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Asked by a 72 year old man from MO on 7/9/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Thanks for asking your question. You should call Social Security or make an appointment at your local office. It is possible that you are eligible for credits starting in 1964, though these will not be applied automatically. They will also be able to share your specific benefit at various ages. You should make sure to apply for your benefit by ... (Read More)
Asked by someone from AZ on 6/6/2019
Michelle Dash
Michelle Dash, Financial Advisor says
If it has been less than 12 months since you filed for your benefit, you are able to withdraw your application. If you choose to do this you will be responsible for a lump sum to repay the money received including your own benefits, money withheld for medicare, money withheld for taxes and additional child benefits, etc. You can file form ... (Read More)
Asked by someone from CA on 6/27/2019
Michelle Dash
Michelle Dash, Financial Advisor says
NewRetirement.com offers some robust modeling options. I suggest that you put all of your information into the planner and experiment with scenarios for differing contribution amounts. You also may consider seeking help of an expert to create a plan that considers your goals and cash flow. For your protection, we are not able to provide advice in ... (Read More)
Asked by a 45 year old man from NC on 7/2/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Your benefit should increase by about 8% a year for every year you delay taking Social Security. If you retire at 62 and and wait until 70, you will have 8 years to accumulate a higher benefit. The Social Security website will tell you your benefit at 62, full retirement and 70. You can use the NewRetirement calculator to estimate payments other ... (Read More)
Asked by someone from PA on 7/8/2019
Michelle Dash
Michelle Dash, Financial Advisor says
Your full retirement age determines receipt of your full Social Security benefit. When you delay taking your benefit, your monthly pay out increases until the age of 70. In exchange for waiting and taking less payments, Social Security is giving your a bigger amount each month. Similarly, if you file before your full retirement age, your benefit ... (Read More)
Asked by someone from KY on 6/24/2019
Michelle Dash
Michelle Dash, Financial Advisor says
You are locked into your Social Security benefit at the age in which you file. The only increase will be a cost of living increase. In 2019, the average cost of living increase was $39 per month. If you choose to delay taking your benefit past your full retirement age, your benefit will increase at about 8% each year you delay until you reach 70. (Read More)

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