I am taking it at 62 through FRA then suspend and restart at age 70 to preserve my stash for LTC and to maximize DW income after I die.
We'll start taking DWs at FRA with me taking the spousal benefit. I'm going to wait until 70 to make sure DW has the largest payment possible if I kick off first. We don't need it, so no need to rush. I'm also going to do my best to convert tIRAs to Roths to minimize RMDs. If when I get to 62 (5 years) things have changed (means testing or whatever) I'll reconsider, but that's the plan for now.
Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:I don't think you can do this anymore. I think Haha was the last person in America to manage to do it. Retirement Planner: If You Change Your Mind
Actually, I was not talking about withdrawal of application and payback of benefits, as your link discusses but to suspend benefits as this link discusses:
Retirement Planner: Suspending Retirement Benefit Payments
This describes suspension of benefits after reaching FRA.
OK, I see the difference. But I still don't see that it says you can get 4 years of payments, then suspend and get the higher payout at 70. Actually, I have a lot of trouble reading these things as they write in a matter to avoid answering questions. So I'm not saying you're wrong, but I don't se them spell out that you can do what you're planning.
Re-reading your original comment, you don't actually come out and say that when you restart you'll be getting a higher benefit. Is that what you're planning? If not, what does starting at 62, then suspending at 66 and restarting at 70 buy you?
Our current plan has us taking it at 62. <snip> If we wait there is more of a chance that future benefits might be cut or means testing implemented.
What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check.
What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.
What makes you think that any cut or means testing won't be retroactive to those already collecting? I imagine any such changes will be related to age not when one first started to get a SS check. And Means Testing will probably be more likely to be done through the income tax system. This way everybody still gets what they were promised but wealthier people (the savers and investors in this group, for example) will have more of it taken away.