I don’t mean refuse to pay it, but refuse to accept it.
For example, Warren Buffett will never need Social Security to live on, so is there any way that he could refuse to have his portion paid out to him?
You have to apply for social security/ If you don’t want it just don’t apply!!!
That you have to apply may not be the same in all places; a friend of mine once told me that she was investigated for fraud because she rejected family allowance (an UK subsidy supposedly aimed at contributing to the needs of a young child) - I’m not sure whether she was telling the truth, but getting into the system for family allowance is pretty much automatic in many cases, or at least you’d have to consciously decide not to apply, because the system keeps reminding you.
You can return it as a gift to the United States government: http://www.ustreas.gov/education/faq/international/terror.html#q3
What my neighbor (hi) says is true. I saw on 60 Minutes, or some such program, that quyte a lot of the very rich never collect.
Peace,
mangeorge
My father did not start collecting his SS benefits till he turned 70. He lost about $60,000 by waiting.
BTW, Mr. Buffett probably would not qualify for SS benefits, his income and wealth are a little above the maximum standards.
You could just not deposit the checks. Although that might make life more difficult for the government’s accountants.
What maximum standards? As far as I know, there is no means testing for SS.
Once a person reaches full retirement age, which in Warren Buffet’s case would be 65 years, he can get his Social Security benefits with no limits on his earned or unearned (e.g., interset, dividends, capital gains) income. The only means testing comes if you retire before full retirement age, and then only your earned income is used to calculate your eligibility.
This is inaccurate on both counts. You don’t have to collect SS at age 65 (or early benefits at age 62), but can wait until you are 70. Your benefit amounts will increase for each month after 65 that you wait, until age 70. http://www.ssa.gov/pubs/10035.html#part1m
Second, no matter how rich you are, you are entitled to those benefits, provided that you have 40 quarters of coverage (generally speaking).
How so?
Did he continue working up until he tried to collect SS? If so, his monthly payment to him should have been more than if he started collrecting at 62, or at 65.
[quote]
Sec. 404.313 Using delayed retirement credit to increase old-age
benefit amount.
(a) General. (1) If you do not receive old-age benefits for the
month you reach age 65 (retirement age) or for any later month before
the month in which you reach age 70 (72 before 1984), you may earn
delayed retirement credits which will increase your benefit amount when
you retire. You earn delayed retirement credits for each of those months
for which you are fully insured and are eligible for but do not receive
old-age benefits, either because of your work or earnings, or because
you have not applied for benefits. If you were entitled to old-age
benefits before age 65 you may still earn delayed retirement credit for
months beginning with age 65 in which your benefits were reduced to zero
because of your work or earnings.
(2) Retirement age is the age at which entitlement to full benefits
may begin and is the age at which you may begin to earn delayed
retirement credits. Age 65 is the retirement age for workers who reach
that age before the year 2003. For workers who reach age 65
…(b) How we determine delayed retirement credits–(1) General. The
amount of the delayed retirement credit depends on the year you reach
retirement age, and the number of months you are eligible for and do not
receive old-age benefits from retirement age to age 70 (72 before 1984).
We total these months, which need not be consecutive, multiply the total
by the applicable percent as provided in paragraphs (b)(2), (3), and (4)
of this section, multiply your benefit amount by this product, and round
to the next lowest multiple of $0.10 if the answer is not already a
multiple of $0.10. The result is your delayed retirement credit which we
add to your benefit amount. The supplementary medical insurance premium,
if any, is then deducted and the result is rounded to the next lowest
multiple of $1.00 if it is not already a multiple of $1.00.
(2) Before 1982. If you reach age 65 before 1982, your delayed
retirement credit equals one-twelfth of one percent of your benefit
amount times the number of months after 1970 in which you are age 65 or
older and for which you are eligible but do not receive old-age
benefits.
(3) After 1981 and before 1990. If you reach age 65 after 1981 and
before 1990, your delayed retirement credit equals one-fourth of one
percent of your monthly benefit amount times the number of months in
which you are age 65 or older and for which you are eligible but do not
receive old-age benefits.
(4) Beginning with 1990. If you reach age 65 in 1990 or later, the
rate of the delayed retirement credit (i.e., one-fourth of one percent
as stated in paragraph (b)(3) of this section) is increased by one-
twenty-fourth of one percent in each even year through 2008. Thus,
depending on when you reach age 65, your delayed retirement credit
percent will be as follows:
Delayed retirement credit
Year you reach age 65 percent
1990… \7/24\ of 1 percent.
1991… [etc.]
Hardly anyone can collect full benefits at age 65 at this point. You have to have been born in 1937.
My benefit at age 62 is about 600; at age 65 and 10 months, about 800; so if I wait until age 65 and 10 months I will have lost 9200; it will take me until age 69 and 8 months to recover that amount. So, basically I have to decide how long I think I will live and if I need the income at age 62 or can wait until 65+.
If you were born any year before 1938, your “full retirement age” is 65.
Age To Receive Full
Social Security Benefits Year of Birth
Full Retirement Age
1937 or earlier
65
1938
65 and 2 months
1939
65 and 4 months
1940
65 and 6 months
1941
65 and 8 months
1942
65 and 10 months
1943–1954
66
1955
66 and 2 months
1956
66 and 4 months
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67