Hopefully SS won’t incorrectly issue you a 2015 1099-SSA…
ohmygawd i hope not.
I just got a $5 a month raise from SS…based on earnings I had in January and February. Woohoo. It’s retroactive…so I’m getting a check with an additional $40 in December.
But wait…I’m also working now…and they will need to compute…again. I’m hoping it takes them 11 months to redo this time as well…because this time it will increase my benefit…but it will also show I earned more than $15,000 in 2015…and my benefit of $170 a month will be reduced to…zero for 2016.
Watch…this time they will get it done in a month.
And those of us who plan to work until age 70 because we can’t afford to retire any earlier.
And those of us who plan to work until age 70 or later because we love what we do – although at some point I really need to step aside and let my protege take over the reins. Hey, QE II, any thoughts on that?
I’m just so confused by it all. My fidelity rep gave me forms to complete, and when the software is updated with new rules, we will meet again, plug in all my info, and decide. If I start receiving SS at 66 or wait. I’m still working, but stop at 5. Fidelity does all the figuring for free.
H called SS main number to make an appointment. After a 40 minute wait he finally talked with a person for 20 minutes. She wanted all kinds of info! He told her he only wanted an appt. She asked for MY! SS# but he told her he did not remember it. THEN! she asked what his pension is worth. He told her he did not have that info on him and he just wanted an appt.
Seriously? After VH’s experience I wonder if H is going to find out she filed for him.
He managed to get off the phone after this 1 hour of his time --only to be told that there are no appt’s available and they will have our local office contact him
They frighten me.
This is from the Laurence Kotlikoff article and I can’t believe this is actually what the law says we must do to maximize our social security. Like many couples, we had planned to file and suspend at 66, a plan that was destroyed by the new law. We were supposed to be consoled by the fact that while file and suspend is no longer available to us, we could still do something called “restricted application” and still benefit to a lesser degree. After reading several descriptions of RA and still being totally confused, now apparently we need to get a divorce two years from now, live in “sin” until age 70, and then re-marry. Are these people serious?
All I know at this point is that the AARP are certainly not representing my interests in any way since they supported this bill and are celebrating it’s passage. These clowns won’t ever see a penny in dues from us and they can keep their stupid 10% old person discounts.
@oregon101: You can just show up at the SS office and they will see you. You probably don’t need to wait more than an hour, either.
When I filed by phone, with the person who wound up giving me money I didn’t want or ask for, she did ask for DH’s information and for my banking information. When I reminded her I wanted to suspend so why does she need my banking info, she said something like, it’s routine, or it’s for later (altho I thought, what if I change my bank in the meantime?). I should have told her she didn’t need that info at that time. Then maybe she wouldn’t have sent me money.
^And how much are these people getting paid for their job or non-job? SS and IRS are so incompetent.
It’s now December 2 – 10 days later – and Social Security has not yet cashed my check. The money is still sitting in my account.
@VeryHappy , your bad experience has convinced me to NEVER EVER apply for Social Security benefits!!!
Ha ha ha. It’s going to be a not-insignificant part of my retirement income. I can’t wait!
Too bad the bank don’t pay interest any more…
I received a call yesterday from a SS representative confirming my desire to suspend. Apparently the form I was sent indicated I wanted to withdraw my application – I was sent the wrong form – while my message on the form indicated I wanted to suspend. So I told the lady I wanted to suspend, she indicated she’d be passing the paperwork along to the next department, and today the funds are gone from my account.
So, I’m hoping all is well. I’m supposed to get another letter from the SSA confirming this.
Oh brother VeryHappy. I hope they get it right.
Well, my bank balance is back to normal, at least.
Yea!!!
Your post put the fear into H ( he need it as he is trusting, unlike myself).
We will go next week. We are afraid $-)
So glad this is hopefully resolved. Did anyone bring up the idea that IRS could expect taxes on the few days you had the money.
Sorry, I am just a pessimist in my old age.
Yes, someone did. (Don’t recall if it was here or IRL.)
It wouldn’t be just for the few days (I wound up having the money for about three weeks), but the IRS would view this as income for the year, so I’d owe regular taxes on it. I am nervous about that, but since the SSA has acknowledged receipt of the money, I’m hoping that somehow “undoes” their system’s producing the 1099 (or whatever form it would be).
I do have written proof that I returned the money to the SSA, so worst case, I could show that to the IRS. Hopefully we won’t have to do that because hopefully I won’t get any sort of 1099.
They really should see they issued it, then that they received it back, net zero, for that. We hope. I wouldn’t report it but would save the documentation now.