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Old 04-07-2016, 08:29 PM
 
Location: Idaho
1,454 posts, read 1,154,572 times
Reputation: 5487

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If I am not mistaken, the suggestion to collect SS in January comes from this thread

Contacting SS in January of "collecting" yr. could yield big bucks!

I reread many posts in the thread again and still came away with the impression that the suggestion to collect in January instead of December does not apply to retirees with December birthdays who have delayed SS until 70.

I went to this webpage, plugged in my husband's birth date and the date to collect SS either on December when he turns 70 or next January

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

and here is what I got for December claiming

Quote:
You choose to receive benefits 48 months after you reach your normal retirement age. Your benefit will be 132 percent of your primary insurance amount.
and for next January claiming

Quote:
You choose to receive benefits 49 months after you reach your normal retirement age. However, because delayed retirement credits do not apply after age 70, your benefit will be increased only for 48 months of delayed retirement. Your benefit will be 132 percent of your primary insurance amount.
This seems to confirm my thinking that it is a big disadvantage (losing 1 month of SS benefit) to claim in January instead of December for people who has delayed SS benefits until reaching 70 in December.

P.S.

I found the post of our resident SS expert, ilovemycat, in that thread which confirmed my understanding

Quote:
Originally Posted by ilovemycat View Post
Let's say you turn 70 in October 2018. You should apply for your benefits before or in October 2018. There is no point in waiting until January, 2019. This is straight from www.ssa.gov:

Last edited by BellaDL; 04-07-2016 at 08:52 PM..
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Old 04-07-2016, 08:49 PM
 
Location: The Berk in Denver, CO USA
14,032 posts, read 20,343,555 times
Reputation: 22754
Default 8%/year adds up

Quote:
Originally Posted by bigcitymama View Post
I'll turn 70 in the middle of December.
Congratulations on being in the <1% who hold out collecting until 70.

Last edited by davebarnes; 04-07-2016 at 09:57 PM..
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Old 04-07-2016, 09:00 PM
 
11 posts, read 17,149 times
Reputation: 12
I am hardly in the 1%. I had some savings which let me hold out. I'm in the x% that have to work till I die.


Oh, I may have misread your post. Do you mean only 1% collect SS at 70? I thought you meant the top 1% of income earners.
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Old 04-07-2016, 09:10 PM
 
11 posts, read 17,149 times
Reputation: 12
BellaDL,


Thanks for the link to that SS calculator. I got the same results.
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Old 04-08-2016, 12:45 AM
 
Location: Gulf Coast
1,159 posts, read 649,503 times
Reputation: 2249
Thank you Reed303. I never could figure out from what I was reading how it all applied to us. The way my DH has been working the last couple days, I'm not sure if he'll make it to 70, but for right now that's the plan.
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Old 04-08-2016, 02:28 AM
 
Location: RVA
2,165 posts, read 1,265,978 times
Reputation: 4456
Thanks! That is what I wondered and I was also suggesting doing. Pointless to lose a month! But the first check doesn't come until Jan still, right?

Somif the OP IS still working, then her amounts will change in Jan anyway, if 2016 is one of the 35 years.

Not quite 1%, but still very low: 4% for women and 2% for men.

Last edited by Perryinva; 04-08-2016 at 02:37 AM..
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Old 04-08-2016, 06:31 AM
 
29,778 posts, read 34,863,854 times
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Quote:
Originally Posted by Perryinva View Post
Thanks! That is what I wondered and I was also suggesting doing. Pointless to lose a month! But the first check doesn't come until Jan still, right?

Somif the OP IS still working, then her amounts will change in Jan anyway, if 2016 is one of the 35 years.

Not quite 1%, but still very low: 4% for women and 2% for men.
There are those with political influence and power who want to do away with benefits accruing after your FRA. It is part of their it only benefits the wealthy line. Depending on the election don't be surprised. They suggest those who delay tend to live longer and get to collect more.
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Old 04-08-2016, 08:59 AM
 
Location: Baltimore, MD
3,745 posts, read 4,216,823 times
Reputation: 6866
Quote:
Originally Posted by BellaDL View Post
<snip>
This seems to confirm my thinking that it is a big disadvantage (losing 1 month of SS benefit) to claim in January instead of December for people who has delayed SS benefits until reaching 70 in December.

P.S.

I found the post of our resident SS expert, ilovemycat, in that thread which confirmed my understanding
No, you would not lose 1 month of SS benefit. SSA will pay up to six months in retroactive retirement benefits. I intend to wait and file in the immediate calendar month after I reach my target age.
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Old 04-08-2016, 09:11 AM
 
Location: Idaho
1,454 posts, read 1,154,572 times
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Lenora,
You are right that one can get retroactive benefit but would one has to file a claim so why not just getting the correct amount the first time?

It's interesting to learn that there one can be misled in getting 6 months retroactive benefit leading to losing intended delayed SS credits

Forbes Welcome

Quote:
Social Security is and has been forcing some (or many, I don’t know) people to accept a six-month retroactive payment when what the person wants to do is defer their benefits instead. Say someone comes in to their local Social Security office three months shy of their 70th birthday and, as we’re all told to do, gives the agency a heads up on their filing intentions.

Instead of accepting their application for benefits to begin at age 70, the agency’s representative instead gives the person a six-month retroactivity payment that is retroactive to the date they go into the office — in this case three months from their 70th birthday! This act wipes out 9 months of your Delayed Retirement Credits (DRCs). The person loses 6 percent of their monthly benefit check every month for the rest of their life. Yes, they receive a lump sum payment, but Social Security has subverted what they legally are trying to do.
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Old 04-08-2016, 09:46 AM
 
Location: OH>IL>CO>CT
5,232 posts, read 8,399,632 times
Reputation: 7186
Quote:
Originally Posted by BellaDL View Post
Lenora,
You are right that one can get retroactive benefit but would one has to file a claim so why not just getting the correct amount the first time?

It's interesting to learn that there one can be misled in getting 6 months retroactive benefit leading to losing intended delayed SS credits

Forbes Welcome
Social Security is and has been forcing some (or many, I don’t know) people to accept a six-month retroactive payment when what the person wants to do is defer their benefits instead. Say someone comes in to their local Social Security office three months shy of their 70th birthday and, as we’re all told to do, gives the agency a heads up on their filing intentions.
Instead of accepting their application for benefits to begin at age 70, the agency’s representative instead gives the person a six-month retroactivity payment that is retroactive to the date they go into the office — in this case three months from their 70th birthday! This act wipes out 9 months of your Delayed Retirement Credits (DRCs). The person loses 6 percent of their monthly benefit check every month for the rest of their life. Yes, they receive a lump sum payment, but Social Security has subverted what they legally are trying to do.
Yes, as in my case explained in thread #8, the phone interviewer did try to talk me into the 6 month retro, with a corresponding reduction in monthly benefits. She did not try and "force" it, but I did have to be very clear that I was not interested.
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