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Old 01-31-2016, 01:59 PM
 
29 posts, read 17,423 times
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Thank you for your reply. I agree the tax situation should not be the sole influence in the decision. The decision of when to take the benefit is a hard one to make. If you could use the extra funds the option you presented is a very good solution. If only we had a crystal ball to see into the future.


Are any of the funds that are withheld ever returned? I thought I read, in another post, that the funds would be reimbursed.
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Old 01-31-2016, 04:49 PM
 
Location: Cape Elizabeth
425 posts, read 387,495 times
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Quote:
Originally Posted by indianamike View Post
Thank you for your reply. I agree the tax situation should not be the sole influence in the decision. The decision of when to take the benefit is a hard one to make. If you could use the extra funds the option you presented is a very good solution. If only we had a crystal ball to see into the future.


Are any of the funds that are withheld ever returned? I thought I read, in another post, that the funds would be reimbursed.
The funds, from months of withholding checks, could be returned, if the person overestimated their pre-fra earnings.

So, if Sherry, instead of earning $85000.00, only earned $82000.00, and then the pre FRA amount (the amount that SSA cares about) is $1984.00, not $2567, she is due money and SSA will send it to her.

But, you might be referring to the "ARF", adjustment of the reduction factor. Where, when the year is up, SSA only "permanently reduces your FRA amount" by the actual # of full checks you got before your FRA month. Remember, to get Sherry checks, she started with January, which is 7 months pre-fra. But, Sherry didn't get 7 checks, she got 5 checks, or in the scenario above (the $82000.00) she got 6 full months, not 7. So they will adjust her benefit, going forward, and give her the lower reduction factor to reflect the lesser # of checks she received.
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