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Used the wrong term
Get them confused.
I retired at 55 bcuz SSA was closing the spousal loophole.
MAJOR reason plus burnout that I retired.
Filed my form showing the half day I worked at Dallas ISD where they did levy for SSA and teacher retirement so that that pay -after my last day at my district -- would raise my teacher's pension by less than a dollar a month capped or overlaid my regular district's earnings.
Loophole was closed in Sept that year but I retired month before that.
If SSA lost that copy it supposedly filed to my perm record, I have the original in my safe deposit box.
I knew so many people foing that to save their spousal benefits and several people who tried but could not find a district or education employer that had slot open.
Somebdid retire/rehire and went back to teaching next year but that restricted earnings/ pension as teacher--so each had to see how it affected her (usually women ).
Used the wrong term
Get them confused.
I retired at 55 bcuz SSA was closing the spousal loophole.
MAJOR reason plus burnout that I retired.
Filed my form showing the half day I worked at Dallas ISD where they did levy for SSA and teacher retirement so that that pay -after my last day at my district -- would raise my teacher's pension by less than a dollar a month capped or overlaid my regular district's earnings.
Loophole was closed in Sept that year but I retired month before that.
If SSA lost that copy it supposedly filed to my perm record, I have the original in my safe deposit box.
I knew so many people foing that to save their spousal benefits and several people who tried but could not find a district or education employer that had slot open.
Somebdid retire/rehire and went back to teaching next year but that restricted earnings/ pension as teacher--so each had to see how it affected her (usually women ).
But thanks for worrying about me.
Ok, that helps. I remember that loophole, and then the closing of it. It was that if on the last day of employment, you had SS tax taken out, you were not subject to the GPO. I guess it was a hot item if you lived in a state that allowed you to switch to have SS deducted. That whole situation was also one of the things about my job I hated- you were never done learning, no matter the years. If you cared, that is...
Yes, it is good you have the proof. The more time goes on, the less experienced the staff is about things like that- especially since you are not in TX, where they would be more inclined to have experience with it.
We live un Texas and will apply here pribably
But I dont count on any govt employee knowing rules.
I was health/human services caseworker forb5 yrs in Tx--food stamps, medicaid...
Some of my caseworkers never learned how to delete their cases off their electric filing system.
Crashed our office system regularly.
You never knew what can of worms you would open when you worked some of their cases...
I am glad I found this site. I will have to do some more homework. I am reading " Get what's yours " so hopefully will get more info there. I will turn 66 on September 7, 2020 and will work till end of year is my plan. I know no one knows when they will die but my wife and I both have some longevity in our genes so who knows. If my expected benefit is $2400 at FRA how much extra would it be waiting almost 4 months longer? It might more than make up the difference of what my wife will lose by taking her benefit at 65 instead of 66. Thanks again. P.S. I think I found your other post " Ilovemycat "
I think my wife might start collecting at 65 instead of 66. She turns 65 on June 7 of this year. When should she apply?
I am glad I found this site. I will have to do some more homework. I am reading " Get what's yours " so hopefully will get more info there. I will turn 66 on September 7, 2020 and will work till end of year is my plan. I know no one knows when they will die but my wife and I both have some longevity in our genes so who knows. If my expected benefit is $2400 at FRA how much extra would it be waiting almost 4 months longer? It might more than make up the difference of what my wife will lose by taking her benefit at 65 instead of 66. Thanks again. P.S. I think I found your other post " Ilovemycat "
I think my wife might start collecting at 65 instead of 66. She turns 65 on June 7 of this year. When should she apply?
You can go to the SS site and input the figures to get your actual benefit by waiting an additional 4 months. But the benefits increase by 8% after FRA so basically 8% more than $2,400. As for your wife it depends on what her FRA is. It goes up the younger you are as a way of preserving the SS reserves.
thats what we are doing . my wife is collecting since she is 62 , i may take mine at 63 , no point waiting to 66 when i run the numbers, and then she will get a kicker added to hers.
we would need to lay so much out of investments if we delay that the lost gains and lost checks may just cancel each other out . the higher tax bracket on the extra ss when combined with rmd's would be another negative of delaying in our case.
I was under the impression that you were the champion of waiting to file. You cited tax factors as well as the fact that the wife can not get 1/2 of yours if she files early. Did I misunderstand your position?
I am in favor of waiting to file as most are way to underfunded to really retire at 62 . But as i keep saying if you can afford to retire and have options of delaying or not it is a very unique complex decision right through survivor benefits.
as I run the numbers for my own situation the benefits of delaying are greatly diluted by other factors including the higher ss payment hitting higher tax brackets with my rmd's at points.
Last edited by mathjak107; 04-06-2015 at 07:22 AM..
I am glad I found this site. I will have to do some more homework. I am reading " Get what's yours " so hopefully will get more info there. I will turn 66 on September 7, 2020 and will work till end of year is my plan. I know no one knows when they will die but my wife and I both have some longevity in our genes so who knows. If my expected benefit is $2400 at FRA how much extra would it be waiting almost 4 months longer? It might more than make up the difference of what my wife will lose by taking her benefit at 65 instead of 66. Thanks again. P.S. I think I found your other post " Ilovemycat "
I think my wife might start collecting at 65 instead of 66. She turns 65 on June 7 of this year. When should she apply?
Im45us- I still don't know if your wife is working this year, but I will assume she is not. If that is the case, I would have her apply right now, April, 2015. She is older than I thought in the earlier post, and a person does not have to wait for a "birthday month", the reduction factor is a month by month proposition. So, in April, 2015 she is 14 months younger than her FRA. At age 64 + 10 months she receives 92.2% of her $570.00 which is $525.00. $525.00 x 14 = $7350.00. $45.00 is her loss. Divide the loss into the gain and it takes her 163 months to make up her $7350.00 from age 66, which is 13.6 years.
If she waits until age 65, she receives $531.00 a month, 93.3% of her FRA. If we choose April instead of June, she gains 525 x 2 =$1050.00 and loses $12.00 (6 x 2). Divide 1050 by 12 and it takes her 87.5 months or 7.3 years from June to make up the $1050.00. If she decides to file now or June, call 1-800-772-1213 to make an appointment, either by phone or mail. That phone call protects her right to benefits.
I will address your own situation later. I have to watch my grandkids now.
You are correct as my wife is not working . Again thanks everyone as this seems like a very helpful group.
Ivan
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