Posted on 08/02/2018 9:22:46 AM PDT by Red Badger
You mean after I die?
I was 62 so perhaps that is why I did not need to sign up until no longer covered by my wife a few years later
Bkmk
No. She would be entitled to your full amount if you go first. My wife only worked enough to get a few hundred dollar of SS but by using my earnings she gets a thousand a month which is half of what I get.
There is no gain without risk. Find a Mutual Fund with a good track record. Dipping below Principal is not a bad thing so long as you don’t sell it. It always eventually comes back.
When the market is down, you are just buying stocks cheaper.
I need to look into that. Half of mine is about $1300, but she only gets 900. She’s 64, though.
thanks...sorry. I see it. I know better. No way did i mean to imply taxed at an 85% rate. I even gave a link to it.
thanks
Now if you start collecting at 70 and only live another 5 years, how much did you collect? Approximately 78000 dollars...its pretty close.
And no guarantee when you will die.
I work out 6 days, regular check ups, watch my diet but tend to over eat at times. I don't drink.
I was born in 62(cannot brag about that anymore LOL) and when I was growing up, I saved for retirement as if SS did not exist. I do not have to rely on SS to have a great retirement. I will never be a burden to society.
He’s not dead. Amazingly. ;)
Yes, I know. I’m just going to wait and see which pays me more and go that route. Mine alone will be adequate for my needs, but I’m not going to turn down more money! :)
No prob...I figured. Just that radio infomercial sends me off!
That is probably the problem. I had my wife wait until 66 to take SS. It may not be convenient but you can pay the money back and wait a year or two to get a better return. Also she probably wouldn’t get your full amount if you go first.
I just checked. My wife is currently receiving her own benefits (started at age 64). At age 66, when I start receiving benefits, hers will increase to 42% of mine. It will be a bump, but only $150 a month. Better than nothing.
At least, that is how I interpret it...
When we read this stuff, we were absolutely amazed at just how convoluted this whole thing actually is.
I’m fine with just seeing it bumped up a bit when we both turn 66. We’re only six days apart, btw.
I did a lot of calculations regarding early vs late benefits. I still think it was the right thing to do to take hers when we did. The benefit it brings us today is huge, for reasons I’ll avoid getting into. Much bigger than the benefit of waiting.
Which reminds me of this: Do you want to make God laugh? Tell Him your plans.
Age 64 is only a 13% reduction. It would take approximately 12 years to hit the point where you start losing money by taking it early.
Yep. That’s why we did what we did. :)
And the timing advantage was actually huge, Without getting into details, it’s along the lines of “$1,000 in hand today is worth more than $5,000 in a year.”
13% was a small hit. And its impact is really not that great.
SS is designed not to pay out as much as you pay in.
If you collect at 62 with a life expectancy of 15 years at 75% then you can weigh that against collecting at 66 with a life expectancy of 11 years at 100%.
Personally my dad died younger than the American average and that drove my decision. I hope you live long past you aunts and uncles and enjoy your SS to the max.
I semi-retired at age 64. I quit my job and was hired back as a contractor. I worked less than 20 hours a week and could choose when I wanted to work. I had to flip my 401k to an IRA and probably lost out on about 200k in company stock growth over the next 2 years. I don’t regret it at all.
As I understand it, the penalty is 10% for each year you delay your part B. I don’t think you are penalized if you never enroll. That said, Medicare part B (and a supplemental plan F) was a much better deal than the health coverage I received at work—better coverage at about 2/3rds the cost.
I’m taking it at 62. Wait at your own risk. I’ve known too many people who’s only benefits were the $ 255 burial benefit
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