[Hal :-)]

Originally Posted by Mark1130

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?

You can only choice spousal while yours continues to grow after FRA (66 or 67).
Retirement Planner: Benefits For You As A Spouse?

[keithwand]

Originally Posted by Mark1130

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?

Not so unusual any more. My wife is also 6 years older than me.
I could have taken her to her Senior prom but I was only in the 5th grade!

I "retired" when I was 48 and now at 58 am planning on taking my SS at 62.

It will already be reduced because of fewer earning years but hey something is better than nothing.

[CaptJohn]

Originally Posted by bandsdavis

Richie, I did exactly the same calculation and made the same decision. For me it was age 78 where the "breakeven point" came.

Ditto for me. I'm going through it now at age 64 since I was just laid off at a university but able to retire at the same time.
https://www.youtube.com/watch?v=h3chFhCP5mQ

At about age 78, whether you start at 62 or 70, will collect about the same total AMOUNT. After that age is where the totals change. If you're going to live forever then wait until 70 to start collecting. If you think you'll make it to 78 or less then start earlier. How active will you be after 78? How much more will you be able to spend? Then there are those like Herv's business partner who just died before age 60 or my first cousin who died last year at age 61 and will not see any. A good crystal ball sure helps!

[hdh1470]

life expectancy at age 62 is almost 18 years,So I think you must also think of this and leaving less for your spouse if you should be one of the 50% won't be around

[chazz1996]

Don't wait.
Life is short !

[rjm1cc]

Originally Posted by hdh1470

life expectancy at age 62 is almost 18 years,So I think you must also think of this and leaving less for your spouse if you should be one of the 50% won't be around

And the life expectancy of both of you is greater than each of you. Thus the spouse will continue to get the higher benefit.

[Francie]

I want to thank all of you for taking the time and interest in my question.

I do not have a spouse and should have noted that in my question. That eliminates about 50% of the responses for me to consider.

I just turned 59 1/2 and have been investing in my 401(k) to the max allowed by my employer since 1984 and have several other investment vehicles, so I am not at all dependent on SS, but just trying to analyze the various scenarios.

Thanks again everyone! You all are just great and can't wait to meet some of you soon.

[mmac321]

Like many investment decisions it would be easy if we just knew how long we were going to live. Another word for investing is Legalized Gambling. Good Luck to all!!!

[jackz]

Strategies to Max Out Social Security Benefits - Yahoo! Finance

[jimbo2012]

good link, tks

[rjm1cc]

Originally Posted by jackz

Strategies to Max Out Social Security Benefits - Yahoo! Finance

Very good. It shows that there are a lot of options to consider.

[REDCART]

Originally Posted by rjm1cc

Very good. It shows that there are a lot of options to consider.

Agreed, this article using examples simplifies a complex issue. However, strategies are always great in hindsight! A few years ago, the Wall Street Journal suggested the best approach to SS retirement benefits was filing for reduced benefits at 62, investing the money conservatively so you could withdraw your application at age 70, repay total benefits to SSA, and then refile a new claim which would include maximum delayed retirement credits. Of course that's a great strategy and perfectly legal except it neglected the fact that some people have done so and died a few months later. Unless you know with certainty when you're scheduled to depart this life, "take the money now."

[BobKat1]

Originally Posted by gryoung

Agreed, this article using examples simplifies a complex issue. However, strategies are always great in hindsight! A few years ago, the Wall Street Journal suggested the best approach to SS retirement benefits was filing for reduced benefits at 62, investing the money conservatively so you could withdraw your application at age 70, repay total benefits to SSA, and then refile a new claim which would include maximum delayed retirement credits. Of course that's a great strategy and perfectly legal except it neglected the fact that some people have done so and died a few months later. Unless you know with certaintly when you're sceduled to depart this life, "take the money now."

Maybe someone else will weigh in, but I believe that option is no longer available to benefit recipients.

[birdawg]

bump

[rjm1cc]

Originally Posted by gryoung

Agreed, this article using examples simplifies a complex issue. However, strategies are always great in hindsight! A few years ago, the Wall Street Journal suggested the best approach to SS retirement benefits was filing for reduced benefits at 62, investing the money conservatively so you could withdraw your application at age 70, repay total benefits to SSA, and then refile a new claim which would include maximum delayed retirement credits. Of course that's a great strategy and perfectly legal except it neglected the fact that some people have done so and died a few months later. Unless you know with certainty when you're scheduled to depart this life, "take the money now."

This option is no longer available. You only have 12 months from when you start receiving benefits to stop the benefits and return money.