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Social Security Admin. misinformation at web and employee level regarding file and suspend, etc.
There have been recent discussions here regarding SSA. I don't recall whether the information in the below link was noted or discussed. While you may not be affected by the below, you may know someone (parent, etc.) who may be affected. The link is offered only for information.
The article was published after the deadline for file and suspend. So it's of no help to future filers. It might help a few people who were misinformed, but how many people who spoke with SSA took note of the person, date, information conveyed?
It was not false to say that if both spouses were at FRA, they could use F&S + spousal benefits. That did however omit the fact that even if both spouses weren't yet at FRA, they might have still been able to squeak in. I guest that made it the truth, the half truth, and nothing but the truth.
There's loads of misinformation about SS floating around. Just last week I spoke with someone who had been misinformed by SSA.
She had been told that if she worked and received SS before FRA, not only would the SS payments be reduced (correct), but that this money would be lost forever (wrong). The correct statement is that SSA increases your payments once you reach FRA, so that over time you recoup everything. In a sense, it's an automatic file-and-suspend, but for only half the benefits.
Hi @msf Thank you for your notes. I agree as to the cutoff date and what may be available for a person to amend anything regarding SS. And, YES; the article does evolve from a self-serving platform. I recall the MFO thread, but did not search it here. Regards, Catch
Go to Kitces (whom msf and others have noted) or Thomas (Fairmark) for smarter and clearer advice in this area. Kotlikoff has useful information and calcs but tends to the cynical and alarmist, quite aside from his presidential run, and Solman's glibness doesn't help, yes.
Comments
Call me a cynic, but the comes across more as self promotion than as help. Here's what Kotlikoff's co-author had to say about his seeming contempt for SSA regs:
http://www.pbs.org/newshour/making-sense/11-social-security-mistakes-pe/
It was not false to say that if both spouses were at FRA, they could use F&S + spousal benefits. That did however omit the fact that even if both spouses weren't yet at FRA, they might have still been able to squeak in. I guest that made it the truth, the half truth, and nothing but the truth.
There's loads of misinformation about SS floating around. Just last week I spoke with someone who had been misinformed by SSA.
She had been told that if she worked and received SS before FRA, not only would the SS payments be reduced (correct), but that this money would be lost forever (wrong). The correct statement is that SSA increases your payments once you reach FRA, so that over time you recoup everything. In a sense, it's an automatic file-and-suspend, but for only half the benefits.
Here's the MFO thread that was started just after this law was passed:
http://www.mutualfundobserver.com/discuss/discussion/24114/social-security-file-and-suspend
Thank you for your notes. I agree as to the cutoff date and what may be available for a person to amend anything regarding SS.
And, YES; the article does evolve from a self-serving platform.
I recall the MFO thread, but did not search it here.
Regards,
Catch