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Old 12-02-2018, 04:16 PM
 
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figuring a balanced portfolio that either has the assets spent down while delaying from 62-70 or money that could be invested if ss was taken early , it can take 22 years . more if you are giving up spousal delaying too .



USING TIPS CAN TAKE 19 YEARS , more is spousal is given up delaying

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Old 12-04-2018, 06:28 PM
 
109 posts, read 42,750 times
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Quote:
Originally Posted by mathjak107 View Post
they were weren't loop holes .

they were just part of the benefits ss had
I believe that’s what a “loophole” is. Just as the “tax loopholes” politicians are always referring to. They are legal, but they benefit people that they don’t feel really need it, so inevitably they end up closing them.
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Old 12-05-2018, 02:30 AM
 
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in this case they benefited everyone who wanted to do it regardless of need . the only problem was people were learning now about the advantages of doing it and on a large scale and ss can't afford it on a large scale .. only 8% of all who filed used file and suspend . most of the public were ignorant on the subject .

but the media publicized it and more and more were starting to use that feature of ss .

now if you want a loophole , well until they stopped allowing you to pay back ss and refile beyond a year there was a nice loophole few realized .

if you paid back many years of ss you got to refile at the higher level again . but that paying back of ss gave you a income subtraction which usually left you with negative income for the year that really could not be used .

but some smart folks realized you can apply that negative income to roth conversions . basically you got to refile at the higher ss rate and get a free roth conversion .

Last edited by mathjak107; 12-05-2018 at 03:40 AM..
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Old 12-05-2018, 12:58 PM
Status: "Loving life, wife and job!" (set 5 days ago)
 
Location: USA
992 posts, read 378,533 times
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Quote:
Originally Posted by mathjak107 View Post
yep , that is a very important point . working longer may not have any effect on your ss amount unless the years bump some lower earning years .

people may think because they are working part time they are increasing ss amounts but nope they are not unless it bumps lower years . .
Solid.

I'll make the most ever in 2019 as counted in Taxed Social Security Earnings. In 2020, I expect to exceed the 2019 amount. Both 2019 and 2020 will replace zero earnings years since I was still in college having done 4 years in the service first.

This is a pleasant, unintended consequence of working, for the most part, due to the love of the job.
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Old 12-07-2018, 01:54 AM
 
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I have 35 years but not 35 years of paying the maximum. So my current work, where I do pay the maximum, replaces old years and bumps up the benefit to the highest allowed by law. If I were not working, but waiting until 70, I would get less because of the old, lower-income years.

That's not why I'm working but every little bit helps.
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Old 12-07-2018, 02:49 AM
 
Location: R.I.
970 posts, read 602,748 times
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Quote:
Originally Posted by Larry Siegel View Post
I have 35 years but not 35 years of paying the maximum. So my current work, where I do pay the maximum, replaces old years and bumps up the benefit to the highest allowed by law. If I were not working, but waiting until 70, I would get less because of the old, lower-income years.

That's not why I'm working but every little bit helps.
I began professionally working in 1978 following graduating from nursing school which made 2013 the year I hit my 35 year work history. In looking at my Social Security statement up to the year 2000 I had one no work/income year and 3 low earning years. My work years following 2000 I had gradually increasing income and currently earn more than double than I did in 2000 but never to the point I paid the max into Social Security. So in 2017 which was work year 38 I bumped off that one no work year and the three low earning years. Just recently I got an e-mail from SS to inform me that my latest statement was ready for review and found it was higher than last year's by $100/month. So most definitely working past 35 years with a higher income that replaces those lower earning years does increases one's benefit.
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Old 12-07-2018, 02:57 AM
 
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i went the reverse . i worked only 4 days my final years so it added no value other then current income .

the reduction ended up being minuscule. don't forget if your final years are at your highest levels of pay historically ,ss projects you will earn at least that until you collect .

so they actually bump out some lower years . but if you earn less or stop working earlier then you don't bump out as many years so you will get a bit less then projected .

so if you look at what they projected for 65 if you are currently earning highest inflation adjusted dollars , they assume you will be working from 62 to 65 bumping lower years . if you retired at 62 but collected at 65 you would get less then projected .
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Old 12-07-2018, 07:57 AM
 
Location: Whidbey Island, WA
12,270 posts, read 11,317,584 times
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Quote:
Originally Posted by NewbieHere View Post
I’m in the exact same situation. I retired at 55 with 35 years and plan to take SS at 70. So far it has updated my work situation online. But honestly, I don’t care that much. I will get close to the max, not the absolute max. Not worth losing sleep over. I believe the max amount will keep increasing until I’m 70.
What is the max?
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Old 12-07-2018, 08:01 AM
 
Location: Whidbey Island, WA
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Quote:
Originally Posted by nancymyers2000 View Post
Nope. File and suspend is off the table. Has been that way for a couple of years now. It ended April 29, 2016, so if you hadn't done it by then you no longer can.
True however you can file and restrict (defer your own) and collect 1/2 of your spouses while allowing your SS to accrue until 70.
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Old 12-07-2018, 08:04 AM
 
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Quote:
Originally Posted by AADAD View Post
True however you can file and restrict (defer your own) and collect 1/2 of your spouses while allowing your SS to accrue until 70.
only if you were at least 62 in 2015 or it is gone too
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