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When to take Social Security?

Posted by beeohio (My Page) on
Mon, May 21, 12 at 16:01

62... 66... 70?? For those of you who are approaching the "age of decision" there are many very important considerations.
Here is an very, very informative video that explains various options & considerations that people may not be aware of.

Just a few of the important points discussed:
- You might get an INCORRECT answer @ the SS office... so YOU need to be knowledgeable about all the different options you have. Then, if you go outside the typical filer & get told "no", you'll need to speak to a supervisor & on up the chain of command. I had ask a question recently & thought I knew the answer, but was told "no, you can't do that". Now... I know I can.

- If you filed for SS less than a year ago & now realize "Oh, no, I should have waited until I am x-age", it may be possible to reverse that decision.

- If you have an ex spouse & are unmarried, you can file on the ex's SS history, if it is to your benefit, as long as you & he(she) had been married 10 yrs. Doesn't matter if he is remarried & new wife is receiving his SS too, or if he is dead.

But there are some really interesting considerations of having one spouse wait until 70 to file, yet file for spousal benefits (50%) from the other spouse's earnings history. You have to listen & delve into it more than I could explain here.

There is NO ONE WAY that is BEST answer as to what age to file for SS. What works for me, might not be appropriate for you. Health & other financial considerations are 2 things that enter the picture.

Here is a link that might be useful: How to maximize your Social Security benefits

Follow-Up Postings:

RE: When to take Social Security?

I'm planning to take it at age 62 (5 more years). I'm concerned about how long Social Security will actually be around, so I want to collect as early as possible.

RE: When to take Social Security?

Retirement appears less and less likely for many people. Wages have barely improved in decades and the cost of living is going up, tempting some people to retire overseas. It could be done, but there are a ton of plans one has to make first. One can always retire abroad for much less. It's good to think that Social Security still pays benefits to overseas retired persons, though taxes on that income in a new home country may apply as well as to the United States.

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