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.
I have a client who was born in November, 1953 so he is now 65.
I'm a mortgage broker and I'm trying to get more income for this couple.
One of the things we discussed was him taking Social Security now.
His question back to me was "Well, if I take it and they send me a letter saying what my benefits will be; can I rescind that 2 weeks later and then wait?"
So, he could get the letter stating he will receive XXX (which is way more than I need).
Then, he could call them after we close the deal (this is what I think he is thinking but doesn't want to tell me) and cancel it saying he wants to wait.
He can also look up his account on line and get a good estimate of what he can receive.
At 65 he has to sign up for Medicare A to avoid penalties - no cost.
When to take SS is not an easy question to answer so be sure to do a lot of research. In general delay to 70 is best in my opinion as long as you do not need the money now and your health is good. Delay even more important if you have a spouse with lower earnings.
If he was born in November of 1953 and his wife is eligible to be on SS now, They DEFINITELY need to look into something called Restricted Application !!!
It's such a good deal they shut it down for people born 2 months later than him. HIs wife would collect her SS and he would collect half of her age 66 benefit, while his regular benefit continues to accumulate.
I've been doing this since Feb. It's probably a no brainer. Please ask SS about it, and/or ask more questions here.
Thanks to Mathjak and his charts, I copied one of those and had sent it earlier to the clients.
This prompted a lot of good discussion on their end and they are seriously considering doing this as a long term solution.
I really appreciate your e-mail, NewportTom.
Thanks again!
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.