$40,000 more in Social Security Payments

[braumeister]

We were also lucky enough to be decrepit old farts able to use the [-]loophole[/-] strategy in the OP. As stated, it’s a lot of unexpected but very welcome funding. In fact, it more than funded our Lindblad trip to the Galapagos.

 

[braumeister]

I'm turning full retirement age in March 2018. I had anticipated that I would have to go into a SSA center in order to do this because I have read that a lot of agents don't know how to do a restricted filing. How hard was it to file online??

Do it with a telephone appointment. Smooth and reliable.

 

[harllee]

I'm turning full retirement age in March 2018. I had anticipated that I would have to go into a SSA center in order to do this because I have read that a lot of agents don't know how to do a restricted filing. How hard was it to file online??

Original OP here. Very easy to do online. There is a comments section where I explained that I was claiming based on my husband's record and that I was not claiming on my record. I stated that I planned to defer claiming on my own record until a later time. Couple of weeks later I received a call from someone at SS who asked me was I sure I just wanted to claim on my husband's record because I could get a larger amount claiming on my record and I confirmed I wanted to claim and my husband's record and defer mine. The person also told me I would be getting a new medicare card (which I did not know). The SS person also asked to talk with my husband to confirm that I was his wife, etc.

I had to put in my bank account info for the deposit of the payment. I noticed that SS had tested my bank account with a zero deposit a few days ago. I will get the first payment in November.

 

[mathjak107]

I'm turning full retirement age in March 2018. I had anticipated that I would have to go into a SSA center in order to do this because I have read that a lot of agents don't know how to do a restricted filing. How hard was it to file online??

it is easy as can be but there are no provisions for spousal on line . we called and made an appointment to do it on the phone . they called right on the minute and asked both of us some questions and done . first checks came wed

 

[mickeyd]

Being able to take advantage of the great flexibility of SS is one of its greatest benefits. Take it at age 62, or take your chances and take it at age 70. Some have said that it is gaming the system if you stretch it out to age 70, after piggy-backing on your spouse for a few years. I call it taking advantage of the flexible benefits.

 

[mathjak107]

Being able to take advantage of the great flexibility of SS is one of its greatest benefits. Take it at age 62, or take your chances and take it at age 70. Some have said that it is gaming the system if you stretch it out to age 70, after piggy-backing on your spouse for a few years. I call it taking advantage of the flexible benefits.

keep in mind that while delaying no spousal is paid so you can give up not only your checks while waiting but sometimes a lot in spousal . for every month i delayed my wife did not get 330.00 a month added to hers

 

[ScaredtoQuit]

Here's another question if you don't mind! When should I apply to make sure I get my benefits as soon as possible?? My wife turns 66 in January and I turn 66 two months later in March.

 

[harllee]

Here's another question if you don't mind! When should I apply to make sure I get my benefits as soon as possible?? My wife turns 66 in January and I turn 66 two months later in March.

OP here, I applied 3 months ahead of my 66th birthdate online and that seemed to work fine.

 

[ScaredtoQuit]

Thanks so much for your guidance. I've been planning to do this for almost 10 years now. I actually consider myself very lucky to still be able to do it!! After all, if I had been born 665 days later, I'd have been out of luck!!

 

[harllee]

Thanks so much for your guidance. I've been planning to do this for almost 10 years now. I actually consider myself very lucky to still be able to do it!! After all, if I had been born 665 days later, I'd have been out of luck!!

OP here, glad to be of help. As I said in my original post I read about this earlier on this Forum and that is how I knew about it, glad to pass it on.

 

[homestead]

I applied 3 months before I turned 62 and the SS clerk asked if I wanted to get a check for the 3 months before my birthday. I smiled and explained to him how it works.

 

[Throwdownmyaceinthehole]

Ok so DH bday is Dec 20, 1953 and mine is Dec 16, 1954. So he is grandfathered in and I am not. So if he starts collecting SS I can claim spousal and let mine grow til 70 Our benefits at almost identical but I'd sure like to get that extra spousal!

 

[mathjak107]

no , you can not let yours grow . you get your benefit only and any spousal is added to it once he files . you can never leave yours to grow while taking his .

 

[Throwdownmyaceinthehole]

So he gets that extra spousal on mine? And let's his grow?

 

[mathjak107]

if he is at least fra , if you filed for your ss , he can get 1/2 yours filing restricted application and let his grow. you must be collecting and he must be fra . .

 

[Throwdownmyaceinthehole]

Ok that makes sense, Thanks heaps as I thought we may not be able to do this. We were going to claim one of us at fra and one at 70, so this gives us around another 48k while we wait for his 70 to come along.

 

[mathjak107]

here is good explanation kitces did on the subject .

https://www.kitces.com/blog/navigat...and-suspend-and-restricted-application-rules/

 

[atmsmshr]

Shown below is an updated link on SS strategies, including a good discussion on tax implications which I had not fully considered.

http://research.prudential.com/docu...tivestrategies1112&bu=GC&ref=NewsroomFS&cid=1

 

[Silver]

My DH and I consider ourselves very,very lucky to be born when we were.

Both my DH and I have used the ACA for health insurance since it's start. I turned 65 a year ago, and am on Medicare. He is turning 65 this January so goes on Medicare and avoids all this mess with ACA. Yippee!

PLUS!!!! I start my social security in January at 66 yrs, and he will delay his until 70, but will apply to collect 50% of mine starting in January, 2019. That's almost $58k additional income over the four years until he starts his own social security.

We feel lucky indeed.

 

[harllee]

Shown below is an updated link on SS strategies, including a good discussion on tax implications which I had not fully considered.

http://research.prudential.com/docu...tivestrategies1112&bu=GC&ref=NewsroomFS&cid=1

Atmsmshr, very good article, thank you for posting it. I have bookmarked for future reference, it will be very helpful to me.

 

[gerntz]

I plan to file for the 50% spousal benefit next year. I made the cutoff date for this loophole by about 1 year.

No such thing as a loophole in the law. The law is the law. Use it as you see fit & to your advantage if you can & so choose. To say something is a loophole is political imo.