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 Quick Social Security Rethink

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Posts : 2725
Join date : 2008-05-13
Location : Central Florida

PostSubject: Quick Social Security Rethink   Mon Aug 10, 2009 11:38 am

I'll leave your retirement congrats untouched for now and try to get Helen to reply
to it when she gets home. I may sign her up for the forum ahead of time if I can
read the captcha. She's never been here on her own and only viewed it when I'd
open it up for her to show her something that had been discussed but maybe
she'll have more time for it now.

"Fairly" quick rethink about Social Security. I copied an article about it and put it
up Here

Helen is really thinking about having her own income now even though she hasn't
given up on some part time work somewhere. Here's the question I have but
I've told her to go ahead and start her social security if she wants to. It says
in that article that you can pay back any amount you've drawn at any time and
restart the time it's figured from so she probably should go ahead. She want have
the money later of course, she'll spend it but we can decide later depending on
her health and feelings later and it's just a tax free loan. I'll have to pull any money
to pay it back out of our savings I'm sure if we do.

The thing is:
If she waits an extra year to start drawing, her monthly payment will rise by about
7% (a year). Same for each year thereafter as long as she lives.
But, the amount is figured on 35 years of earnings and if they have to (and
probably will) to get the 35 years, they add in a zero for years not worked and
then divide by 35. So, waiting and extra year to draw will probably add in a zero
in the total amount figured. I don't have the amounts and years that the SS will
figure it on now to start so I can't compare adequately.

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Posts : 1540
Join date : 2008-05-16

PostSubject: Quick Social Security Rethink   Tue Aug 11, 2009 7:02 am

Hmmm. Good questions. I know you can make a certain amount every year and still draw SS. (Seems like it's 12k per year?). I think ideally, it would be worth it for her to continue to try and get on at the health dept (?) for one more yr to get a pension from them. Either way she goes, you guys should be OK I'm sure. I will read the article later at work and see if I have any more thoughts.
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