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Old 10-30-2015, 10:46 AM   #1
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Social Security Benefits

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!

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Old 10-30-2015, 11:24 AM   #2
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Doug and I both started drawing ours at 62, based on advice from many people that this would give the best chance of drawing back out what you had paid in.

Doug died a month after his 65th birthday, having worked steadily since he was 15 years old.

Glad we did.


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Old 10-30-2015, 10:19 PM   #3
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We are getting close to retirement also.
Thinking about collecting at age 62.
But would like to hold out a little longer. No one can predict how your health will be four or five years down the road, or if you will be here at all. Time will tell, so until then what to do....
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Old 10-30-2015, 11:47 PM   #4
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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.

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Old 10-31-2015, 12:45 AM   #5
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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.
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Old 10-31-2015, 04:22 AM   #6
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I'm sorry for your loss, Glenritas.

The question is......will one live to 80.?

Might, might not. You just don't know.

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Old 10-31-2015, 06:49 AM   #7
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Glenritas sorry for your loss. Everyone posting is correct, Roberts math is spot on and no one knows what is coming are on point. We had to wait for Medicare so my wife retired at 65 and suspended until I retired at 65 and a half, we are almost exactly the same age. We wanted to retire much earlier, but the health side of the equation just did not work out, but enjoying it now. So, my recommendation for those who can afford it, do it as soon as possible.



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Old 10-31-2015, 06:55 AM   #8
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Yes, Glenritas, sorry for your loss. Our financial planner advised holding off until age 70 to start drawing because our pension and investment income will meet our financial goals and taking the SS before 70 will result in much of it being taxed. Also, there is a history of longetivity in our family, so the odds are in our favor.
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Old 10-31-2015, 06:59 AM   #9
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I offer my most sincere condolences.

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Old 10-31-2015, 07:55 AM   #10
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I went to 70, it is a nice bump up, as we live to 95-105.
In the end its a cxap shoot and i wont break even until my 128 birth day oh well.
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Old 10-31-2015, 07:59 AM   #11
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So sorry for your loss, Glenritas.

My Dad passed at 87, smoked all his life and ended up with heart disease and on oxygen. My Mom is 90 and in relatively good shape. I'm waiting unti 70 to collect, I figure it's a good bet that I'll be here at least until 85, although there are no guarantees.
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Old 10-31-2015, 08:07 AM   #12
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I am ramping up the research toward retirement in 3 - 5 years. I have a CFM (very important certification in the OCEAN of experts). He recommends collecting as soon as you are eligible. Bob's analysis in post 4 is spot on with my CFM's advice.

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Old 10-31-2015, 08:22 AM   #13
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I agree with starting SS as soon as you're eligible. For me, that was 66, since I was still working and would have had to pay most of it back in before I reached 66. You never know what the future might hold, whether for you personally or for the country financially, so it's good to git while the gittins' good! I've had a few good years now of being mostly retired, soon to be fully retired. Not that I really want to be fully retired, but a man's gotta know his limitations, as Dirty Harry said. I suppose it's unlikely that I'll ever draw out everything I paid in to SS, but I don't worry about that. I'm just happy to be blessed with a few years of mostly healthy retirement, while I can still travel with my Airstream and do a few other things I've always wanted to do.

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Old 10-31-2015, 08:50 AM   #14
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Originally Posted by McDave View Post
For me, that was 66, since I was still working and would have had to pay most of it back in before I reached 66.
Actually, you'd give it back now, but it is added back in later.

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