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social security changes
Old 11-04-2015, 02:54 PM   #1
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social security changes

I thought I was already for social security, plan in hand, when they go and completely destroy my plan. No more file and suspend, no more claiming spousal benefits while yours grow from FRA to 70. I notice most of the online calculators have not updated to reflect the new changes. Are there any updated calculators? How have the changes affected others plans?
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Old 11-04-2015, 03:22 PM   #2
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There are a couple other threads going on this. Search in the google bar above and you'll find them.
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Old 11-04-2015, 04:08 PM   #3
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I added the last 2 threads discussing the new changes to the FAQ's archive

(FAQ Archive) When to take SS
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Old 11-04-2015, 04:16 PM   #4
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The most interesting thing about the changes IMHO are not the changes per se, but the very, very short fuse Congress applied to the grandfathering period. Effectively if you weren't already of SS age (62 or better) you were/are out of luck.
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Old 11-04-2015, 06:40 PM   #5
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With respect, Alan, might you place the threads in the archive so that most recent threads appear first; in reverse chronological order? These are usually the more currently topical discussions. In this case, the older threads about filing strategies are soon-to-be irrelevant.
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Old 11-04-2015, 07:01 PM   #6
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The most interesting thing about the changes IMHO are not the changes per se, but the very, very short fuse Congress applied to the grandfathering period.
Yep! I'm proud of 'em! Something needed to be done. They had an opportunity. They did it! And they made it effective in the immediate future.

Doesn't seem like our Congress. Maybe foreign subversives took over in disguise?
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Old 11-04-2015, 08:16 PM   #7
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With respect, Alan, might you place the threads in the archive so that most recent threads appear first; in reverse chronological order? These are usually the more currently topical discussions. In this case, the older threads about filing strategies are soon-to-be irrelevant.
Good idea, I've sorted them by year.
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Old 11-05-2015, 06:56 AM   #8
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Fidelity put what I consider a very concise explanation of the changes on their website.
New Social Security rules
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Old 11-05-2015, 07:10 AM   #9
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Now at least I don't have to rack my brain about what the best strategy would be for me and the DW. . . .
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Old 11-05-2015, 08:21 AM   #10
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Now at least I don't have to rack my brain about what the best strategy would be for me and the DW. . . .
+1
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Old 11-05-2015, 08:30 AM   #11
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I bought the book "Get what is Yours" this year. I guess these changes make the book irrelevant too. I knew changes were possible so probably should not have bought the book!
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Old 11-05-2015, 08:34 AM   #12
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I bought the book "Get what is Yours" this year. I guess these changes make the book irrelevant too. I knew changes were possible so probably should not have bought the book!
I bought the book too. I wonder if Amazon will take it back.
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Old 11-05-2015, 08:54 AM   #13
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The other threads I found were closed.

Despite their spin, I was very surprised to see AARP supporting the end of file & suspend. I was even more surprised at the tiny % of file & suspenders they cite - I assume most here were planning on it. If the % they report are true, it will do little to help SS solvency. But I think ending file & suspend is generationally fair, even though it'll cost us personally.
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3. We closed loopholes that endangered Social Security. A very small number of people — perhaps less than one-tenth of 1 percent of all Social Security recipients nationwide — took advantage of so-called file-and-suspend claiming strategies to increase their take. It was all perfectly legal but wasn’t doing anyone (other than the tiny fraction of recipients employing these strategies) any good. As a result, these loopholes — and the unnecessary drain on the Social Security system they created — have been closed.

Of course, some people like loopholes. For example, certain outfits that had been selling software intended to instruct people how to exploit these (now closed) loopholes are making noise and pointing fingers — but, hey, it’s a free country.
Budget Act Safeguards Social Security, Medicare for Older Americans – AARP
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Old 11-05-2015, 09:23 AM   #14
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The other threads I found were closed.

Despite their spin, I was very surprised to see AARP supporting the end of file & suspend. I was even more surprised at the tiny % of file & suspenders they cite - I assume most here were planning on it. If the % they report are true, it will do little to help SS solvency. But I think ending file & suspend is generationally fair, even though it'll cost us personally.
Budget Act Safeguards Social Security, Medicare for Older Americans AARP
Article seemed to be a reasonable response by AARP. Thanks for link. Always interesting to read how AARP reacts (being the 800 lb. gorilla in the room).

Notwithstanding we would have most likely F&S (can't now miss age cutoff) seems a small price to pay and it does/did have that "loophole" feeling about it.
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Old 11-05-2015, 09:40 AM   #15
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I think ending file & suspend is generationally fair, even though it'll cost us personally.[/url]
But it doesn't cost us much. I haven't read a post yet where the poster feels his/her FIRE status is threatened by this minor change. It's the right thing to do, nobody receives less SS based on their own earnings and corrects an unintended consequence of the recent 2000 legislation that enabled it.

It's reminiscent of the recent change where we can now no longer start SS at 62 and, if desired, pay back the accumulated benefits (without interest!) and then receive a higher SS.

IMHO, there is still much cleaning up to do in the SS rules and regs to return the program to what it was intended to be. I hope Congress has the gumption and smarts to keep moving on these sort of things.
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Old 11-05-2015, 09:40 AM   #16
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Less complication is good. Now let's work on the tax code.
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Old 11-14-2015, 04:18 AM   #17
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I thought I was already for social security, plan in hand, when they go and completely destroy my plan. No more file and suspend, no more claiming spousal benefits while yours grow from FRA to 70. I notice most of the online calculators have not updated to reflect the new changes. Are there any updated calculators? How have the changes affected others plans?
fidelity had just released their ss tool a few weeks prior . it was for their own in house use and now it has been pulled back .
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Old 11-14-2015, 08:10 AM   #18
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Now at least I don't have to rack my brain about what the best strategy would be for me and the DW. . . .
+1 ...and miles of spreadsheet!
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Old 11-14-2015, 08:50 AM   #19
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Now at least I don't have to rack my brain about what the best strategy would be for me and the DW. . . .
I've still got to determine/guess whether it would be better to take DW's SS at 62 or 66. Mine at 70 hasn't changed, to lock in the maximum spousal benefit.

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I bought the book "Get what is Yours" this year. I guess these changes make the book irrelevant too. I knew changes were possible so probably should not have bought the book!
I made another one of my brilliant/lucky investment decisions and checked it out of the library.

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Less complication is good. Now let's work on the tax code.
Dream on.
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Old 11-14-2015, 12:36 PM   #20
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Now at least I don't have to rack my brain about what the best strategy would be for me and the DW. . . .
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