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New Social Security rules
Fidelity.com ^ | 11/04/2015 | Fidelity

Posted on 11/24/2015 8:27:50 PM PST by FR_addict

A new law means that two claiming strategies will be off the table in the coming months.

The recent budget agreement did more than authorize the federal government to engage in additional borrowing, it also changed the rules for claiming Social Security. Going forward, two claiming strategies that had given some couples the potential for higher lifetime benefits will no longer be available.*

Closing the door on two strategies

What do you need to know? Social Security strategies are built around the fact that you can start to claim benefits as early as age 62, but if you defer, the benefit can grow—up to age 70. Each year you delay Social Security in that time frame, your monthly benefit will grow by as much as 8%. That growth adds up—a monthly benefit could be 75% more if benefits start at age 70 instead of age 62.

In addition to the basic question of timing, couples have additional choices, because an individual is entitled to his or her own benefit or a spousal benefit. ...

(Excerpt) Read more at fidelity.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: socialsecurity
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To: doc1019

Same age. I started drawing at 63. I cashed in my IRA at the same time, figuring with the state of the economy and SS i better get it while I can. I don’t regret. I sill work.


21 posted on 11/25/2015 4:15:42 AM PST by arthurus (Het is waar. Tutti i liberali sono feccia.)
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To: doc1019
At my age (69), I hope it last a few years longer.

I'm 63 and wife is 65 - we both started claiming at 62. Here's hoping we all get what we paid for over the decades....

22 posted on 11/25/2015 4:24:33 AM PST by trebb (Where in the the hell has my country gone?)
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To: Big Horn
It is Democrats who always accuse Republicans of being about to take away or reduce the SS pensions of the old folks and I believe it is Democrats who have reduced benefits several times. I am all for ending SS by cutting loose everyone below, say, 50 and continuing the payments to those older. I would even go for just ending it outright right now, even my own- I have been on it for 6 years.
If we must retain that particular bit of socialism we should go to the Chilean model. I believe several countries have instituted variations of that successfully. The Chilean model has proven to be inefficient and riddled with corruption but still pays out twice what Americans get as a function of contributions and the money is unavailable to the government. There is not one big basket of contribution money to be applied to governmental whims. There is no way to replace the funds with unredeemable IOUs.
23 posted on 11/25/2015 4:27:21 AM PST by arthurus (Het is waar. Tutti i liberali sono feccia.)
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To: Fai Mao

Slick is a Politician. Hussein is Nemesis.


24 posted on 11/25/2015 4:28:42 AM PST by arthurus (Het is waar. Tutti i liberali sono feccia.)
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To: doc1019

Heck, I’m 47, and have been paying into the system since I was 15. I do not expect to see a single penny that I have “invested”.


25 posted on 11/25/2015 5:23:46 AM PST by themidnightskulker (And then the thread dies... peacefully, in it's sleep....)
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To: All

Social security is a welfare program. And like any welfare program the amount that it pays out,and indeed whether the program continues at all, is determined by the whims of the political class.

Looks to me like the social security welfare recipients are no longer as important to the political class. Sucks to be them.

But keep voting. By all means don’t stop playing the suckers game of the political class.


26 posted on 11/25/2015 6:33:20 AM PST by RKBA Democrat (Look closely at any evil and most times you'll find the unmistakable handprint of caesar.)
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To: FR_addict

This is all p*sssing off the SS recipients. The inevitable blowback will be the election of Democrats to restore/increase benefits.

They don’t call it the Third Rail for nothing.


27 posted on 11/25/2015 7:15:55 AM PST by Buckeye McFrog
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To: ronnie raygun

Thanks ronnie - I forgot the hundreds of millions of dollars given to Iran...


28 posted on 11/25/2015 9:07:11 AM PST by GOPJ ("Why does global warming only turn Muslims into terrorists?" - - Erick Erickson)
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To: FlingWingFlyer

“At least Slick Willie liked the Beatles and I did too. “

I have to admit, even though I can’t stand the dirtbag, he did promote music nicely when he was in office.


29 posted on 11/25/2015 10:17:57 AM PST by rhoda_penmark
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To: Leaning Right

They wonder why so many of us want an outsider.


30 posted on 11/25/2015 10:29:46 AM PST by FR_addict (Ryan needs to go!)
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To: RKBA Democrat

“Social security is a welfare program.”

You don’t pay in to a welfare program. This is a trust fund that has been raided by Congress many times. The big raid came under Johnson to pay for his welfare program, the Great Society. Social Security is also being used to pay people that are not seniors. We have been paying in to Social Security for over a half century.


31 posted on 11/25/2015 10:38:12 AM PST by FR_addict (Ryan needs to go!)
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To: Bullish

That’s why he’s trying to replace us with immigrants whom are more aligned with his ideology.


32 posted on 11/25/2015 10:41:53 AM PST by SouthParkRepublican
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To: FR_addict

Naah. It’s a welfare program just like AFDC. The qualification criteria and means testing is of course different, but it’s still a wealth transfer program. The SS taxes you pay don’t entitle you to anything. You can pay in all your life and die before you get a dime back and your heirs will inherit a stack of tax receipts. There is no entitlement there other than the good will of the political class.

We should stop using the leftist premise that SS is anything but a welfare program. There is no lock box, no SS fund, just a bunch of IOU’s from a bankrupt government that can’t make good on it’s future obligations.


33 posted on 11/25/2015 11:16:51 AM PST by RKBA Democrat (Look closely at any evil and most times you'll find the unmistakable handprint of caesar.)
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