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#1
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OT - Strategies to Max Out Social Security Benefits
OT but bet it's of interest to many in this group.
http://finance.yahoo.com/news/strate...-benefits.html |
#2
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OT - Strategies to Max Out Social Security Benefits
On Sat, 18 Feb 2012 00:49:49 +0000 (UTC), Red Green
wrote: OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...-benefits.html All good points in the article. However, they don't apply to me or the bride. At 62, I will start getting SS by force -- a "pension offset". I'm forced into SS at 62. She had the same thing with her pension. Both of our pensions have spousal annuities as will SS benefits. I met the 40 Quarter minimum back in the `70s. That is all I have contributed. SS will be minimum, but I still have the pension. She changed pensions mid-stream, giving more to SS. She gets more than I can expect. If one of us dies we get the spousal pension and the SS survivor benefits. As a vet, a few more dollars will be added to my SS benefits. I love America. |
#3
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OT - Strategies to Max Out Social Security Benefits
On 2/17/2012 11:29 PM, Oren wrote:
On Sat, 18 Feb 2012 00:49:49 +0000 (UTC), Red Green wrote: OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...-benefits.html All good points in the article. However, they don't apply to me or the bride. At 62, I will start getting SS by force -- a "pension offset". I'm forced into SS at 62. She had the same thing with her pension. Both of our pensions have spousal annuities as will SS benefits. I met the 40 Quarter minimum back in the `70s. That is all I have contributed. SS will be minimum, but I still have the pension. She changed pensions mid-stream, giving more to SS. She gets more than I can expect. If one of us dies we get the spousal pension and the SS survivor benefits. As a vet, a few more dollars will be added to my SS benefits. I love America. Forced to retire early, I chose not to have the offset as I wanted a bigger check at 62 as inflation hedge. |
#4
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OT - Strategies to Max Out Social Security Benefits
On Sat, 18 Feb 2012 13:19:53 -0500, Frank
wrote: On 2/17/2012 11:29 PM, Oren wrote: On Sat, 18 Feb 2012 00:49:49 +0000 (UTC), Red Green wrote: OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...-benefits.html All good points in the article. However, they don't apply to me or the bride. At 62, I will start getting SS by force -- a "pension offset". I'm forced into SS at 62. She had the same thing with her pension. Both of our pensions have spousal annuities as will SS benefits. I met the 40 Quarter minimum back in the `70s. That is all I have contributed. SS will be minimum, but I still have the pension. She changed pensions mid-stream, giving more to SS. She gets more than I can expect. If one of us dies we get the spousal pension and the SS survivor benefits. As a vet, a few more dollars will be added to my SS benefits. I love America. Forced to retire early, I chose not to have the offset as I wanted a bigger check at 62 as inflation hedge. In my case I paid 7.5% of pay into my pension. Paid no SS for 25 years, retired at 50. My SS will be based on the basic 40 QTR contributions. I think I made out :-\ |
#5
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OT - Strategies to Max Out Social Security Benefits
On Sat, 18 Feb 2012 17:46:12 -0800, Oren wrote:
On Sat, 18 Feb 2012 13:19:53 -0500, Frank wrote: On 2/17/2012 11:29 PM, Oren wrote: On Sat, 18 Feb 2012 00:49:49 +0000 (UTC), Red Green wrote: OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...-benefits.html All good points in the article. However, they don't apply to me or the bride. At 62, I will start getting SS by force -- a "pension offset". I'm forced into SS at 62. She had the same thing with her pension. Both of our pensions have spousal annuities as will SS benefits. I met the 40 Quarter minimum back in the `70s. That is all I have contributed. SS will be minimum, but I still have the pension. She changed pensions mid-stream, giving more to SS. She gets more than I can expect. If one of us dies we get the spousal pension and the SS survivor benefits. As a vet, a few more dollars will be added to my SS benefits. I love America. Forced to retire early, I chose not to have the offset as I wanted a bigger check at 62 as inflation hedge. In my case I paid 7.5% of pay into my pension. Paid no SS for 25 years, retired at 50. My SS will be based on the basic 40 QTR contributions. I think I made out :-\ Yep. It's those who have put in the maximum for forty or fifty years who get screwed. |
#6
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OT - Strategies to Max Out Social Security Benefits
On Sun, 19 Feb 2012 17:02:42 -0500, "
wrote: In my case I paid 7.5% of pay into my pension. Paid no SS for 25 years, retired at 50. My SS will be based on the basic 40 QTR contributions. I think I made out :-\ Yep. It's those who have put in the maximum for forty or fifty years who get screwed. And when you hit 65, you have to go on Medicare and pay premiums in addition to the payroll deduction. |
#7
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OT - Strategies to Max Out Social Security Benefits
On Feb 17, 7:49*pm, Red Green wrote:
OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...ial-security-b... They left out (at least) one strategy. Bob as reached FRA but wants to delay receiving his benefits. Sue is eligible for a spousal benefit that is larger than her own. Bob employs the "File and Suspend" strategy: Bob applies for his benefit and Sue applies for her spousal benefit. Bob immediately suspends his benefits but Sue is allowed to continue receiving the spousal benefit. My guess? Long before they start messing with our actual SS benefits (the proverbial political third rail) they'll simply increase the amount of the benefit that is subject to income tax. The result will be the same (less money in our pockets) but it's politically much safer. |
#8
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OT - Strategies to Max Out Social Security Benefits
On 2/17/2012 4:49 PM, Red Green wrote:
OT but bet it's of interest to many in this group. http://finance.yahoo.com/news/strate...-benefits.html The math is not that difficult. The problem is predicting the future. Even if you KNOW how long you're gonna live, you don't know what the politicians are gonna do to your benefits, how they're gonna tax 'em, when they're gonna do it and whether it applies to those already receiving benefits or just to those who apply later. And it's gonna be such a sudden "surprise" that you won't be able to do anything about it. My best investment is the 8% SS benefit increase each year...assuming it's still there when I apply for it...I'm not optimistic. All the math scenarios in the world can't predict that. Given the current state and politician's inability to do anything at all, somebody's gonna get screwed when it hits the fan. |
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