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Old 03-16-2023, 02:43 PM   #1
Mudslinger
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Default FYI on Social Security

We decided when we retired at age 67 in 2020 that my wife would wait until she turned 70 to start taking he SS payments. She and I are in the group that she was able to take 1/2 of my SS draw per month without affecting my payments. She has contacted and is starting to draw her SS soon and in contrast to what it would have been in May 2020, this time around her monthly payments are almost $2000 per month higher than if she had started in 2020. We were fortunate to have other options until she turned 70, but DANG wait 2 years and right at $2000 a month more. I guess there are times that waiting and being lucky pay off!
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Old 03-16-2023, 03:25 PM   #2
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I've understood consistent with what you've stated, that the lower income spouse has the option to draw from his/her own SSA, or receive 50% of the amount that the higher income spouse receives. The part that I'm not clear on is "when" the lower income spouse is able to draw the 50% of the higher income spouse's benefit.

She wasn't able to draw 50% of your benefit amount until you hit full retirement age (67ish) and starting drawing, correct?

And since she opted to wait until 70, how was her benefit increase determined? I'm assuming that due to her waiting, her benefit is now more than 50% of your benefit amount, correct?

Last edited by Plain Lucky; 03-16-2023 at 03:27 PM.
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Old 03-16-2023, 03:43 PM   #3
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I've understood consistent with what you've stated, that the lower income spouse has the option to draw from his/her own SSA, or receive 50% of the amount that the higher income spouse receives. The part that I'm not clear on is "when" the lower income spouse is able to draw the 50% of the higher income spouse's benefit.

She wasn't able to draw 50% of your benefit amount until you hit full retirement age (67ish) and starting drawing, correct?

And since she opted to wait until 70, how was her benefit increase determined? I'm assuming that due to her waiting, her benefit is now more than 50% of your benefit amount, correct?
I do not draw squat as far as SS goes. Being self employed too many years. At the time I started drawing and she started drawing 1/2 of mine (we were both 67) she did make less than I did after basically dropping a 6 figure income and became a consultant for a third of her highest pay, but way less work and able to do it from home!

Not everyone can do the 1/2 draw from the highest paid family member that has retired. We were just lucky as we could. Not sure how here benefit was determined at this time, but for us it was a way higher amount than we thought.

I draw some SS and also some TRS retirement, BUT, my SS payments were docked due to me also drawing SS! They call it double dipping which is total BS! My little SS and a little TRS does not even add up to what her monthly payment is. We are just lucky in having decent retirement other than SS but $2000 more per month for her was a shock. Just hope SS does not think that was a mistake down the line and dock her payments until we REPAY for their mistake. This happened when they found out my TRS pay.
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Old 03-16-2023, 04:06 PM   #4
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I am confused.......
If I start drawing my SS, my wife can also get a check from SS off what I paid in?
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Old 03-16-2023, 04:16 PM   #5
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I am confused also. Even though my wife worked for many years, she receives about a 1/3 of what I receive in Social Security. In fact, her "take home", the amount she actually receives each month, has gone down each of the last 3 years. This is a result of her Medicare cost increase has been greater than her SS adjustment. My experience has been SS is a total rip off and the fact some win and some lose in the system makes me even more certain of that fact.
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Old 03-16-2023, 04:26 PM   #6
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I am confused.......
If I start drawing my SS, my wife can also get a check from SS off what I paid in?
Yes but I believe it is based on her reaching SS retirement age.
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Old 03-16-2023, 04:31 PM   #7
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What would her lump sum payout would be since she was able to collect? I was planning on doing the same as you until my cousin who is the same age as me had a stroke. I decided to draw my SS after that and I could take a lump sum from the time I was elgible or have my monthly SS increase about $30 a month. The lump sum was over $15,000 so that was a no brainier. It's a gamble but I'm wondering how much you left on the table since you waited until 70. My break point to break even was to draw and live to 82. With my family history I wasn't taking that chance.
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Old 03-16-2023, 04:31 PM   #8
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I’m gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
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Old 03-16-2023, 04:35 PM   #9
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If I read the payment percentages correctly, between 67 and 70, sheíd have to be pulling in $8000 a month in SS to get that kind of jump.
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Old 03-16-2023, 04:44 PM   #10
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Iím gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
Grab it early. My breakeven point was 82 and we think alike on the government, the funds might nit be there tomorrow.
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Old 03-16-2023, 04:51 PM   #11
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Iím gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
This is my thoughts also.

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Old 03-16-2023, 05:03 PM   #12
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82 is the break even for most (maybe all).
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Old 03-16-2023, 05:19 PM   #13
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Iím gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
Taking it early, usually means taking 20% less. Everyone should at least consider taking at your FRA. The OP took advantage of a few things, but one was delaying for 8% annual increase until age 70.
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Old 03-16-2023, 05:22 PM   #14
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I am confused.......
If I start drawing my SS, my wife can also get a check from SS off what I paid in?
Possibly. I visited with a SS expert and was told this. We looked into it and dang if it let us!
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Old 03-16-2023, 05:27 PM   #15
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What would her lump sum payout would be since she was able to collect? I was planning on doing the same as you until my cousin who is the same age as me had a stroke. I decided to draw my SS after that and I could take a lump sum from the time I was elgible or have my monthly SS increase about $30 a month. The lump sum was over $15,000 so that was a no brainier. It's a gamble but I'm wondering how much you left on the table since you waited until 70. My break point to break even was to draw and live to 82. With my family history I wasn't taking that chance.
Have never looked at a lump sum payout.

To put it bluntly, we have other means of retirement funds that we have not even accessed yet that makes the SS payment look less than attractive. We have been extremely in investments and such. We are hopefully not leaving anything for the GOV as we have no children and will spend as we like within reason. Not sure what it takes to retire and enjoy retirement. Time will tell.
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Old 03-16-2023, 05:30 PM   #16
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What would her lump sum payout would be since she was able to collect? I was planning on doing the same as you until my cousin who is the same age as me had a stroke. I decided to draw my SS after that and I could take a lump sum from the time I was elgible or have my monthly SS increase about $30 a month. The lump sum was over $15,000 so that was a no brainier. It's a gamble but I'm wondering how much you left on the table since you waited until 70. My break point to break even was to draw and live to 82. With my family history I wasn't taking that chance.
Her monthly is right at $3000 per month so not sure what a lump sum would be. 10 months at $3000 per month is $30,000 so I guess we will take our chances on living longer. The wife is in excellent condition for her age, me not so much!
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Old 03-16-2023, 06:47 PM   #17
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Originally Posted by Mudslinger View Post
We decided when we retired at age 67 in 2020 that my wife would wait until she turned 70 to start taking he SS payments. She and I are in the group that she was able to take 1/2 of my SS draw per month without affecting my payments. She has contacted and is starting to draw her SS soon and in contrast to what it would have been in May 2020, this time around her monthly payments are almost $2000 per month higher than if she had started in 2020. We were fortunate to have other options until she turned 70, but DANG wait 2 years and right at $2000 a month more. I guess there are times that waiting and being lucky pay off!
yep - if you can put off SS until 70 and are in good health and can live without the money earlier then you are the winner - 8% increase per year if you wait -
HUGE difference in money
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Old 03-16-2023, 06:50 PM   #18
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This is my thoughts also.

Rwc
so you are going to pass up an 8% GUARANTEED annual increase to invest it yourself?? Educate yourself
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Old 03-16-2023, 06:55 PM   #19
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We took mine at 62 mainly because I still had kids in high school. That moved the break even to about 85. That's about my checkout date according to my parents. I'm not going to sweat it, If I live longer I'm not going to be able to do much anyway. It's mostly play money for us anyway.
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Old 03-16-2023, 07:31 PM   #20
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Iím gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
Exactly what I am going to do. I have run the models for me and wife and cannot make it work financially or logically to defer even to 65. Pay off for us is around 80 years old before the deferment starts to pay off. Even longer if I invest the amount and draw interest on it.
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Old 03-16-2023, 07:44 PM   #21
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Exactly what I am going to do. I have run the models for me and wife and cannot make it work financially or logically to defer even to 65. Pay off for us is around 80 years old before the deferment starts to pay off. Even longer if I invest the amount and draw interest on it.
Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.
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Old 03-16-2023, 07:47 PM   #22
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I'll do mine at 65 1/2...next month. Wife will have to wait another 3 years. At that time we'll see which option is better for her/us.
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Old 03-16-2023, 08:10 PM   #23
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Before long the govm’t will say your net worth is to high and you get zero. I am taking what I can as soon as I can and reinvest and pay taxes again on those gains…
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Old 03-16-2023, 08:15 PM   #24
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Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.
The numbers do not work out the same for everyone, a simple spreadsheet can and will prove that. Some folks retire at 62.5 , will spend up to 2/3 of their monthly check just for health insurance.
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Old 03-16-2023, 08:29 PM   #25
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Yep. Don't understand the guys saying to wait, must not know how to do a spreadsheet.
We do and what we are doing works best for us. Everyone is different and sometimes whatever works for one couple is not works for others. Sort of like bows, what is the best for one may not be the best for another.
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Old 03-16-2023, 08:29 PM   #26
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Don't forget inflation and cost of living increases. $3000 4 years ago is worth about $2000 now.
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Old 03-16-2023, 09:11 PM   #27
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Don't forget inflation and cost of living increases. $3000 4 years ago is worth about $2000 now.
My wife would not have drawn $3000 4 years ago. At both our retirements she would have drawn a little less than $2000, now it is $3900+! We are all individual when it comes to retirement and SS. What works for one may not work for others.
I was just stating what we decided and how it worked out for us, not to start an argument. Sorry.

Last edited by Mudslinger; 03-16-2023 at 09:15 PM.
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Old 03-16-2023, 09:22 PM   #28
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Mud. Just glad you retired and able make decisions and able to enjoy. My SS will be penalized because of pension income. I also plan to invest my SS into traveling as soon as I get it. Figure we should be able to do a few xtra trips a year with whatever they give us. And I’d rather start the trips the earlier the better
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Old 03-16-2023, 09:49 PM   #29
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For those saying they plan to draw early at 62: if you continue to work, drawing early can be a very bad idea. Every situation is different but be sure to check into whether or not you make less than the allowed amount or your monthly benefit amount may be reduced.
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Old 03-16-2023, 10:04 PM   #30
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Originally Posted by Buff View Post
I am confused.......
If I start drawing my SS, my wife can also get a check from SS off what I paid in?
Yes, Lisa can get half of what you get if she waits to start taking her cut until she is 66. That is what Sheila did.
Get it when you can cause there is no telling what the Dems will do in the future.
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Old 03-17-2023, 06:49 AM   #31
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Iím gonna grab it early at 62 and put it in another investment account is my plan now. Government has been mishandling my money for years and I figure if I can get it into logical investments I should come out better off
you will have to earn more than 8% each and every year to beat the increase in the SS benefits each year to your age 70 (not to mention COLA increases) - SS increases a guaranteed 8% for each year you wait to take it
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Old 03-17-2023, 07:29 AM   #32
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The way we have it planned out with our financial planner is that I will not start drawing SS until I am 70 and my wife will start drawing at 67. The difference in what you will get by waiting is substantial.
We have saved/invested and will have plenty to live on so we have the ability to wait. That is assuming health etc remains in tact.
Everybodyís situation is different but for us, waiting makes the most sense financially.


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Old 03-17-2023, 07:53 AM   #33
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Anyone have a link to this? I'm curious if my wife can get 1/2 of my amount since she will wait to draw hers.
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Old 03-17-2023, 08:07 AM   #34
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Quote:
Originally Posted by Mudslinger View Post
We do and what we are doing works best for us. Everyone is different and sometimes whatever works for one couple is not works for others. Sort of like bows, what is the best for one may not be the best for another.
This is about the truest statement. If folks think they are getting the shaft, it's time to see the financial advisor, and confirm this to be true, or get paid more.

My personal opinions on SS aside, I am glad it is working out for you. My mom ran into a similar situation to yours, and it really benefitted her. Granted, if I ask her how much she put in, I never get a straight answer, but that is another story!
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Old 03-17-2023, 08:17 AM   #35
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Anyone have a link to this? I'm curious if my wife can get 1/2 of my amount since she will wait to draw hers.
This isnít a Social Security link but it appears to explain the restriction application fairly well in laymen terms

https://carsonallaria.com/2023/01/09...-still-exists/
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Old 03-17-2023, 08:19 AM   #36
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We do and what we are doing works best for us. Everyone is different and sometimes whatever works for one couple is not works for others. Sort of like bows, what is the best for one may not be the best for another.
Good follow up comments!
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Old 03-17-2023, 09:36 AM   #37
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yep - if you can put off SS until 70 and are in good health and can live without the money earlier then you are the winner - 8% increase per year if you wait -

HUGE difference in money

8% per year doesnít add up to a $2,000 per month increase in 3 years.


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Old 03-17-2023, 09:43 AM   #38
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If I read the payment percentages correctly, between 67 and 70, sheíd have to be pulling in $8000 a month in SS to get that kind of jump.

The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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Old 03-17-2023, 09:44 AM   #39
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8% per year doesnít add up to a $2,000 per month increase in 3 years.


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You have no idea what my wife put into SS. I could put her info up here but it is no ones business. She had a bigh paying job and put a ton of money into SS.
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Old 03-17-2023, 09:44 AM   #40
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I took mine at 64. My breakeven was 15+ years waiting to 66.


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Old 03-17-2023, 10:12 AM   #41
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Mud everyone that makes above the cap pays the same amount. I was hourly and always felt like I got a raise once I reached the cap. I think now it’s about $130k. When I was working it was less and for some reason 118 or 108 comes to mind
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Old 03-17-2023, 10:32 AM   #42
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My calculations show that taking my SS at 70 vs 62, it will take 10 years just to break even.
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Old 03-17-2023, 10:54 AM   #43
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Quote:
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The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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On this scenario the break even is 83 y 9 no. 66 years 6 months being full retirement age. Investing that extra 42 months of lower payments will push the breakeven further out in my opinion, maybe I'm missing something.
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Old 03-17-2023, 10:59 AM   #44
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The max ss benefit if you retire in 2023 at age 70 is $4,555.



Where does anybody see a 1 time/ lump sum payout option for ss?




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I retired in January of 2023 and I can vouch for the max at 70... Wife retired in Nov. 22 at 65 and her's is half of mine... We don't owe anyone anything (except the Lord who owns it all anyway), so we live quite well on our gubment checks... All that IRA, 401K, and 2 pensions just let us play like we want to... We were both professionals for our whole working careers and never got rich, but we did quite well and we planned for this retirement gig... It's been a hoot so far, praise the Lord!!
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Old 03-17-2023, 11:05 AM   #45
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If you have a high income after filing for ss. They will steal a good chunk of it due to the income penalty for Medicare. Our Medicare income penalty is around $1000 a month. And you still have to pay for your Medicare supplements.
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Old 03-17-2023, 11:11 AM   #46
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I went to a social security work shop last night.
At 62 -75%
At 67-100%
70-135%

Of course the government wants you to die at 69 and you get 0%.
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Old 03-17-2023, 11:17 AM   #47
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Where does anybody see a 1 time/ lump sum payout option for ss?




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Iíve never seen a payout option. I wish there was one
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Old 03-17-2023, 11:17 AM   #48
WItoTX
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Quote:
Originally Posted by glen View Post
Mud everyone that makes above the cap pays the same amount. I was hourly and always felt like I got a raise once I reached the cap. I think now itís about $130k. When I was working it was less and for some reason 118 or 108 comes to mind
160k. My how inflation has bumped that number up. I think it was 14x,*** last year...
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Old 03-17-2023, 11:21 AM   #49
AntlerCollector
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This ^^^^ is what I’m looking at. Is it worth the wait?


81 years old is about the break even right?

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Last edited by AntlerCollector; 03-17-2023 at 11:31 AM.
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Old 03-17-2023, 11:26 AM   #50
Bassdeer
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I'm taking next year at 63 but the wife has to wait till 67 which is 3 more years. Then mine will jump up to 50% of hers.

Last edited by Bassdeer; 03-17-2023 at 11:29 AM.
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