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Old 08-03-2010, 10:58 PM   #61
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Because the guy who built the web site went to school in Balitmore.
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Old 08-04-2010, 06:20 AM   #62
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[QUOTE=nphx;964347]
Quote:
Originally Posted by rescueme View Post
This is the one I use:

https://secure.ssa.gov/acu/ACU_KBA/m...main.jsp&LVL=4

QUOTE]

jeeze why would the ssa.gov web site SSL certificate reveal a typo like its registered in "Balitmore" Maryland
Since the IRS/SS server farms are located 200+ feet below the city surface, it's to signify (in code) to its actual location ...
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Old 08-08-2010, 06:33 AM   #63
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A current article to add as a refrence to this thread:

secrets-to-maximizing-social-security: Personal Finance News from Yahoo! Finance
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Old 08-08-2010, 07:24 AM   #64
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Sigh............same typical innumeracy as all these articles.

Ignore the time value of money, ignore inflation, consider a dollar now to be the same value as a dollar 8 years away.

Get breathlessly excited at discovering that you can get ten dimes for merely one dollar!!!!!

Ignore the clear words of the SSA: "SS benefit payments at any age between 62 and 70 are actuarially equal. At 62 you collect for more years therefore smaller payment, at 70 you collect for fewer years therefore larger payments. The total lifetime benefits are the same no matter when you start."
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Old 08-08-2010, 08:22 AM   #65
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Originally Posted by rayvt View Post
Ignore the clear words of the SSA: "SS benefit payments at any age between 62 and 70 are actuarially equal. At 62 you collect for more years therefore smaller payment, at 70 you collect for fewer years therefore larger payments. The total lifetime benefits are the same no matter when you start."
Assuming you're talking about single-life SS benefits, true. When talking about other combinations, it may not be.
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Old 08-08-2010, 10:08 AM   #66
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Has anyone looked at taking SSN at 62, saving it...with the express intent of paying it back at age 67 to get the higher monthly benefit? That way if we don't make it to 67, we have at least been paid something and if we do live to 67, we can use it to "buy" ourselves a greater benefit. Of course this only works if a person doesn't actually need it to live on at age 62. Don't know a lot about how this "piece" of it works or if it is a dollar for dollar pay back.
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Old 08-08-2010, 10:18 AM   #67
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I'm sure some will ask "why would you do that"? In reference to my post above. But when one thinks about it: ...who else can you give about $100K (20K X5 years of SSN payments from age 62 to 67)...to (meaning you pay back everything you received since age 62) ....and get an almost $2,000 a month (or better) income stream for life? Better than any annuity I have looked at the last 4 years. To get that with current annuities you'd have to give the annuity company close to $500,000 since most allow you only a 4% to 5% withdrawal (without huge penalties!). Just a thought.
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Old 08-08-2010, 10:26 AM   #68
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Sheesh, the take it at 62, save/invest it and pay it back (usually at 70, not 67) is one of many SS options written about at length, both on this forum and elsewhere. A Google search should pull up dozens of links.
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Old 08-08-2010, 02:55 PM   #69
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Quote:
Originally Posted by sheehs1 View Post
Has anyone looked at taking SSN at 62, saving it...with the express intent of paying it back at age 67 to get the higher monthly benefit? That way if we don't make it to 67, we have at least been paid something and if we do live to 67, we can use it to "buy" ourselves a greater benefit. Of course this only works if a person doesn't actually need it to live on at age 62. Don't know a lot about how this "piece" of it works or if it is a dollar for dollar pay back.
Odd that you ask that. In fact, here's my spreadsheet, which you can plug your own numbers & assumptions into.

https://spreadsheets.google.com/ccc?...0d19pTnc&hl=en
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Old 08-08-2010, 03:09 PM   #70
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Originally Posted by sheehs1 View Post
I'm sure some will ask "why would you do that"? In reference to my post above. But when one thinks about it: ...who else can you give about $100K (20K X5 years of SSN payments from age 62 to 67)...to (meaning you pay back everything you received since age 62) ....and get an almost $2,000 a month (or better) income stream for life? Better than any annuity I have looked at the last 4 years.
Ahhh, yes. As long somebody is a match for the conditions it's a good deal.
IF you saved all the SS payments you've received since age 62, and
IF you didn't have any significant amount of W-2 wage income after 62, and
IF you want to buy a SPIA between ages 67 and 70, and
IF you want the SPIA income to be a specific amount that the SSA will determine (not more, no less----that exact amount), and
IF you want your spouse to get 50% payments after you die (you can't pick any other beneficiary and you can't make it a single-life annuity with higher benefits).

THEN it's a good deal.

Problem as I see it ----- this describes an infinitesimal number of people.

Also, it's a person who could retire at 62, and didn't need the SS money at age 62, so they were able to save it all. But this pretty much describes somebody who is financially independent & financially astute. But if they didn't need the monthly SS checks at 62, they probably also don't need the SS checks (albeit larger) at age 67. So why would they find it desirable to do this?
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Old 08-08-2010, 07:51 PM   #71
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Thanks REWahoo and rayvt....I am 55.... so am a few years away from having to make the decision.
To answer your question rayvt :
Also, it's a person who could retire at 62, and didn't need the SS money at age 62, so they were able to save it all. But this pretty much describes somebody who is financially independent & financially astute. But if they didn't need the monthly SS checks at 62, they probably also don't need the SS checks (albeit larger) at age 67. So why would they find it desirable to do this?

Perhaps someone who may not need the social security payments to pay bills but wants to "get into the system" before they make changes for "new" people entering the system....recognizing they can change anything they want to change. Perhaps also one that may be able to live off K1 income (not W2 earned income) from a family business but would like to save the SSN to buy herself a bigger monthly benefit in the event the K1 income doesn't continue - some protection against this I suppose. ...Using it to help pay medical bills instead of money it took so long to save, possibly leaving children some money....as it looks like they will need it. There are a multitude of reasons for someone possibly planning to or wanting to perhaps think about doing it this way...
I suppose it would be a year by year thing...depending on which factors come into play.
Question: If a person is able to do it...would it be a smart thing to do?
Thank you for the link...I have plugges in my numbers and printed it out!
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SS Article for Married Folks...
Old 08-12-2010, 07:09 AM   #72
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SS Article for Married Folks...

From M*:

Those that are single can skip the article, but it contains some goodies for those who are married and unaware of some of your SS options:

Social Security Maximization for the Married
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