[REDCART]

Originally Posted by rjm1cc

This option is no longer available. You only have 12 months from when you start receiving benefits to stop the benefits and return money.

RJM1CC, Happy to see SSA made this change. It was a loophole that should have been closed from the beginning. When you consider the implications of withdrawing your retirement application, repaying your Medicare Part B premiums, and any income tax withheld, etc. it must have been a logistical nightmare, and costly to administer. SS is a social insurance program and was never meant to be abused this way, IMHO.

George

Instead of withdrawing your application for SS retirement benefits, you can request that they suspend your payments to begin accruing delayed retirement credits. I believe you have to do so prospectively rather than retroactively.

On December 8, 2010, the Federal Register published the Amendments to Regulations Regarding Withdrawal of Applications and Voluntary Suspension of Benefits with a request for public comments. The rule was final on that date. SSA modified its’ regulations to limit the voluntary suspension of benefits for purposes of receiving DRCs to months for which the number holder has not received a payment.

[Bill-n-Brillo]

Originally Posted by BobKat1

Maybe someone else will weigh in, but I believe that option is no longer available to benefit recipients.

Originally Posted by rjm1cc

This option is no longer available. You only have 12 months from when you start receiving benefits to stop the benefits and return money.

Correctamundo! Retirement Planner: If You Change Your Mind

Bill

[batman911]

The real wild card in the calculation is your life expectancy. If you are in good health, elderly family members have lived past 80, and you feel lucky, you will be better served waiting until 70 if you do not need the income before then.

[Shimpy]

I held off until full retirement (65 +10 months for me) because I wanted to still work and not be penalized for earning too much. Now that I'm retired I appreciate that extra monthly SS check and the money I was able to save while working.

[batman911]

I know when I will start to apply for SS benefits but I'm not sure when my wife should start. She is 58 but will retire from work when I do. Has anyone done the calculations on when their younger spouse should apply for benefits?

[CaptJohn]

It's not a simple answer. Everyone is different depending on circumstances. She could take spousal benefits if you're full age when you retire (66 or 67) (of course, she'll have to be at least 62) and then convert to full later but you'll have to run your individual numbers to find out.

[jimbo2012]

What type of professional knows these rules that one can consult with?

My accountant was not 100% sure, a financial planner I doubt it.

[REDCART]

Originally Posted by jimbo2012

What type of professional knows these rules that one can consult with?

My accountant was not 100% sure, a financial planner I doubt it.

The Social Security Administration publishes a geat deal of public information material both on their web site and in printed pamphlets found on racks in the reception areas of SS field offices.

It sounds like you're looking for guidance rather than information. If an attorney who specializes in "elder care" cannot give you guidance, he may know of an accountant who can help you make decisions. As you may already know, up to 1/2 of your SS may be taxable which is another part of the decision matrix.

[batman911]

You may find this website helpful:

Retirement Estimator

[REDCART]

Originally Posted by batman911

You may find this website helpful:

Retirement Estimator

This is a great place to start. Notice the first link on the right side of the screen: Estimate you life expectancy. It really is the first question in the process, like it or not.

[CaptJohn]

Originally Posted by gryoung

Notice the first link on the right side of the screen: Estimate you life expectancy. It really is the first question in the process, like it or not.

That's the part that makes the whole process inexact!
The best you can do is make your best guess. All the scientific charts in the world won't help.

[zcaveman]

Here is an SS calculator I found at AARP.

Social Security Calculator

Since I started drawing SS at 62 I did not use it but it is available.

[CarGuys]

Originally Posted by CaptJohn

Ditto for me. I'm going through it now at age 64 since I was just laid off at a university but able to retire at the same time.
https://www.youtube.com/watch?v=h3chFhCP5mQ

At about age 78, whether you start at 62 or 70, will collect about the same total AMOUNT. After that age is where the totals change. If you're going to live forever then wait until 70 to start collecting. If you think you'll make it to 78 or less then start earlier. How active will you be after 78? How much more will you be able to spend? Then there are those like Herv's business partner who just died before age 60 or my first cousin who died last year at age 61 and will not see any. A good crystal ball sure helps!

I'm taking mine at 62 Capt. My account said you eill never make it up waiting till 65+ And my sales rep for TV said/ Herv you can;t buy back the years on your life.

They laid me off after 34 years. I'm leaving and not looking back.

[RichieB]

Originally Posted by CarGuys

They laid me off after 34 years. I'm leaving and not looking back.

That's the spirit !

You know what to do when life gives you lemons............

After 34 years, though, I hope you will be getting some kind of pension.....(?)

[CarGuys]

Originally Posted by RichieB

That's the spirit !

You know what to do when life gives you lemons............

After 34 years, though, I hope you will be getting some kind of pension.....(?)

Yes saved the Pensions. The perfect storm has grown. It started in Wisconsin three years ago. If your a public employee in NY education over 55 and eligible to retire with 30+ years the target is on your back.

They ( Admin ) are way to scarred to hit you face on. Back stabbing is the perfered method

Wife is bailing after 42.5 years June 29th