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Anyone use a Social Security advising service?
03-27-2017, 03:24 PM
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#1
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Anyone use a Social Security advising service?
I stopped into 2 different SSA offices today [mod edit]
Both offices were packed [mod edit]
Not going to deal with that. I have a few different scenarios that I need answers to.
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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03-28-2017, 10:43 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Posts: 1,277
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This worked for me. SSAnalyze - Bedrock Capital Management.
It was consistent with the Kotlikoff suggestion for me.
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03-28-2017, 10:46 AM
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#3
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Can't seem to get a straight answer from SSA. My wife and I are both 62 and I have made considerably more money than her as she has always been part time. Our original plan was to take Social Security at age 65 to match Medicare starting and she would claim half of my Social Security which would be quite a bit more than hers alone.
It looks like her part-time job is being phased out so she asked if she should go ahead and claim Social Security now and if she did that would she be able to revert to 50% of mine at age 65. One person at the Social Security administration told me yes that is available another one told me no and a third one told me that we both need to file now and for me to suspend and then when I turn 65 activate it.
I don't want to screw something up so I thought about trying one of those SS consulting companies to try and get a straight answer.
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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03-28-2017, 10:51 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Quote:
Originally Posted by davef
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Love that tool.
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03-28-2017, 10:51 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
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In addition to the Bedrock calculator, which is quite good, Mike Piper's short book is well worth reading: https://smile.amazon.com/Social-Secu...=UTF8&qid=&sr=
__________________
OMY * 3 2ish Done 7.28.17
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03-28-2017, 11:03 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by Floridatennisplayer
Can't seem to get a straight answer from SSA. My wife and I are both 62 and I have made considerably more money than her as she has always been part time. Our original plan was to take Social Security at age 65 to match Medicare starting and she would claim half of my Social Security which would be quite a bit more than hers alone.
It looks like her part-time job is being phased out so she asked if she should go ahead and claim Social Security now and if she did that would she be able to revert to 50% of mine at age 65. One person at the Social Security administration told me yes that is available another one told me no and a third one told me that we both need to file now and for me to suspend and then when I turn 65 activate it.
I don't want to screw something up so I thought about trying one of those SS consulting companies to try and get a straight answer.
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As I understand it, under the scenario that you described, if she claims now at 62 she will get the benefit based on her own work record now and when you start your benefits at your FRA she will get a bump up. However, she will not receive half of your benefit because she started her benefits early (before her FRA), she'll get 50% of your FRA benefit discounted for the fact that she started her benefits at 62... I'm guessing it'll probably be about 37% of your FRA benefit.
However, you can use SS Analyze to look at each alternative and that would give you a better idea. YMMV.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-28-2017, 11:09 AM
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#7
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Recycles dryer sheets
Join Date: Jun 2013
Location: Chattanooga
Posts: 497
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PB4USKi is correct. SS site:
https://www.ssa.gov/planners/retire/1943.html
Quote:
If you start receiving benefits as a spouse at your full retirement age, you will get 50% of the monthly benefit your spouse would receive if their benefits started at full retirement age. If you start receiving benefits at age 62, you will get 35% of the monthly benefit instead of 50% because you will be getting benefits for an additional 48 months.
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03-28-2017, 11:11 AM
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#8
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Quote:
Originally Posted by pb4uski
As I understand it, under the scenario that you described, if she claims now at 62 she will get the benefit based on her own work record now and when you start your benefits at your FRA she will get a bump up. However, she will not receive half of your benefit because she started her benefits early (before her FRA), she'll get 50% of your FRA benefit discounted for the fact that she started her benefits at 62... I'm guessing it'll probably be about 37% of your FRA benefit.
However, you can use SS Analyze to look at each alternative and that would give you a better idea. YMMV.
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To do this, do I also have to file now and then suspend? Or just wait until 65?
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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03-28-2017, 11:13 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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File and suspend no longer exists for couples your (and my) age. She will not start getting your spousal increase to her benefit until you file.
What does SSAnalyze say for each alternative? That is the "service" that you are looking for, but it is free.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-28-2017, 01:06 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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Is "file and suspend" dead for everyone who has not started yet? I'm 64 and thought I could do it at 66 1/2 but I think that option is gone.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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03-28-2017, 03:29 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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Quote:
Originally Posted by dtbach
Is "file and suspend" dead for everyone who has not started yet? I'm 64 and thought I could do it at 66 1/2 but I think that option is gone.
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Life After 'File and Suspend' - AARP
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03-28-2017, 05:17 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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Quote:
Originally Posted by SumDay
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Thanks,
Looks like I wait and the spouse takes hers at 62. No use worrying about that strategy anymore.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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03-28-2017, 07:03 PM
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#13
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Quote:
Originally Posted by dtbach
Thanks,
Looks like I wait and the spouse takes hers at 62. No use worrying about that strategy anymore.
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Me too.
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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03-29-2017, 07:26 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by dtbach
Is "file and suspend" dead for everyone who has not started yet? I'm 64 and thought I could do it at 66 1/2 but I think that option is gone.
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Yes... file and suspend is dead for you and me.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-29-2017, 07:31 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by dtbach
Thanks,
Looks like I wait and the spouse takes hers at 62. No use worrying about that strategy anymore.
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As long as your DW is ok with reduced benefits for life that works but I think it is suboptimal. What does SSAnalyze say?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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03-29-2017, 09:51 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,134
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Here's an interesting story on one man's experience with a SS advisory service and his personal opinion on when to take SS:
https://www.creators.com/read/your-s...=subscriptions
Bold emphasis is mine.
Quote:
Assuming you and your wife will live into your mid-80s or beyond, you probably would be financially ahead to delay taking your Social Security benefits until 70. The point I made five years ago, and that I am making to you now, is that maybe it isn't necessary to fret so much over maximizing your Social Security benefits. If you are tired of working, and if you can afford to retire at 62, do it! Maybe there is more to life than money.
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Quote:
At the back of the room, one of the planners was trying to get my attention. He made a throat-cutting gesture with his finger signaling me to stop talking.
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__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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03-29-2017, 07:33 PM
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#17
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Recycles dryer sheets
Join Date: May 2014
Posts: 485
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Quote:
Originally Posted by Chuckanut
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What a great article!
__________________
Central Ohio and Ft.Myers, Florida
Retired January 2019, age 63
35/65 AA
0.00 WR
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03-31-2017, 12:48 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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A colleague shared this at work today. You have to put in some information to download the article, but that's why I have an AOL email address I haven't used in well over a decade. Corporate Insight | Comparing Social Security Benefit Estimators
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03-31-2017, 06:46 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,775
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Quote:
Originally Posted by Floridatennisplayer
What a great article!
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+1
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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