3 Social Security Mistakes to Avoid in 2019

www.fool.com ^ | Nov 26, 2018 at 7:36AM | Maurie Backman

[SamAdams76]

To offset those cases, there are also a number of people who drop dead immediately after retiring (or fail to even make it that far). But in general, all of us are living longer. Much longer.

I believe the FRA will continue to climb in order to keep the system solvent over the long term. I see it getting to at least 72 within my lifetime.

[DesertRhino]

Does anyone know the unquestioned experts to consult with ref AS? Anyone out there with a undisputed good reputation? And not just someone trying to sell an annuity.

[stylin19a]

that is correct. It works best if both spouses are at or near FRA and qualify otherwise.

I looked at this and looked at this an I kept thinking, the USA is broke and we are doing this ? are we stupid ?

Here’s a decent explanation.

https://www.thebalance.com/social-security-rules-for-restricted-applications-2388915

the book I mentioned in my prior post is a “must have”...

good luck

happy hunting...

[Conan the Librarian]

I am 58 and retiring in February.

Got a decent pension and almost no expenses. When the misses get to be 62, we’ll start taking hers, and when I do, we’ll probably start taking mine (depending...if we can wait longer, we will).

I want my money ASAP. Not waiting until 66-67 for just a few dollars more.

[Oorang]

Thanks, I appreciate your help.

[AppyPappy]

Many people say to take it at 62 and invest it.

[stylin19a]

u r welcome...just hanging together...

[AppyPappy]

The determining factor is whether you need the money. If you need the money, it is best to wait because you will need the higher monthly income as you get older and can’t work (as opposed to won’t work).
If you don’t need the money, then take it early and invest it. If you live to 72 and don’t touch it, you come out ahead assuming a 10% ROI.

[chesley]

Yep, that’s the way it worked. Until I started SS last June, I was getting 1/2 the amount of my wife’s SS.

Had to give it up when I applied for my own, though.

[DesertRhino]

That’s that’s experts reference Social Security. Who are the unquestioned experts in the field

[steve86]

So people like me, born in 1954, start Medicare next year (at age 65) , but have to wait another year for FRA Social Security?

[Oorang]

Thanks. I'm gobsmacked at this. My husband started his SS at 67, I'm just a bit younger and waiting until I'm 70. His benefits are much higher than mine will ever be. He was a high earner so might as well get some of our tax dollars back.

Stylin19a...Thank you for your service. My oldest brother is a Vietnam Vet as well.

[Red Badger]

Not me. I stay away from such types...................

[xrmusn]

I started at 68 (waited until Jun with Oct bd) and got a 10 grand ‘bonus’ - guess they have to go back to the start of the year??

B 1939, First WH was in 1953 and went full board in 1992, so I am making out pretty decent and while realizing I may just ‘get the call’ this evening, still going 85% and see no signs of stopping.

Not bad considering around 50 years ago we were all sitting around the campfire saying we would NEVER see a dime of SS....

Used to figure a good line was

“What lady wouldn’t be happy with a gentleman able to work full bore at 75-80.....UNLESS, of course, he HAS to work at 75-80 to survive...”

[steve86]

“Independent living quarters are VERY expensive in my area-—great places to “end up”——if you can afford them.”

What kind of numbers do they quote in your area? My mother’s independent living apartment is $4,000/month - with the central dining room meal service and housecleaning/laundry included and about $300 of minimal “care service” included. We negotiated $1,000/month off when she moved in so most residents are paying $5,000. My mother is 101 and is fortunate that her pensions and SS almost pay for this. Yes, being the age she is she got a good, long income stream out of those retirement benefits, with no sign she is fading yet.

[stylin19a]

you are welcome.
so, are you looking at this the same way as I did ? and that is ...are we nutz ?

P.S. you can do all this online. What we couldn’t do online is, have taxes taken out, if you need to. I had to go into the local SS office and have that done.

Welcome Home to your brother....Never forget.

FreeRegards

[Oorang]

Yup, this is nutz. But, we've paid plenty in taxes, so, I'll go for it.

More good news..."if an applicant files for spousal benefits after reaching his or her full retirement age, the applicant can get up to six months' worth of back benefits. But, you have to ask, they're not going to offer it to you..."

https://bic.financial-planning.com/news/what-clients-need-to-know-before-claiming-social-security-spousal-benefits

[Az Joe]

yes

[stylin19a]

thanks for the link
Have fun !

[hanamizu]

Most people don’t understand that you actually get a year older the day before your birthday. It makes sense if you look at it this way. If you are born on Jan. 1, on Dec. 31 you are a year old—since a year is Jan 1–Dec. 31. The same holds true, of course, for any day you are born.