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Old 06-18-2016, 11:22 AM
 
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I see this is a relatively only thread that was started in Feb 2015…..

This is now JUNE 2016….our 2015 numbers should have posted by NOW, right. I mean it IS JUNE.

So If you retire -- and start to collect right away, does that mean your first moths to year's worth of checks won't have you last year's earnings figured in? And that you will get a bump up once those last earnings ARE figured in?

(Uh, oh. Shows how old I man I know no once gets Soc Sec. "checks" any more. I just tend to say what I grew up with…people getting SS checks.)
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Old 06-18-2016, 04:26 PM
 
Location: OH>IL>CO>CT
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Quote:
Originally Posted by selhars View Post
I see this is a relatively only thread that was started in Feb 2015…..

This is now JUNE 2016….our 2015 numbers should have posted by NOW, right. I mean it IS JUNE.

So If you retire -- and start to collect right away, does that mean your first moths to year's worth of checks won't have you last year's earnings figured in? And that you will get a bump up once those last earnings ARE figured in?

(Uh, oh. Shows how old I man I know no once gets Soc Sec. "checks" any more. I just tend to say what I grew up with…people getting SS checks.)
Here is what SSA says at https://www.ssa.gov/policy/docs/ssb/v69n3/v69n3p29.html

"For individuals already receiving benefits, MEF records are used for several programmatic purposes. .... In addition, each year SSA completes an Automatic Earnings Reappraisal Operation (AERO) or a manual recomputation to determine if any new earnings have been posted to a beneficiary's record. If so, the SSA computer system recalculates the monthly benefit ... . New earnings exceeding those in one of the previous 35 highest years of earnings would change the beneficiary's AIME, resulting in higher benefits."

Unless that last year is very significantly higher than the highest of the previous 35 years used in your average, the effect will be very small.
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Old 06-19-2016, 12:04 AM
 
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Sorry, I guess I complicated matters by asking two questions.
My initial question was really how long does it take for Soc Sec. to update 'calculations' to include the previous year's earnings. Id read through the link, my eyes glazed over and I still didn't find where SS says how long it takes to have the estimator projection updated.

In this day and age of electronic technology, I don't think it should really take until October or November of 2016 to figure 2015's earnings into a person's estimate.

If I were already on Soc Sec. would it take that long to see my increase, from earnings in 2015?

To me that means that if a person retires and takes Soc. Right away….and God forbid they die within nine months, they technically didn't get ALL they were entitled to get (because the increase was calculated yet). That's not most people. But still.
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Old 06-19-2016, 02:32 AM
 
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if you retire up to fra you are calculated right up until you file . you get everything due you . your starting benefit is right up to the month .

filing after fra is another story .

so as an example lets say you retire at fra which is 66-1/2 .

at 66-1/2 you get the fra rate as if you filed at fra and receive no credit yet for the first 6 months at this point .

the following january you will be recalculated and given the rate based on the extra 6 months since all recalculating is done in january .

but what you will never recoup is the actual 6 months money you never got . that is just gone and you never see that in retro . the increase is only going forward , you get nothing backward that may be owed .

so if you are between fra and 69 you are always better filing the end of the year for your ss so the recalculation in january includes the retro time otherwise you basically never see it .
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Old 06-19-2016, 02:46 AM
 
Location: R.I.
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Originally Posted by mathjak107 View Post
if you retire up to fra you are calculated right up until you file . you get everything due you . your starting benefit is right up to the month .

filing after fra is another story .

so as an example lets say you retire at fra which is 66-1/2 .

at 66-1/2 you get the fra rate as if you filed at fra and receive no credit yet for the first 6 months at this point .

the following january you will be recalculated and given the rate based on the extra 6 months since all recalculating is done in january .

but what you will never recoup is the actual 6 months money you never got . that is just gone and you never see that in retro . the increase is only going forward , you get nothing backward that may be owed .

so if you are between fra and 69 you are always better filing the end of the year for your ss so the recalculation in january includes the retro time otherwise you basically never see it .
My FRA is 66.6 but plan to delay until 70. My birthday is in February so what would be the best month to file, and when would I see my first age 70 SS check ?
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Old 06-19-2016, 02:47 AM
 
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you have to take it by 70 regardless . unlike pre 70 where you earn credits while delaying until years end ,once you hit 70 there are no more credits so it does not pay to hold out to years end . you will give up a check each month you wait and get no additional benefit .
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Old 06-19-2016, 03:13 AM
 
Location: R.I.
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Quote:
Originally Posted by mathjak107 View Post
you have to take it by 70 regardless . unlike pre 70 where you earn credits while delaying until years end ,once you hit 70 there are no more credits so it does not pay to hold out to years end . you will give up a check each month you wait and get no additional benefit .
I know this is a long way off but I am an OCD planner so with my 70th birthday being 2/12/27 should I contact SS at the end of December of 2026 to let them know I want to convert from my survivor's benefit that I will claim at 66.6-70 to my own at age 70? And when should I expect to see my first age 70 check ? This is important for me to know because I will be greatly reducing my TSP withdrawal amount starting the January before I turn 70 in February and want to make sure all my funds ducks are lined up so I do not withdraw more than I need for that year.
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Old 06-19-2016, 03:30 AM
 
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i would do it 2-3 months before and give them the effective date
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Old 06-19-2016, 03:53 AM
 
Location: R.I.
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Quote:
Originally Posted by mathjak107 View Post
i would do it 2-3 months before and give them the effective date
Thanks
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Old 06-19-2016, 11:14 AM
 
6,876 posts, read 7,273,507 times
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Quote:
you have to take it by 70 regardless . unlike pre 70 where you earn credits while delaying until years end ,once you hit 70 there are no more credits so it does not pay to hold out to years end . you will give up a check each month you wait and get no additional benefit .
Retirement at 65 is years away, but...
I'm born in June. And was thinking of not filing until the June I turn 70.

A couple of questions…

-- Are you due -- or can you get a benefit -- for the month IN WHICH you turn 70? or the first full month you're 70.
-- You're saying I can "apply" in April…for benefits to start "in June" -- and that will be calculated at my age 70 rate..even though I'm not 70 for that entire month?

-- Are you saying the IF you wait until you ARE 70-- that I don't go into to file until June….and don't get a check until 2 months later you that I get that "missed" first month's benefit retro to turning 70?

I really don't' trust ANYthing about how this stuff is calculated. I know millions of people have no problems. But if you're the one that does have a calculation mistake. I wouldn't want the hassle to trying to get it fixed. It would be my luck that I'd file at 69 and 10 months. And a computer some where would start calculating the benefit as if I had NOT waited until 70.

If I can get one or two months retro back to turning 70, I see no harm in waiting until I actually AM 70 to file. Then there's no issue about was I 70 or not.
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