Social Security laws
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Started by metmike - Feb. 8, 2019, 11:04 p.m.

It gets pretty complicated.

Here are some links to help understand the rules:

Can I collect spousal benefits and wait until I am 70 to collect my own Social Security?

Can couples still use the 'file and suspend' strategy?

Monthly Social Security benefits
Retirement age
Break-even age
62 vs. 66
Between 77 and 78
62 vs. 70
Between 80 and 81
66 vs. 70
Between 82 and 83

By metmike - Feb. 8, 2019, 11:08 p.m.
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By TimNew - Feb. 9, 2019, 8:15 a.m.
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Thanks Mike.  I pay a lot more attention to this stuff than I did a few years ago as the time draws near.  I've already decided on starting at 66.4 instead of 70 in spite of the 827/month difference (according to the SSA web site). The #'s work out.  I'll likely hang up my shingle at that point.

While I won't be dependent on it, my monthly amount will be a tidy sum as I've been at or above the FICA max for a large portion of my career.  There were a few years I got creative with  dividends (not subject to FICA/Medicare),  but that was mostly in the 90's.   My accountant showed me some better ideas.

Anyway, there are a lot of subtle nuances to maximizing social security benefits that are not readily available as general info and I keep finding more as I dig.  I'll probably look into a seminar in the next few. But posts like this are welcome :-)

By 7475 - Feb. 9, 2019, 8:18 a.m.
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I echo Tim's appreciation.


By metmike - Feb. 9, 2019, 10:01 a.m.
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By mcfarm - Feb. 9, 2019, 11:06 a.m.
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I have never understood why we are forced into a system and pay every year  for 50 years and then at death of worse premature death before we collect a cent......... every  penny that money suddenly is not available to our survivors.

By TimNew - Feb. 9, 2019, 11:46 a.m.
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That's one of the inherent flaws of the FICA system. It has it's benefits as well, but the system in place in Chile is far superior.

By carlberky - Feb. 13, 2019, 9:27 a.m.
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"That's one of the inherent flaws of the FICA system."

My daughter and I were both sides of the coin. She passed away in her forties, after more than twenty years of contributions ... leaving her husband burial expenses of $255. 

I, on the other hand, took early retirement (55) with reduced pensions from 2 companies ... with disability FICA kicking in when I was 56. 

I'm so far ahead of the game, I'd feel guilty  …  if I wasn't  a Democrat.

By metmike - Feb. 13, 2019, 1:35 p.m.
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Your our experienced veteran on this one carl.

Will you be 89 this year?

By carlberky - Feb. 13, 2019, 2:05 p.m.
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Will you be 89 this year?

Yes, Mike, in October … Space God willing.