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Old 08-08-2007, 07:29 PM   #21
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I don't know if I can retire yet at 62 and if you keep earning wages you can't collect it.
I made about 5K in the stock market to day if I could do that every day I could retire soon.
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Old 08-08-2007, 10:50 PM   #22
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My DW is calling it her shoe money. Emelda move over.
I think we may delay due to Roth conversion priorities... but if the math doesn't work for that, then early it is.
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Old 08-09-2007, 09:20 AM   #23
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Welllll - my 62nd birthday came in July 2005 and I 'decided' to wait - then along came Katrina at the of August - and some deaths in the household.

My warm confidence in my longevity got a tad shaky. Took early SS in 2006.

And I get to pay taxes on it. Makes the IRS happy.

There are plans/theories - and then there's what you actually do in life!

heh heh heh heh - . Hindsight says July 98 I was 55 and a month later Hurricane George arrived requiring 'some remodeling' so I took my pension a bit earlier 'than the plan' also.
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Old 08-09-2007, 10:55 AM   #24
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Originally Posted by cute fuzzy bunny View Post
Gosh, all that sounds incredibly familiar.

And didnt I say, perhaps tongue in cheek, that since he wrote an article last year supporting taking it early, this year saying take it late, that he'd shortly moderate both opinions?

And voila...

CFB... how can you be right if you only stick to one position... throw out many and then you are always right...
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Old 08-09-2007, 01:13 PM   #25
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I'm going to delay taking it......until my earliest possible opportunity at 62!!! Although I may live into my 90's, there's also the chance that I'll never see tomorrow! I'll get it, while the gettin's good!

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Take it, and if you don't need it, invest it, but always enjoy it.
And like Eagle said....I can always invest it!
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Old 08-09-2007, 11:47 PM   #26
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There is the option (with it still is available) to begin collecting at 62 (or later) then 3 years later, return the money to SSA and start collecting for real at 66. In the mean time, you had use of the "your" money. Of course, you would want to amend your tax returns for the last 3 years to get back any taxes you may have paid for your SS payments.

So far, I don't believe anyone here has tried this yet.

MJ
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Old 08-10-2007, 12:02 AM   #27
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Apparently you dont even have to amend your taxes. Theres a place on the return to do it all as a credit in one year.
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Old 08-10-2007, 12:16 PM   #28
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There is the option (with it still is available) to begin collecting at 62 (or later) then 3 years later, return the money to SSA and start collecting for real at 66. In the mean time, you had use of the "your" money. Of course, you would want to amend your tax returns for the last 3 years to get back any taxes you may have paid for your SS payments.

So far, I don't believe anyone here has tried this yet.
Huh, are you kidding me ?

Kinda like "stoozing" on credit-card 0% balance-transfer offers ?

And the SS doesn't want ANY interest on the returned money, wow !
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Old 08-16-2007, 02:04 AM   #29
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Apparently you dont even have to amend your taxes. Theres a place on the return to do it all as a credit in one year.
I just caught your comment cfb. If I understand you, there is a place in the IRS return that will allow you to enter credits for up to 3 years or possibly longer?
That would be great but if you live in a taxable income state will they allow you the same option?

MJ
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Old 08-16-2007, 04:33 AM   #30
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The SSA Form is SSA-521 which is here as a pdf http://www.ssa.gov/online/ssa-521.pdf. BTW there is no 3 year limitation and, insofar as the information I have received from the SSA, the major requirement is that you return all benefits paid WITHOUT interest. If you are over 65 that also includes paying out of pocket for Medicare. The entry on the 1040 for returned SS benefits also is not limited to 3 years at all. Of course if you wait too long you could get into a negative income position on the return and I am not sure if you would get benefit of a Net Loss Carry Forward to the following years.
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Old 08-17-2007, 09:55 PM   #31
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The SSA Form is SSA-521 which is here as a pdf http://www.ssa.gov/online/ssa-521.pdf. BTW there is no 3 year limitation and, insofar as the information I have received from the SSA, the major requirement is that you return all benefits paid WITHOUT interest. If you are over 65 that also includes paying out of pocket for Medicare. The entry on the 1040 for returned SS benefits also is not limited to 3 years at all. Of course if you wait too long you could get into a negative income position on the return and I am not sure if you would get benefit of a Net Loss Carry Forward to the following years.
Thanks for the update.

I mentioned up the 3 years because I thought I would have to do an amended return and which is limited to the past 3 years. Of course, if you had a decent amount of medical expenses, going beyond 65 might not be a good idea.

I still have lots time to think about that option (if it will be available) as I have over 2 1/2 years before I can collect.

MJ
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Old 09-16-2007, 01:34 PM   #32
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Does anyone have first-hand experience or know personally someone who has taken early SS and paid it back at a later date to draw the higher amount? Sounds too good to be true. At times like this I usually look for the: "however"; "but"; "if"; "except when"; etc.
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Old 09-16-2007, 01:46 PM   #33
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Does anyone have first-hand experience or know personally someone who has taken early SS and paid it back
Do you mean to imply that it is some kind of urban legend? Possibly so, I had never questioned it since all of the info reported on this forum is almost 100% accurate, or at least that is what I have been led to believe...

I have never spoken to anyone who has done this. I would also be interested in hearing from anyone who has such experience.
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Old 09-16-2007, 02:19 PM   #34
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Stay tuned: I sent a SSA-521 to SS asking to do this last week. Asked them to send me the number to put on the check, withdraw the application, and in the interim where should I send the past, current and future, MEDICARE Premiums. Let you know when I get a response.
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Old 09-16-2007, 02:21 PM   #35
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Let you know when I get a response.
Great! I'll be very interested to see what they have to say to your request.
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Old 09-16-2007, 02:59 PM   #36
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Poster 2B pointed out this article to us a few days ago:
Where can a 70-year-old buy the least expensive life annuity?

My conclusion - there's no reason under the sun not to take SS as early as possible. The risks of waiting are: you may not live long enough to receive as much (or any) benefit, and the politicos can change the system (hint: the changes won't be in your favor).
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Old 09-16-2007, 03:48 PM   #37
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Stay tuned: I sent a SSA-521 to SS asking to do this last week. Asked them to send me the number to put on the check, withdraw the application, and in the interim where should I send the past, current and future, MEDICARE Premiums. Let you know when I get a response.
What did you list as the reason you were withdrawing your application?
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Old 09-16-2007, 04:07 PM   #38
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I had considered delaying SS till 70. The reason is the higher payment. You see I have three pension checks (SS included) All go down with my death. We live comfortable on two checks plus a 4% SWR. So, it seems to make sense to delay SS.
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Old 09-16-2007, 04:41 PM   #39
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You see I have three pension checks (SS included) All go down with my death.
Hey, at least you are not likely to wake up some night with a hole in your head and DW standing nearby with a smoking gun. Good planning!

Ha
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Old 09-16-2007, 05:23 PM   #40
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I had considered delaying SS till 70. The reason is the higher payment. You see I have three pension checks (SS included) All go down with my death. We live comfortable on two checks plus a 4% SWR. So, it seems to make sense to delay SS.
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Hey, at least you are not likely to wake up some night with a hole in your head and DW standing nearby with a smoking gun. Good planning!

Ha
Yep. Always want to be worth more alive than dead. Don't want to give the DW any strange ideas.
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