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Old 12-20-2015, 06:33 AM
 
29,829 posts, read 34,918,975 times
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Quote:
Originally Posted by Escort Rider View Post
In order to say "we nailed it", we would have to be looking back from the vantage point of at least several years later, it seems to me. I took my Social Security at age 62, and now, nine years later, I can say it didn't really make much difference. But if I had it to do over again I would probably have waited another two or three years to get a slightly larger benefit.

That has nothing to do with the size of the benefit per se, but rather with the fact that when I went on Medicare at age 65, the monthly Medicare Part B premium was greater than the monthly SS benefit. So the benefit was suspended and they billed me for the difference. I didn't care for the uncertainty of how I was supposed to pay that difference, and for the inability of SS to tell me what I was supposed to do (before I knew to just sit back, relax, and wait for the billing), although it was not any big deal in the end, really.
Eight years into retirement we are playing it right and I am still to draw on my benefit. Will I feel that way in fifteen years sure if nothing goes wrong. Oops I guess only time will tell.
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Old 12-22-2015, 04:24 AM
 
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keep in mind it is still worth while to do a file and suspend at fra if you are delaying . it still gives you the right to collect a lump sum check if you decide not to go until 70 .

marilyn is collecting an early benefit since 62 but when she stops in august and suspends it she has the ability to go back to ss at any point going forward and take a lump sum from fra if we decide not to do the 70 thing .

without a file and suspend you have no claim to past money .

while if not grandfathered no one can collect a benefit off you if you file and suspend you can still file and suspend to lock in a lump sum payment if you decide to not go to 70 .

even singles should do a file and suspend . need a new roof at 68 ? you can get a lump sum from your fra retroactive .
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Old 12-22-2015, 04:42 AM
 
Location: in the miseries
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I took ss at 62. Glad I did.
Don't trust any politicos
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Old 12-22-2015, 04:52 AM
 
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doesn't mean they can't reduce it . but it i unlikely they will play games with our own benefits . most americans need it and with 80 million retiring baby boomers it would be political suicide not to pay folks the benefits due them .

spousal benefits were a perk that was never meant to work the way they ended up so they were eliminated .

but screwing around with middle america's benefits would guarantee they were out of work .
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Old 12-22-2015, 06:35 AM
 
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Quote:
Originally Posted by mathjak107 View Post
keep in mind it is still worth while to do a file and suspend at fra if you are delaying . it still gives you the right to collect a lump sum check if you decide not to go until 70 .

marilyn is collecting an early benefit since 62 but when she stops in august and suspends it she has the ability to go back to ss at any point going forward and take a lump sum from fra if we decide not to do the 70 thing .

without a file and suspend you have no claim to past money .

while if not grandfathered no one can collect a benefit off you if you file and suspend you can still file and suspend to lock in a lump sum payment if you decide to not go to 70 .

even singles should do a file and suspend . need a new roof at 68 ? you can get a lump sum from your fra retroactive .
BUT if you elect the lump sum, you reverse your benefit to the earliest monthly amount comprising the lump sum...not the largest/most recent

I thought the lump sum option based on file and suspend would lapse in April--
If you are age-eligible (62 in 2015) then you always carry forward the option to file/suspend and opt for the 6mo lump sum?
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Old 12-22-2015, 07:17 AM
 
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correct , your payment is as if you retired at fra.

from what i read you are always deemed to have filed for your own benefit if you are not grandfathered in . but that does not mean you can't suspend it . it only means no one else can get a benefit off it while suspended .
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Old 12-22-2015, 07:27 AM
 
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Agree you always have the option to file and suspense after April 2016--no matter your age
BUT I do not think the bonus/lump-som option goes forward after April 2016 even if someone is grandfathered into file/suspend/spousal

And if you file/suspend after FRA like my husband did his lump sum option goes back 6 mo from date he filed...not FRA.
IF he took it in future he would start his benefit almost 7 mo higher than FRA amount--not much but he benefits from the later filing...
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Old 12-22-2015, 07:44 AM
 
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let me e-mail the social security specialist at fidelity that we met with last week . i will have him confirm about the lump sum .

the 6 months retro always existed for all ages after fra . but that is different , that has to do with when you never filed or suspended at fra . separate from the suspension at fra and lump sum . .

as larry kotlikoff explains :

Say a person meant to file at their full retirement age (FRA) of 66 but did not actually file for their benefit until age 67. Under the agency’s retroactivity rules, such a person could receive up to six months of retroactive payments in a lump sum. They would still be out six months of foregone monthly benefits but they’d at least be somewhat better off. Retroactivity is only available to people who file on or after reaching full retirement age. And its maximum payment is six months of benefits except for some emergency extenuating circumstances, when it can be up to 12 months.


here is more on suspending first and then taking the lump sum , which is different then the above where you never suspended first . you can get up to 3 years or more .

i just e-mailed our contact at fidelity to confirm it is still in effect .

http://www.kiplinger.com/article/ret...m-payouts.html

Last edited by mathjak107; 12-22-2015 at 08:05 AM..
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Old 12-23-2015, 04:05 PM
 
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I say run the numbers at 62 and every year after that. Get free as soon as you can.
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Old 12-23-2015, 04:06 PM
 
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get free ? when you stop working can be a totaly different decision then when you take ss
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