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Old 09-04-2014, 07:17 AM
 
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actually I am taking what the op is asking, , is the amount collecting at 63 vs retiring at 63 but not collecting until fra close.

I think they are questioning fact they are not working and paying in to the system the last few years they will get a slight reduction because ss is based on paying right up to the moment of collecting.
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Old 09-04-2014, 07:27 AM
 
Location: Central Massachusetts
4,800 posts, read 4,845,678 times
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Quote:
Originally Posted by mathjak107 View Post
actually I am taking what the op is asking, , is the amount collecting at 63 vs retiring at 63 but not collecting until fra close.

I think they are questioning fact they are not working and paying in to the system the last few years they will get a slight reduction because ss is based on paying right up to the moment of collecting.

Didn't I just say that? Hmmmmmmm

Quote:
If she stopped working at say 62 and didnt contribute nor collect the amount on the statement would be pretty darn close either way.
I thought so.

It is interesting how this thread evolved and now we are restating stuff from the first page.
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Old 09-04-2014, 08:16 AM
 
5,392 posts, read 6,532,509 times
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Quote:
Originally Posted by golfingduo View Post
She only needed to look at the "myssa.gov" page or read her annual statements sent to her HOR. It points out monthly income at 62, FRA(66), and 70. If she stopped working at say 62 and didnt contribute nor collect the amount on the statement would be pretty darn close either way.
depends upon what you mean by pretty darn close.

the statement assumes that you continue to work and contribute at the same level until FRA etc then collect SS. If you do not work and contribute but wait to collect SS, then it doesn't grow all that much beyond what you would collect at 62. Basically it inches up.

the 8% touted gain is for continued employment until FRA or age 70 etc. It is a reduction from your estimated statements. and it is a slight increase from what you would collect at 62.
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Old 09-04-2014, 08:48 AM
 
Location: NYC
2,907 posts, read 1,585,473 times
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I'm stopped work @ 63 but not collecting SS until at least FRA. I realized after not working for a few months that I'm not interested in climbing onto the hamster wheel again for 2-3 more years. Somewhere, maybe ss.gov, I found the formula that shows the difference to what I will collect in 3 years without working or continuing to go to the office & I was very suprised how small that sum was, tiny really, another incentive for me to smell the roses instead.

It is significantly higher than if I started collecting now though.
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Old 09-04-2014, 09:45 AM
 
13,319 posts, read 25,554,182 times
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Thanks to all for this useful discussion.
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