What is to keep you from using the leveling option from an employer until age 67, but start actually drawing SS at and earlier age (say 63)? This seems like a double dip and it seems like it would caught somehow.. Hmmm.. Any thoughts?
I have options for an annuity with leveling options for 62 to 67. For example, if I chose 62 the payment would be 5000 per month and reduced to 3000 per month when I turn 62. For 67, I would get 4500 per month and reduced to 2000 per month when I turn 67. It just seems like I could chose the 67 option and really start drawing SS at 62 and thus the double dip (not really double since I think the level is 50% of the SS estimated payment). This is all based on a retirement date of January of next year. If I don't do leveling then the payment would be 3200 a month (hence the leveling option is attractive).....