Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-31-2010, 02:32 PM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Ha,

Are you paying back with immediate restart? Or paying back and restarting sometime later?
__________________

__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet 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 08-31-2010, 02:51 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Quote:
Originally Posted by youbet View Post
Ha,

Are you paying back with immediate restart? Or paying back and restarting sometime later?
The clerk did not offer me the option of immediately restarting. She said SS will send me a bill for what I have received, and that I should pay that invoice and "wait a bit for it to work through the system" before applying again. Practically speaking, I will try to figure out the interactions between Medicare Pt B premium and SS being withdrawn vs. active payments and perhaps I will start again in time to get payments in December, if they will let me. Otherwise I will wait until I am 70, god willing.

I hope anyone with knowledge about these interactions will post in this thread, or start another.

I did get the impression that this young woman, who was just luck of the draw when I came in and took a number, was completely familiar with the withdrawal of application process. She took a look at me and asked pointedly if I had the money to repay. Basically I don't look like I have the money to buy a good cup of coffee.

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 08-31-2010, 03:09 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by haha View Post
The clerk did not offer me the option of immediately restarting. She said SS will send me a bill for what I have received, and that I should pay that invoice and "wait a bit for it to work through the system" before applying again. Practically speaking, I will try to figure out the interactions between Medicare Pt B premium and SS being withdrawn vs. active payments and perhaps I will start again in time to get payments in December, if they will let me. Otherwise I will wait until I am 70, god willing.

I hope anyone with knowledge about these interactions will post in this thread, or start another.

I did get the impression that this young woman, who was just luck of the draw when I came in and took a number, was completely familiar with the withdrawal of application process. She took a look at me and asked pointedly if I had the money to repay. Basically I don't look like I have the money to buy a good cup of coffee.

Ha
OK, thanks.

Restarting ASAP, which apparently can take a few months, is what I meant by immediate restart, as opposed to waiting until some future year such as when you reach age 70.

I'm glad the process, greased by having a knowledgeable clerk to help, went easily for you. I hope the tax calculations go the same way........

I started SS one yr ago at 62 yo. I've been running some scenarios considering either repaying now and delaying restart or repaying later (at FRA) and restarting immediately. I've also been looking at just suspending for a few years and then restarting with the higher amount. Because DW cannot collect any of my SS due to the GPO provision, none of this provides her with any additional protection against outliving our assets. Taking SS early, as is my current case, does as it allows us to spend less from our retirement portfolio. Makes it a tough decision........
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-31-2010, 03:15 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Quote:
Originally Posted by youbet View Post
OK, thanks.

I started SS one yr ago at 62 yo. I've been running some scenarios considering either repaying now and delaying restart or repaying later (at FRA) and restarting immediately.
The only thing I think of is that if you are seriously intersted in doing this, it may disappear if you don't act soon. OTOH, surely sometime before long there will be low risk highly attractive investment opportunities. So the current cash flow contribution from SS might be helpful.

At my age I only like shooting fish in a barrel, not interested in "long term market returns".

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 08-31-2010, 03:29 PM   #45
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by haha View Post
The only thing I think of is that if you are seriously intersted in doing this, it may disappear if you don't act soon. OTOH, surely sometime before long there will be low risk highly attractive investment opportunities. At my age I only like shooting fish in a barrel, not interested in "long term market returns".

Ha
Most likely I'll stay as-is. The goal is to provide DW with some insurance against outliving our $$$ should I croak early and not be there to manage things. Unfortunately, she can't collect on my SS so no protection for her to be gained by repaying or suspending. However, while I'm collecting SS, it reduces our portfolio withdrawals dollar for dollar so at least she'd have a larger portfolio to work with, but not an annuity like SS provides.

I agree that if I wanted to repay, now is the time to do it since things are likely to change in the future.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-31-2010, 07:36 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Quote:
Originally Posted by youbet View Post
Most likely I'll stay as-is. The goal is to provide DW with some insurance against outliving our $$$ should I croak early and not be there to manage things.
That is simiar to my goal- not for a wife, but to give me some relatively safe amount that neither I nor Bernanke can screw up.

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
Update on Payback
Old 09-18-2010, 05:17 PM   #47
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Update on Payback

So far smooth as silk, no drama. I got my invoice for complete payback, the amount appears to be correct, I have the money available and my check will be in the mail on Monday.

I was nervous about this based on all the warnings on BogleHeads and elsewhere, but so far everyone I have dealt with has been well informed and happy to meet my needs.

I feel good to be buying a US govt COLA annuity at this price, whether I live to 100 or get hit by a bus this afternoon. Which unfortunately is disturbingly frequent around here and in Portland too.

I never would have started payments prior to age 70, but I was worried about liquidity during the '08 crash. Overall, unless there are special circumstances, I feel that just waiting until 70 is more secure than deliberately starting early and planning to re-do. Especially since some seem to be framing this strategy as a fat-cat fiddle.

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 10-29-2010, 10:30 AM   #48
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Two months now since I filed form 521 to pay back SS. I did get the repayment invoice from them about one month ago, and paid it. Then I heard nothing, and could find out nothing either visiting or calling. As of two weeks ago, the check had not yet cleared. I would say that communication has been spotty at best.

But today, which is on the timetable that my SS payments have been dropping into my account, I got a deposit of $1.40, rather than the usual monthly payment amount. I figure that has to be some overpayment return, or small credit balance to square my account as if I had never started payments.

Still no investment opportunities that appeal to me, so I will let it ride until age 70 to max out my monthly SS payment.

Thinking of Ben Stein's paradigm I have to feel good. I have made totally irresponsible decisions over and over, and have had my share of bad luck, but although I won't be living on a golf course I have only one more task to nail down a retirement as free from financial worries as I can get it- find and buy a low cost but nice condo in a building and neighborhood that meets my needs.

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 10-29-2010, 11:06 AM   #49
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,323
Quote:
Originally Posted by haha View Post
But today, which is on schedule that my SS payments have been dropping into my account, I got a deposit of $1.40, rather than the usual monthly payment amount. I figure that has to be some some overpayment return, or small credit balance to square my account as if I had never started payments.
Am I interpreting this correctly that you kept receiving your regular SS payments for 2 months since you filed to stop?
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
FIRE'd@51 is online now   Reply With Quote
Old 10-29-2010, 11:17 AM   #50
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Quote:
Originally Posted by FIRE'd@51 View Post
Am I interpreting this correctly that you kept receiving your regular SS payments for 2 months since you filed to stop?
Not really. Payments are received with a one month lag, so for example you get the July payment in August, August payment in September, September payment in October, etc. So my SS enrollment apparently stopped immediately, but I got one more (August) payment in arrears in September.

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 10-29-2010, 11:25 AM   #51
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,323
Quote:
Originally Posted by haha View Post
Not really. Payments are received with a one month lag, so for example you get the July payment in August, August payment in September, September payment in October, etc. So my SS enrollment apparently stopped immediately, but I got one more (August) payment in arrears in September.
Thanks. This would makes sense since they presumably wouldn't make any more payments after they sent you your invoice for the payback.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
FIRE'd@51 is online now   Reply With Quote
Update
Old 11-02-2010, 06:04 PM   #52
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,387
Update

I got letter from SS today saying that my payback and withdrawal of applicaiton has been accepted. So I'll just wait until a few months ahead of my birthday next year and apply again for benefits.

Took just a little over 2 months to complete, but so far no real hassle or difficulty.

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
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
When to take Social Security sgeeeee FIRE and Money 244 05-27-2007 10:48 AM
Social Security at 62, 66 or 70? gozzie FIRE and Money 79 03-27-2007 06:52 PM
Social Security, --- Again Sundance Kid Other topics 12 03-05-2007 08:53 PM
Social security? cute fuzzy bunny FIRECalc support 12 09-11-2006 01:47 PM
Social Security @ 62 Social Security2 Hi, I am... 1 09-21-2005 11:16 AM

 

 
All times are GMT -6. The time now is 12:58 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.