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Subject:  Re: Social Security questions Date:  10/23/2012  11:54 AM
Author:  TwoCybers Number:  17998 of 20599

As has been said, the Social Security "Do Over" option is gone.

Here are some things to think about:

#1 Have you checked local taxes? Here is GA, we have an income tax, but state taxes on SS depend on where you live.
#2 If either of you have health issues, choices can be different -- but for anybody who thinks you will live longer than the average 65 year person, delaying the start of SS will result in more money, when you need it the most -- later in life. The longer you live past the "expected" or "average" life of a Social Security recipient, the greater this effect. Those who start early will have received less total money when they hit 90 than those who wait. Those who wait until at 70 to start, well have received the most money when they hit 90.
#3 Call the folks at Social Security. They are very helpful and know more about the ins and outs than anybody else. They also are not trying to sell you anything. Be certain to ask about the combined situation for you and your spouse. There are privacy issues, so you will undoubtedly want to start the phone call with both you and your spouse so both can give permission to examine both records.

In today's low interest rate situation the magic age is 78. If you start at full retirement age, start at age 70 or start at age 62 -- the total dollars for each will be equal at at 78. But since you get more per month by starting at an older age, the longer you live past age 78, the bigger your receipts will be.

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