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 ...
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.
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....
Slick is a Politician. Hussein is Nemesis.
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”.
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.
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.
Thanks ronnie - I forgot the hundreds of millions of dollars given to Iran...
“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.
They wonder why so many of us want an outsider.
“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.
That’s why he’s trying to replace us with immigrants whom are more aligned with his ideology.
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.
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