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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.

Scheduled Pinned Locked Moved General Discussion
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  • M Away
    M Away
    Mik
    wrote on 13 May 2020, 11:59 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.

    "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

    1 Reply Last reply
    • G Offline
      G Offline
      George K
      wrote on 13 May 2020, 12:03 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
      • M Offline
        M Offline
        mark
        wrote on 13 May 2020, 12:05 last edited by
        #9

        Take the $5k and invest it.

        1 Reply Last reply
        • J Offline
          J Offline
          Jolly
          wrote on 13 May 2020, 12:06 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
          • J Online
            J Online
            jon-nyc
            wrote on 13 May 2020, 12:08 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.

            Thank you for your attention to this matter.

            G 1 Reply Last reply 13 May 2020, 12:17
            • M Offline
              M Offline
              mark
              wrote on 13 May 2020, 12:11 last edited by
              #12

              Work for cash for 3 months. lol

              1 Reply Last reply
              • J Online
                J Online
                jon-nyc
                wrote on 13 May 2020, 12:12 last edited by
                #13

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

                Thank you for your attention to this matter.

                1 Reply Last reply
                • J jon-nyc
                  13 May 2020, 12:08

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

                  G Offline
                  G Offline
                  George K
                  wrote on 13 May 2020, 12:17 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.

                  J 1 Reply Last reply 13 May 2020, 12:34
                  • M Away
                    M Away
                    Mik
                    wrote on 13 May 2020, 12:18 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.

                    "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

                    1 Reply Last reply
                    • G George K
                      13 May 2020, 12:17

                      @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.

                      J Offline
                      J Offline
                      Jolly
                      wrote on 13 May 2020, 12:34 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

                      G 1 Reply Last reply 13 May 2020, 12:54
                      • J Jolly
                        13 May 2020, 12:34

                        @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.

                        G Offline
                        G Offline
                        George K
                        wrote on 13 May 2020, 12:54 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.

                        J 1 Reply Last reply 13 May 2020, 17:39
                        • M Offline
                          M Offline
                          mark
                          wrote on 13 May 2020, 13:30 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
                          • C Offline
                            C Offline
                            Copper
                            wrote on 13 May 2020, 15:42 last edited by
                            #19

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

                            M 1 Reply Last reply 13 May 2020, 17:47
                            • L Offline
                              L Offline
                              LuFins Dad
                              wrote on 13 May 2020, 16:24 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
                              • G George K
                                13 May 2020, 12:54

                                @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.

                                J Offline
                                J Offline
                                Jolly
                                wrote on 13 May 2020, 17:39 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
                                • C Copper
                                  13 May 2020, 15:42

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

                                  M Offline
                                  M Offline
                                  mark
                                  wrote on 13 May 2020, 17:47 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
                                  • M Away
                                    M Away
                                    Mik
                                    wrote on 13 May 2020, 18:29 last edited by
                                    #23

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

                                    "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

                                    1 Reply Last reply
                                    • J Online
                                      J Online
                                      jon-nyc
                                      wrote on 13 May 2020, 18:33 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

                                      Thank you for your attention to this matter.

                                      J 1 Reply Last reply 13 May 2020, 18:56
                                      • J jon-nyc
                                        13 May 2020, 18:33

                                        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

                                        J Offline
                                        J Offline
                                        Jolly
                                        wrote on 13 May 2020, 18:56 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
                                        • ImprovisoI Offline
                                          ImprovisoI Offline
                                          Improviso
                                          wrote on 14 May 2020, 10:39 last edited by
                                          #26

                                          Well... considering we've only got 12 years left before the world ends, take the money and run. 😬

                                          We have the freedom to choose our actions, but we do not get to choose our consequences.
                                          Yes, there are two paths you can go by, but in the long run, there's still time to change the road you're on.

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