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Old 05-07-2014, 09:51 AM
 
Location: Central Massachusetts
4,800 posts, read 4,850,322 times
Reputation: 6379

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Quote:
Originally Posted by lenora View Post
Luv is correct. Her H's benefit will only be permanently reduced by 8 months, if that. Filing and suspending has nothing to do with this.

In fact, if someone intends to continuing working at age 62 but is uncertain his earnings will carry him through to his FRA, it can make sense to file for early benefits. The "loss" of $1 in benefits for every $2 he earns will be replaced at the time he reaches FRA, thus transforming the "permanent" reduction of benefits into a "temporary" and/or limited reduction in benefits. Depending on an individual's circumstances this can be a smart move.
I think we are in agreement lenora. I didn't say it is not a bad thing for some. What I said was taking it early will reduce your benefits and you confirmed that. Every thing I have seen shows that delaying taking benefits will in the long run out perform taking it early and even at FRA.

My point I made on luv is that file and suspend is not a "total crap" idea. The numbers prove it out.

As I said if a person does not need it to live on they can be better served delaying. If they need it then by all means please take it. If they are working at the same time and ss keeps back a portion the portion that they keep back is then reduced to zero because there is no cap on income. That is completely different then saying that delaying isn't worth it.
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Old 05-07-2014, 10:05 AM
 
Location: California
4,556 posts, read 5,473,472 times
Reputation: 9613
Here what Ric Edlelman has to say about File and Suspend:

Beware if Youve Been Using This Strategy to Maximize Your Social Security Income


So my message to you is this: if you’re going to engage in the file and suspend, be aware you may not be able to sustain it depending on how the law changes later this year. Or number two: if you’re fearful that the law is going to be changed and they don’t kill it retroactively you might want to be in a hurry to talk with a financial advisor about this.

File and suspend the Social Security retirement income benefits. Talk to your financial advisor about it.
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Old 05-07-2014, 10:13 AM
 
Location: in the miseries
3,302 posts, read 3,581,162 times
Reputation: 3810
Quote:
Originally Posted by golfingduo View Post
I think we are in agreement lenora. I didn't say it is not a bad thing for some. What I said was taking it early will reduce your benefits and you confirmed that. Every thing I have seen shows that delaying taking benefits will in the long run out perform taking it early and even at FRA.

My point I made on luv is that file and suspend is not a "total crap" idea. The numbers prove it out.

As I said if a person does not need it to live on they can be better served delaying. If they need it then by all means please take it. If they are working at the same time and ss keeps back a portion the portion that they keep back is then reduced to zero because there is no cap on income. That is completely different then saying that delaying isn't worth it.
My point is that what the agent said was 'BH should have done a file and suspend at age 64'
Everyone here knows that is total crap.
What bh did was make too much money to receive ss payments, so as Lenora stated he should
Be recalculated.
Bh frustration is is the large number of different answers from ss. Even the ss appt where the expert said bh had to file an appeal
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Old 05-07-2014, 10:16 AM
 
Location: in the miseries
3,302 posts, read 3,581,162 times
Reputation: 3810
Quote:
Originally Posted by LibraGirl123 View Post
I'm a little confused. I thought that when you filed before your FRA, your SS benefits were permanently reduced.
If you work and make too much money to receive ss payments, your benefit should be recalculated at
FRA.
Oh so confusing.
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Old 05-07-2014, 10:19 AM
 
Location: in the miseries
3,302 posts, read 3,581,162 times
Reputation: 3810
Quote:
Originally Posted by Heidi60 View Post
Here what Ric Edlelman has to say about File and Suspend:

Beware if Youve Been Using This Strategy to Maximize Your Social Security Income


So my message to you is this: if youíre going to engage in the file and suspend, be aware you may not be able to sustain it depending on how the law changes later this year. Or number two: if youíre fearful that the law is going to be changed and they donít kill it retroactively you might want to be in a hurry to talk with a financial advisor about this.

File and suspend the Social Security retirement income benefits. Talk to your financial advisor about it.
This may happen.. I enjoy Rick Edelman he actually answered direct questions.
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Old 05-07-2014, 12:00 PM
 
Location: Central Massachusetts
4,800 posts, read 4,850,322 times
Reputation: 6379
Quote:
Originally Posted by Heidi60 View Post
Here what Ric Edlelman has to say about File and Suspend:

Beware if Youve Been Using This Strategy to Maximize Your Social Security Income


So my message to you is this: if youíre going to engage in the file and suspend, be aware you may not be able to sustain it depending on how the law changes later this year. Or number two: if youíre fearful that the law is going to be changed and they donít kill it retroactively you might want to be in a hurry to talk with a financial advisor about this.

File and suspend the Social Security retirement income benefits. Talk to your financial advisor about it.
This is something we should keep an eye out. AARP and us older people have a lot of clout so we should make sure our representatives know our views on this matter.

Quote:
Originally Posted by luvmyhoss View Post
This may happen.. I enjoy Rick Edelman he actually answered direct questions.

This is good information and Rick presents it well. No panic yet but as I said we need to speak up.
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