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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Pay me now or pay me later.

Pay me now or pay me later.

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  • markM Offline
    markM Offline
    mark
    wrote on last edited by
    #6

    How? I don't see much downside to taking it now.

    1 Reply Last reply
    • MikM Offline
      MikM Offline
      Mik
      wrote on last edited by Mik
      #7

      To take $5k now foregoing three months benefits would cost us nearly twice the loan amount. We get pretty hefty SS checks due to high covered earnings.

      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

      1 Reply Last reply
      • George KG Offline
        George KG Offline
        George K
        wrote on last edited by
        #8

        https://finance.yahoo.com/news/heres-every-states-average-social-132355610.html

        The average SS check in Illinois is $1557.

        You're about $500 ahead if you take it now.

        However, as Mik said YMMV. I would take a hard pass.

        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

        1 Reply Last reply
        • markM Offline
          markM Offline
          mark
          wrote on last edited by
          #9

          Take the $5k and invest it.

          1 Reply Last reply
          • JollyJ Offline
            JollyJ Offline
            Jolly
            wrote on last edited by
            #10

            I'd take it. My SS is cut by about 65% due to WEP. And the wife wouldn't get a dime of my SS due to GPO.

            “Cry havoc and let slip the DOGE of war!”

            Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

            1 Reply Last reply
            • jon-nycJ Online
              jon-nycJ Online
              jon-nyc
              wrote on last edited by
              #11

              I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

              Only non-witches get due process.

              • Cotton Mather, Salem Massachusetts, 1692
              George KG 1 Reply Last reply
              • markM Offline
                markM Offline
                mark
                wrote on last edited by
                #12

                Work for cash for 3 months. lol

                1 Reply Last reply
                • jon-nycJ Online
                  jon-nycJ Online
                  jon-nyc
                  wrote on last edited by
                  #13

                  Most people would think ‘I would have gone 65 years with no Social Security, what’s another 3 months?’

                  Only non-witches get due process.

                  • Cotton Mather, Salem Massachusetts, 1692
                  1 Reply Last reply
                  • jon-nycJ jon-nyc

                    I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                    George KG Offline
                    George KG Offline
                    George K
                    wrote on last edited by
                    #14

                    @jon-nyc said in Pay me now or pay me later.:

                    I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                    Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                    JollyJ 1 Reply Last reply
                    • MikM Offline
                      MikM Offline
                      Mik
                      wrote on last edited by
                      #15

                      So this would go to people who were not yet eligible to collect, possibly for many years? I did not get that understanding.

                      So it results in another government program we have to administer for decades. What could go wrong? Ever see a government program that didn't grow? I can see the whole country borrowing against future SS.

                      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                      1 Reply Last reply
                      • George KG George K

                        @jon-nyc said in Pay me now or pay me later.:

                        I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                        Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                        JollyJ Offline
                        JollyJ Offline
                        Jolly
                        wrote on last edited by
                        #16

                        @George-K said in Pay me now or pay me later.:

                        @jon-nyc said in Pay me now or pay me later.:

                        I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                        Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                        Social Security is adjusted for inflation.

                        Supposedly.

                        “Cry havoc and let slip the DOGE of war!”

                        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                        George KG 1 Reply Last reply
                        • JollyJ Jolly

                          @George-K said in Pay me now or pay me later.:

                          @jon-nyc said in Pay me now or pay me later.:

                          I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                          Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                          Social Security is adjusted for inflation.

                          Supposedly.

                          George KG Offline
                          George KG Offline
                          George K
                          wrote on last edited by
                          #17

                          @Jolly said in Pay me now or pay me later.:

                          @George-K said in Pay me now or pay me later.:

                          @jon-nyc said in Pay me now or pay me later.:

                          I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                          Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                          Social Security is adjusted for inflation.

                          Supposedly.

                          I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

                          "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                          The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                          JollyJ 1 Reply Last reply
                          • markM Offline
                            markM Offline
                            mark
                            wrote on last edited by mark
                            #18

                            I'm 58 (really? when the fuck...?) and it's worth more to me now, than at 65.

                            1 Reply Last reply
                            • CopperC Offline
                              CopperC Offline
                              Copper
                              wrote on last edited by
                              #19

                              3 months of my SS is a lot more than $5K, my wife too.

                              markM 1 Reply Last reply
                              • LuFins DadL Offline
                                LuFins DadL Offline
                                LuFins Dad
                                wrote on last edited by LuFins Dad
                                #20

                                Personally, I like the idea so long as it doesn’t open Pandora’s Box and become something that happens for every perceived emergency.

                                It’s better than the fed printing money and devaluing your retirement savings through inflation.

                                The Brad

                                1 Reply Last reply
                                • George KG George K

                                  @Jolly said in Pay me now or pay me later.:

                                  @George-K said in Pay me now or pay me later.:

                                  @jon-nyc said in Pay me now or pay me later.:

                                  I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                                  Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                                  Social Security is adjusted for inflation.

                                  Supposedly.

                                  I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

                                  JollyJ Offline
                                  JollyJ Offline
                                  Jolly
                                  wrote on last edited by
                                  #21

                                  @George-K said in Pay me now or pay me later.:

                                  @Jolly said in Pay me now or pay me later.:

                                  @George-K said in Pay me now or pay me later.:

                                  @jon-nyc said in Pay me now or pay me later.:

                                  I think most people would take that. 3 months delay in your 60s sounds trivial to your average 20-50 year old.

                                  Good point. A dollar now is probably worth a lot more than a dollar 30 years hence.

                                  Social Security is adjusted for inflation.

                                  Supposedly.

                                  I realize that, of course. The point Jon was making, I believe, is that $5000 is much more valuable to a 35 year old today than the equivalent inflation-adjusted amount 30 years later.

                                  Depends on the H&B (Hookers & Blow) Index.

                                  “Cry havoc and let slip the DOGE of war!”

                                  Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                  1 Reply Last reply
                                  • CopperC Copper

                                    3 months of my SS is a lot more than $5K, my wife too.

                                    markM Offline
                                    markM Offline
                                    mark
                                    wrote on last edited by
                                    #22

                                    @Copper said in Pay me now or pay me later.:

                                    3 months of my SS is a lot more than $5K, my wife too.

                                    It's a not a guaranteed full 3 months that is the max it would take to repay. If you make more than that, it will get paid back faster than 3 months.

                                    1 Reply Last reply
                                    • MikM Offline
                                      MikM Offline
                                      Mik
                                      wrote on last edited by
                                      #23

                                      If one already makes more than that why take the loan?

                                      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                                      1 Reply Last reply
                                      • jon-nycJ Online
                                        jon-nycJ Online
                                        jon-nyc
                                        wrote on last edited by
                                        #24

                                        If you have high time preference or a low life expectancy it makes sense.

                                        Or if you think it’ll be worth more invested in something

                                        Only non-witches get due process.

                                        • Cotton Mather, Salem Massachusetts, 1692
                                        JollyJ 1 Reply Last reply
                                        • jon-nycJ jon-nyc

                                          If you have high time preference or a low life expectancy it makes sense.

                                          Or if you think it’ll be worth more invested in something

                                          JollyJ Offline
                                          JollyJ Offline
                                          Jolly
                                          wrote on last edited by
                                          #25

                                          @jon-nyc said in Pay me now or pay me later.:

                                          If you have high time preference or a low life expectancy it makes sense.

                                          Or if you think it’ll be worth more invested in something

                                          Free money to take a flyer on high risk stuff?

                                          “Cry havoc and let slip the DOGE of war!”

                                          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                          1 Reply Last reply
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