Join Early Retirement Today
Reply
 
Thread Tools Display Modes
If you took SS early and wished you hadn't...
Old 12-02-2012, 08:06 PM   #1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
If you took SS early and wished you hadn't...

...this MarketWatch article says there are three ways to "undo" it:

1: Withdraw your claim, and start over: Only works during the first 12 months.

2: Get a job, get an Adjustment to the Reduction Factor (ARF): Go back to w*rk if you are under 66 and get a SS increase when you reach FRA.

3: Suspend your payments, get a raise: Suspend your payments between 66 and 70 to earn an 8% annual increase.

Took Social Security too early? Undo it! - MarketWatch

I was aware of 1 and 2, but not #3. Although I started SS at 62 and hit 66 tomorrow, I think I'll pass.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-02-2012, 08:20 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
Wahoo, this information will be of interest to only a few on this board, but for those few it is golden!

Would it be possible to put this info in the FAQ area?

Gracias.
__________________
I have outlived most of the people I don't like and I am working on the rest.
Ed_The_Gypsy is offline   Reply With Quote
Old 12-02-2012, 08:33 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
Quote:
Originally Posted by Ed_The_Gypsy View Post
Would it be possible to put this info in the FAQ area?
Ed, that's up to the real mods, but I'll pass along your request.

Glad you found the info helpful.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 12-02-2012, 08:42 PM   #4
Full time employment: Posting here.
 
Join Date: Jan 2011
Posts: 586
Well, I am one that wish I hadn't. I didn't know about the 62/66/70 plan mentioned in other threads. Nor did I know about the later earnings and tax implications.
1. I am past the time limit having been retired almost 2 years.
2. Out of the question.
3. This is a very good information - thank you. This is something I may study. It seems that this will allow me to do take out more from my 401K IRA that will reduce my RMD. But then, my increased SS later may offset the RMD reduction. More spreadsheet work.
KingB is offline   Reply With Quote
Old 12-02-2012, 09:28 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
I think one thing that is very obviously in the picture now that perhaps was not so clear before is that payments may decrease going forward, one way or another.

But they are not going to send you a bill for payments you have already banked. Or at least probably not. Well, they may make an exception for you if they decide you are wealthy.
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 12-03-2012, 07:28 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
Quote:
Originally Posted by REWahoo View Post
2: Get a job, get an Adjustment to the Reduction Factor (ARF): Go back to w*rk if you are under 66 and get a SS increase when you reach FRA.
Shouldn't that be "BARF"?
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Quick Links

 
All times are GMT -6. The time now is 08:02 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.