U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-24-2014, 08:35 PM
 
29,779 posts, read 34,867,277 times
Reputation: 11705

Advertisements

Quote:
Originally Posted by JoeTheEconomist View Post
This thread is missing the obvious. CBO's projection on the Trust Fund is 17 years. That is in a good economy. Someone turning 67 today, expects to live 17.7 years. A female expects to live about 19 years when she turns 67. The point of old-age insurance is to manage the risk of oldage.

Holding out only makes sense to the extent that you continue to have a source of income outside of Social Security. Putting all of your eggs in that basket is a bit risky.
If the trust fund only pays out at 75 percent of benefits in 17 years aren't isn't one better off with having the highest amount possible to be cut 25 percent?
Reply With Quote Quick reply to this message

 
Old 04-24-2014, 09:42 PM
 
Location: Florida
4,365 posts, read 3,698,498 times
Reputation: 4105
Draw SS at 70.
Reply With Quote Quick reply to this message
 
Old 04-25-2014, 03:33 AM
 
2,912 posts, read 3,549,656 times
Reputation: 4103
Ignore the din of anti-SS propaganda and wait til age 70 to draw benefits. Also remember that you can start drawing at any age between 62 and 70 if you change your mind (for example, you can start to draw at age 68.2 if you want) -- there is no "either/or" regarding FRA and age 70.
Reply With Quote Quick reply to this message
 
Old 04-25-2014, 04:02 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49155
we can fund ss at the drop of a hat. look how easily we fund wars when we have to. if you want to worry ,worry about medicare . now we are talking serious dough.
Reply With Quote Quick reply to this message
 
Old 04-25-2014, 12:22 PM
 
1,155 posts, read 2,398,165 times
Reputation: 465
I am confused on the file and suspend. The poster stated that he understands that he can file and suspend at FRA (66). Then if he decides to start getting SS he gets what he would at FRA of 66. It was my understanding that my husband when he filed and suspended at 66, still working and I applied for and got wife's ss which is greater than what I would get on my own. NOW when he takes SS at 70 he will get more than he would have gotten at FRA of 66 because he was suspended and the amount is significantly more at 70 than 66. This is all so confusing but that is what the SS office told us.
Reply With Quote Quick reply to this message
 
Old 04-25-2014, 07:21 PM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
Reputation: 6379
Quote:
Originally Posted by Mawoods View Post
I am confused on the file and suspend. The poster stated that he understands that he can file and suspend at FRA (66). Then if he decides to start getting SS he gets what he would at FRA of 66. It was my understanding that my husband when he filed and suspended at 66, still working and I applied for and got wife's ss which is greater than what I would get on my own. NOW when he takes SS at 70 he will get more than he would have gotten at FRA of 66 because he was suspended and the amount is significantly more at 70 than 66. This is all so confusing but that is what the SS office told us.

It is a nice thing written into the law. What I say smile and accept it. It is a good thing that helps you so do not worry about it.
Reply With Quote Quick reply to this message
 
Old 04-25-2014, 08:39 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,170,636 times
Reputation: 6691
Quote:
Originally Posted by Mawoods View Post
I am confused on the file and suspend. The poster stated that he understands that he can file and suspend at FRA (66). Then if he decides to start getting SS he gets what he would at FRA of 66. It was my understanding that my husband when he filed and suspended at 66, still working and I applied for and got wife's ss which is greater than what I would get on my own. NOW when he takes SS at 70 he will get more than he would have gotten at FRA of 66 because he was suspended and the amount is significantly more at 70 than 66. This is all so confusing but that is what the SS office told us.
Go back to my previous posts on this.
You may file and suspend at FRA in this case 66, you can then wait till 70 or any time up to then and collect a higher benefit, about 8% a year increase. However you also have the option, if during that time, 66 - 70 you decide you need the money now, you can either stop the suspension and get your monthly benefits with whatever additional credits you earned by waiting, OR you can forgo the extra credits and tell the SS you want all the money you would have gotten from the time you filed and suspended,

So in that case you get a lump sum of all the payments you did not collect BUT at the amount per month you would have gotten if you had just filed at 66 and started collecting, your monthly benefit from then on would be the monthly amount you would have gotten at 66, [no extra credits IF you choose the lump sum route]

So in other words you have options.
What the SS told you about file and suspend so you could collect on your husbands account and that his amount would increase from 66 to 70 Was correct, but it was just one of the options you could choose, and still can if he has not started collecting his benefit yet.

Is that any clearer for you?
Reply With Quote Quick reply to this message
 
Old 04-27-2014, 03:03 PM
 
1,155 posts, read 2,398,165 times
Reputation: 465
Thanks it is a little clearer ! Good to know that we got correct info from the social security office. The whole thing can make your head spin!!!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top