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Old 10-10-2017, 02:22 PM
 
1,687 posts, read 607,568 times
Reputation: 1752

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Quote:
Originally Posted by reed303 View Post
When I applied on-line 3 months before 70th birthday to start Retirement benefits at age 70, there was nothing "extra" to do beyond stating that my intended start date to be my 70th birthday.

The SS agent that did the follow-up phone call did try to offer me a 6 month retroactive lump sum, but that would have reduced my monthly payment to the age 69.5 rate. I declined, as my whole intent of delaying was to maximize the monthly. The agent acted surprised at my turndown. Maybe most people jump at the chance of a check for 10s of 1000s. YMMV
The retroactive payment option would make sense if somebody is, say, diagnosed with pancreatic cancer at age 69.
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Old 10-10-2017, 03:29 PM
 
Location: Ypsilanti, MI
2,430 posts, read 3,657,283 times
Reputation: 4752
Quote:
Originally Posted by mathjak107 View Post
there really is no data point there is so much involved.

Obviously I found the worst possible middle ground of providing both too much and too little information.


I was hoping to learn from the MySocialSecurity site what my monthly benefit amount would be if I stopped working at age 62 + 9 months but didn't collect SS until age 70, or what if I don't collect until 65, or other age combinations. Those are the data points I was seeking to assist in our decisions.



I agree that retirement is the most important decision of your life, and should be analyzed from all angles.
  • Expect your income to decrease by 1/3 or more. Can you manage?
  • Work has become a personal identifier for many. What will define you in the future?
  • Work may be the center of a person's social connections. Do you have sufficient non-work social links?
  • There are no Do-Overs. If you discover three years later that you retired too early, it can be impossible to find another similar job.
On the other hand, being in your 60's when most of your co-workers are in their 30's can be lonely too. On the way out the door tonight, after another frustrating day, I repeated one of Popeye The Sailor's famous sayings, "I've had all I can stands, I can stands no more."


My millennial co-workers just looked at me and asked "What was that?"
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Old 10-10-2017, 03:53 PM
 
1,687 posts, read 607,568 times
Reputation: 1752
Quote:
Originally Posted by MI-Roger View Post
Obviously I found the worst possible middle ground of providing both too much and too little information.


I was hoping to learn from the MySocialSecurity site what my monthly benefit amount would be if I stopped working at age 62 + 9 months but didn't collect SS until age 70, or what if I don't collect until 65, or other age combinations. Those are the data points I was seeking to assist in our decisions.



I agree that retirement is the most important decision of your life, and should be analyzed from all angles.
  • Expect your income to decrease by 1/3 or more. Can you manage?
  • Work has become a personal identifier for many. What will define you in the future?
  • Work may be the center of a person's social connections. Do you have sufficient non-work social links?
  • There are no Do-Overs. If you discover three years later that you retired too early, it can be impossible to find another similar job.
On the other hand, being in your 60's when most of your co-workers are in their 30's can be lonely too. On the way out the door tonight, after another frustrating day, I repeated one of Popeye The Sailor's famous sayings, "I've had all I can stands, I can stands no more."


My millennial co-workers just looked at me and asked "What was that?"
You don't need to open any specific account to answer that question. Go to SS website, there is an option of SS calculator or SS estimator, I'm not sure off hand which one is applicable, but try both of them; one of them is what you are looking for. Log in with your SSN and some other basic ID info (name, date of birth - again, you don't need any special account with SS), and it will give you an estimate of what you'd get if you continue working til your full retirement age, with current annual income. Then it will ask you if you want a different calculation. Say yes, and proceed entering that you want to retire at 70, and (if you are 62 now) that your future estimated income will be $0 per year. It will give you an approximate answer to your question.

You are exactly right with listing the key elements of successful early retirement: sufficient $, personal identity outside work, personal social connections, and the awareness that the decision is essentially irreversible.

I personally find the millenials endearing, and they do not factor into my retirement planning, but everyone has their own reasons :-).

PS - Since I plan to start getting SS in 2030 (age 70), I assume that the SS trust fund will be exhausted around that time, so I am counting on getting only 3/4 of the figure computed by this calculator/estimator.

Last edited by elnrgby; 10-10-2017 at 04:03 PM..
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Old 10-10-2017, 08:28 PM
 
10,604 posts, read 14,188,225 times
Reputation: 17199
Quote:
Originally Posted by luv4horses View Post
So, I just tried again to reach Social Security. After 2 min of irrelevant information I was told wait time would be 40 min. I waited 40 minutes, listening to headache inducing music and more useless info. Then the phone went dead. So I called back, went through the unnecessary info and preliminary automated questions again. Was told "we are sorry, too busy, call back another time." And so it goes. No offer for call back either.
IME they only offer the callback on the first call. Somehow they track you already called when you call back, I guess.

They are likely busy because tomorrow is the mid month check date.
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Old 10-10-2017, 08:43 PM
 
10,604 posts, read 14,188,225 times
Reputation: 17199
Quote:
Originally Posted by MI-Roger View Post
Obviously I found the worst possible middle ground of providing both too much and too little information.


I was hoping to learn from the MySocialSecurity site what my monthly benefit amount would be if I stopped working at age 62 + 9 months but didn't collect SS until age 70, or what if I don't collect until 65, or other age combinations. Those are the data points I was seeking to assist in our decisions.



I agree that retirement is the most important decision of your life, and should be analyzed from all angles.
  • Expect your income to decrease by 1/3 or more. Can you manage?
  • Work has become a personal identifier for many. What will define you in the future?
  • Work may be the center of a person's social connections. Do you have sufficient non-work social links?
  • There are no Do-Overs. If you discover three years later that you retired too early, it can be impossible to find another similar job.
On the other hand, being in your 60's when most of your co-workers are in their 30's can be lonely too. On the way out the door tonight, after another frustrating day, I repeated one of Popeye The Sailor's famous sayings, "I've had all I can stands, I can stands no more."


My millennial co-workers just looked at me and asked "What was that?"
Weird they asked that question - I don't remember any like it.

That information is there without an account. It's generic with percentages, so you have to do the math yourself on the actual $$$ figures. OR create an account.

But you have to know that if you stop work at 62.9 that you have paid in enough and don't project new earnings. The computer program isn't a mindreader of future actions you may take. So it's gonna want you to tell your earnings. (whereas with an account it will already know)

There's usually a disclaimer something like "These figures are projected out as if you're going to make the same amount of money in the future." On your statement.

Which had no impact on me because I've been working since I was 17 so even if I had NO earnings for the past few years it wouldn't have made any difference. But I did have two very low earnings years when my mother was in a nursing home and I closed my business. So all that meant was it wasn't one of my higher years.

I assume you at least have a SS statement you got in the mail to start from if you can't establish an account right now.

If your employment history is off and on either time-wise or money-wise then you'd need an account set up IMO.

https://www.ssa.gov/planners/benefitcalculators.html

I'm a boomer and never heard of that Popeye saying.
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Old 10-10-2017, 09:32 PM
 
609 posts, read 366,187 times
Reputation: 1999
When I setup my SSA account online, I ran into the problem that my credit report has some incorrect information in it, so in order to get past the "knowledge-based authentication" personal verification security questions, I had to give what I knew was an incorrect answer. I get the free credit reports every year and was able to see what they thought was the "correct" answer.


The other catch is the SSA, IRS, the US postal service, and businesses that use this personal verification service cannot generate the questions if you have a credit freeze in place so you cannot create the account. However, this stops thieves from setting up an account in your name so it's another win for having the freeze. Once you have the account setup, you can re-freeze your credit because they don't ask those questions again except when you've forgotten your password.


The catch is that the forgot-your-password dialog uses the same personal verification system, so if you forgot your password you cannot reset your password unless you un-freeze your credit report.
Having a freeze in place puts up a huge obstacle to thieves who may try to reset your password online
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Old 10-11-2017, 09:15 AM
 
30,062 posts, read 47,297,325 times
Reputation: 16009
Quote:
Originally Posted by luv4horses View Post
Beware that if you have done a "file and suspend" your mysocialsecurity account will have been locked and you cannot get ANY personal information. Furthermore you must change your password every 6 months for that account, only to continue finding no information. And when you turn 70 under those circumstances they do not acknowledge that in a letter or anything. Right now I am in that twilight zone of waiting to see if I get a check, how much it will be for, and if my medicare premium will be taken out of it. If you don't meet the "average" of several situations therefore, you can only communicate by phone (long holds) or in person (long waits).

Good to know
So if my husband did a file and suspend (over the phone with SSA agent) about 2 yrs ago--before the last major policy changes--so that I could file for my spousal benefit on his record, will he have to call SS to initiate U suspending his account to take his SSA at 70?

AND---my husband's DOB is 12/27---turns 70 this December
Should he call now to take a December check or does he become eligible only on Jan of 2018---

I think I would prefer that he actually give up 2 months of incremental benefits and actually get a Nov check so that his Medicare is being deducted from his check vs paying quarterly--
Since no one knows now if there will be cost of living increment or not--
That can affect the Medicare premium--
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Old 10-11-2017, 02:33 PM
 
10,604 posts, read 14,188,225 times
Reputation: 17199
Quote:
Originally Posted by Thulsa View Post
When I setup my SSA account online, I ran into the problem that my credit report has some incorrect information in it, so in order to get past the "knowledge-based authentication" personal verification security questions, I had to give what I knew was an incorrect answer. I get the free credit reports every year and was able to see what they thought was the "correct" answer.


The other catch is the SSA, IRS, the US postal service, and businesses that use this personal verification service cannot generate the questions if you have a credit freeze in place so you cannot create the account. However, this stops thieves from setting up an account in your name so it's another win for having the freeze. Once you have the account setup, you can re-freeze your credit because they don't ask those questions again except when you've forgotten your password.


The catch is that the forgot-your-password dialog uses the same personal verification system, so if you forgot your password you cannot reset your password unless you un-freeze your credit report.
Having a freeze in place puts up a huge obstacle to thieves who may try to reset your password online
Really helpful info! I'm constantly resetting pswds but don't have the freeze but I might have chosen to do so lately since I even decided to get Lifelock after the stupid breach. So now that SS needs a pswd reset every six months that complicates the issue, too, for people who may be wanting to use the online site fairly often.
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Old 10-11-2017, 04:00 PM
 
Location: OH>IL>CO>CT
5,225 posts, read 8,384,895 times
Reputation: 7180
Quote:
Originally Posted by loves2read View Post
Good to know
So if my husband did a file and suspend (over the phone with SSA agent) about 2 yrs ago--before the last major policy changes--so that I could file for my spousal benefit on his record, will he have to call SS to initiate U suspending his account to take his SSA at 70?

AND---my husband's DOB is 12/27---turns 70 this December
Should he call now to take a December check or does he become eligible only on Jan of 2018---

I think I would prefer that he actually give up 2 months of incremental benefits and actually get a Nov check so that his Medicare is being deducted from his check vs paying quarterly--
Since no one knows now if there will be cost of living increment or not--
That can affect the Medicare premium--
Re unsuspending, see https://www.ssa.gov/planners/retire/suspend.html where it says:

  • "If your benefit payments are suspended, they will start automatically the month you reach age 70"
  • or
  • If you change your mind and want the payments to start before age 70, just tell us when you want your benefits reinstated (orally or in writing). Your request may include benefits for any months when your payments were suspended"
With birthday in Dec, first payment would be in January (SSA pays in arrears).
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Old 10-11-2017, 04:33 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,167,665 times
Reputation: 6691
Quote:
Originally Posted by loves2read View Post
Good to know
So if my husband did a file and suspend (over the phone with SSA agent) about 2 yrs ago--before the last major policy changes--so that I could file for my spousal benefit on his record, will he have to call SS to initiate U suspending his account to take his SSA at 70?

AND---my husband's DOB is 12/27---turns 70 this December
Should he call now to take a December check or does he become eligible only on Jan of 2018---

I think I would prefer that he actually give up 2 months of incremental benefits and actually get a Nov check so that his Medicare is being deducted from his check vs paying quarterly--
Since no one knows now if there will be cost of living increment or not--
That can affect the Medicare premium--
It sounds like a good idea to me for him to file to start collecting earlier than 70 the difference he would lose in total benefit would be tiny. and the advantage big. As you say they will start taking medicare part B out of that and if there is a medicare increase you would be protected as long as you are already collecting.
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