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Old 03-26-2010, 06:04 PM   #21
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I read about the do over in a couple of articles over the years. It sounded like it might be a hassle... after the OP story, I am even more convinced.

Our goal is to hedge against longevity (to some degree with SS). Since DW and I both are due SS, we will take one SS at 62 and the other SS at 66.x or 70 (depending on our situation at the time). That way the survivor will have a larger inflation indexed annuity.
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Old 03-26-2010, 06:28 PM   #22
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Quote:
Originally Posted by FIRE'd@51 View Post
Could you provide a link to this?
Bogleheads :: View topic - SSA Form 521/IRS help desperately needed=

Currently the last entry on the post (as related to tax form situation). As far as all the other posts related to his "hassles", they are spread out and go back a couple of years. If he talked about it here, I'm sure it's the same situation.

As far as the comment on taking SS early (incase you die), I've commented on this before, but I really don't care if I die before I'm "paid back" what I put in. Money is for the living - not the dead.

Our plan not only ensures the maximum SS benefit, but it also reduces the amount of excessive RMD withdrawls after age 70.5 thus reducing taxes, since we're doing a drawdown of our TIRA's in our ER. In addition, it maximizes the amount of benefit to my wife, assuming I pass first (we're the same age).

I ran the analysis using Fidelity's RIP forecast, which gives you the breakdown year by year concerning withdrawl %, tax impact, RMD's, etc. and the breakdown of our various investments.

Using the parameters of all other retirement income/expenses and only changing the age of starting SS (a mix of different dates for both of us), showed that the best financial sense for our situation is for my DW to take it at age 66, me to file for 50% spousal benefits at the same time, and then take my SS at age 70, both for the higher benefit and the benefit to my wife when I pass.

Hey, we all have our own decisions to make. This is ours ...
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Old 03-26-2010, 10:08 PM   #23
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My dad took SS at 62.5 years and did a "do-over" at age 66. As I recall, the paperwork consisted of one form, followed by a check from his account for the actual amount he received during the years he was relinquishing. His biggest problem was getting through to the right person at SS (i.e., most of the clerks at the local office had never heard of the do-over.) BTW, he's 91 now and told me the other day that he was glad he did the do-over.
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Old 03-28-2010, 09:11 PM   #24
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Awhile ago there was great discussion about paying back the collected SS funds a couple months before 70 and re-starting your SS benefits. I just returned from the SS office this morning; and, when I asked if and when this will come into effect, nobody seemed to have any knowledge of this. In fact, the gals there at the desk--who deal with questions like this every day--say they haven't heard a thing about it and seemed shocked.
I asked how would I even know if the law was changed regarding paying back and re-starting at 70 being no longer allowed, and I was told it would be on the socialsecurity.gov website.
However, they, also, said that--even IF it became law--it would take a good year to go into effect. So, for now, I am at the "What? Me worry?" stage--unless someone on this board has better information than I got...other than the guy at the corner gas and grocery telling them.

Here's the link to Social Security:
Social Security Online - The Official Website of the U.S. Social Security Administration

Obviously, I gave the wrong impression of the gals at the SS office: yes, they did know about the law and no, they had not heard anything at all about the law changing. I gather there are people in this area doing the re-set thing here, so they did know what I was talking about. The gals were shocked to hear that the law would be changing as they had never had a note or memo or anything about that. Sorry to have given an incorrect impression about the matter (note to self: write clearer as people cannot read my mind).

Does anyone know what we should put into the "search" column here to find the old links to posts on this issue? Not sure "social security" is going to find it quickly if you get my drift.

From reading these posts, looks like the form is Form 521?
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Old 03-28-2010, 09:31 PM   #25
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Well, I had to go all the way back to July, 2009, and work my way up to January, 2010, where I found it:

Warning: Social Security PayBack System May be Discontinued

And here we are: Form 521...BINGO!!!

http://www.ssa.gov/online/ssa-521.pdf



Yeah!!!!!
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Old 03-28-2010, 11:53 PM   #26
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Wow, that is even more gloomy and ghoulish than my post! Just be sure to hose off the streets...
This thread is useless without pictures...

Sorry FD isn't around so it had to be said.
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Old 03-29-2010, 07:40 AM   #27
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This thread is useless without pictures...

Sorry FD isn't around so it had to be said.
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Old 03-29-2010, 11:29 AM   #28
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Please explain that symbolic meaning, DonHeff.

My biggest concern down the road is will it kick me into a larger tax bracket. If so, payback time.
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Old 03-29-2010, 11:33 AM   #29
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Please explain that symbolic meaning, DonHeff.

My biggest concern down the road is will it kick me into a larger tax bracket. If so, payback time.
You said that you intended to point out that you were worried that the social security payback provision might be discontinued (the ladies at SSA were not aware of that). Clifp said we need pictures. I Googled for an "elderly betrayed" image to symbolize withdrawal of the provision - that image jumped out even though it isn't quite on point.

I guess in this case an image needs a thousand words to make sense
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Old 03-29-2010, 11:55 AM   #30
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Ah, thanks, DonHeff...I was somewhat confused by the photo.
I did read the thread pointed out above from the Bogleheads board. Seems a couple had problems getting the correct amount to re-pay. Best suggestion there was just go straight for a Supervisor if this happens. You can't expect the government to actually know what they are doing I guess (apologies to those on this board who work for the government and actually know what they are doing).
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