Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-08-2007, 08:29 PM   #21
Full time employment: Posting here.
old woman's Avatar
 
Join Date: Dec 2005
Posts: 551
I don't know if I can retire yet at 62 and if you keep earning wages you can't collect it.
I made about 5K in the stock market to day if I could do that every day I could retire soon.
__________________

__________________
old woman 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 08-08-2007, 11:50 PM   #22
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
My DW is calling it her shoe money. Emelda move over.
I think we may delay due to Roth conversion priorities... but if the math doesn't work for that, then early it is.
__________________

__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 08-09-2007, 10:20 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Welllll - my 62nd birthday came in July 2005 and I 'decided' to wait - then along came Katrina at the of August - and some deaths in the household.

My warm confidence in my longevity got a tad shaky. Took early SS in 2006.

And I get to pay taxes on it. Makes the IRS happy.

There are plans/theories - and then there's what you actually do in life!

heh heh heh heh - . Hindsight says July 98 I was 55 and a month later Hurricane George arrived requiring 'some remodeling' so I took my pension a bit earlier 'than the plan' also.
__________________
unclemick is offline   Reply With Quote
Old 08-09-2007, 11:55 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,260
Quote:
Originally Posted by cute fuzzy bunny View Post
Gosh, all that sounds incredibly familiar.

And didnt I say, perhaps tongue in cheek, that since he wrote an article last year supporting taking it early, this year saying take it late, that he'd shortly moderate both opinions?

And voila...

CFB... how can you be right if you only stick to one position... throw out many and then you are always right...
__________________
Texas Proud is online now   Reply With Quote
Old 08-09-2007, 02:13 PM   #25
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
I'm going to delay taking it......until my earliest possible opportunity at 62!!! Although I may live into my 90's, there's also the chance that I'll never see tomorrow! I'll get it, while the gettin's good!

Quote:
Originally Posted by Eagle43 View Post
Take it, and if you don't need it, invest it, but always enjoy it.
And like Eagle said....I can always invest it!
__________________
Goonie is offline   Reply With Quote
Old 08-10-2007, 12:47 AM   #26
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
There is the option (with it still is available) to begin collecting at 62 (or later) then 3 years later, return the money to SSA and start collecting for real at 66. In the mean time, you had use of the "your" money. Of course, you would want to amend your tax returns for the last 3 years to get back any taxes you may have paid for your SS payments.

So far, I don't believe anyone here has tried this yet.

MJ
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Old 08-10-2007, 01:02 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Apparently you dont even have to amend your taxes. Theres a place on the return to do it all as a credit in one year.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 08-10-2007, 01:16 PM   #28
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Quote:
Originally Posted by MJ View Post
There is the option (with it still is available) to begin collecting at 62 (or later) then 3 years later, return the money to SSA and start collecting for real at 66. In the mean time, you had use of the "your" money. Of course, you would want to amend your tax returns for the last 3 years to get back any taxes you may have paid for your SS payments.

So far, I don't believe anyone here has tried this yet.
Huh, are you kidding me ?

Kinda like "stoozing" on credit-card 0% balance-transfer offers ?

And the SS doesn't want ANY interest on the returned money, wow !
__________________
JohnEyles is offline   Reply With Quote
Old 08-16-2007, 03:04 AM   #29
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Quote:
Originally Posted by cute fuzzy bunny View Post
Apparently you dont even have to amend your taxes. Theres a place on the return to do it all as a credit in one year.
I just caught your comment cfb. If I understand you, there is a place in the IRS return that will allow you to enter credits for up to 3 years or possibly longer?
That would be great but if you live in a taxable income state will they allow you the same option?

MJ
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Old 08-16-2007, 05:33 AM   #30
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
The SSA Form is SSA-521 which is here as a pdf http://www.ssa.gov/online/ssa-521.pdf. BTW there is no 3 year limitation and, insofar as the information I have received from the SSA, the major requirement is that you return all benefits paid WITHOUT interest. If you are over 65 that also includes paying out of pocket for Medicare. The entry on the 1040 for returned SS benefits also is not limited to 3 years at all. Of course if you wait too long you could get into a negative income position on the return and I am not sure if you would get benefit of a Net Loss Carry Forward to the following years.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 08-17-2007, 10:55 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Quote:
Originally Posted by R Wood View Post
The SSA Form is SSA-521 which is here as a pdf http://www.ssa.gov/online/ssa-521.pdf. BTW there is no 3 year limitation and, insofar as the information I have received from the SSA, the major requirement is that you return all benefits paid WITHOUT interest. If you are over 65 that also includes paying out of pocket for Medicare. The entry on the 1040 for returned SS benefits also is not limited to 3 years at all. Of course if you wait too long you could get into a negative income position on the return and I am not sure if you would get benefit of a Net Loss Carry Forward to the following years.
Thanks for the update.

I mentioned up the 3 years because I thought I would have to do an amended return and which is limited to the past 3 years. Of course, if you had a decent amount of medical expenses, going beyond 65 might not be a good idea.

I still have lots time to think about that option (if it will be available) as I have over 2 1/2 years before I can collect.

MJ
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Old 09-16-2007, 02:34 PM   #32
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
Does anyone have first-hand experience or know personally someone who has taken early SS and paid it back at a later date to draw the higher amount? Sounds too good to be true. At times like this I usually look for the: "however"; "but"; "if"; "except when"; etc.
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Old 09-16-2007, 02:46 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,880
Quote:
Does anyone have first-hand experience or know personally someone who has taken early SS and paid it back
Do you mean to imply that it is some kind of urban legend? Possibly so, I had never questioned it since all of the info reported on this forum is almost 100% accurate, or at least that is what I have been led to believe...

I have never spoken to anyone who has done this. I would also be interested in hearing from anyone who has such experience.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 09-16-2007, 03:19 PM   #34
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Stay tuned: I sent a SSA-521 to SS asking to do this last week. Asked them to send me the number to put on the check, withdraw the application, and in the interim where should I send the past, current and future, MEDICARE Premiums. Let you know when I get a response.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 09-16-2007, 03:21 PM   #35
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,075
Quote:
Originally Posted by R Wood View Post
Let you know when I get a response.
Great! I'll be very interested to see what they have to say to your request.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 09-16-2007, 03:59 PM   #36
Recycles dryer sheets
 
Join Date: Jun 2007
Posts: 359
Poster 2B pointed out this article to us a few days ago:
Where can a 70-year-old buy the least expensive life annuity?

My conclusion - there's no reason under the sun not to take SS as early as possible. The risks of waiting are: you may not live long enough to receive as much (or any) benefit, and the politicos can change the system (hint: the changes won't be in your favor).
__________________
FinanceGeek is offline   Reply With Quote
Old 09-16-2007, 04:48 PM   #37
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
Quote:
Originally Posted by R Wood View Post
Stay tuned: I sent a SSA-521 to SS asking to do this last week. Asked them to send me the number to put on the check, withdraw the application, and in the interim where should I send the past, current and future, MEDICARE Premiums. Let you know when I get a response.
What did you list as the reason you were withdrawing your application?
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Old 09-16-2007, 05:07 PM   #38
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
I had considered delaying SS till 70. The reason is the higher payment. You see I have three pension checks (SS included) All go down with my death. We live comfortable on two checks plus a 4% SWR. So, it seems to make sense to delay SS.
__________________
Rustic23 is online now   Reply With Quote
Old 09-16-2007, 05:41 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,382
Quote:
Originally Posted by Rustic23 View Post
You see I have three pension checks (SS included) All go down with my death.
Hey, at least you are not likely to wake up some night with a hole in your head and DW standing nearby with a smoking gun. Good planning!

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is online now   Reply With Quote
Old 09-16-2007, 06:23 PM   #40
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
Quote:
Originally Posted by Rustic23 View Post
I had considered delaying SS till 70. The reason is the higher payment. You see I have three pension checks (SS included) All go down with my death. We live comfortable on two checks plus a 4% SWR. So, it seems to make sense to delay SS.
Quote:
Originally Posted by haha View Post
Hey, at least you are not likely to wake up some night with a hole in your head and DW standing nearby with a smoking gun. Good planning!

Ha
Yep. Always want to be worth more alive than dead. Don't want to give the DW any strange ideas.
__________________

__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Scott Burns: The Critical 50’s REWahoo Young Dreamers 50 07-21-2008 12:35 AM
Scott Burns' own story sparkee Other topics 3 10-09-2005 03:01 PM
Scott Burn's Swan Song? Telly FIRE and Money 26 10-05-2005 01:58 PM
Scott Burns -- Longevity Risk intercst FIRE and Money 12 01-09-2005 11:54 AM
Scott Burns doesn't want us to retire! Telly FIRE and Money 27 11-06-2003 01:53 PM

 

 
All times are GMT -6. The time now is 02:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.