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Old 05-06-2014, 02:22 PM
 
Location: in the miseries
3,302 posts, read 3,578,775 times
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Bh filed for social security retirement at the age of 62 plus 4 months.
He received sporadic ss checks because of making too much money.
Ss checks were withheld because of high earnings.
His understanding was when he reached FRA ss would be recalculated to reflect only receiving
8 ss checks.
Which as he understood it would make his real ss retirement filing age 65.
As of now with calling ss many times no recalculation has been done. He's now almost 67.
Anyone else have experience with this?

Last edited by luvmyhoss; 05-06-2014 at 02:35 PM..
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Old 05-06-2014, 02:34 PM
 
Location: Florida -
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"Filing for retirement" from an employer and "Filing for Social Security" are two different things. After age 66, one can file for and receive SS, regardless of how much they make. Prior to 66, there is a deduction from SS based on how much one earns.

Explained here: http://www.ssa.gov/pubs/EN-05-10069.pdf

"If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2014, we must deduct $1 from your benefits for each $2 you earn above $15,480. If you reach full retirement age during 2014, we must deduct $1 from your benefits for each $3 you earn above $41,400 until the month you reach full retirement age."

Also: "It is important to note, though, that these benefit reductions are not truly lost. Your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings."
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Old 05-06-2014, 02:36 PM
 
Location: in the miseries
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Quote:
Originally Posted by jghorton View Post
"Filing for retirement" from an employer and "Filing for Social Security" are two different things. After age 66, one can file for and receive SS, regardless of how much they make. Prior to 66, there is a deduction from SS based on how much one earns.

Explained here: http://www.ssa.gov/pubs/EN-05-10069.pdf
Sorry I wasn't clear. I rewrote my question above.
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Old 05-06-2014, 02:38 PM
 
Location: Pennsylvania
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Full retirement age is 66, which is apparently his current age. I'm thinking he may have to wait until he is 67 as (if memory serves) there's a 2 month delay between filing and collecting-and probably recalculating.

I'm not sure if his 8 checks will affect the amount he will get.
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Old 05-06-2014, 06:45 PM
 
Location: Baltimore, MD
3,745 posts, read 4,216,058 times
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Quote:
Originally Posted by luvmyhoss View Post
Bh filed for social security retirement at the age of 62 plus 4 months.
He received sporadic ss checks because of making too much money.
Ss checks were withheld because of high earnings.
His understanding was when he reached FRA ss would be recalculated to reflect only receiving
8 ss checks.
Which as he understood it would make his real ss retirement filing age 65.
As of now with calling ss many times no recalculation has been done. He's now almost 67.
Anyone else have experience with this?
According to this link, the recalculation occurs the year after the beneficiary reaches FRA. Social Security Benefits Handbook Online Edition - Chapter Seven

Did Bh report last year's earnings?
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Old 05-07-2014, 04:38 AM
 
Location: in the miseries
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Quote:
Originally Posted by lenora View Post
According to this link, the recalculation occurs the year after the beneficiary reaches FRA. Social Security Benefits Handbook Online Edition - Chapter Seven

Did Bh report last year's earnings?
Yes, he did.made many calls to ss with a different answer each time.
Last answer was they would recalculate in march, which they didn't.
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Old 05-07-2014, 04:45 AM
 
Location: in the miseries
3,302 posts, read 3,578,775 times
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Quote:
Originally Posted by lenora View Post
According to this link, the recalculation occurs the year after the beneficiary reaches FRA. Social Security Benefits Handbook Online Edition - Chapter Seven

Did Bh report last year's earnings?
We had not found this link, which spells the rules out explicitly.

He had an appt with ss to just clarify this rule.

He was told he would never get an adjustment because he filed early ONLINE.
Don't know what that had to do with anything.
The agent also said bh should have asked to file and suspend.
Which anyone here knows is total crap.

Bh was also told he would have to file an appeal! Nuts.
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Old 05-07-2014, 06:18 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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Quote:
Originally Posted by luvmyhoss View Post
We had not found this link, which spells the rules out explicitly.

He had an appt with ss to just clarify this rule.

He was told he would never get an adjustment because he filed early ONLINE.
Don't know what that had to do with anything.
The agent also said bh should have asked to file and suspend.
Which anyone here knows is total crap.

Bh was also told he would have to file an appeal! Nuts.

Sorry luv it is not total crap. Filing and suspending done at FRA to allow your payment to increase is good sense if the person can do without the ss income until then. Filing for early ss benefits locks the person at that rate until 66 when COLA is factored. By taking the ss payments early was not a good move unless he had to have that income to live.
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Old 05-07-2014, 08:35 AM
 
Location: Baltimore, MD
3,745 posts, read 4,216,058 times
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Quote:
Originally Posted by golfingduo View Post
Sorry luv it is not total crap. Filing and suspending done at FRA to allow your payment to increase is good sense if the person can do without the ss income until then. Filing for early ss benefits locks the person at that rate until 66 when COLA is factored. By taking the ss payments early was not a good move unless he had to have that income to live.
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.
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Old 05-07-2014, 08:51 AM
 
Location: East Coast
2,902 posts, read 4,581,638 times
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Quote:
Originally Posted by lenora View Post
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'm a little confused. I thought that when you filed before your FRA, your SS benefits were permanently reduced.
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