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Old 09-04-2019, 06:00 PM
 
862 posts, read 415,366 times
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Quote:
Originally Posted by Hemlock140 View Post
Recent retirees have told me that they needed to retire before June 30th. The reason is the COLA, which is only given if you were on SS for 6 months of the previous year. If you started SS on July 3rd 2019, for example, you would not be eligible for the 2020 COLA increase, but would have to wait until 2021. That means leaving 2.8% of the monthly benefit on the table for 12 months. In my case working until 70, I can't do that since my birthday is July 15, so I would lose more by starting at age 69. Assuming 2.8% COLA then, I would only lose about $86/month that first year anyway.
I retired in September and received my first COLA that December.
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Old 09-04-2019, 06:23 PM
 
Location: SoCal
14,043 posts, read 6,718,100 times
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Quote:
Originally Posted by galaxyhi View Post
No, you be serious a minute.

To some, maybe many people, who are old enough to know what a CHECK IS, may think in terms of actual check, as opposed to direct deposit (dd) to refer to their SS "check ". When I first started SSDI in 2003, I actually got a check in the mail. Then they went to direct deposit (dd), by then with that option. I was already on dd when it became mandatory.

OP, there's a few ",tricks " if you want to call them that. They are really variables. Heres the biggies:

A lot will depend on when you stop working, what age you are when you start collecting, when your Full Retirement Age (FRA) is, whether you want to continue working and when and full or part time, and lastly when your birthdate is. There may be more variables.


The last one is easy. If your birthdate is 1-7, you get your dd the first Wednesday of the month. 8-14, the second Wednesday, and so on. My SSDI comes( like SS would) the last Wednesday, because like this year, my birthdate IS the 25th, so i actually get it on my birthdate this year ( no special bonus, durnit!!). That is basically set in stone.

The other thing that is set in stone is that your first dd will come the following month AFTER the FULL MONTH you are eligible for SS. On the Wednesday of that following month according to your birthdate. That is to say if you sign up to start taking it in January, ( on the 1st of January), and your birthdate is the 23 of any month, you wont get your first check until the fourth Wednesday of February! So be careful if you have to rely on that dd coming in!
Same with COLAs. It may kick in the 1st of January, but in my case, i wont see that increase until my February 4th Wednesday dd.

The other things are calculated based on the above variables.

Do go to ",my social security " website, sign up and it will spell out the variables for you, or make an appointment to go to your local office to discuss.
Then theres always waiting on the phone to to talk to someone and hope they explains it to you right so that you get it.

Id make the appointment or go directly into your nearest SS office and get printouts of the "ifs and buts" of when you want to take it.

Best of luck to you....

Social Security has not sending out check since 2013. It doesn’t matter what you used to get. It doesn’t happen now. Be serious. Frankly, I don’t care what people think there is a check, it’s not a big point of argument. Maybe you like to waste time arguing about little thing.
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Old 09-04-2019, 06:35 PM
 
4,560 posts, read 2,718,653 times
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Quote:
Originally Posted by NewbieHere View Post
Social Security has not sending out check since 2013. It doesnít matter what you used to get. It doesnít happen now. Be serious. Frankly, I donít care what people think there is a check, itís not a big point of argument. Maybe you like to waste time arguing about little thing.
And, thusly YOU argued over an argument.

Talk about picking at little things.

Who's doing that? I guess YOU are.

When I'm told I am getting a check for something i look for a check in the mail, like my CHECK for the state STAR school tax relief program. For now, anyway it cimes as a check in the mail.

If I'm asked where I want the Direct Deposit, i know its coming as a direct deposit into my bank account.

Theres A HUGE difference between the two.

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Old 09-04-2019, 06:47 PM
 
Location: SoCal
14,043 posts, read 6,718,100 times
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Quote:
Originally Posted by galaxyhi View Post
And, thusly YOU argued over an argument.

Talk about picking at little things.

Who's doing that? I guess YOU are.

When I'm told I am getting a check for something i look for a check in the mail, like my CHECK for the state STAR school tax relief program. For now, anyway it cimes as a check in the mail.

If I'm asked where I want the Direct Deposit, i know its coming as a direct deposit into my bank account.

Theres A HUGE difference between the two.

I assume today, anybody can access to the internet can find out about this. You referred to something a long time ago that isn’t necessary true today. Like rotary phone. But you keep saying some people has no clue what an iPhone is, because they were expecting a rotary phone.
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Old 09-04-2019, 08:11 PM
 
Location: Phoenix, AZ
1,875 posts, read 834,650 times
Reputation: 4772
Quote:
Recent retirees have told me that they needed to retire before June 30th. The reason is the COLA, which is only given if you were on SS for 6 months of the previous year. If you started SS on July 3rd 2019, for example, you would not be eligible for the 2020 COLA increase, but would have to wait until 2021.

I wouldn't rely on what you are "told" without verifying it with the SSA.


I started collecting SS in October 2008 and got the 5.8% COLA in January 2009.


I don't know if things have changed since then but I would certainly rely on the SS office rather than "recent retirees."
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Old 09-04-2019, 09:40 PM
 
Location: RVA
2,194 posts, read 1,299,517 times
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Remember that the .67% per month increase for delayed credits is .67% of your FRA amount, not the previous years amount. So each January, when the credits are applied, it is the number of months delayed times .0067 times your FRA amount.
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Old 09-04-2019, 09:59 PM
JRR
 
Location: Middle Tennessee
3,849 posts, read 2,308,033 times
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Here is s good article in Kiplinger explaining social security delayed credits

https://www.kiplinger.com/article/re...t-delayed.html
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Old 09-05-2019, 02:46 AM
 
73,268 posts, read 73,051,102 times
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Quote:
Originally Posted by JRR View Post
Here is s good article in Kiplinger explaining social security delayed credits

https://www.kiplinger.com/article/re...t-delayed.html
good article on the january rule .

this is one of social securities lil secret gotcha's .. very few are aware of the january rule as it is called .

while it ain't a lot you give up it is still money you were entitled to which you will never recoup unless you file for january to start ,.

i can't emphasis enough , don't count on the correct answers from the low level clerks you speak to at social security , they are a poor source .

https://www.usnews.com/news/national...s-and-widowers
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Old 09-05-2019, 06:23 AM
 
8,016 posts, read 11,778,298 times
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Quote:
Originally Posted by mathjak107 View Post
Not correct .

Up until fra you get every penny due you up until you file .all credits earned that year are calculated in .

Buy delayed credits do not work like that ..

Delayed credits are only calculated once a year in January and adjusted going forward.

So as an example if you file in July you have 6 months of delayed credits you earned but they are not added in until the following January when you are raised to a higher rate .

But the six months of credit you had is never retro ,it is only paid going forward starting in January ....there is no way to collect the credit thom the previous year ...it is one of social security’s gotchas ....the only way to get every penny in delayed credits is if you file for January you will earn all the previous years credits and not lose them ...
Oh boy, just read this. I applied yesterday, I only had a few responses at the time.

When asked when to start I said 1 Jan 2020.

Does this mean I beat the gotcha on delayed credits? (retired 3 years ago, 63)

Is the above based on the date applied or the date you wanted to receive benefits as of?

Last edited by Giesela; 09-05-2019 at 06:32 AM..
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Old 09-05-2019, 06:38 AM
 
73,268 posts, read 73,051,102 times
Reputation: 50844
Quote:
Originally Posted by Giesela View Post
Oh boy, just read this. I applied yesterday, I only had a few responses at the time.

When asked when to start I said 1 Jan 2020.

Does this mean I beat the gotcha on delayed credits? (retired 3 years ago, 63)

Is the above based on the date applied or the date you wanted to receive benefits as of?
you have to be over fra and earning delayed credits for it to apply. it goes by date you want to start checks
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