Yes.  The way I wrote my statement was a little confusing (even to me as I had to re-read it a few times to make sure it was correct.)

A U.S. citizen is eligible for SS survivor benefits wherever they live.

A U.S. resident is eligible for SS survivor benefits.

A non U.S. citizen that is not a U.S. resident can only collect SS survivor benefits if they had lived in the U.S. for at least 5 years while married to the SS spouse. 

My wife is a PHL citizen who has not lived in the U.S.  She is not eligible for SS survivor benefits after I die if she lives outside of the U.S.  (If she subsequently becomes a U.S. resident or U.S. citizen she would be eligible for SS survivor benefits.)

Offline BudM

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Re: Why Smart People Take Social Security at 62
« Reply #16 on: February 15, 2018, 11:10:34 PM »
My wife has never even been to the US yet let alone lived there.  But, there is some kind of widow's visa which she could apply for within a couple of three years or something like that.  By that time, my boy will have long been an adult and there is a chance he will be in the US making some money there.  He might be willing to put up with her during her final years by having her take care of his kids and/or keeping house or something like that.  She probably should take time to learn to do more of that stuff though rather than have someone else do it all.  She does spend quite a bit of time with our boy though early in the morning and evening so she is not quite oblivious to taking care of a kid even though her other boy who is 26 was practically raised by one of her sisters as my wife was usually working two jobs during his earlier years.

I don't believe and I know she would not have to rely on our boy to survive but, if she stayed with him and took care of things it would probably be easier on her and keep her from getting bored since she would by then be retired from her business and would not have me to kick around.
Whatever floats your boat.

Offline MotorSarge

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Re: Why Smart People Take Social Security at 62
« Reply #17 on: May 06, 2019, 10:01:29 AM »
If you can retire early before full RTA...take your money back.
MS

Offline M.C.A.

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Re: Why Smart People Take Social Security at 62
« Reply #18 on: May 07, 2019, 05:23:34 PM »
I've been thinking about this and for sure I'm going to take my SS at 62 so 5 more years to go and I hope it goes smooth, has anyone applied for SS from here? And I wonder if American Citizens Service will still be available I thought that was changing and most of these embassy jobs were going to a central location in the US to save money.
My views would be from someone who lives out in the province close to in-laws on a pension.  Norwegian and French heritage.

Offline JoeLP

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Re: Why Smart People Take Social Security at 62
« Reply #19 on: May 08, 2019, 08:04:42 AM »
I've been thinking about this and for sure I'm going to take my SS at 62 so 5 more years to go and I hope it goes smooth, has anyone applied for SS from here? And I wonder if American Citizens Service will still be available I thought that was changing and most of these embassy jobs were going to a central location in the US to save money.
I was talking to a man in the Cebu City consulate the last time I was there.  He's been been there for some time.  When we went for my son's paperwork to be done to register his birth abroad status as a US citizen he was there.  He said he's been there for over 15 years.  Anyway, while going through my paperwork he saw his initials on the back of some of it and said he saw me before based on that.  I told him is was probably for when I came for my son's stuff I mentioned above.  He said they'll have that ability soon again. 
I asked him what he was talking about.  He stated that some bill in the USA concerning embassies and consulates was passed 6 years or so(I was there just a couple months ago) that made the regulations a touch harsher on what needs to be setup(physically and in training) for there to be more to offer at a location.  I guess they didn't meet requirements and had a few of their abilities(including birth abroad) taken away from them. 
They already built a brand new security entrance from when were were last there and the complete "back space" where the workers had cubicles and offices were all redone and still under work/construction when I was there this last time. 
He said that everything that could have been done 20 years ago at a consulate could still be done...but updating and rearranging and extra training was needed to be done to keep/bring back those services. 
So I think some of the issues we face when at our consulates/embassies have more to do with the ambassador or the people under him not upgrading/updating our systems both in physical construct and/or training setups that causes services to be lost.
That guy I was talking to stated that they lost 4 of their services, but was was brought back almost inside a month.  I was a matter of training and someone with that training was brought down from the embassy in Manila and that service was added back.  But the other 3 are all coming back soon and were more a matter of the physical state of the location....whatever that means.
In the land of the blind, the one eyed man is king.

Offline codefreeze

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Re: Why Smart People Take Social Security at 62
« Reply #20 on: May 09, 2019, 05:31:18 PM »
Personal gut feeling: grab the money as soon as you can while it's still there for the grabbing...

Chipping in with the UK perspective...

People get confused between state pension and private pension. Full UK state pension is (generally) available for men from age 67 (with slight variation depending on year of birth) if you have made 35 years of qualifying NI contributions (or on a pro-rata basis otherwise). You can retire abroad and have your state pension paid to you. In the special case of Philippines, UK has a reciprocal agreement [1], so that means you should receive your state pension index-linked (it goes up roughly in line with inflation).

This is another feather in the cap of Philippines as a retirement location, as other countries, such as Thailand, do not have a reciprocal agreement, and so you can receive your state pension there, but it is not index-linked.

With regards UK private pensions there is now a ton of flexibility since the pension reforms. You can pretty much do what you want with money in your private pension scheme from age 55 onwards. However, there are still the usual tax implications.

What I'd be interested to know is: if you are receiving a UK pension (state + private) in Philippines, and your income is above the personal allowance, do you pay tax in Philippines or UK?

[1] - https://www.gov.uk/government/publications/state-pensions-annual-increases-if-you-live-abroad/countries-where-we-pay-an-annual-increase-in-the-state-pension#countries-the-uk-has-a-social-security-agreement-with

Offline tocho45

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Re: Why Smart People Take Social Security at 62
« Reply #21 on: June 16, 2019, 01:19:24 AM »
Yes it's a smart thing to do to retire and collect social security monthly annuity at the age 62. But beside social security its good to have other income like IRA annuity,Military pension or income property to live comfortably.

Offline lost_in_samoa

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