The Press-Dispatch
Issue link: https://www.ifoldsflip.com/i/1186464
The Press-Dispatch Home Life Wednesday, November 20, 2019 C- 5 Social Security Matters Should I claim benefits at age 67 if I'm working? Dear Rusty: My wife and I were talking to some other senior citizens who say it would be more beneficial to start draw- ing social security when I turn 67 next year, rath- er than wait till 70, even if I work full time. Can I do that? Signed: Working Senior Dear Working Sen- ior: Yes, you can do that, but it may not be your best strategy. Let's ex- plore your options: If your wife is already collecting Social Security on her work record, you might consider filing a "restrict- ed application for spousal benefits on- ly" and collect a spousal benefit from your wife, while continuing to delay your claim for your own benefit, thus allowing your benefit to continue to grow. You can do this because you were born before January 2, 1954, which is the cutoff date for filing in this manner. In this way you could col- lect 50 percent of the benefit your wife is entitled to at her full retirement age (FR A) until such time as you file for your own benefit. If you wait until age 70 to file for your own, your payment will be 24 percent more than it will be when you are 67. But you cannot use this option unless, or until, your wife is collecting her Social Security ben- efit from her own work record. There is no simple answer to when you should claim. It depends up- on your current financial needs, your current health and your anticipated lon- gevity (considering your family history). If you an- ticipate a long healthy life and don't urgently need the money, then waiting until age 70 to claim your benefit will not only give you the highest possible monthly payment but al- so the most in lifetime benefits (as- suming you live to at least the "aver- age" age (84 for a man today). Waiting until 70 will also ensure that your wife gets the highest possible survivor benefit, should you predecease her (at her FR A, your surviving spouse gets 100 percent of the amount you were receiving at your death). As for you working, since you've reached your full retirement age you no longer need to worry about Social Security's "earnings test" which takes back benefits from any- one whose earnings exceed a certain limit. But it would be wise to consid- er that Social Security benefits are subject to Federal Income Tax (and, depending upon where you live, pos- sibly a State income tax), so adding your Social Security income to your earnings from work could be an im- portant tax consideration for you. Claiming your benefit at age 67 will give you a payment which is 8 per- cent more than you would have got- ten at age 66. But if the factors dis- cussed above suggest you should wait longer, then you'll earn an ad- ditional 8 percent for each addition- al year you wait to claim your bene- fit, up to age 70 when your maximum benefit is reached. What is the down- side to waiting? Well, only that your wife, if she will be eligible for a spous- al benefit from you, cannot collect that spousal benefit until you start collecting your own benefit. Your wife's spousal benefit would be half of your age 66 benefit if she claims at her full retirement age. So, as you can see, there is no easy answer to whether you should claim Social Security at age 67, but with the above information you should be able to make an informed deci- sion. And here's one final sugges- tion: don't take Social Security ad- vice from "armchair experts" and don't be swayed by those who might say "collect now because Social Secu- rity is going bankrupt." It's not. It's true that Congress needs to fix some portions of the program soon, and it's also true they've been dragging their collective feet to do so. But, histori- cally, Congress has always stepped up to the task when they had to, and I'm confident they will eventually do so again. Down on the Farm By Hans Schmitz, Purdue Extension Educator, Posey County Snow and market reports Market reports seem to have been outdone by their own time- liness, this year. Every report estimating yield or acreage has been preceded or followed by a reason for the report to be inaccurate. The situa- tion started by losing da- ta collection during the month of January due to the government shut- down, and the latest hic- cup involves the onset of snow last week. Although private industries do provide their own market forecasts and estimates of cur- rent supplies, the National Ag- ricultural Statistics Service and United States Department of Ag- riculture tend to get most of the credit due to the proudly unbi- ased nature of their work. Los- ing work during January due to the shutdown pushed back some late season reports and final 2018 yield statis- tics a few weeks. When begin- ning to get back on their feet, two important occur- rences derailed good data accu- mulation and ag- gregation. The first to occur is highlighted for its near lack of occurrence, the slow planting season. Initial reports on in- tended planting acres were ques- tioned, and the handling of pre- vented planting acres was also not well interpreted. Going well into the summer, acreages were questioned along with potential yields, as replant acres and bare spots due to the intense rainfall seemed questionable in quali- ty. Then we learn in June of the transition of the Economic Re- search Service and National In- stitute for Food and Agriculture from D.C. to Kansas City. The ERS is one agency integral for key reports like the World Agri- culture Supply and Demand Es- timates. Admittedly, bringing federal agencies into the heart- land seems like a good way to bring government to the peo- ple. The problem lies in the in- terim period where well over half of employees in both organiza- tions decided to sever ties and stay in D.C., vacating hundreds of positions within the agencies. Once harvest started, we re- ceived early October reports im- mediately prior to severe flood- ing in the Missouri River Valley and headwaters. Some recent ex- perts have discussed the possi- bility that some areas may not be out of flood stage until spring- time. Some unharvested acres wiped off the board. The No- vember report was released a few days prior to the cold snap, where we saw record low tem- peratures for a couple of days. The snow stopped harvest but did not last long enough here to freeze the ground. In areas to the north, hopefully it has and combines will run. Either way, the widespread event slows down a record slow harvest. The November numbers do still exist, however questiona- ble they may be. Southwest In- diana corn is projected to come in at 164 bushels to the acre over 623,000 acres harvested. That's 57,000 acres fewer than last year at 19 bushels less yield. Soybean yield are projected at 49 bushels to the acre over 658,000 harvested acres. Those number are down as well, 5 bushels less on yield and 97,000 fewer acres than last year. Corn price this time last year was $ 3.70 per bushel. Corn price this year is $ 3.77. Those numbers paint a somewhat depressing picture, but hope is on the horizon. The second round of the Market Fa- cilitation Program might be an- nounced in the next few weeks. For more information, contact Hans at hschmitz@purdue.edu or 812-838 -1331. WISH LIST! WE NEED LISTINGS COMMERCIAL AND INVESTMENT PROPERTIES Hardware store ready for new owners. Fully equipped with display shelving, key cutter, glass cutter, lots of inventory to get new owner started. Building has new roof, gutters with metal siding on east and west gable ends of building. Lots of extras! Oakland City. New Price $145,000. MLS# 201650829 31.98 acres prime field tilled farm ground. High in pot ash, nitrogen and phosphorus for good soil fertility. MLS#201912317. 3 bedr,. 2 bath modular in nice subdivision. Priced below appraised value at $59,900. Over 1500 sq. ft on 1/2 acre lot. Large great room with fireplace, open kitchen dining room and large master bedroom with private bath. MLS#201939750. Seven acres of mostly wooded property located on a dead end road. 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