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Old 12-28-2011, 07:41 AM
 
Location: in the miseries
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Has anyone filed for ss at 63 because of no work, then went back to work after receiving benefits for three months. I understand benefits are recalculated at 66 when someone goes back to work. Will ss do this recalculation automatically. I have inputed all my data (income) on the ss detailed calculator. Has anyone actually received a larger ss check at FRA because of going back to work?
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Old 12-28-2011, 07:53 AM
 
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I filed for/got SS when I turned 62 this past June. It was a must due to so long being unemployed and no more unemployment benefit/money left. Wife and I talked about it and agreed that the only job I'd look for now is part-time so I can keep my SS coming in. I can only earn so much, but that's ok with us.
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Old 12-28-2011, 11:44 PM
 
Location: Wisconsin
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Of course, you're going to receive more money - for two reasons, #1 additional income and, more importantly, #2 deferring receipt of SS benefits. The longer you wait to collect, the more you'll receive. If you can defer your benefits until FRA or, better yet, age 70, your SS income will increase substantially.

Last edited by Ariadne22; 12-29-2011 at 12:03 AM..
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Old 12-29-2011, 07:26 AM
 
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Scenario about deferring until 70 has several dependencies, among them longetivity. But agree with the premise in spirit. Just have to do calculations to some extent to determine whether FRA, early or 70 is best option.

For me FRA will work fine.
Quote:
Originally Posted by Ariadne22 View Post
Of course, you're going to receive more money - for two reasons, #1 additional income and, more importantly, #2 deferring receipt of SS benefits. The longer you wait to collect, the more you'll receive. If you can defer your benefits until FRA or, better yet, age 70, your SS income will increase substantially.
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Old 12-29-2011, 07:26 AM
 
Location: in the miseries
3,302 posts, read 3,580,382 times
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I am curious if anyone has received a higher ss check at FRA. and if ss estimates were correct at Fra. For example receive 1000 at 63, then suspend and receive a much larger check at Fra? I have used the ss detailed calculator and wondered how accurate it is.
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Old 12-29-2011, 07:44 AM
 
Location: Verde Valley AZ
8,618 posts, read 9,684,845 times
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Quote:
Originally Posted by luvmyhoss View Post
I am curious if anyone has received a higher ss check at FRA. and if ss estimates were correct at Fra. For example receive 1000 at 63, then suspend and receive a much larger check at Fra? I have used the ss detailed calculator and wondered how accurate it is.
This is what I was told by my local SS office...I applied for, and got, my SS at age 62. I was told (much later) that had I waited till 65...my FRA...I would've been getting $300 a month more but the amount will NOT go up just because I reached FRA. Never knew about, or considered, suspending anything.

If you decide to keep working, even part time, you have to be careful as to how much you make. At the time I started getting SS the limit I could earn was about $12,500. I believe it's over $14,000 now. So I worked for about nine months and took the rest of the year off. I did put money away to tide me over those months.

Best thing you could do is talk to your local SS office in person and get the 'skinny' on it.
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Old 12-29-2011, 01:36 PM
 
Location: Baltimore, MD
3,745 posts, read 4,218,356 times
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You cannot "file and suspend" at age 63. You can, however, withdraw your application within 12 months of the first month of entitlement. You must pay back the full amount of benefits issued prior to the approval of the withdrawal. In addition, recipients are restricted to one withdrawal per lifetime.

Retirement Planner: If You Change Your Mind

So, yes, if you withdraw your application, pay back the benefits issued and continue to work until FRA, your benefits would no longer be reduced and your retirement check will be significantly higher at FRA.
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Old 12-30-2011, 03:12 PM
 
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I thought the file and suspend option went away last year?
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Old 12-30-2011, 03:19 PM
 
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no , the taking ss and paying it all back and re-filing went away.
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