topher06 said:
Sounds completely fair to just make it means tested, so that people who paid the most get none of the benefit. Probably headed that way though.
My parents did something similar and also took advantage of a tax loophole that existed at the time. My mom is a CPA so knew all the ins and outs. Don't think the loophole exists anymore and I can't remember what it was but something to check into.Herknav said:
//Another way to consider to contemplate starting social security is as a couple. Allow the lower earning spouse to draw at 62 and the higher earning spouse to draw at age 66-70. This strategy allows continued compounding of couples higher earner's payout while low earners supplements there life change to retirement lifestyle. Also at 66 (after the high earner files), low earner can ditch there initial payout and take a spousal payout, which is half of the high earners (which was increased by waiting four years). Several variations on this strategy, but really beneficial for dual income couples depending on age and large salary differences.//just my thoughts//
You might be referring to "file and suspend" which is no longer available.YouBet said:My parents did something similar and also took advantage of a tax loophole that existed at the time. My mom is a CPA so knew all the ins and outs. Don't think the loophole exists anymore and I can't remember what it was but something to check into.Herknav said:
//Another way to consider to contemplate starting social security is as a couple. Allow the lower earning spouse to draw at 62 and the higher earning spouse to draw at age 66-70. This strategy allows continued compounding of couples higher earner's payout while low earners supplements there life change to retirement lifestyle. Also at 66 (after the high earner files), low earner can ditch there initial payout and take a spousal payout, which is half of the high earners (which was increased by waiting four years). Several variations on this strategy, but really beneficial for dual income couples depending on age and large salary differences.//just my thoughts//
Maybe so.one safe place said:You might be referring to "file and suspend" which is no longer available.YouBet said:My parents did something similar and also took advantage of a tax loophole that existed at the time. My mom is a CPA so knew all the ins and outs. Don't think the loophole exists anymore and I can't remember what it was but something to check into.Herknav said:
//Another way to consider to contemplate starting social security is as a couple. Allow the lower earning spouse to draw at 62 and the higher earning spouse to draw at age 66-70. This strategy allows continued compounding of couples higher earner's payout while low earners supplements there life change to retirement lifestyle. Also at 66 (after the high earner files), low earner can ditch there initial payout and take a spousal payout, which is half of the high earners (which was increased by waiting four years). Several variations on this strategy, but really beneficial for dual income couples depending on age and large salary differences.//just my thoughts//
