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social Security experts, I have a social security question and need some help with answers
Me | 7/10/2018 | GeorgiaDawg32

Posted on 07/10/2018 2:39:24 PM PDT by GeorgiaDawg32

I'm at that age where I'm trying to determine whether or not to take social security a year early or wait until I turn 66. To that end, I called social security and asked them what my benefit will be at 65. They told me. I informed them I'm going to keep working and make far more than the $45k I'm allowed without penalty next year. The social security benefits will go directly to the savings account. I don't need it to live on.

My question was, since I'll get no check for the last 3 months of this year and no check for the first 6 months of next year, do I recover that money at some point?

Answer Number 1) You get it back incrementally on your retirement benefit when you turn 66.

Answer Number 2) It's gone as a penalty and you won't see a penny of it

Answer Number 3) You will get a lump sum check for the amount of the missed benefits when you turn 66

Are any of these answers correct or is there a 4th answer out there?

If you know social security and how it works, I need the help.

Thanks in advance.


TOPICS: Chit/Chat
KEYWORDS: socialsecurity
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To: GeorgiaDawg32

ssa.gov


41 posted on 07/10/2018 3:30:18 PM PDT by Skooz (Gabba Gabba we accept you we accept you one of us Gabba Gabba we accept you we accept you one of us)
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To: GeorgiaDawg32

You need to know when you will die to answer the question.
What is your break even age?


42 posted on 07/10/2018 3:32:29 PM PDT by fulltlt
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To: fulltlt

if I knew when I was gonna die, I’d start a lottery then feed the answer to my kids. they’d make millions.


43 posted on 07/10/2018 3:38:39 PM PDT by GeorgiaDawg32
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To: Ambrosia
Why do you get 50% of what your wife would collect, if you collect your own SS?

Don't ask me. It's Chinatown.

ML/NJ

44 posted on 07/10/2018 3:39:58 PM PDT by ml/nj
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To: piroque
"Sorry, but you or any of us won’t live long enough to collect every dollar we paid in. The Heritage website had a calculator that demonstrated my average rate of return on my contributions will be -2%, annually. I'll be thrilled to get as much back as I can.
45 posted on 07/10/2018 3:41:14 PM PDT by aMorePerfectUnion
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To: GeorgiaDawg32

It’s six of one and half a dozen of the other. SS works on increments of years so the difference will be minimal. Unless you will be making a huge amount above your normal salary in the year before retirement, it makes almost no difference unless you die in the next two or three years. If you expect to die soon, take your benefits now. If you expect to live a while, flip a coin.

There is no penalty if you make a ton of salary in your last year and retire before the end of the year and start taking SS. You just fill out a form to let the SS know. You only get screwed if you continue working at a good salary and apply for SS benefits anyway.

I retired in June and got a huge buyout. I started SS in July and had no penalty. I did have to pay taxes on the SS at the higher rate because of my extreme income that year, but that’s to be expected.


46 posted on 07/10/2018 3:41:54 PM PDT by FXRP (Just me and the pygmy pony)
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To: GeorgiaDawg32
I don’t need medicare. I get health care through the VA.

Hard to imagine that having Medicare Part A (Hospital) would be a detriment. Part B (Doctors) is something you have to pay for, so I guess if you like you VA care, you should keep it. But it does allow you to go wherever you want.

ML/NJ

47 posted on 07/10/2018 3:44:00 PM PDT by ml/nj
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To: JimRed

You can collect widower benefits until you file for your own. You cannot collect from both. I just went through this myself.


48 posted on 07/10/2018 3:51:56 PM PDT by snakechopper
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To: ml/nj

LOL.... I just thought she had to be retired too... Oh well!


49 posted on 07/10/2018 3:59:20 PM PDT by Ambrosia (Born in NC, then PA, NY,WV, NM, SC, and FL & back God/Freedom=Priority!)
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To: GeorgiaDawg32

I waited til 66. If you wait til 66 you get a bigger payment PLUS if you are married and your spouse made more than you in their lifetime you can apply for the “spousal benefit”. It’s a second application. Then you can receive half of what your spouse. We qualified and I receive 340.00 more a month until one of us passes.


50 posted on 07/10/2018 3:59:46 PM PDT by MomwithHope
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To: aMorePerfectUnion

The way I’m going and most men are in the same group , we’re all gotta die early , late 70’s or early 80’s. if not sooner. ;)


51 posted on 07/10/2018 4:03:34 PM PDT by piroque ("In times of universal deceit, telling the truth becomes a revolutionary act")
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To: piroque
Sorry,but you or any of us won’t live long enough to collect every dollar we paid in.

all depends on your circumstance. i started drawing promptly at 62 and within three years got back more than i ever put in. well into my 70s now.

52 posted on 07/10/2018 4:05:34 PM PDT by TheRightGuy (I want MY BAILOUT ... a billion or two should do!)
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To: snakechopper

This might help.

https://money.usnews.com/money/personal-finance/retirement/articles/2015/03/06/how-to-maximize-social-security-with-spousal-benefits


53 posted on 07/10/2018 4:08:20 PM PDT by PrairieLady2
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To: GeorgiaDawg32

If you take it before you retire, you screw yourself on the penalties. If you delay taking it, they’ll increase the payout for each year you wait. So basically, you can choose either ‘1’ or ‘2’. Rules change at some point- I think 70.5, so if you delay, look again at that point.


54 posted on 07/10/2018 4:11:23 PM PDT by PAR35
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To: BTerclinger

bump for later


55 posted on 07/10/2018 4:13:17 PM PDT by BTerclinger (MAGA)
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To: HotHunt

You can actually calculate how many years you would have to live to make up the difference.

If you would collect $20,000 at 62 and $30,000 at 70 (made up numbers), you would have lost out on $160,000 at age 70. It would take you sixteen years to make that up at $10,000 more dollars per year.

And that isn’t even counting the time value of money, AKA inflation.


56 posted on 07/10/2018 4:28:34 PM PDT by E. Pluribus Unum (<img src="http://i.imgur.com/WukZwJP.gif" width=600><p>https://i.imgur.com/zXSEP5Z.gif)
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To: Not A Snowbird

I had a question and went to the local social security office. They told me I needed to go to the IRS office. I went to the IRS office, and the lady there told me I needed to contact social security. I finally got a live person on the phone at the national social security office. She did not know the answer to my question and said nobody in her office knew the answer to my question. She said, “If I were you, I’d Google it.”


57 posted on 07/10/2018 4:56:35 PM PDT by abclily
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To: GeorgiaDawg32

It is really not answerable unless you know how long you will live.

For example if you postpone taking SS until you are 70 you will get a bigger check (8% per year) but if you kick the bucket right away you get nothing.


58 posted on 07/10/2018 5:20:14 PM PDT by Kenny500c
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To: GeorgiaDawg32

SSA questions: when to retire: benefits: bookmark


59 posted on 07/10/2018 5:37:33 PM PDT by sjm_888
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To: Responsibility2nd

“Call the IRS and ask one question. You’ll get SIX different answers there.“

...and they are not responsible for ANY of them.


60 posted on 07/10/2018 6:00:48 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day")
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