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Why Is Everyone Filing for Social Security Early?
Townhall ^ | 07/25/2012 | Carrie Schwab Pomerantz

Posted on 07/25/2012 2:59:16 PM PDT by SeekAndFind

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To: TennesseeProfessor
The choice is between normal benefits at 65

Only if born 1937 or earlier.

66 for born 1943-1954

21 posted on 07/25/2012 3:57:39 PM PDT by nascarnation
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To: Beowulf9
“While you will get the money back in the form of a recalculated benefit when you turn 66...”

That does seem odd. Maybe it involves something like starting benefits, placing them on hold, then restarting. SS regulations are beyond complex.

Otherwise, once you start the payment is set. There may be occasional COLA increases or other family situations that affect the amount.

22 posted on 07/25/2012 4:00:31 PM PDT by ken in texas (I was taught to respect my elders but it keeps getting harder to find any.)
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To: SeekAndFind

Up until the end of 2010, they had the “restart” provision where you could pay back everything you had received and start over at any age up to 70.

That was my plan but Baraq killed it off.

http://bucks.blogs.nytimes.com/2010/12/09/social-security-seeks-to-end-free-loans/


23 posted on 07/25/2012 4:02:55 PM PDT by nascarnation
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To: Beowulf9
I don’t understand. I understood that if you retire at 62 what you are calculated to receive at 62 is the permanent amount you will recieve.

You can start receiving at 62 and then when you're 65 or 66 (the age at which you could have received the higher benefit) decide to pay back what SS has paid you and start receiving at the higher amount.

24 posted on 07/25/2012 4:04:02 PM PDT by Dianna
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To: Squantos

lol...not...but i am sure they will want us both to file and pay!


25 posted on 07/25/2012 4:12:21 PM PDT by ldish (Give me Freedom and Liberty or let's kick some a**!)
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To: Dianna

“You can start receiving at 62 and then when you’re 65 or 66 (the age at which you could have received the higher benefit) decide to pay back what SS has paid you and start receiving at the higher amount.”

Sounds like a plan destined to go awry to me.


26 posted on 07/25/2012 4:12:38 PM PDT by Beowulf9
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To: SeekAndFind
Why Is Everyone Filing for Social Security Early?

Simple. We don't think Social Security will be around much longer and want to get from it as much as we can.

27 posted on 07/25/2012 4:12:58 PM PDT by upchuck ("Definition of 'racist:' someone that is winning an argument with a liberal." ~ Peter Brimelow)
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To: windcliff
Is your spouse older than you? Who do you think will die first? Does/Will your spouse draw more money than you?

If your spouse is older than you and draws or will draw a bigger SS check than you and will probably die before you, it makes sense to get your Social Security as soon as you can. When one spouse dies and both are on SS, the surviving spouse gets the larger of the two checks.

My father was disabled due to triple bypass in his fifties. He drew a larger check than a regular SS check. (BTW, why does SS disability pay more?) My mother, 8 years younger and healthier than my father, started drawing her Social security at 62. It was a wise decision. When Dad died, Mom got his larger check, so her reduced benefits check no longer mattered.

28 posted on 07/25/2012 4:13:18 PM PDT by sportutegrl
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To: Dianna

Incorrect.
See my post above.
Obama terminated that end of 2010.


29 posted on 07/25/2012 4:17:15 PM PDT by nascarnation
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To: yldstrk

Bump, my situation exactly. Unempolyed at 60, used 401k to stay a float and until 62, and yes I would rather be working. But who is going to hire a 65 year old programmer?


30 posted on 07/25/2012 4:22:55 PM PDT by jpsb
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To: SeekAndFind
I was just at a retirement seminar. It appears that your increased payments if you wait do not offset the loss you incur by waiting for quite some time. A male retiring next year at 62 comes out ahead until nearly age 85, which is past his actuarial expectancy anyway. Beyond that age, he will have benefited by waiting.

There is, as some have pointed out, a motivation to draw it before one loses it through change of policy, but most of the attendees didn't really seem too strong on that. What we all were volubly concerned about was changes in healthcare costs as a result of 0bamacare, and naturally the people putting on the seminar didn't have any better idea than we did. Signing up for Medicare is still MANDATORY at 65. You don't have to take it but you do have to register. Kind of reminds me of the draft, lo those many years ago...

31 posted on 07/25/2012 4:24:04 PM PDT by Billthedrill
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To: sportutegrl

Thanks for the info.


32 posted on 07/25/2012 4:24:42 PM PDT by windcliff
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To: TennesseeProfessor
It will take 12 years (or 15 if you want to count from 62) before the normal benefits catches up to the extra 3 years.

How does inflation fit into those calculations? I'm told that social security is inflation-adjusted, but the government's inflation figures are usually artificially low.

So wouldn't inflation make it even longer to catch up?

33 posted on 07/25/2012 4:34:39 PM PDT by Leaning Right (Why am I carrying this lantern? you ask. I am looking for the next Reagan.)
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To: TennesseeProfessor
Much is made of the need to have adequate income in the last years of life.Those last years may come much sooner what with the death panels so I'm going to grab my contributions asap.
34 posted on 07/25/2012 4:37:37 PM PDT by bgill
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To: jpsb

We would.
We just did.


35 posted on 07/25/2012 4:39:14 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: SeekAndFind; All

Thanks for posting. Good timing. I was at the social security office today. The clerk printed out a spreadsheet with some numbers to digest. I planned to file today, but I’m going to spend a few days looking over the numbers. I want some of the money back the socialists confiscated from me. I turned 62 in May and am still working full time.

Get me out of this effen socialist system forced on me.

(I’ll look forward to reading the comments tomorrow as I am off to bed. I have to get up in 7 hours to get ready for work)

/FR


36 posted on 07/25/2012 4:44:14 PM PDT by PGalt
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To: yldstrk
for younger boomers, I don't think it pays to wait, especially if you're not drawing a nice, fat govt guarenteed pension......

and.....people are tired of working hard......hard work does not pay off anymore....

37 posted on 07/25/2012 4:44:42 PM PDT by cherry (/)
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To: SeekAndFind

Get it before it’s gone. The feces is about to hit the oscillating blades.

Same with the increase in “disability” filings.

Frankly, I’m all for crashing the statist’ ponzi systems.

Look at all of their failures...CA, NY, IL, etc. Let them crash. Overload the system to the point of collapse.


38 posted on 07/25/2012 4:45:05 PM PDT by Fledermaus (Democrats are dangerous and evil. Republicans are useless and useful idiots.)
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To: Beowulf9

You are correct, once taken early, there are no do overs later. What you got is what you will get (except for across the board living expenses for all SS recipients) hence forth.

Take it at age 62+ and draw reduced benefits for three years. Wait until age 65+ and it will take years to equal out for monies in pocket since age 62.


39 posted on 07/25/2012 4:54:00 PM PDT by Sea Parrot (Don't ever think that the reason I am peaceful is because I forgot how to be violent)
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To: mylife

You would not happen to be in the Houston Tx area would you?


40 posted on 07/25/2012 4:57:17 PM PDT by jpsb
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