[ROCKMAN]

Newfie - "...financial advisor told my Wife to take SS ASAP, before they diminish it.". And there is a " but" to that advice. But if you take SS early and are still drawing a good salary they deduct $1 for every $3 of that excess amount. And your check also remains lower then normal for the rest of your life.

But hitting full retirement age of 66 this year I'm not penalized by income so I get my full check...first one in a few weeks. And still get my paycheck. Which also means I don't pay for Medicare since I still have company insurance. And my 16 yo daughter gets her own SS check until she turns 18.

Rather pleased since I never expected to live long enough to see $1 of SS. LOL.

[vtsnowedin]

Newfie - "...financial advisor told my Wife to take SS ASAP, before they diminish it.". And there is a " but" to that advice. But if you take SS early and are still drawing a good salary they deduct $1 for every $3 of that excess amount. And your check also remains lower then normal for the rest of your life.

But hitting full retirement age of 66 this year I'm not penalized by income so I get my full check...first one in a few weeks. And still get my paycheck. Which also means I don't pay for Medicare since I still have company insurance. And my 16 yo daughter gets her own SS check until she turns 18.

Rather pleased since I never expected to live long enough to see $1 of SS. LOL.

I'm happily not working so don't have to worry about income limits.
I actually turned down a job for the first time in my life last week.
Your daughter can draw SS after eighteen if she is in college. I drew it until I was twenty back in 1975. Like you I never thought it would still exist today.

[Newfie]

Interesting,
With my old company their medical plan was that when you turned 65 they picked up what Medicare did not.

I work a couple hours a week, just on a consulting basis. No benefits. But even though that was my best job ever I find even that meger attachment to it burdensome. I just sit and listen to meeting, make the odd recommendation. But there is too much Type A in me, I get agitated at all the mistakes being made, all the dilly dallying, all the bullshit. I'll be glad when it is done.

I make enough mistakes on my own. Blew a wx report yesterday and put is in a bad situation last night. All worked out OK but more luck than skill, not to be repeated.

[ROCKMAN]

vt - Check the regs...might have changed. If not disabled checks stop on 18th birth day unless still in high school. And then only until 19th birth day. From:

https://www.ssa.gov/planners/retire/yourchildren.html

"When you qualify for Social Security retirement benefits, your children may also qualify to receive benefits on your record. Your eligible child can be your biological child, adopted child or stepchild. A dependent grandchild may also qualify.

To receive benefits, the child must:

be unmarried; and
be under age 18; or
be 18-19 years old and a full-time student (no higher than grade 12); or
be 18 or older and disabled from a disability that started before age 22.

Normally, benefits stop when children reach age 18 unless they are disabled. However, if the child is still a full-time student at a secondary (or elementary) school at age 18, benefits will continue until the child graduates or until two months after the child becomes age 19, whichever is first."

[vtsnowedin]

vt - Check the regs...might have changed. If not disabled checks stop on 18th birth day unless still in high school. And then only until 19th birth day. From:

https://www.ssa.gov/planners/retire/yourchildren.html

"When you qualify for Social Security retirement benefits, your children may also qualify to receive benefits on your record. Your eligible child can be your biological child, adopted child or stepchild. A dependent grandchild may also qualify.

To receive benefits, the child must:

be unmarried; and
be under age 18; or
be 18-19 years old and a full-time student (no higher than grade 12); or
be 18 or older and disabled from a disability that started before age 22.

Normally, benefits stop when children reach age 18 unless they are disabled. However, if the child is still a full-time student at a secondary (or elementary) school at age 18, benefits will continue until the child graduates or until two months after the child becomes age 19, whichever is first."

You are correct. Not a problem I checked into as my children are all thirty something and fully employed tax payers.

[ROCKMAN]

vt - I suspect in time benefits to children will slip just as the full retirement age keeps creeping up. I have a young receptionist that was shocked to find out my full retirement age was 66 and not 65. And then got pissed when I speculated how high her's might be in 30+ years. And I didn't bother to tell her how much less those benefits might be...she was upset enough already. LOL

[vtsnowedin]

vt - I suspect in time benefits to children will slip just as the full retirement age keeps creeping up. I have a young receptionist that was shocked to find out my full retirement age was 66 and not 65. And then got pissed when I speculated how high her's might be in 30+ years. And I didn't bother to tell her how much less those benefits might be...she was upset enough already. LOL

One thing to consider is that if you have a 19 year old that was collecting social security and wanted to go to college they would be high on the list for Pell grants and such.

[ROCKMAN]

vt - Made a deal with my 16 yo some years ago: make A's and I'll pay for all the sports she wants. She's a real sports but...especially softball. Didn't realize how much that cost: in particular Select softball fees and tournament travel expenses. But a great investment: has a 4.15 average and swings between $1 and #2 in her entire school.

Daddy's little scholarship magnet...hopefully. LOL.
Being much older parents I had to lay out the facts of life to her around 12 yo. Asked who was going tyo be responsible for her happiness in the future. She said mom and dad. I told her no...she was going to be responsible. We would get her started but won't be around for much of her life. She looked a bit surprised at first but the truth of it settled in pretty quickly.

[vtsnowedin]

vt - Made a deal with my 16 yo some years ago: make A's and I'll pay for all the sports she wants. She's a real sports but...especially softball. Didn't realize how much that cost: in particular Select softball fees and tournament travel expenses. But a great investment: has a 4.15 average and swings between $1 and #2 in her entire school.

Daddy's little scholarship magnet...hopefully. LOL.
Being much older parents I had to lay out the facts of life to her around 12 yo. Asked who was going tyo be responsible for her happiness in the future. She said mom and dad. I told her no...she was going to be responsible. We would get her started but won't be around for much of her life. She looked a bit surprised at first but the truth of it settled in pretty quickly.

I lost both of my parents before I was thirty so know what she faces. It used to be pretty common but is becoming rare today. Now you have seventy year olds calling an office and saying they are calling for their ninety two year old mother.
As to the sports scholarships, good luck with that. Too many applicants and not enough bench to fill.
I found the only time it is a good thing to be poor is when filling out a college grant application. Make sure you apply for all of those as well as the sports stuff. It is not a good thing for you or her to have cash in the bank or a stock portfolio. They will have you spend all of that and then start kicking in funds. Better to have your cars paid for in cash and all your other bills paid off such as credit cards.

[ROCKMAN]

vt - "As to the sports scholarships". No, those were never part of the plan. She's born of Chinese parents so physically there was little chance of that working. That was obvious to her when she played against 14 yo girls who were 6'+, 160# and could hit a softball 300'+. And she understand most of them weren't going to make the cut. She just enjoyed playing and that was motivation enough to make good grades.

No, those scholarships will have to be academic.

[vtsnowedin]

vt - "As to the sports scholarships". No, those were never part of the plan. She's born of Chinese parents so physically there was little chance of that working. That was obvious to her when she played against 14 yo girls who were 6'+, 160# and could hit a softball 300'+. And she understand most of them weren't going to make the cut. She just enjoyed playing and that was motivation enough to make good grades.

No, those scholarships will have to be academic.

Then you will come up against the present perception that all Asian students are work obsessed and always get A+s and they will discount her if she just turns in a A- or a B+.
There is a Korean Comedian that has a good bit on Tiger moms.
"Most parents say when a student comes home with a B+ "good job son". When a tiger Asian mom sees a A- she throws a fit and says" WHAT Happened???"
Your Asian daughter will have to compete with real Tiger Mom trained Asians and the perceptions the professors have about what they can and will do.
It always struck me as illogical when a professor graded a class on a curve.
He or She assumed they were never going to get a class that was all proficient or another class that were all lazy idiots. To pass the top half or two thirds of each class penalized the average students in a class that was above average and gave a huge freebee to the middle third of the class of idiots.
And no I don't want to consider where I was in the Idiot vs. proficient scale!!

[Newfie]

Someone just told me the Govermnet now calls the SS check the "Federal Benefit Payment"

True?

[Plantagenet]

Someone just told me the Govermnet now calls the SS check the "Federal Benefit Payment"

True?

Yes.

Since 2013 there are no more social security checks.

The federal government use of the term "Federal Benefit Check" or "Federal Benefit Payment" instead of social security check became an issue in 2013 when the SS system switched over from paper checks to autodeposit.

The federal government uses the term "Federal Benefit payment for the SS autodeposits they electronically transfer and some people don't like it because they think having the word "benefit" in there makes it sound like their social security stipend is some kind of welfare benefit

Cheers!

[Newfie]

Interesting. I don't get Social Security per se, I draw Railroad Retirement. I'll have to pay attention to see if the same language is used.