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Old 05-02-2016, 12:02 AM   #21
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SS updates slower than molasis!!! Retired in 2012, at least I think (alziemers already) Took several yrs for the -0- to even show up. It did drop $50 mth after the second yr of -0- actually showed up but has held since? I still have quite a while before receiving ss. Last I talked to our local ss office they said it was averaged off 30 yrs. Just seen something on another site, not official ss site, that said averaged off 35 yrs so will have to check this out further.
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Old 05-02-2016, 05:00 AM   #22
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My DW just started receiving her SS benefits. It was $10 more per month than we expected and the payments didn't start until 2 months after she applied. Interesting fact that we didn't know...the payments are not necessarily made on the the first day of the month. They're based on your birth date. She receives her payment on the third Wednesday of the month.
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Old 05-02-2016, 07:02 AM   #23
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Nice! $320+ looks great. I assume the $320 includes inflation-adjustments.


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The last SS statement I found for DH was 2005.

(I admit to being a teeny bit behind on filing).

Husband started collecting SS in March 2015. The 2005 prediction was about $320 below what his SS checks are.
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Old 05-02-2016, 07:13 AM   #24
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Hi Hyper .. did you retire before retirement age. I guess that's why it dropped?

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SS updates slower than molasis!!! Retired in 2012, at least I think (alziemers already) Took several yrs for the -0- to even show up. It did drop $50 mth after the second yr of -0- actually showed up but has held since? I still have quite a while before receiving ss. Last I talked to our local ss office they said it was averaged off 30 yrs. Just seen something on another site, not official ss site, that said averaged off 35 yrs so will have to check this out further.
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Old 05-02-2016, 10:10 AM   #25
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I'm just interested in the difference between 'actual' and 'projected'. So, if the difference is $1.45 or $5.80 .. that's what I'm interested in. How close is the estimated vs. actual income
My numbers were within a few bucks; and to the upside at that. Don't remember exact but it seems it was something like $5-$10 a month.

I also found that not working for 10 years before taking SS at 62 didn't move the needle more than about a half-percent a month; but then there were COLAs that made up the difference. YMMV
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Old 05-02-2016, 11:29 AM   #26
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mine were very close, but as the projections assumed, I continued to work until age 62, at pretty much the same income (slight income increases w/ inflation essentially)
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Old 05-04-2016, 05:02 PM   #27
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By coincidence, I got a letter from SocSec today, due to an update I had given them last week. They included my expected benefit (starting later this year), and it matched to the penny my own estimate calculated a few months ago with the downloaded AnyPIA program. So that definitely seems to be the best calculator.
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Old 06-10-2016, 08:50 AM   #28
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I need to educate myself on ss. However my sil asked a question, can you take ss continue to work and get the full amount if your over 65.
Is it taxed at 85% or the full amount.



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Old 06-10-2016, 09:10 AM   #29
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Yes, you can collect SS benefits and continue to work. If you are FRA your benefits are not reduced. The amount of SS that is taxable depends on your other income and filing status.

https://www.ssa.gov/planners/taxes.html

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No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:
  • file a federal tax return as an "individual" and your combined income* is
    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
    • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
    • more than $44,000, up to 85 percent of your benefits may be taxable.
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Old 06-10-2016, 09:28 AM   #30
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Yes, you can collect SS benefits and continue to work. If you are FRA your benefits are not reduced. The amount of SS that is taxable depends on your other income and filing status.

https://www.ssa.gov/planners/taxes.html
Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?
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Old 06-10-2016, 10:56 AM   #31
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Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?
They have not been adjusted for inflation.
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Old 06-10-2016, 10:58 AM   #32
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Quote:
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Those amounts seem very familiar. I believe they have not been adjusted for inflation for many years. Or am I wrong? Thus, it amounts to a tax increase on SS recipients in terms of real dollars.

So, where is the omnipotent old-folks lobby that I hear so much about?
True, but only for people near the breakpoints. For most people on these boards and that I know, 85% is taxable.
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