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Thanks Barb. My birthday was several months ago, but I waited before filing for SS.
 
Heck no Barb; I want to get my money out before the piggy bank runs dry.
 
A friend decided to return to the workforce, and he mentioned "paying back social security". He has since decided he prefers retirement, but I haven't had a chance to talk with him about the SS issue.
 
Tom said:
A friend decided to return to the workforce, and he mentioned "paying back social security". He has since decided he prefers retirement, but I haven't had a chance to talk with him about the SS issue.
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I have been reading with interest and a smile on my face this section . I also applied for my social security to begin 1 Aug this year and my trip to the SS office went almost exactly like yours . About the only difference ,in my case I also applied for my Canada pension to start on or about the same date as I lived and worked in Canada until 1986 and therefore had the necessary amount of time working in Canada to allow me to collect it. Of course when the Social security office heard about the amount I could receive from Canada pension they informed me that the amount I would receive would be cut because of my Canada pension, Seems the 2 countries lord knows how long ago came to an agreement that would  allow people in my situation to only receive so much pension form the both countries combined.Oh well at least when I reach the age of 65 this will not affect the old age security check I receive from Canada.That is unless Obama and company or whoever is in charge at that time comes up with a way to get a piece of that as well.
 
Glad you found it entertaining  ;D  I'm not sure what will happen when I receive a (small) pension from my UK employment and, if I bring it up to date, a UK government pension.
 
Tom said:
Glad you found it entertaining  ;D  I'm not sure what will happen when I receive a (small) pension from my UK employment and, if I bring it up to date, a UK government pension.
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In my case they called it the 'Windfall Elimination Provision" and by my understanding it is used in cases where someone receives a pension from somewhere or someone where that pension was earned by receiving wages that did not have social security tax with held at time of earning. In my case that pension was earned before 1986.I thought about nor receiving it now but was told that it would become effective whenever I applied for my Canada pension even if I waited until I was 90.Guess you cant fight city hall <s>
 
[quote author=hpykmpr]... it is used in cases where someone receives a pension from somewhere or someone where that pension was earned by receiving wages that did not have social security tax with held at time of earning.[/quote]

I assume that in both our cases the pension is derived from income earned in another country (Canada or UK) when taxes were paid in that country, including their equivalent of social security taxes.
 
Payback program is my term. I'm not sure if there is a name for it. And it's not describe on the web site. Here how it goes. One applies and receives their SS. One invests that money. When one qualifies for 100% SS, ones pays back the money received. And than one reapplies for your SS.

So now you have the interest from your investment and more money monthly. 


 
Barb, that's one scenario, but certainly NOT the intent of the option.  The intent was to accommodate those who had to, or chose to, go back to work and wanted to postpone, delay or otherwise retract their decision to take early benefits.

A more likely scenario than yours, would be where one draws early SS, pays taxes on it, maybe forfeits some of it because they made above the yearly limit, loses money on their investment, ages out, pays back the SSA, starts drawing full SS benefits and DIES...  It's the American way...........
 
Tom said:
I assume that in both our cases the pension is derived from income earned in another country (Canada or UK) when taxes were paid in that country, including their equivalent of social security taxes.
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That would be absolutely correct, don't exactly seem fair does it?
 
Today I received 4 separate letters from the SSA letting me know about different employer-based pension plans they believe I'll be deriving benefits from when I hit 65. These are just the US-based ones. I give up - where do I send the check  ???
 
Just curious, why would SSA be interested in a government pension? (None of mine are.)
 
All I know... and that is decreasing every day... is that if you worked for the Feds then there is a formula that "adjusts" your SS and Fed Pension; whereas, if you worked for a private company, then SSA doesn't apply any "correction factors" or a formula.  My DW worked for the public schools in NM and did not have any adjustment either.  One of the questions SSA asks is if you receive a pension from the Feds, military, etc if I recall correctly.  Whatever happens, don't take my word on it, check it out via the SSA website or some other "knowledgable" source.

"A little knowledge can be dangerous" a quote from someone famous might apply here.
 
Thanks, I'll go do some reading. Hopefully, since I've never worked for the Federal or any other government, no correction will apply to me. But, since I still have a few years to "retirement age", anything can change before then.
 
that "adjusts" your SS
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I"ll say.  They take about 2/3 of mine even though I paid into SS  during 15 of my 20 military years, paid into it during civilian employment plus gave them another $8,000. 
 
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