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)
Reply Start New Thread
 
Old 04-09-2015, 12:58 PM
 
Location: NNV
1,518 posts, read 973,570 times
Reputation: 3096

Advertisements

Is this related to the "Brain Exercise Apps" thread?

This reminds me of the Far Side comic where the student with a small head raises his hand in class and says, "My brain is full...".

Seriously, you are doing us a great service and we appreciate your knowledge.

I'm sure I'll be reading it over several times before I get it...
Reply With Quote Quick reply to this message

 
Old 04-09-2015, 01:58 PM
 
Location: Prescott AZ
6,124 posts, read 9,079,067 times
Reputation: 11545
Thanks to the OP for coming to the forum and saving us from SS gobbleygook.
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 02:11 PM
 
Location: Cape Elizabeth
424 posts, read 387,221 times
Reputation: 745
Quote:
Originally Posted by jet757f View Post
I was reading the article you referenced in Forbes Something that I read does not sound right:

" For example, if you started collecting at 62 and are now at your full retirement age, i.e., 66, you can suspend benefits until 70 and then start collecting 32 percent higher benefits for the rest of your life.'

I was under the impression that the only way you could use the "Suspend Benefits" option was if you waited until FRA and then did the "Suspend Benefits?" If this is true what would be the disadvantage of taking benefits at 62 instead of FRA?
No, you can start your own at 62 ( or any age thereafter) and then suspend at your full retirement age. You get zero until age 70 and then when you get the extra 32% (or however many months there are between your own FRA and age 70), it is not on your FRA amount, it is on the reduced retirement amount.

I am off to see the grand kids. They just called. I need a break!
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 02:20 PM
 
30,086 posts, read 47,327,614 times
Reputation: 16027
Quote:
Originally Posted by mlb View Post
I need someone to explain SS benefits for those of us with the 40 credits - who after I had those went to work for an employer who opted out of SS in the 1980's.

Windfall Elimination Provision.

NO ONE has been able to explain it to me.... An SS benefit person said I basically would only get 40% of my benefit.
The 40% might vary from person to person who has the Windfall Elemenation Provision applied--
because it goes dollar for dollar--the amount of the non-SSA pension applied to whatever personal SS annuity a person might be entitled to--up to certain amount--
it says specifically on the SSA website--maybe 2/3--of the private pension blocks/presents that many $ of the SS pension...
this would apply to me because I have a state teacher's pension--and also worked at other jobs before/after teaching that deducted for SS...
unfortunately you are not allowed to receive your full SS pension and a full non-SS pension--
I hate that---not that either of mine is so large--but that other people are definitely affected by this more so than I am...

I don't ever plan to file for my own SSA pension--and I can't do anything to prevent it from happening--
why I wated until FRA (actually later) to apply for SS--if you apply before FRA you apply for both spousal and personal benefits and I couldn't escape the Windfall provision...

Now that I have waited until FRA -- and my husband as well--I can apply for spousal benefits and receive a full 50% of his FRA benefit--because I was able to take advantage of loophole in existance when I retired from teaching...I "capped" my non-SS teaching pension deductions by working half day at Dallas ISD which deducted for SSA and teacher's retirement pension...and having just a smal amount deducted for SS pension will allow me to protect my spousal pension which will be close to $1400...
my own personal SS pension on my work record would have been $400--and then offset by my larger teacher's pension...

As long as someone has worked under SS or under any other organization and has EARNED that pension--
why should that person be penalized and lose something they have worked for...

drawing spousal benefits is the issues that needs to be corrected--
one man could have 2-3 women drawing full spousal benefits off his SS record and they never worked
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 02:36 PM
 
248 posts, read 267,509 times
Reputation: 1043
I don't suppose there's any way you could explain this to (those of us) who have a math-sense equivalent to a Golden Retrievers?

I'm getting ready to apply in one month for age 62 benefits out of need - I haven't worked in four years and have been living on fumes and with a friend for all that time. I'm divorced from a 27 year marriage and my ex has continued to work, but not for big bucks; for the most part we made almost exactly the same amount yearly. I don't understand why I would want to apply for his benefit instead of my own, or how, if I could live on it, half based on his would confer some benefits. After being diagnosed with cancer once and having other health issues, I consider my likelihood of hitting 80-ish rather low.

Thanks for the info and the attempt to educate us, though. Too bad when you're near retirement age, the guvment doesn't assign someone to your 'case' to help you get the most out of it. They sure are Johnny-On-The-Spot when it comes time to fill out your form, first day on the job, to sign up for withholding... :-/
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 02:40 PM
 
Location: Orange County
1,667 posts, read 1,869,066 times
Reputation: 1394
Quote:
Originally Posted by ilovemycat View Post
No, you can start your own at 62 ( or any age thereafter) and then suspend at your full retirement age. You get zero until age 70 and then when you get the extra 32% (or however many months there are between your own FRA and age 70), it is not on your FRA amount, it is on the reduced retirement amount.

I am off to see the grand kids. They just called. I need a break!
Thanks for your help. Just a couple of other questions

You mean you would get the extra 32% at 70 on the amount you get for collecting early at 62? In other words you would also get a reduced about at 70 too. Not as much as if you had waited until FRA.


How does this affect spouse and ex-spouse?
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 03:30 PM
 
Location: Cape Elizabeth
424 posts, read 387,221 times
Reputation: 745
Quote:
Originally Posted by jet757f View Post
Thanks for your help. Just a couple of other questions

You mean you would get the extra 32% at 70 on the amount you get for collecting early at 62? In other words you would also get a reduced about at 70 too. Not as much as if you had waited until FRA.


How does this affect spouse and ex-spouse?
Here is the example of Dave: See the parts I bolded:

Dave's FRA is $2450.00. Joann's FRA is $890.00.

Dave's reduced retirement- 2 years early(24 reduction months) = $2123.00

Joann's reduced retirement (if she was taking it-but in this example, she is not) $648.00 (age 62+1)

Joann at FRA -gets 1/2 of Dave's $2450 =$1225.00

Dave at FRA = suspends and gets 0.00 for 38 months. (because his FRA is 66/10 there are only 38 months until he turns 70)

Dave at 70 - gets his 38 DRC's which is an extra 25.33% added to his reduced retirement of $2123, for a total of $2660.00.

Joann at 70 -gets her $890.00 own retirement, plus DRC's of extra 28% ($249.00) plus her excess spousal of $335.00 for a total of $1474.00.

Joann's excess spousal amount $335.00 (take 1/2 of Dave's $2450= $1225. Subtract her FRA of $890.00. It leaves $335.00.

Now, what I will do when I have a chance in the next few days is compare this scenario to the same couple who do it the way I always did it - Joanne would get a reduced retirement, then when Dave files, probably at his FRA, she gets the excess spousal added to her reduced retirement.

The part about file and suspend is fairly new- well, the year 2000 it became an option, part of a broad bill that eliminated the work test at full retirement age etc. Learning that the other day, ( I googled it and found an article that stated that) made me feel better. I thought I had worked for all those years not knowing something. For some reason, although it passed in 2000, we never had training on it, and I guess the public didn't learn about it until fairly recently. I have only had one person who had suspended- I didn't take his claim, but he had done it and came in one day just to check that things were still OK-and that he could reclaim at 70 or unsuspend.
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 03:43 PM
 
Location: Cape Elizabeth
424 posts, read 387,221 times
Reputation: 745
Quote:
Originally Posted by signalfire View Post
I don't suppose there's any way you could explain this to (those of us) who have a math-sense equivalent to a Golden Retrievers?

I'm getting ready to apply in one month for age 62 benefits out of need - I haven't worked in four years and have been living on fumes and with a friend for all that time. I'm divorced from a 27 year marriage and my ex has continued to work, but not for big bucks; for the most part we made almost exactly the same amount yearly. I don't understand why I would want to apply for his benefit instead of my own, or how, if I could live on it, half based on his would confer some benefits. After being diagnosed with cancer once and having other health issues, I consider my likelihood of hitting 80-ish rather low.

Thanks for the info and the attempt to educate us, though. Too bad when you're near retirement age, the guvment doesn't assign someone to your 'case' to help you get the most out of it. They sure are Johnny-On-The-Spot when it comes time to fill out your form, first day on the job, to sign up for withholding... :-/
signalfire: you might want to consider this option if you haven't already done so. Don't just apply for retirement, apply also for disability. You can use as the "date you became disabled" the date you last worked 4 years ago. You list all your impairments on the forms they send you and just try. If you win, you receive a benefit equivalent to your full amount- your amount at 66. If they don't find you disabled, you begin to collect your SS retirement, which will be processed first. If you don't win, you can keep the disability alive by continuing to appeal and if you eventually win, you will be paid back, up to one year retroactive from the date you called to make your appointment.

Good luck! Call - 1-800-772-1213. They answer phones until 7:30 Pacific Standard time.
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 06:26 PM
 
248 posts, read 267,509 times
Reputation: 1043
Thanks OP!

I found this site below and it explains it very well on a 'Golden Retriever' level They also will do a personalized report for you for a fee. The OP should be charging for this, I'm very grateful.

Maximize Social Security Retirement and Spousal Benefits | Social Security Choices
Reply With Quote Quick reply to this message
 
Old 04-09-2015, 07:40 PM
 
85 posts, read 68,066 times
Reputation: 260
I rarely post but read this forum religiously. I want to thank the OP and all the others (Mathjak, DaveinMtAiry, etc) that give their time and knowledge. I've learned so much here.
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
Similar Threads
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