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Old 08-17-2014, 01:09 PM
 
2,036 posts, read 1,945,197 times
Reputation: 3446

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Quote:
Originally Posted by tjarado View Post
File and suspend for singles is a little known and even lesser utilized option.
I filed for SS at 63 in the depths of the economic crisis - it would have been terribly unwise to liquidate 401k money to fund my necessaries at that time - what Mathjak refers to as "market sequence risk".

So I didn't.

But I needed extra $$ to fund significant renovations of $55k on my SoFla home and SS aided me immeasurably during this time.

Then conditions changed, I came out of the crisis smiling, reduced my monthly fixed expenses GREATLY by selling my northern home, so I suspended the SS and started a retirement drawdown/conversion regimen that is working like a charm.

I feel blessed, in control, secure, and looking forward to many good years ahead. And I wish this for all of us who face the challenges of aging well in a very complex society.

Now if only I could live forever everything would be perfect!
Just to clarify, you can file to collect SS early at 62 with the reduced benefits say for two years, then suspend SS payments at 64, then collect full SS benefits at 70? How would suspending SS payments at 64 affect the full SS benefits at 70 compared to someone who just files at 70 and collects full SS benefit?
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Old 08-17-2014, 01:24 PM
 
71,460 posts, read 71,629,249 times
Reputation: 49026
You cannot suspend before fra. Basically you have very few if any options before fra.
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Old 08-17-2014, 01:27 PM
 
71,460 posts, read 71,629,249 times
Reputation: 49026
Quote:
Originally Posted by tjarado View Post
File and suspend for singles is a little known and even lesser utilized option.
I filed for SS at 63 in the depths of the economic crisis - it would have been terribly unwise to liquidate 401k money to fund my necessaries at that time - what Mathjak refers to as "market sequence risk".

So I didn't.

But I needed extra $$ to fund significant renovations of $55k on my SoFla home and SS aided me immeasurably during this time.

Then conditions changed, I came out of the crisis smiling, reduced my monthly fixed expenses GREATLY by selling my northern home, so I suspended the SS and started a retirement drawdown/conversion regimen that is working like a charm.

I feel blessed, in control, secure, and looking forward to many good years ahead. And I wish this for all of us who face the challenges of aging well in a very complex society.

Now if only I could live forever everything would be perfect!
There is no file and suspend before full retirement age. There is only cancel out your request for ss within the first 12 months of filing.
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Old 08-17-2014, 01:52 PM
 
Location: Delray Beach
1,136 posts, read 1,438,465 times
Reputation: 2510
rdflk - I know what you mean about Social Insecurity and the pitfalls of planning too hard for too long in advance. It's like seeing the pinata, then taking a swing..only to find YOUR BAT SHRUNK !

But ya gotta do something, right?

Even after you swing and get some candy you never know what new policy change will vacuum up your stuff. I only hope they don't get ideas about instituting a wealth tax as a way to increase revenues. And that crazy lady who wants the government to seize ALL retirement funds and convert them to bonds iS NOT DEAD YET!
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Old 08-17-2014, 06:14 PM
 
Location: Durham NC
1,189 posts, read 1,295,035 times
Reputation: 921
Quote:
Originally Posted by tjarado View Post
rdflk - I know what you mean about Social Insecurity and the pitfalls of planning too hard for too long in advance. It's like seeing the pinata, then taking a swing..only to find YOUR BAT SHRUNK !

But ya gotta do something, right?

Even after you swing and get some candy you never know what new policy change will vacuum up your stuff. I only hope they don't get ideas about instituting a wealth tax as a way to increase revenues. And that crazy lady who wants the government to seize ALL retirement funds and convert them to bonds iS NOT DEAD YET!
I wouldn't bet on that not happening.
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Old 09-09-2014, 03:44 AM
 
71,460 posts, read 71,629,249 times
Reputation: 49026
Quote:
Originally Posted by mathjak107 View Post
There is no file and suspend before full retirement age. There is only cancel out your request for ss within the first 12 months of filing.
one way of cancelling out some of the fact you took ss early is to work and earn over the limit where you have to pay it back. . you will get credit and recalculated at fra for any money you forfeit by working and earning to much.
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Old 09-09-2014, 05:12 AM
 
Location: in the miseries
3,302 posts, read 3,577,100 times
Reputation: 3810
Quote:
Originally Posted by mathjak107 View Post
one way of cancelling out some of the fact you took ss early is to work and earn over the limit where you have to pay it back. . you will get credit and recalculated at fra for any money you forfeit by working and earning to much.
This is exactly what BH did.
Worked just as planned and only got a reduction of 8 months. I.e. Ss based on 65 years and 4 months.
This was a strategy.
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Old 09-09-2014, 05:51 AM
 
Location: Idaho
4,619 posts, read 4,456,526 times
Reputation: 9033
Quote:
Originally Posted by Gandalara View Post
My numbers are about the same as yours. $400 to $500 difference from 62 to 66...
The difference for me is about $675 per month between 62 and FRA at 66. I expect to retire in just over three years when I'm 66 and a half and will most likely wait until I'm 67 before applying for SS benefits.

Main reason for waiting is that I enjoy my employment and I want to get that mythical 35-year "Gold Watch". Other reason is that I want to retire at the beginning of a calendar year so that the large check I get for unused vacation time and sick leave time will be taxed at a much lower rate than if I were to retire in a year where I've worked most of it. Finally, I want to allow the house to recover a bit more equity before selling out when I move to a different state.
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Old 09-09-2014, 07:08 AM
 
Location: Whereever we have our RV parked
8,761 posts, read 7,689,871 times
Reputation: 14963
We'll retire when my wife hits 65, so that Medicare will kick in for her. I'll have to wait a couple of years for that, but we'll retire and move because of her health problems caused by allergies in this area.
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Old 09-09-2014, 06:41 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35562
Seems that many folks are worried about "leaving (government) money on the table" to the extent they cut off their nose to spite their face - why count on dying young? If you have other investments you can use those while letting your SS add up. Just because you choose not to collect SS doesn't mean you have to keep working, as long as you have a pension, Roth, etc. Maybe my situation is different because I'm single, but I don't care much about leaving a legacy...I have a sister that could use my help but she will likely pass before me....
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