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Old 10-31-2015, 08:53 AM   #15
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I could not retire at 62, but joined Medicare A at 65. I retired at 67. I worked another year and sank the extra into a 401 to avoid taxes. Now at 70, I am very glad I get the 25% more from SS than if I retired at 62.

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Old 10-31-2015, 10:05 AM   #16
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Originally Posted by ROBERTSUNRUS View Post
Hi, I retired at 62; My math showed that if one person retires at 62, another at 65/66, and the last at 70, that they all collected the same amount of money at age 80. Actually it was more like 79 1/2 to 79 3/4, but 80 is close enough. So those who wait to get more money will actually be ahead after they turn 80. [red emphasis added]

If they live that long . . .

Great summary, and confirmations by later posts, about doing the math when younger, with the help of one's accountant as needed. In my personal opinion, many who waited to collect until 70, but left us early, may recommend starting sooner rather than later, if they could chime in on the issue . . .

Life is short.

PS -- I grabbed the brass ring at 63. Family longevity and personal health both mixed. Uncertain stability of Social Security for the long haul. Global risks on the rise, including domestic terrorism. Go for it.

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Old 10-31-2015, 10:24 AM   #17
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Originally Posted by markdoane View Post
A few Social Security claiming strategies have just been eliminated by the new Budget Accord passed last night by the Senate.

If you were planning to "File and Suspend" you will not be able to do that 6 months after today.

If you are planning to file a "Restricted" claim, you will not be able to do that unless you are at least 62 years old on December 31 of this year.

Good Luck!

Sorry, I'm kind of ignorant. Can some one please explain File and Suspend and a restricted claim?
Not all those who wonder are lost.
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Old 10-31-2015, 10:38 AM   #18
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Our condolences to Glenrita and family. While some say to wait and collect later, we're of the opinion to collect as early as possible and have a plan in place for saving it if you can. We are starting to see some changes in SSI benefit distribution(no COLA for 2016) and with the political climate as it is, it will most likely get worse, that's not to mention an unforeseen health issue. It will be a gamble either way but cashing in early gets you something at least...
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Old 10-31-2015, 11:17 AM   #19
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Originally Posted by Silverflames View Post
Sorry, I'm kind of ignorant. Can some one please explain File and Suspend and a restricted claim?
In general terms here is the skinny on both. I am not a CFM and you should consult your financial advisor if you want more info.

1. Both strategies assume you are married or have dependent children.
2. Both assume you want to maximize your benefit by waiting to collect benefits at a later date to take advantage of the 8% yearly increase in benefits
3. Works best if you have financial resources or retirement benefits to fill the gap between your normal full retirement age and 70, when benefit maxes out.

File and Suspend - In this maneuver you file for benefits and suspend payments while you allow the 8% yearly increase to grow your benefit. So you don't collect anything your ownself, but your spouse can start yo collect spousal benefits, which would be 50% of your benefit. FREE MONEY!
As a couple, you are collecting half your benefit early, while you wait for your individual benefits to max out.

Restricted Application - When you reach full retirement age (currently 66), you file a Restricted Application which tells the SS that you only want to collect your spousal benefit. So you collect half of your spouses benefit while you wait for your own benefit to max out. FREE MONEY!

The reason these claiming strategies are being eliminated is that some consider them to be a form of "double dipping" that would only be used by wealthy people. I see it as $40k extra I can use to buy a nice car.

Whether to wait til 70 to collect maximum benefit, or collect as soon as possible is a personal decision based on your own estimate of your life expectancy. It seems like everyone either starts at the earliest possible moment, or waits to max out. Whats right for you may not be whats right for me.
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Old 10-31-2015, 11:29 AM   #20
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Originally Posted by Glenritas View Post
Everyone has an expiration date . Unfortunately we don't know what it is .

So live every day like its your last .

I retired at 49 and my wife retired at 54, we both started to draw SSA at 62.

She died suddenly 2 weeks ago just a month short of 71.

We are so sorry to hear of Rita's passing. Please accept our sincerest condolences.

We try to follow your advice and enjoy every moment that we have left. We, too, retired in our early 50's and are now in our late 60's. We hope to have a bunch more years but, as you found out, you just never know.

Take solace in the fact that you were able to retire early and had those years together.

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Old 10-31-2015, 12:33 PM   #21
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We are looking at the data.
According to Social Security, the percentage of the population making it to 21 years old have a 72 to 83% to make it to sixty five years old.
And for those who make it to sixty five years old....
they have an remanding average life expectancy between 15 to 19 years more, depending if you are a male or female.

Mmmmmm, maybe the answer is somewhere in the middle
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Old 10-31-2015, 01:00 PM   #22
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If you go to the Social Security website, there is a calculator you can use to get an estimate of your own life expectancy based on your date of birth and gender.
This calculator is for the average of your cohort, and doesn't look at individual risk factors such as your family history and factors such as smoking and heart disease.

I think you need to log in to use the calculator.
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Old 10-31-2015, 01:21 PM   #23
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Some of you may find this website useful. It helped me understand the strategies of File and Suspend and Restricted Application. In any case, it attempts to optimize your benefits, depending on your goals. I haven't made a decision yet, but have seen this link recommended in more than one article.

Thanks for the heads-up on the 6 month window, Mark!
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Old 10-31-2015, 02:33 PM   #24
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Social security

We both worked, but my wife made much less than I did, therefore her social security is less. She started taking SS at 62. I waited until 65 to get spousal benefit, about half of her social security. Meanwhile my social security went up about 8%/ year until I reach 70 at which time I will take my full benefit. If I die first my wife will get a higher spousal benefit from me than from her own social security. That is one reason I waited.
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Old 10-31-2015, 02:52 PM   #25
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We're retirement planning now, and just took a course in retirement planning and strategies at the local comm college. Drawing at 62 (and I just turned 62), you will get 20% less than if you wait until full retirement age - 66 for me, 67 for others. I don't need the money now, and it wouldn't change my lifestyle, so I'm waiting until 66. If you haven't saved, don't have good health, or if you need the money now to pay the bills, then file as soon as you can. Otherwise, why accept a 20% penalty?
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Old 10-31-2015, 03:51 PM   #26
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Originally Posted by ROBERTSUNRUS View Post
Hi, I retired at 62; My math showed that if one person retires at 62, another at 65/66, and the last at 70, that they all collected the same amount of money at age 80. Actually it was more like 79 1/2 to 79 3/4, but 80 is close enough. So those who wait to get more money will actually be ahead after they turn 80.

I have a 68 year old friend who's waiting until age 70 because his wife is 21 years younger & upon his death (&when she reaches the age to file) she will receive a much larger check for the rest of her life. Not a bad strategy if you can afford it.
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Old 10-31-2015, 05:41 PM   #27
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Hi, my Grandfather made it to 84 years old. My Dad made it to 98 years old. At that rate, I should make it to 112. I told my two daughters that when I get old, they will need to take care of me. My Daughters both told me that they won't be around so plan on my Grandkids to take care of me.

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Old 10-31-2015, 05:56 PM   #28
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We live our lives as though we will never die (even though I had cancer nine years ago). Which means we need to be extra careful with our finances so we never run out of money.

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