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12-21-2018, 06:13 PM
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#61
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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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I took a "mulligan" back in about 2007 after drawing SS from 2002 to 2007. DW also started hers early at age 62 and drew spousal benefits. I paid back all of what I drew and all of her spousal benefits based on my record. Pay back was about $85K. Shortly thereafter I refiled (and she received a larger spousal benefit). Had I not been a member of this site I probably would never had found out about the provision. I did it for the most part to ensure DW would have a larger benefit when I predeceased her. That did not quite work out the way we planned as she passed four years ago. I do not regret doing the "mulligan" as I now have a larger benefit to pay the increased taxes involved with being single (that is another subject for a different thread).
I still read these "when to take SS" things as I more often than not learn things.
BTW shortly after my "mulligan" they changed the timing rules.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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12-21-2018, 11:03 PM
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#62
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Quote:
Originally Posted by 2retireearly
I don't think you can do this anymore. That is, you used to be able to take SS, and then a few years later, cancel that, repay what you got, and restart ss payouts at a future date. This is no longer allowed.
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Uh, I put a link in my post to the Social Security website that I summarized in my post. If what I described is no longer allowed, I'm not sure why they still have the page on their website.
You and I may be discussing different things. The page I linked to (and my post) clearly stated that you only could take benefits for 12 months if you wanted a mulligan, and in your reply you use the phrase "a few years" - so we're talking about two different time frames.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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12-22-2018, 05:58 AM
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#63
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Confused about dryer sheets
Join Date: Feb 2018
Location: Houston
Posts: 3
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Quote:
Originally Posted by Floridatennisplayer
Wife and I are the same age 63. Both born in March of 1955. She has only worked part time during our 40 years of marriage. So last year at 62 she started taking SS and continued working part time. I am obviously the much higher wage earner.
I am planning to start SS this coming March at age 64. My SS will be nearly triple hers. I was told that when I start, she can convert to 50% of mine which would be a nice increase. I’ve been reading up on this and called SS and this seems to be the case. Any confirmation here?
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Yes. You are correct. When you start taking your social security your wife can get a spousal benefit equal to 1/2 of yours. Her benefit may be a little less than half of yours because of her age. There is an adjustment if you start taking SS before full retirement age, which I think is 67 for her.
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12-22-2018, 06:00 AM
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#64
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Confused about dryer sheets
Join Date: Feb 2018
Location: Houston
Posts: 3
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She will have to specifically apply for this benefit at your local SS office or online.
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12-22-2018, 06:13 AM
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#65
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
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Attached is the calculator from SS for this calculation of spousal benefits.
https://www.ssa.gov/OACT/quickcalc/s...tml#calculator
VW
__________________
Retired May 13th(Friday) 2016 at age 61.
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12-22-2018, 06:29 AM
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#66
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,958
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Not really accurate....as had been pointed several times in this thread alone. it would be a spousal benefit equal to 1/2 of the spouse's FRA benefit and then the number would be adjusted for an early start reduction.
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12-22-2018, 07:24 AM
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#67
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
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Quote:
Originally Posted by ivinsfan
Not really accurate....as had been pointed several times in this thread alone. it would be a spousal benefit equal to 1/2 of the spouse's FRA benefit and then the number would be adjusted for an early start reduction.
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ivinsfan, I think that is what he/she was trying to convey.
"number would be adjusted for an early start reduction."
Maybe accurate but not well stated.
__________________
Retired May 13th(Friday) 2016 at age 61.
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12-22-2018, 07:30 AM
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#68
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,958
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Quote:
Originally Posted by VanWinkle
ivinsfan, I think that is what he/she was trying to convey.
"number would be adjusted for an early start reduction."
Maybe accurate but not well stated.
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maybe but it's important to add that the spousal benetfit is based on the primary spouses FRA number not the number the primary spouse is actually collecting from SS..
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12-22-2018, 07:33 AM
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#69
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,622
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Quote:
Originally Posted by ivinsfan
maybe but it's important to add that the spousal benetfit is based on the primary spouses FRA number not the number the primary spouse is actually collecting from SS..
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Ah, good point!!
__________________
Retired May 13th(Friday) 2016 at age 61.
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12-22-2018, 07:59 AM
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#70
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Recycles dryer sheets
Join Date: Oct 2018
Location: Grand Rapids
Posts: 466
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Sounds like a pretty great plan to me!
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12-22-2018, 08:03 AM
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#71
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Recycles dryer sheets
Join Date: Oct 2018
Location: Grand Rapids
Posts: 466
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Great plan! ;)
Quote:
Originally Posted by Floridatennisplayer
It’s a multitude of things combined. Last year I read a great article on the “When to take SS” debate in the WSJ and emailed the author. A former SS Director now author and columnist. He told me you are really not going to make a major life changing mistake and it is unnecessary to stress over it. He said people over complicate it. Everyone has different situations but you really can’t hurt yourself. He said for every reason people use for waiting, you can also use the same reason for taking early.
I’m taking it in March to preserve my investments as my employment income will be over. My income in the past 15 years has always been between $140k - $235K so it’s a decent amount of SS. My SS and annuity will cover 100% of our annual expenses. So why wait I say. Enjoy it while I’m in my early years of retirement. Waiting will not change anything in my life except deplete savings. Our kids can’t inherit SS but they can our assets.
Come March I’m going to sleep, be done with stress, meetings, egotistic specialists, egotistic managers, play tennis every day, goof off with our grandkids, bob back and forth to Florida to play in a few tournaments, drink good wines, read and live the Word and have fun.
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Oops - I missed the quote. Sounds like a pretty great plan to me!
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12-22-2018, 09:12 AM
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#72
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Full time employment: Posting here.
Join Date: Dec 2006
Location: chicago burbs
Posts: 806
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Quote:
Originally Posted by REWahoo
The way SS benefits are structured you will likely find those last few 0 earnings years will have only a small impact. But as was mentioned, the way to confirm is to do some "what if" runs on the benefits calculator found on the SS website.
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Regarding the annual ss statement one gets in the mail, I would think the estimated benefits one would receive is pretty accurate. In my case, have been retired since 2010 and assume the estimated benefits take into account the "$0" earned since 2010 ??
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12-22-2018, 12:45 PM
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#73
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Quote:
Originally Posted by golfnut
Regarding the annual ss statement one gets in the mail, I would think the estimated benefits one would receive is pretty accurate. In my case, have been retired since 2010 and assume the estimated benefits take into account the "$0" earned since 2010 ??
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I think the general rule is that Social Security assumes you will earn the same as the last year of your data that they received from the IRS between now and FRA. It does take them a year or two to find out. So yes, if you've earned zero for 8 years, they've definitely figured that out and assume zero for the remainder of your "working years" when sending you the annual statement.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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12-22-2018, 01:13 PM
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#74
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Full time employment: Posting here.
Join Date: Dec 2006
Location: chicago burbs
Posts: 806
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Thanks for the response. In the meantime I verified it by using the detailed spreadsheet on the ss site entering my wages thru the years. Result was to the penny vs. my latest paper statement.
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12-23-2018, 09:57 AM
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#75
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Full time employment: Posting here.
Join Date: Mar 2009
Posts: 512
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Quote:
Originally Posted by Floridatennisplayer
Wife and I are the same age 63. Both born in March of 1955. She has only worked part time during our 40 years of marriage. So last year at 62 she started taking SS and continued working part time. I am obviously the much higher wage earner.
I am planning to start SS this coming March at age 64. My SS will be nearly triple hers. I was told that when I start, she can convert to 50% of mine which would be a nice increase. I’ve been reading up on this and called SS and this seems to be the case. Any confirmation here?
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My situation was almost the same as yours. I told my wife to start at 62. I made a mistake that cost us a little.
I think the amount is half mine minus $100 + or - a few $$.
That was 7 years ago. Sure it has cost us but nothing I can do about it now. Not always great at making decisions .
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12-24-2018, 03:39 PM
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#76
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Dryer sheet aficionado
Join Date: Feb 2014
Posts: 46
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After reading these responses, not all, but most, it’s amazing that a good deal of people over 60 don’t understand how to get the highest benefit from social security. It’s just stunning that a financial benefit for retirees is so misunderstood by upcoming retirees. There is a lot that can be lost by many. Many respondents should look at this much more carefully. You and your spouse should be well aware before either of you file. It can cost you quite a sum of $$$. Be wise. Be careful when filing.
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12-24-2018, 04:04 PM
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#77
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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Quote:
Originally Posted by 43WorkYears
After reading these responses, not all, but most, it’s amazing that a good deal of people over 60 don’t understand how to get the highest benefit from social security. It’s just stunning that a financial benefit for retirees is so misunderstood by upcoming retirees. There is a lot that can be lost by many. Many respondents should look at this much more carefully. You and your spouse should be well aware before either of you file. It can cost you quite a sum of $$$. Be wise. Be careful when filing.
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Social Security benefits claiming strategies are complicated. So it's not a surprise that some done't understand it. Many folks would be better off spending a few dollars to get professional advice.
Still, many do understand it yet choose to accept less in their lifetime benefits anyway, so that they can start them early. Often, it's for "bird in the hand" or "peace of mind" reasons. It's usually not a fatal decision either way.
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12-24-2018, 07:52 PM
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#78
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Quote:
Originally Posted by 43WorkYears
After reading these responses, not all, but most, it’s amazing that a good deal of people over 60 don’t understand how to get the highest benefit from social security. It’s just stunning that a financial benefit for retirees is so misunderstood by upcoming retirees. There is a lot that can be lost by many. Many respondents should look at this much more carefully. You and your spouse should be well aware before either of you file. It can cost you quite a sum of $$$. Be wise. Be careful when filing.
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Awe, too bad we all aren’t just like you.
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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