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Reply to BOMBSHELL: File and Suspend Almost Gone     
Old 07-17-2016, 07:31 PM   #11
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BOMBSHELL: File and Suspend Almost Gone Re: BOMBSHELL: File and Suspend Almost Gone
Originally Posted by agentinsouth View Post
Can someone dumb this down to a 3rd grade level for me?
Gotta love it. America votes in a Republican Congress to stop the "entitlements" and then they lose their own! Classic.
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Old 07-18-2016, 12:41 AM   #12
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BOMBSHELL: File and Suspend Almost Gone Re: BOMBSHELL: File and Suspend Almost Gone
Originally Posted by agentinsouth View Post
Can someone dumb this down to a 3rd grade level for me?
I suggest getting a book like "Medicare for Dummies". It's a great reference. I pulled these explanations of the two strategies from the Google:

This one expired 4/1/16, now no one can do this:
"Q. Can you use a marital strategy to maximize lifetime benefits for your household?
A. Married couples may have options that singles don’t. For example, when the breadwinner reaches 66 (or 67, if born in 1960 or later), he or she can file for benefits but suspend claiming them. This allows a spouse who is 62 or older to claim a spousal benefit, while the breadwinner’s unclaimed benefit grows significantly." This one is history as of 4/1/16, repeat.

The next one is still available, but only for those who turned age 62 by 1/1/2016:
"A related strategy known as "Restricted Application" remains possible for certain people, born before 1/1/1954.

Q. How does that work?

A. Like this: Your full-retirement-age spouse applies for retirement benefits and begins collecting. You apply for just the spousal benefit (you "restrict" your application to just that benefit) based on your spouse's work record, even though you could get a higher amount as your own retirement benefit. Going forward, you collect that benefit and continue to build up Delayed Retirement Credits that will make your retirement benefit higher when you eventually switch over to it."

Most would use that strategy 4 years, from age 66 to 70, as their own SS benefits will increase by 8% a year during those 4 years. They plan to refile on their own record at age 70.
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Last edited by yorkriver1; 07-18-2016 at 12:49 AM. Reason: clarity
  Reply With Quote to BOMBSHELL: File and Suspend Almost Gone
Old 07-18-2016, 05:08 AM   #13
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somarco on BOMBSHELL: File and Suspend Almost Gone
 
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BOMBSHELL: File and Suspend Almost Gone Re: BOMBSHELL: File and Suspend Almost Gone
Let me make this real simple.

If you know exactly how your investments will perform from year to year, exactly what your expenses will be each year and exactly when you will die, then SS planning is a piece of cake.

Otherwise, take the money and run.

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  Reply With Quote to BOMBSHELL: File and Suspend Almost Gone
Old 07-18-2016, 10:47 AM   #14
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DHK on BOMBSHELL: File and Suspend Almost Gone
 
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BOMBSHELL: File and Suspend Almost Gone Re: BOMBSHELL: File and Suspend Almost Gone
Here's something I got from an Allianz IMO:
Attached Files
File Type: pdf Social Security Filing Strategies At A Glance.pdf (550.1 KB, 4 views)
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