Posted on 08/24/2020 5:15:42 PM PDT by rintintin
“Everyon’s situation is different. So, there is no right or wrong. I waited until I was 70 (6 years ago) on purpose to get the maximum amount plus if I predecease my wife she gets half of my amount (not her’s which is much less today). My wife and my SSI Is slightly less than the average household income in our state. If I had taken it early (65). It would be one-half of my current amount.”
I may be misunderstanding you, but if not, I’m not sure the numbers you have are quite right...the real numbers might be better.
So, let’s say, for simplicity, you would get 1000/month, and your wife gets 200/month (which means zero for this case).
Then you both retire. You would get 1000, she would get 500, so 1500 total.
Then you die first. She now gets your amount, $1000, for life. That’s my understanding, at least.
Take it early, keep working if possible and invest the money. It will pay off in the long run.
Properly invested it would be 300K.
You are correct. Regardless of your age when you start SS, it is calculated that everyone’s lifetime benefit is statistically the same. That being the case, it doesn’t make any difference when you start SS.
Yep. I had a great job....until my boss retired. The replacement was an ageist who almost immediately back-benched me, putting me on an entry-level job. My plan to work until 70 suddenly didn’t look so appealing anymore and I announced my retirement.
Even at that I went out at 66 and am alright with my choice. Who knows how long the SS will hold out - if I can take a break and still have some sort of money coming in I can find plenty to keep me busy. If it dries up there’s always a career as a Walmart greeter.
“If I’m not mistaken, they only do that until you reach full retirement age, and then you can make as much as you want and not be dinged by SS. But I could be wrong.”
I think you’re right. I thought it was 65, but I think you’re right, full retirement age, which for me is 66.5.
Pastor waited till 65, filed 3 months in advance, we buried him before he got hi first check.
I’ve drawn DSSI since 60, $1,261 this year, 1.6% raise, 7% raise in Medicare, Tricare Life raised Co-pays, NET IN HOLE. PLUS CUT SERVICES, AND MEDS.
Well, they didn’t get deep enough into the weeds. They wrongly make it sound like benefits are reduced. Yes, the current payout is reduced. But, future payouts are increased in the same way beginning payments at an older age increase payments. The better wording would be payments are DEFERRED, not WITHHELD.
“the 8% bait”
That’s an interesting way to put it. So many articles by financial planners describe the 8% annual increases if you defer, as a “great deal” that outstrips average market increases in assets. They don’t point out that it all becomes 0 for you if you die while you’re deferring
Still I will probably defer as long as I can afford, to bump up the widows benefit should I predecease my wife.
“ Yep. I had a great job....until my boss retired. The replacement was an ageist who almost immediately back-benched me, putting me on an entry-level job”
Ever see the Michael Caine movie where a new boss takes over and doesn’t outright fire aging Michael Caine but sticks a pony-tailed 20-something guy into his office so they’re sharing the space?
My closest Childhood Friends both died at Age 61. They got NOTHING from S.S. or Medicare after a Lifetime of Work.
I was diagnosed with Leukemia when I was 52. Since my estimated “Sell By Date” at the time was ten to fifteen years, I took Social Security at Age 62.
I just turned 67, but there was a time I thought I would never live to be this old. The choice was easy for me.
In his August 8th remarks when issuing his four executive orders Trump said, “If I’m victorious on November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. So I’m going to make them all permanent.”
I read that Biden is already running ads on this issue in Florida. If trump loses the seniors in that state - and if it causes him to lose the election - history may lay it all at his promise to end the funding tax for Social Security
Surprise, surprise.
If trump loses the seniors in that state - and if it causes him to lose the election - history may lay it all at his promise to end the funding tax for Social Security.
Trump says he'll pay for Social Security and Medicare out of general revenue and that normal economic growth will make up for the $1.2 trillion in lost revenue. In other words, he has no plan and has left himself open for charges like the Democrats are leveling. Another self-inflicted wound.
What you said
I haven’t seen it but will look for it. Thanks
“Then you die first. She now gets your amount, $1000, for life. That’s my understanding, at least.”
I was incorrect. Thanks for catching that. She does get 100% of my amount, but her amount stops. My amount is about $2500 and hers is $800 (both after Medicare).
I believe by waiting until age 70 I increased my payment by 132%. https://bit.ly/34yLAQg
While many want to maximize the total amount they receive based on their expected life span (a big unknown), they claim as soon as they can. That was not my goal. My goal was to maximize the amount received while still alive for the greatest benefit and while I’m still around to spend it. I continue to work, so I did not necessarily need the money. For me, the delay made sense. At the same time, I’ve preserved a higher benefit for my wife after I’m gone.
You’re welcome. I’m going by memory here, but I think her amount will not rise by you delaying.
So, for example: If you retire at 67 (or whatever your full retirement age, FRA) and you get $1000. She gets $500
BUT, if you retire at 70, and you get 1240, she still gets $500... That won’t go up once you reach FRA...although she probably will get your $1240 if you die first (in my case, I figured that I wouldn’t care, LOL).
bump for later
Pfl
It makes some sense to delay it a bit, but as you mentioned, none of us knows when God will take us home. I was 64 when I retired and would have received full benefits at age 66. If I had waited, that would have been about $50k that we would not have received during the two years I would have waited. If I had waited until I was 70 for full benefits, I probably would have increased the monthly amount by 50%, but that would have meant foregoing about $144k. Hm...that’s a chuck of change! Everyone needs to do their own calculations, of course.
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