social Security experts, I have a social security question and need some help with answers

Me | 7/10/2018 | GeorgiaDawg32

[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.

[GeorgiaDawg32]

Any help you can give is appreciated.

[Not A Snowbird]

You’d be much better off contacting Social Security to get your answers.

Not to blow you off, but they are the experts.

[E. Pluribus Unum]

I just started collecting in April at age 66. The monthly amount they gave me was less than the estimated monthly amount because they only count full years, so the first four months of this year did not count. In other words, you will probably get about a hundred or so dollars less a month than the estimate unless you retire on December 31.

[GeorgiaDawg32]

I did and got 3 different answers to the same question. It’s why I posted it here.

[Red Badger]

I have almost the same questions.

I was thinking of creating a spreadsheet to compare my earnings vs. SS benefits if I take them early and put them in a bank or invest ment, vs. waiting for full benefits and then putting them in the bank or investment.................

Does anyone know if there is one already created anywhere?........

[Doogle]

.....where’s the accounting FReeps?

[Responsibility2nd]

I did and got 3 different answers to the same question. It’s why I posted it here.

_________________________________________

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

Here’s what ya do. There are hundreds of CPA’s and Social Security advisors out there. Call some of ‘em.

[DuncanWaring]

How’s that affect someone who turns 66 in November?

[Not A Snowbird]

Ah, understood. Good luck!

[mad_as_he$$]

In my area, out West, there are private advisors that know SS inside and out. Many will give a person an hour for no fee to answer questions.

[GeorgiaDawg32]

that’s what I’m trying to do but the variety of answers I got from social security have me concerned. If I lose them and don’t get them back at some point, there is no sense in taking benefits early.

If I do get them back, it’ll be about $32k more in the savings account.

[GeorgiaDawg32]

didn’t think of that. I’ll have to see if I can find one locally.

[JimRed]

I did and got 3 different answers to the same question. It’s why I posted it here.

Yes, my question was regarding widowed spouses. Does the survivor get only their own SS payment, the higher of their own or their deceased spouse's SS, or is there a formula for a partial increase if the lower paid is the survivor?

[freedumb2003]

It is risk management.

A the SS site you can model (and save the models) with you retiring at all kinds of different ages.

In general, Taking SS at “full retrirement” (65-1/2) is the baseline. Retiring at 70 adds about 30%. Retiring before knocks I think it is 3% per year.

So the question is, do you think it will be there and when you add up the total collected where do you maximize the amount taken? When do you think you will die?

I have enough where I can choose (it has always been zero in my retirement planning) when I think it will be needed. I have penciled in 70 since that is much, much higher — mostly for my wife whose family lives VERY long.

But if I need a few bucks I could pull the trigger earlier.

[GuySwell]

Will you receive higher monthly
benefits later if benefits are
withheld because of work?
Yes. If some of your retirement benefits
are withheld because of your earnings,
your monthly benefit will increase
starting at your full retirement age to
take into account those months in which
benefits were withheld.

[Aliska]

None of those answers is correct to the best of my knowledge, maybe one somewhat true. I took mine at 62. I think it was Bob Brinker who said it was better to wait and your payments would be higher plus (actuary tables) you will collect more in the long run by waiting until age 66 is it now?

The employee at SS advised me to take it at 62. Still had to wait to age 65 to go on Medicare. I'm not really sorry though although I never made it up in payments and don't think I will no matter how long I live.

The only lump sum I know about is back pay for people who apply for disability and get turned down.

But with any of them, if they make a mistake and overpay you, you have to pay it back. And if you have extra income over a certain point, you are taxed on all or part of your benefits depending on how much over I think it is 25K.

I don't know how much longer before it goes broke. Bob Brinker did give a dire warning on Sunday night. He said to the effect that if we go through a deflationary period, "it's all over". A caller asked him to elaborate and he explained (my words) the house of cards, all the funds that would go down. Bonds. Stocks. Dividends. Corporate earnings. Wages. And the national debt hanging over our heads.

It's like a ponzi scheme and they have played fast and loose with SS and various pension funds. Illinois in huge trouble. Caller this afternoon talking how his IH pension fund has suffered, how good it was and how much he has to pay now for private insurance. One person. $800/mo. People with dependants and older people undergoing expensive medical treatmments in a world of hurt.

[NEMDF]

I believe answer #1 is “closer” to the truth.

If you DO NOT start taking your benefits for some time period, then your actual benefits when you DO START, will be slightly higher.

[Bommer]

Wait till your 70

... and you’ll get credit for delaying If you retire sometime between your full retirement age and age 70, you typically get a credit. For example, say you were born in 1951 and your full retirement age is 66. If you started your benefits at age 68, you would receive a credit of 8% per year multiplied by two (the number of years you waited). This makes your benefit 16% higher than the amount you would have received at age 66. That higher baseline lasts for the rest of your retirement, and serves as the basis for future increases linked to inflation. While it’s important to consider your personal circumstances—it’s not always possible to wait, particularly if you are in poor health or can’t afford to delay—the benefits of waiting can be significant.

[DFG]

The 2018 Social Security early retirement earnings limit (under full retirement age) is $17040. Social Security will take $1 for every $2 over the limit.

The 2018 Social Security early retirement earnings limit (year of full retirement age) is $45360. Social Security will take $1 for every $3 over the limit. This earnings limit only applies though to income earned from Jan 1 to the day before you reach full retirement age. There is no limit on the earnings starting on the day you reach full retirement age.

You will probably still come out ahead by starting Social Security Retirement in the year you reach full retirement age.

Contact Social Security early in the year you reach will reach full retirement age.

I am an Enrolled Agent. I had to research this issue for one of my clients this year. He makes around $100,000 but his birthday is in September.

[E. Pluribus Unum]

It’s a veritable certainty that you are better off collecting the minute you reach 62, provided you put it into your retirement account.

If you’re just going to spend it, hold off as long as you can.