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)
 
Old 04-09-2015, 09:58 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,186,870 times
Reputation: 6706

Advertisements

I am still no completely clear on when to file date and how that affects things.

Our situation: My husband just turned 65 March 28 and filed for Medicare, He is still working. Next March 28 is his FRA and he wants to either file and start collecting his FRA benefit OR if he is well enough, [which is questionable] File and suspend at FRA and work a bit longer.

I have no real record of my own, only earned $7K in my whole life. So I will be filing for spousal benefits on his record at 63 and 10 months.

We will file at the same time. The question is should he actually FILE in March? or in January or December of this year? they say to file about 3 months early but he wants to be sure he is filing for the FRA and not before, so not reduced at all. and Can I file the same day as he does since he has to file, or file and suspend before I can file on his account?

Hope that was all understandable.
Reply With Quote Quick reply to this message

 
Old 04-09-2015, 08:03 PM
 
Location: Cape Elizabeth
425 posts, read 389,877 times
Reputation: 745
Quote:
Originally Posted by arwenmark View Post
I am still no completely clear on when to file date and how that affects things.

Our situation: My husband just turned 65 March 28 and filed for Medicare, He is still working. Next March 28 is his FRA and he wants to either file and start collecting his FRA benefit OR if he is well enough, [which is questionable] File and suspend at FRA and work a bit longer.

I have no real record of my own, only earned $7K in my whole life. So I will be filing for spousal benefits on his record at 63 and 10 months.

We will file at the same time. The question is should he actually FILE in March? or in January or December of this year? they say to file about 3 months early but he wants to be sure he is filing for the FRA and not before, so not reduced at all. and Can I file the same day as he does since he has to file, or file and suspend before I can file on his account?

Hope that was all understandable.
Late January of 2016 would be a good time. Even early February, or even in March. It would be good for him to have his 2015 W2 form at the time of filing, so the benefits he and you receive are the most up to date. Even if you apply in early January, he can use his last pay stub for 2015 showing YTD earnings. An actual claim really processes overnight. And March's check arrives in April, so you have time.

The 3 month before suggestion is sort of old- but still a good idea because everyone is different and some people, coming in 3 months earlier find out stuff they didn't know, or decide to take benefits in January, instead of waiting until March.

Now, your computation for spousal is not complicated because you do not have your 40 quarters, so are only eligible as a spouse when he files , or files and suspends. One half of his FRA amount is reduced for your age at the time he files. (2 yrs 2 months). You can file the same day.

You make appointments for both of you. (worker and spouse). You can make an office appointment or phone appointment. Good luck!

Last edited by ilovemycat; 04-09-2015 at 08:04 PM.. Reason: typo
Reply With Quote Quick reply to this message
 
Old 04-10-2015, 02:53 AM
 
72,233 posts, read 72,198,066 times
Reputation: 49760
the month you file is very important. here is a little known fact that is posted on the ss website but clearly missed by most of us.

"If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start benefits. The calculator below gives you the amount with all credits applied for comparison purposes."

http://www.ssa.gov/oact/quickcalc/early_late.html


that being the case it is always best to file for payments in january .

why ?

because ss has a poor way of calculating.


if i retire in october 2015 at 67 as an example i will get credit for delaying my check and while i will start collecting in 2015 i won't see that extra credit for 2015 calculated in until january 2016 and i lose the extra money waiting 8 months should have given me ...

once jan 2016 came around i would be recalculated to include all delayed credit for 2015 but no retro money.

so in this case i would lose getting payed on 8 months of waiting . it isn't until january when rates are recalculated that you get your credit for waiting that year.

you always get the rate for delaying the following january and loose that current year if you file mid year until recalculated .

Last edited by mathjak107; 04-10-2015 at 03:56 AM..
Reply With Quote Quick reply to this message
 
Old 04-10-2015, 07:27 PM
 
Location: Cape Elizabeth
425 posts, read 389,877 times
Reputation: 745
" Delayed retirement credit increases apply for benefits beginning January of the year following the year you reach full retirement age". (from ssa.gov)

But in the end, if you don't collect for 9 months after your FRA, you will get 9 DRC's.

Let's say you reach FRA in July, 2025 and you keep working and not collecting until March, 2026. When 2025 is over, you will have a new benefit amount with 01/2026 reflecting 6 DRC's for 2025. Then in 01/2027 you will have a new benefit amount with 3 additional DRC's. Yes, you don't get the credit for the 6 months of 2025 in 2025.

Even if a person only has 1 delayed retirement credit, say for 01/2028, they don't get that one credit until 01/2029.
Reply With Quote Quick reply to this message
 
Old 04-11-2015, 02:02 AM
 
72,233 posts, read 72,198,066 times
Reputation: 49760
my birthday is october but i will claim my first check 2 months later in january.
Reply With Quote Quick reply to this message
 
Old 04-11-2015, 12:26 PM
 
2,298 posts, read 1,573,391 times
Reputation: 2747
Quote:
Originally Posted by mathjak107 View Post
my birthday is october but i will claim my first check 2 months later in january.
My bday is Sept so I'm assuming same applies for me? When would you actually "apply" for the Jan. start date then? Thx.
Reply With Quote Quick reply to this message
 
Old 04-11-2015, 01:07 PM
 
72,233 posts, read 72,198,066 times
Reputation: 49760
i guess 2-3 months before you want to start
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