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)
Reply Start New Thread
 
Old 05-29-2008, 05:35 PM
 
Location: home...finally, home .
8,236 posts, read 18,512,788 times
Reputation: 17765

Advertisements

If you do take it at 62 and don't have to spend it, plan to pay it back (without interest) when you reach full retirement age and you can reapply for the larger payments and keep the earnings from the investment.

I am surprised that I never heard anything about this business of paying back and reapplying. I guess it is not too publicized or maybe I just have not applied yet, so I never heard about it.
__________________
******************


People may not recall what you said to them, but they will always remember how you made them feel .
Reply With Quote Quick reply to this message

 
Old 05-29-2008, 05:54 PM
 
Location: Great State of Texas
86,093 posts, read 72,498,448 times
Reputation: 27565
Quote:
Originally Posted by nancy thereader View Post
If you do take it at 62 and don't have to spend it, plan to pay it back (without interest) when you reach full retirement age and you can reapply for the larger payments and keep the earnings from the investment.

I am surprised that I never heard anything about this business of paying back and reapplying. I guess it is not too publicized or maybe I just have not applied yet, so I never heard about it.
Here's a link that explains it:
Federal News Radio - WFED: Social Security Buyback
Reply With Quote Quick reply to this message
 
Old 05-29-2008, 06:44 PM
 
48,516 posts, read 83,922,814 times
Reputation: 18050
Remeber tho;if you and your wife have separate accounts that if you repay and then you die ;your wife has to pick which account to collest on. The other money is basically loss. That is a risk and IMO its always better to invest the moeny and keep it there. Tou also may find That the Txaes on the money you pullout of certain investmant will be taxed when you do meaning it can eat up the money made in just a few years invested.
Reply With Quote Quick reply to this message
 
Old 05-29-2008, 06:47 PM
 
Location: Great State of Texas
86,093 posts, read 72,498,448 times
Reputation: 27565
Yes, you really have to sit down and work out the figures to see what's right for your situation. Everyone is different.
Reply With Quote Quick reply to this message
 
Old 05-30-2008, 02:55 PM
 
16,092 posts, read 36,574,144 times
Reputation: 6277
Of course the law could change and you couldn't repay it...looks like a lot of the favorable laws on estate taxes, dividends etc may be coming to an end.
Reply With Quote Quick reply to this message
 
Old 06-05-2008, 08:14 AM
 
Location: In the North Idaho woods, still surrounded by terriers
2,178 posts, read 6,289,838 times
Reputation: 981
For me...what it now costs me in gas just to drive to work and back is more than I would make by waiting until age 66 to retire! I would be losing a lot of money if I keep working and driving 60 miles a day to do that. So, I turn 62 in October and plan to retire in January. My only worry is medical insurance, like so many of us who lose that when they retire.
Reply With Quote Quick reply to this message
 
Old 06-05-2008, 12:11 PM
 
16,092 posts, read 36,574,144 times
Reputation: 6277
good point.
Reply With Quote Quick reply to this message
 
Old 06-05-2008, 09:14 PM
 
4,135 posts, read 9,419,977 times
Reputation: 2687
Have you gone on the ssa.gov site and asked questions? Also, you can call offices and ask people (or make an appt. and go). You need to plan ahead.

Another item: if you have an account and your spouse does and you each collect on your own ( assuming they are basically the same), you will both get better amounts (so SS told us). Another thing to remember: if you are on a 2nd marriage, and your spouse collects off you and spouse #1 decides to... guess what? They split the spouse benefit. ( A friend has an ex -spouse (male) didn't work under SS and is aiming for her account ... thank heavens her current husband has his own!)
Reply With Quote Quick reply to this message
 
Old 06-06-2008, 06:21 PM
 
Location: home...finally, home .
8,236 posts, read 18,512,788 times
Reputation: 17765
How soon can I apply? I mean, I have 12 more days to go until I retire, but still......
__________________
******************


People may not recall what you said to them, but they will always remember how you made them feel .
Reply With Quote Quick reply to this message
 
Old 06-06-2008, 08:48 PM
 
Location: On the plateau, TN
15,205 posts, read 10,599,166 times
Reputation: 9984
Quote:
Originally Posted by nancy thereader View Post
How soon can I apply? I mean, I have 12 more days to go until I retire, but still......
I think they like you to sign up 60 days in advance, but it's not mandatory......
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
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