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Old 11-27-2013, 12:03 PM   #21
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How many people reaching 62 still have dependents?
Not many.
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Old 11-27-2013, 12:45 PM   #22
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Originally Posted by explanade View Post
How many people reaching 62 still have dependents?
I would think that relatively few have children under 18. In our case I won't have any children under 18 when I reach 62, but DH had 2 ( am 6 1/2 years younger than DH which is what makes the difference).

On the other hand, I would guess there are lot of people reaching 62 who have a spouse at or near the age where the spouse could potentially be eligible for spousal benefits if the 62 year old spouse took benefits. (To me, the idea of there being a spouse who is better off taking spousal benefits than their own benefits seems strange and wouldn't be common since I've always worked, my mother worked - and I was born in the 1950s, and the vast majority of women that I know work. So from my standpoint, the idea of a female of my generation not having enough work history to make more from her own benefits just seems very uncommon to me. But, from this forum, I do often see people saying that a spouse will get more from spousal benefits).
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Old 11-27-2013, 05:33 PM   #23
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How many people reaching 62 still have dependents?
Probably pretty small in the general population, but it is very high around the expat population here. I am only 60 and have an 8 year old and we are planning a second child in 2014-2015. In addition my wife (non US resident) will not have SS earnings, so the survivor benefit is important to HER retirement plan. I know many single retired guys that have moved to Peru,Colombia and Ecuador ended up getting married and are now starting families or adopting their wives young children. The most extreme example is a German friend who is 74 and has a 1 year old daughter.
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Old 11-27-2013, 06:48 PM   #24
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<snip...>So from my standpoint, the idea of a female of my generation not having enough work history to make more from her own benefits just seems very uncommon to me. But, from this forum, I do often see people saying that a spouse will get more from spousal benefits).
Well, here's a case where DW will be getting less in spousal benefits, but will still claim them starting next year.

We're the same age (within a few months) and we both reach FRA in 2014.

I'm going to file/suspend before my DW's FRA age, reached in May. That will allow her to get 50% of my FRA benefit (via a restricted application), which is a few hundred $$$ less than her FRA benefit.

However, in four years she will be claiming her SS age 70 benefit which will give her $600/mo. more than her FRA payment. Remember, she will be getting DRC's of 8%/year (32% more for a 4-year delay) plus any accumulated COLA's.

We're going for the long term view of total SS returns with a breakeven point of age 78 for both of us. Of course, we really don't believe in breakeven points. Money is for the living, not the dead. We're just trying to proceed with the best plan (for us) that will allow us to maximize SS, assuming one/both are still alive.

And if I die first? (probably will..); assuming we get to age 70 (in four + years), her survivor benefit will be just under $1k/month higher than her age 70 benefit, based upon my age 70 SS.

We're taking the course of "a little SS now, a lot more SS later" as suggested in a personal plan supplied by Social Security Solutions
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