Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Appointment with SS office coming up and I want to be prepared
Old 09-20-2018, 03:44 PM   #1
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 615
Appointment with SS office coming up and I want to be prepared

DW and I have been planning to begin SS at FRA of 66 for both of us. I will be 66 December this year. DW will be 66 in March 2020. We were talking today with a Vanguard CFP and their advice concerning SS was for DW to start her SS immediately and for me to file for 50% spousal benefit and suspend my SS until age 70. The Vanguard CFP said we would be way ahead $ wise and it would be advantageous to DW as longevity insurance.

I contacted the SSA and made an appointment which is not until Nov. 14, to visit and discuss options available to us. The SSA person we talked with today said that yes, I could do what was recommended by the Vanguard CFP but we were also told by the SSA that DW could also file and suspend her SS to age 70. So I am a bit confused about these possibilities.

I remember at one time there was a website where you could plug in information and it gave you the best options to maximize SS. Does anyone have a link to that site? I am curious, if by plugging in details does it give you the data showing at what age the file and suspend scenario becomes more advantageous than the scenario where we both start at FRA?

As a FYI my SS at FRA will be $2,675 monthly and DWs will be $1,910 monthly. The SSA website shows that if DW starts at age 64 (now) her SS will drop to $1,725 monthly.

Part of our consideration is that we are planning to purchase a second home in 2019 and we will need some income to make mortgage payments and pay associated costs with a second property.
__________________

__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-20-2018, 04:54 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,043
I found this tool helpful.



https://opensocialsecurity.com/


I believe that your spouse cannot file and suspend, but I am certainly not an expert. I think she can file early for the lower amount and you can file to collect spousal when you reach FRA.


We are planning the same strategy (my FRA is Jan, 2019 - spouse's FRA is Sept, 2019). She will file soon (this month, I hope).
__________________

jebmke is offline   Reply With Quote
Old 09-20-2018, 06:28 PM   #3
Recycles dryer sheets
Floridatennisplayer's Avatar
 
Join Date: May 2014
Posts: 485
Didnít file and suspend end a few years ago?
__________________
Central Ohio and Ft.Myers, Florida

Retired January 2019, age 63
35/65 AA
0.00 WR
Floridatennisplayer is offline   Reply With Quote
Old 09-20-2018, 10:39 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 4,484
It's possible that "restricted application" still works for her, if she was born in 1953. https://www.aarp.org/retirement/soci...d-suspend.html
Independent is offline   Reply With Quote
Old 09-20-2018, 10:46 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 4,484
Quote:
Originally Posted by Tom52 View Post
As a FYI my SS at FRA will be $2,675 monthly and DWs will be $1,910 monthly. The SSA website shows that if DW starts at age 64 (now) her SS will drop to $1,725 monthly.

Part of our consideration is that we are planning to purchase a second home in 2019 and we will need some income to make mortgage payments and pay associated costs with a second property.
Even without "file and suspend" or "restricted application", it may make sense for her to start earlier and you later. Your benefit at age 70 will be $3,465. If you start at 70 and then die before her, she gets a survivor benefit equal to the benefit you had been getting.

I'm not sure if you need "income" for mortgage costs. You need money, but that could be withdrawals from retirement accounts.
Independent is offline   Reply With Quote
Old 09-21-2018, 09:23 AM   #6
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 615
Quote:
Originally Posted by jebmke View Post
I found this tool helpful.



https://opensocialsecurity.com/


I believe that your spouse cannot file and suspend, but I am certainly not an expert. I think she can file early for the lower amount and you can file to collect spousal when you reach FRA.


We are planning the same strategy (my FRA is Jan, 2019 - spouse's FRA is Sept, 2019). She will file soon (this month, I hope).
Thanks jebmke, that is exactly what I was looking for. I ran some scenarios and it appears we will go with the same strategy as you.
__________________

__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I missed my dentist appointment today panacea Health and Early Retirement 20 05-01-2014 06:38 AM
DQOTD: MS Office > Apple "Office Suite" Midpack Other topics 10 02-03-2014 10:10 PM
Scheduling Dr. Appointment...The Worst of Both Worlds easysurfer Other topics 7 09-11-2013 12:13 PM
Last Appointment DerbyCity Life after FIRE 19 12-22-2012 11:40 AM
A F&%$ing Urgent Appointment TromboneAl Other topics 16 06-10-2008 10:33 AM

» Quick Links

 
All times are GMT -6. The time now is 10:15 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×