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09-17-2007, 05:35 AM
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#41
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Quote:
Originally Posted by Bikerdude
What did you list as the reason you were withdrawing your application?
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Just that "This application is based the fact that I did not realize it was to our long-term financial benefit to delay my application for benefits.".
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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09-17-2007, 05:38 AM
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#42
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Quote:
Originally Posted by Bikerdude
What did you list as the reason you were withdrawing your application?
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"This application is based the fact that I did not realize it was to our long-term financial benefit to delay my application for benefits."
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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I'm treating it like an annuity...
09-17-2007, 03:07 PM
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#43
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Recycles dryer sheets
Join Date: Nov 2004
Posts: 244
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I'm treating it like an annuity...
We won't need the money. I'm treating it like an annuity (and a form of insurance) for my wife. Untouched, my SS will grow at 8.5% per year until age 70. That's a guaranteed amount of money increase and one hard to find elsewhere. So, should I predecease my spouse, she'll have a substantial additional amount of money to live on (we have other money and pensions, so SS would be on top of the other stuff).
Rich
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09-18-2007, 05:26 AM
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#44
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,691
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Quote:
Originally Posted by FinanceGeek
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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1.If I die early, I don't care. If I die late and postpone SS I can go around
tell everybody I'm sticking it to the man
2. They not going to change the system, they'll change the tax laws like
they did before.
TJ
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10-27-2007, 02:10 PM
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#45
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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If you remember I sent in a SS-521 regarding withdrawal of an application for SS, repayment of all benefits paid to date back in September 2007. The form and a cover letter was sent to our local office here. Well this week (10/25) I got a call from a SS Rep in CHICAGO and we had a rather long discussion. She just wanted to know if I knew what I was asking. She said it was "my decision" and SS would honor the request but she also recommended that I go talk to a local SS Rep at the local office before I actually withdraw the application. I said "sure, I'll would go". Called the SS at the 1-800 number she provided and we have a "sit down" scheduled for 11/20. Will follow up after the "sit down".
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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10-27-2007, 02:12 PM
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#46
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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R Wood, thanks for the update. Please continue to keep us posted on your progress.
__________________
Numbers is hard
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10-27-2007, 06:06 PM
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#47
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
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Quote:
Originally Posted by R Wood
If you remember I sent in a SS-521 regarding withdrawal of an application for SS, repayment of all benefits paid to date back in September 2007. The form and a cover letter was sent to our local office here. Well this week (10/25) I got a call from a SS Rep in CHICAGO and we had a rather long discussion. She just wanted to know if I knew what I was asking. She said it was "my decision" and SS would honor the request but she also recommended that I go talk to a local SS Rep at the local office before I actually withdraw the application. I said "sure, I'll would go". Called the SS at the 1-800 number she provided and we have a "sit down" scheduled for 11/20. Will follow up after the "sit down".
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Keep us posted. Very interested in the out-come along with the particulars. What reason did you give them for your deciding to withdraw your application? How long have you been drawing benefits?
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
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10-27-2007, 07:29 PM
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#48
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Quote:
Originally Posted by packrat44
Keep us posted. Very interested in the out-come along with the particulars. What reason did you give them for your deciding to withdraw your application?
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Quote:
Originally Posted by R Wood
"This application is based the fact that I did not realize it was to our long-term financial benefit to delay my application for benefits."
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.
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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