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Author: Subject: A little reality about Social Security
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[*] posted on 3.28.2016 at 10:35 PM
A little reality about Social Security

_Get What's Yours....The secret to maxing out your social security....the Book

Given the choice of learning 3000 pages of Social Security law and tens of thousands of regulations, or having two front teeth pulled without anesthetic, most would choose the latter, if only because it's over quicker. Get What's Yours understands this. It presents the basic background, basic facts, basic tips, and even the basic SSA form, in an environment of real scenarios. The asides are cheerful or acidic, as appropriate, and it mitigates the confusion by constantly hammering at the basics. At first I thought it annoying, but slowing down, I realized I needed to see it all again, in action, to help it sink in. It also means you can go right to the section that concerns you, because the foundation points will be there (again).

This book is necessary for three reasons:
1.) Social Security is not intuitive, and sometimes makes no sense at all.
2.) Americans act against their best interests, leaving all kinds of money on the table.
3.) there is usually a "however" with Social Security rules.

Worse, Social Security is now up to three million requests every week, but Congress keeps cutting back budget, staff, hours and whole offices. Combine that with the complexity factor, and the authors conclude you cannot trust what Social Security advises. Great.

The way we go after Social Security says two things:

1.) Americans are poorer than they pretend,
2.) and they don't know how much they're giving up.

Only about 3% wait until age 70 to claim, where the figures show a dramatic, peak difference (76%) over claims at 62, when the biggest group files - for the least amount offered. As an aside, there is an annual survey that always says the same thing: nearly 50% of Americans couldn't raise an emergency $2500 in 30 days, not from savings or even from friends and family. Nearly half of Americans simply cannot postpone Social Security.

The most important tip is to wait until 70 before taking benefits. The next most important tip is to register at 66, but at the same time suspend benefits until 70. This not only allows your rate to grow 8% a year for four years, it also allows your spouse to claim spousal benefits (half of yours) when s/he reaches 66 and let her/his own benefits continue to grow until age 70. There are a lot of ifs, ands, and buts, so the book becomes a tremendous resource. The answers are logical and clear.

As a consultant who works in different environments all the time, I developed a saying....that I could play by anybody's rules, as long as I knew what they were. Get What's Yours tells you what they are.

David Wineberg, reviewer/commentator in Amazon's customer review

P.S. I have the Book, JrHagler
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[*] posted on 3.29.2016 at 11:34 PM
an example

my birth year is at 1952
So the current law says I can start collecting at the age of 62.
But I won't get the full 100 percent benefit.
Only receive 75 percent.
As the article has stated above, 76 percent of Americans will file for benefits at the age of 62.......If I choose to file at 62 years old. It stays at 75 percent for the rest of my life.(one of the Gotcha's)

At each year I from age 62 to benefit will gain 6.6 percent and continue to do so till the age of 66.
From the age of 66 to 70, the benefit will increase 8 percent a year.
So the way I look at it....I'll get a 6 to 8 percent raise each year I delay.

As my gurlfriend had pointed out though....I could die before I reach 70 years of age.
my counter is....I'll work as long as my health is good.
(I'll be 64 in a few months) 13 percent above the minimum.:yes:
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