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Old 02-22-2015, 12:57 PM
 
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ideally you should file in january or you lose the credits for the previous year. you will get the bump up starting in january . .

they don't explain this mid year filing at all very well but it seems if you read into it all credits are not appllied until january and do not go retro so basically you get no credit in your checks for that year if you file mid year..
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Old 02-23-2015, 08:04 AM
 
Location: Grove City, Ohio
10,141 posts, read 12,404,828 times
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Originally Posted by mathjak107 View Post
correct , you have to be careful from fra up to 70. that is where you can lose those credits. that january calculation can be real sneaky then.

even waiting after 70 has no benefit as all you do is lose checks with no benefit. like reed said time it so you start in the month you are 70.
If I understand it right if my 70th birthday falls on September 20, 2018 I would file sometime in June for payments to start September 1, 2018 but I would not receive my first check until sometime in October, 2018.

Also, correct me on this as well, the check received in October, 2018 will be a little "light" because payroll reports, needed to calculate my full benefit, would not be filed until January, 2019 and it would be shortly after that that ss would send the extra money, right?
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Old 02-23-2015, 11:29 AM
 
Location: OH>IL>CO>CT
5,247 posts, read 8,430,817 times
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Originally Posted by nicet4 View Post
If I understand it right if my 70th birthday falls on September 20, 2018 I would file sometime in June for payments to start September 1, 2018 but I would not receive my first check until sometime in October, 2018.

Also, correct me on this as well, the check received in October, 2018 will be a little "light" because payroll reports, needed to calculate my full benefit, would not be filed until January, 2019 and it would be shortly after that that ss would send the extra money, right?

1. Correct. And if birthday is 20th of a month, your payment would occur on the 3rd Wednesday of a month. See http://www.socialsecurity.gov/pubs/EN-05-10031-2015.pdf

2. Possible. See http://www.socialsecurity.gov/pubs/EN-05-10147.pdf "When To Start Receiving Retirement Benefits" where it says: "after you reach full retirement age, we will recalculate your benefit amount to give you credit for any months in which you did not receive some benefit because of your earnings. In addition, as long as you continue to work and receive benefits, we will check your record every year to see whether the additional earnings will increase your monthly benefit".

Bear in mind, earnings in 2018 would have to replace one of your earlier "highest 35 years" earnings. And due to the way SSA adjusts "raw" earnings for inflation, a recent (today's dollar) year might not replace an older (yesterday's dollar) year. I had 3 "early" years that were worth more to the 35 year total than some more recent years, even though the "raw" dollars were less.
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Old 02-23-2015, 12:20 PM
 
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At 54, I'm still too young to have any real idea of when I'll taking benefits. But I'm learning so much from you all. And pray none of this info changes before I retire.

I hate to say I WANT to get older faster or the years to pass more quickly....BUT every year I do get older, the closer I get to NOT being affected by any changes politicians may dream up. The closer I get to being grandfathered OUT of any changes.
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Old 02-23-2015, 03:15 PM
 
Location: OH>IL>CO>CT
5,247 posts, read 8,430,817 times
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Originally Posted by rdflk View Post
At 54, I'm still too young to have any real idea of when I'll taking benefits. But I'm learning so much from you all. And pray none of this info changes before I retire.

I hate to say I WANT to get older faster or the years to pass more quickly....BUT every year I do get older, the closer I get to NOT being affected by any changes politicians may dream up. The closer I get to being grandfathered OUT of any changes.
IMHO it is never too early to start learning the gory details of both Social Security and Medicare. I went into my early 60s thinking both programs were relatively simple , one-size-fits-all deals. Boy was I wrong. The choices and details makes filing income taxes look simple. .

Even if there are some changes, you're still better off to have knowledge of the systems and how any changes may or may not affect your specific situation.
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Old 02-25-2015, 03:20 AM
 
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it isn't as much the ins and outs of the social security system as it is integrating it into your own plan and considering everything from rmd's to taxes on ss as well as survivor benefits.

anyone ,especially married who looks at ss just from a what if i die prespective is likely making the biggest financial mistakes of their life.

some new thoughts and i think some good ones on the subject of when to take ss are basing it on how markets are doing. if markets took a big hit and you were going to delay a better move may be to take it earlier instead of excessively spending down assets that are just going to kill the goose laying those golden eggs..

that adds a new twist to the equation too.
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