If you are getting close to retirement, you may have planned to use a common Social Security strategy to increase your benefits called, declare and suspend. Up until this week, it was a part of our planned retirement income stream. If you weren’t aware of it, no harm, no foul. Article attached provides some details.
http://www.nerdwallet.com/blog/finance/file-suspend-strategy-maximize-social-security-disappear/
The best part is it allows one much more flexibility for fishing. Why brave high winds or rainy weather when you can go when you want. Of course most of us have to learn to get by on a little bit less (fixed income).
I was born in the early 60’s and all I can remember is hearing “you’ll never see any money from SS.” I’ve lived my entire life that way. That’s why I plan on taking care of myself by myself.
If I see one nickel from SS I’ll consider it a bonus and use it for pull tabs and bait.
Never “planned” on SS to be there when I retire. Pretty fun paying in for our elderly collecting on it now though.
Never “planned” on SS to be there when I retire. Pretty fun paying in for our elderly collecting on it now though.
Thats the way it has always been at least for quite a few years. SS is nothing but a tax(money paid from paychecks) and redistributed. All or most of the elderly paid in for many years and deserve what is rightfully theirs IMHO. The SS system is broken and needs some serious fixes with grandfather clauses implemented to protect the contributors that have been in for many years but not yet filed. The file and suspend strategy is a good strategy. I did not see in the article that it has already been removed so I hope it still around.
Thx for the Article SuperDave!
Planning for the future, I have thought about getting a part time job to earn enough credits to qualify for SS. I believe I have a few from my high school and college jobs. Anyone remember off the top of their head how many credits you need to qualify for SS? A little background to make sense of my post. I’m a Police Officer. I don’t pay in to SS and won’t receive it unless I take a different job to earn the credits.
DT
Ok, I just looked it up. You need 40 credits if born after 1929.
DT
More research while in the deer stand. 
In 2015 you must earn $1220 in wages to earn 1 credit or $4880 to earn your 4 for the year. I sub at the local college and would earn enough for 1 credit a year if that qualifies. I have 16 years left if I go at 50.
DT
Just looked it up and I have 31 credits. I will easily be able to make up 9. Of course I will not figure that into my retirement plans but it’s just one more thing. I really need to get better with investment stuff.
DT
The file and suspend strategy is a good strategy. I did not see in the article that it has already been removed so I hope it still around.
Thx for the Article SuperDave!
Opening paragraph from the article:
But under the new budget deal passed by the Senate on Friday, it will no longer be an option beginning in early 2016.
When we play by the rules just to be told that the rules have changed, it just adds more emphasis that saving for ones self is the only way to know what one can count on.
<div class=”d4p-bbt-quote-title”>Mocha wrote:</div>
The file and suspend strategy is a good strategy. I did not see in the article that it has already been removed so I hope it still around.
Thx for the Article SuperDave!Opening paragraph from the article:
But under the new budget deal passed by the Senate on Friday, it will no longer be an option beginning in early 2016.When we play by the rules just to be told that the rules have changed, it just adds more emphasis that saving for ones self is the only way to know what one can count on.
Boy I sure skimmed past that one LOL!
You are correct that you better plan for the worst and hope for the best.
I can’t invest,all my money is tied up in change. 
I can’t invest,all my money is tied up in change.
Bury that change in the back yard. Best investment ever! 
DT
I can’t invest,all my money is tied up in change.
I like your double! “change” 
Just looked it up and I have 31 credits. I will easily be able to make up 9. Of course I will not figure that into my retirement plans but it’s just one more thing. I really need to get better with investment stuff.
DT
You should look up the particular details of your pension scheme, DT. If you collect social security, you may find that that would be considered “other income” under the terms of your pension and therefore your pension’s monthly payment could be reduced by the sum of that income such that there is no advantage.
Some of the other industries that were exempted out of social security to run their own pensions have a similar clause. Not saying this is the case for you, just something to be aware of before you make an effort to get something that may not pay back in the expected way. Of course if there is no such downside, I’d say absolutely, get that eligibility and keep a careful eye on it in the future to make sure you stay eligible if/when congress changes the requirements. Which will almost certainly be happening in the coming years.
Grouse
I’m not the brightest bulb in the string, and I’m sure someone will explain,but if you don’t pay in to ss,how can you draw from it?
Read back to DT’s comments, I think you will find that in the past he has and needs a bit more credits to qualify for SS
Totally unlike those that are from outside our boarders that seem to be able to get some of it’s benefits when it seems to be an entitlement to those of us that have been the contributor’s for our whole life! (I’m 61 btw)
Oh and wait they have never contributed! Unless they have a fraudulent SS card under someone else!
Then how do they get it!!!???
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