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)
 
Old 07-14-2014, 04:02 PM
 
Location: Whidbey Island, WA
12,293 posts, read 11,356,723 times
Reputation: 6144

Advertisements

Quote:
Originally Posted by rjm1cc View Post
Do not know the 39 plan. But if you are close to a SS office I would go in for a file and suspend. I did this and the employee said he knew what to do but it took months to straighten out. I have had several problems over the years and going in seemed to be the only way to get it fixed. You should make your appointment over the phone to cut down on waiting time.
I am going to file in Alaska. People speak English there. Thanks for responding.
Reply With Quote Quick reply to this message

 
Old 07-14-2014, 05:38 PM
 
Location: in the miseries
3,302 posts, read 3,591,672 times
Reputation: 3810
Definitely GO to the social security office.

And Follow Up!
Reply With Quote Quick reply to this message
 
Old 07-14-2014, 06:17 PM
 
900 posts, read 1,527,854 times
Reputation: 1886
Golfing buddy headed up the local SS office and said that the people there cannot make any "recommendations" or give advice on different scenarios. Just the facts. Most that come in are looking for the SS people's take and they do not and cannot have one according to him. His off the record thought is to take it as soon as you can.
Reply With Quote Quick reply to this message
 
Old 07-14-2014, 06:33 PM
 
Location: Florida
4,395 posts, read 3,732,469 times
Reputation: 4139
Quote:
Originally Posted by caco54 View Post
Golfing buddy headed up the local SS office and said that the people there cannot make any "recommendations" or give advice on different scenarios. Just the facts. Most that come in are looking for the SS people's take and they do not and cannot have one according to him. His off the record thought is to take it as soon as you can.
I agree and very good point. You really have to figure out what you want to do before you go in. Should not be that way as this is very complicated and most people probably do not realize how complicated it is so end up with poorer decisions.
Reply With Quote Quick reply to this message
 
Old 07-15-2014, 01:26 AM
 
72,169 posts, read 72,121,987 times
Reputation: 49668
the clerks at ss know very little about the options not on the script. they know zero about integrating ss and your total tax situation.

my feeling is at the least do yourself a favor and let a good site with real experts work up a comprehensive study for you . i like social security solutions.
Reply With Quote Quick reply to this message
 
Old 07-15-2014, 09:37 AM
 
Location: in the miseries
3,302 posts, read 3,591,672 times
Reputation: 3810
Quote:
Originally Posted by mathjak107 View Post
the clerks at ss know very little about the options not on the script. they know zero about integrating ss and your total tax situation.

my feeling is at the least do yourself a favor and let a good site with real experts work up a comprehensive study for you . i like social security solutions.
It's my experience they don't even know the script.
Reply With Quote Quick reply to this message
 
Old 07-16-2014, 06:28 AM
 
224 posts, read 431,504 times
Reputation: 180
In wife's and my situation, (I'm 3 years older than her) she filed at age 63, when I reached FRA. I then filed and suspend and took a spousal benefit on wife's benefit. I will begin benefit at age 70. Total yearly benefit should be close to 50K. Also, I'm still working and paying into SS which I will do till at least age 70-72, so hopefully benefits will increase by then.
Probably took well over 18 months of study to determine that was the best course for us. Good luck to everyone!
Reply With Quote Quick reply to this message
 
Old 07-16-2014, 01:53 PM
 
Location: Great State of Texas
86,093 posts, read 72,673,311 times
Reputation: 27566
Quote:
Originally Posted by mathjak107 View Post
the clerks at ss know very little about the options not on the script. they know zero about integrating ss and your total tax situation.

my feeling is at the least do yourself a favor and let a good site with real experts work up a comprehensive study for you . i like social security solutions.
Very few government workers are experts in their field anymore. I just don't think they do that type of training anymore.
I try to seek out the older ones on the verge of retirement themselves whenever I have to deal with the government (local or federal).
Reply With Quote Quick reply to this message
 
Old 07-22-2014, 02:29 AM
 
72,169 posts, read 72,121,987 times
Reputation: 49668
here is an interesting comparison chart developed by dr wade pfau.

one thing social security has not adjusted for is the fact we are living 1 year longer every 4 years now. that adds a greater benefit to waiting as well not reflected to date in adjustments to benefits..

Prof. Kotlikoff also provided a good point viewpoint about the value of waiting to begin Social Security.

" one should not think about Social Security from the perspective of a breakeven investment analysis for how long it will take for Social Security pay off. That missed the point of the insurance value which Social Security provides. Using the breakeven analysis, one would not buy any insurance. On average, insurance is never expected to pay off.

But the reason insurance is valuable is that it pays off in the low probability states of the world when outcomes are bad.

People cannot rely on the average outcome for their personal situation: either things work out or they don't.

With Social Security, you won't feel regret by delaying Social Security and then dying before collecting benefits, because you won't be around anyway. Regret comes when you live a long life and think about how your situation would have been improved through delay. By waiting from 62 to 70 to start benefits, your benefits will be 75% larger for the rest of your life. That is a valuable safe and real annuity based on an implicit real return of 2.9%. The premiums for that annuity are the 8 years of missed Social Security benefits between 62 and 70, but all in all it can be a pretty good deal and it protects your lifestyle in the event of living a particularly long life."




Last edited by mathjak107; 07-22-2014 at 03:25 AM..
Reply With Quote Quick reply to this message
 
Old 07-22-2014, 05:15 AM
 
Location: Mount Airy, Maryland
10,496 posts, read 5,967,660 times
Reputation: 16273
Quote:
Originally Posted by mathjak107 View Post
here is an interesting comparison chart developed by dr wade pfau.

one thing social security has not adjusted for is the fact we are living 1 year longer every 4 years now. that adds a greater benefit to waiting as well not reflected to date in adjustments to benefits..

Prof. Kotlikoff also provided a good point viewpoint about the value of waiting to begin Social Security.

" one should not think about Social Security from the perspective of a breakeven investment analysis for how long it will take for Social Security pay off. That missed the point of the insurance value which Social Security provides. Using the breakeven analysis, one would not buy any insurance. On average, insurance is never expected to pay off.

But the reason insurance is valuable is that it pays off in the low probability states of the world when outcomes are bad.

People cannot rely on the average outcome for their personal situation: either things work out or they don't.

With Social Security, you won't feel regret by delaying Social Security and then dying before collecting benefits, because you won't be around anyway. Regret comes when you live a long life and think about how your situation would have been improved through delay. By waiting from 62 to 70 to start benefits, your benefits will be 75% larger for the rest of your life. That is a valuable safe and real annuity based on an implicit real return of 2.9%. The premiums for that annuity are the 8 years of missed Social Security benefits between 62 and 70, but all in all it can be a pretty good deal and it protects your lifestyle in the event of living a particularly long life."


That was a great chart but what it does not show is the loss in revenue for those 8 years from investment withdraws. Assuming the individual is retired he/she has to live on something so he will be tapping a portfolio that if left alone would continue to generate returns. If he is not retired and does not need the SS income the person filing at 62 can invest those payments and end up with a larger pot of money which would make the break even point even later in life right?
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