Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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I'm 65 now. My younger wife already took SS on her earnings at 62. I'll take my spousal benefit (1/2 hers) next year, at 66. Let mine increase 8%/yr till 70. As someone said, this is a complicated issue, it depends on marital and work situation, health, expected benefit, personal assets, etc. I chose my path because my benefit is the larger one and it will be the survivors benefit when one passes. The break even point is around 80 regardless, but somehow I thought the COLA adjustment on the larger benefit would be especially helpful for the survivor. I just had a friend lose his wife and he said he was really surprised when he suddenly realized he was taking a big income hit losing his wife's SS and pension. |
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#17
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We took into consideration that women generally live longer than men.
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#18
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I had the same question. I called the Social Security administration and asked them. They ran the numbers for me and showed me that it was wise not to wait. I would advise you to likewise called the Social Security administration and asked them.
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#19
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You SS benefit will increase for each year you delay. I look at this as purchasing a fix annuity that has a CPI built in. You can not get a better annuity deal. The cost of the annuity is the payments you are not getting and you will be spending down your current investments. But your SS will last your life and your investments may not. Also look at file and suspend. At normal retirement age (I think both have to reach this age) the higher income earner files for benefits and suspends (never gets the benefits) and then the spouse files on the account and gets the benefits. This could leave the other spouses account to continue to grow. If the spouse dies after starting to collect at age 70 the survivor gets the higher benefit. This can get quite complicated so you might want to hire a fee only financial planner to help with this question. If you do make sure the person understands the entire process. I think their is a web site that address this but I can not recall how to find it. Without knowing all of the details, I would spend your investments now and postpone SS. But remember when you both reach retirement age you can qualify on your spouse account (not sure but I think you both could collect on the others account) and it will not reduce your delayed benefits. I have done the file and suspend so it does work although it took a few months of work to get the SS administration to properly process the paperwork. They are not too knowledgeable on the paper work process. |
#20
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An individual's or couples' health and general financial situation are extremely important. Just like Medicare, SS is a very complicated decision. |
#21
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#22
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#23
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You are correct. I was doing some rounding which was inaccurate. My benefits from SS show that for each year I wait I get about a 7% increase, or about 21% for waiting 3 years. I currently get approx. $22,000/yr. If I wait 3 more years I would get $4620 more per year, but I would've earned $66,000 in those 3 years for a payback of 14.3 years, not 20 years. But if you count the $66,000 of my own funds that I have not had to use growing at a modest 3% per year, then the payback grows to 15.6 years. So it looks like the payback age is about 76 or 77 years old.
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#24
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My wife and I started taking SS at age 62 for many of the reasons mentioned here.
As luck would have it, it turned out SS was a wonderful supplement during the worst of the recession when other investments were on a roller coaster (mainly down!). It gave us a nice cushion and eliminated the need to go too deeply into other retirement savings during the late-'07-'09 period. |
#25
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#26
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Just remember in figuring that SS bases that type of eligibility on full retirement age amounts. |
#27
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Our son, who works for the SSA says if you plan to live on SS you are in trouble, if you view it as a supplement in retirement, you're most likely in pretty good shape. He said when he worked in field offices you'd be surprised at how many people are shocked when they learn they won't be able to live on SS alone in retirement. |
#28
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I am in an unusual position for most couples.
My wife is 6 years older than I am. (yes, she took advantage of my innocence) Will I be able to get 1/2 spousal benefits at 62 and delay my SS until 70 in order to get the maximum payout per month on mine? |
#29
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Retirement
Since working for the railroad all my life, I have never paid into SS and will never receive any. Retiring twice at 60, will receive one check from railroad retirement and one check from the railroad company.
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#30
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Nothing is simple in life. George P.S. Does anyone besides me miss Paulette Walz, SSA's Public Affairs Specialist from the Leesburg office who had a weekly radio spot on WVLG? Paulette was the best and would be a very hard act to follow. |
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