I finally made my SS decision.

[marko]

Hi folks. Marko here
Hey I didn't mean to set off a big discussion over what I intended to be an idle observation .

In no way did I mean to imply that my view was to be a consideration on when to take SS and I thought I clearly said so in one of my posts

Maybe I'm misinformed, misguided or just plain stupid (I've been all three many times before) but all I know is that for the first three years of taking SS before age 65 , my monthly benefit was $225 higher than it is now. But I'm apparently missing something....again, not the first time.

So, sorry if I took the thread off track. No harm was intended

 

[fritz]

Actually the way I look at it is your SS check got BIGGER.
Had you paid the healthcare polices B/4 and while on ACA from your SS money you put in the bank.

I hope you paid the health care bills the right way...

Retired and paid for (much cheaper) healthcare policies before ACA was available, and also while on ACA. SS is used for everyday expenses (still manipulating income for ACA subsidy).

 

[RunningBum]

Hi folks. Marko here
Hey I didn't mean to set off a big discussion over what I intended to be an idle observation .

In no way did I mean to imply that my view was to be a consideration on when to take SS and I thought I clearly said so in one of my posts

Maybe I'm misinformed, misguided or just plain stupid (I've been all three many times before) but all I know is that for the first three years of taking SS before age 65 , my monthly benefit was $225 higher than it is now. But I'm apparently missing something....again, not the first time.

So, sorry if I took the thread off track. No harm was intended

You clearly claimed at least twice that it was an advantage of taking SS at 62, which, if true, sure as heck does sound like it would be something to consider when taking SS. That's what I took issue with.

No worries, I'm done with this. Others can do what they want with the information.

 

[marko]

You clearly claimed at least twice that it was an advantage of taking SS at 62, which, if true, sure as heck does sound like it would be something to consider when taking SS. That's what I took issue with.

No worries, I'm done with this. Others can do what they want with the information.

I'll certainly be more careful in the future .

 

[Horseback]

Hi, I am going to get my SS at 70 next month. That increases my tax because my RMD is also due now. Can I transfer my SS benefits as assets to my adult child and not pay tax on it?

 

[Sunset]

Hi, I am going to get my SS at 70 next month. That increases my tax because my RMD is also due now. Can I transfer my SS benefits as assets to my adult child and not pay tax on it?

When you get it, did you specify you want it to start at age 70, or did they push you to take the 6 month cash bonus (effectively getting it at 69.5) ?

As for the transfer question, I don't think so... otherwise transfer it to your grandchildren and they can pay zero tax ? See the problem with that ?

 

[joeea]

our biggest bang for the buck has always been 70 .but quite frankly i see no reason to wait that long and spend down more assets .

"biggest bang for the buck" isn't a reason?

 

[pb4uski]

Hi, I am going to get my SS at 70 next month. That increases my tax because my RMD is also due now. Can I transfer my SS benefits as assets to my adult child and not pay tax on it?

Nope.

 

[sjwil1]

Question for those knowledgeable about SS. I am 8 years older than my wife and she won't have enough credits for her own SS. What would be my best strategy? I believe I ran a calculation once that told me to delay mine till 70 and she would get half of mine at age 62, does that sound right? Any info on this is helpful, thanks.

 

[pb4uski]

She will get SS based on her work record plus the excess of 1/2 of your SS at your FRA over her SS at her FRA. If she takes at 62 the part based on her work record will be discounted because she is taking SS before her FRA.

Check out SS Analyze.

 

[mathjak107]

it depends at what age her own fra is . but as an example if it is 66 then at 62 she will get 1/2 your full amount, not 70 amount , less 30%

https://www.ssa.gov/OACT/quickcalc/earlyretire.html

 

[mathjak107]

She will get SS based on her work record plus the excess of 1/2 of your SS at your FRA over her SS at her FRA. If she takes at 62 the part based on her work record will be discounted because she is taking SS before her FRA.

Check out SS Analyze.

he stated she does not have enough of a work history for her own

 

[pb4uski]

good point... I missed that.

 

[sjwil1]

it depends at what age her own fra is . but as an example if it is 66 then at 62 she will get 1/2 your full amount, not 70 amount , less 30%

https://www.ssa.gov/OACT/quickcalc/earlyretire.html

So if i delay til 70 (she would be 62) then should she wait to collect hers until FRA (67) if we are looking to increase the total SS amount?

I entered data into bedrock capital SSanalyze and got the following:
Recommended Solution


Based on the data above, the following plan of action is recommended:

1. I will file for my benefit to start on 1/1/2039, the month after I turn 70 and receive 124% of my full retirement age benefit. (WIFE) will file for her spousal benefit to start on 2/1/2042, when she is 66 and receive 45.83% of my full retirement age benefit.
2. After she is widowed, she will receive her survivor's benefit which will be 124% of my full retirement age benefit.

Sound right? Thanks, I appreciate the help (I know I have a ways to go but never too early to plan ahead)

 

[pb4uski]

That sounds sensible.

 

[eytonxav]

So if i delay til 70 (she would be 62) then should she wait to collect hers until FRA (67) if we are looking to increase the total SS amount?

I entered data into bedrock capital SSanalyze and got the following:
Recommended Solution


Based on the data above, the following plan of action is recommended:

1. I will file for my benefit to start on 1/1/2039, the month after I turn 70 and receive 124% of my full retirement age benefit. (WIFE) will file for her spousal benefit to start on 2/1/2042, when she is 66 and receive 45.83% of my full retirement age benefit.
2. After she is widowed, she will receive her survivor's benefit which will be 124% of my full retirement age benefit.

Sound right? Thanks, I appreciate the help (I know I have a ways to go but never too early to plan ahead)

AFAIK, your wife's survivor benefit would be 100% of your full retirement age benefit, as she would not get any benefit for the additional years you deferred.

 

[Clone]

AFAIK, your wife's survivor benefit would be 100% of your full retirement age benefit, as she would not get any benefit for the additional years you deferred.

We've been through this discussion before! I don't know how to copy and paste this so that it looks correct, but MichaelB had a post a few months ago:

This should clear things up. From the SSA https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm Learn something new every day.

[FONT=&quot]

(e) What is the effect of my delayed retirement credits on the benefit amount of others entitled on my earnings record?—(1) Surviving spouse or surviving divorced spouse. If you earn delayed retirement credits during your lifetime, we will compute benefits for your surviving spouse or surviving divorced spouse based on your regular primary insurance amount plus the amount of those delayed retirement credits. All delayed retirement credits, including any earned during the year of death, can be used in computing the benefit amount for your surviving spouse or surviving divorced spouse beginning with the month of your death. We compute delayed retirement credits up to but not including the month of death.

If you click the little box to the right of MichaelB in the first quote, it will lead you to the thread where this was discussed.

This should almost be part of a Social Security FAQ for this group.
[/FONT]

 

[Honeyfill]

I understand that if my wife takes SS at 62 she will get about 30% of my FRA (50% -20% early retirement cut). but how do they determine my FRA amount? I may still be working which would drive my benefit at FRA up. Does my wife's benefit go up every month as my FRA benefit goes up? or what?

 

[Sunset]

AFAIK, your wife's survivor benefit would be 100% of your full retirement age benefit, as she would not get any benefit for the additional years you deferred.

Nope, she would get the benefit of the delay to age 70,

This is one of the most important financial things a high earner in a marriage can do for their spouse (of either sex).

 

[gayl]

We've been through this discussion before! I don't know how to copy and paste this so that it looks correct, but MichaelB had a post a few months ago:



[FONT=&quot]

If you click the little box to the right of MichaelB in the first quote, it will lead you to the thread where this was discussed.

This should almost be part of a Social Security FAQ for this group.
[/FONT]

+1

 

[pb4uski]

Nope, she would get the benefit of the delay to age 70,

This is one of the most important financial things a high earner in a marriage can do for their spouse (of either sex).

+1

 

[joeea]

So if i delay til 70 (she would be 62) then should she wait to collect hers until FRA (67) if we are looking to increase the total SS amount?

I entered data into bedrock capital SSanalyze and got the following:
Recommended Solution


Based on the data above, the following plan of action is recommended:

1. I will file for my benefit to start on 1/1/2039, the month after I turn 70 and receive 124% of my full retirement age benefit. (WIFE) will file for her spousal benefit to start on 2/1/2042, when she is 66 and receive 45.83% of my full retirement age benefit.
2. After she is widowed, she will receive her survivor's benefit which will be 124% of my full retirement age benefit.

Sound right? Thanks, I appreciate the help (I know I have a ways to go but never too early to plan ahead)

I don't understand why she wouldn't wait until she is 67 in 2043 and will receive 50% of your FRA benefit.

At what ages are you assuming each of you die?

 

[eytonxav]

Nope, she would get the benefit of the delay to age 70,

This is one of the most important financial things a high earner in a marriage can do for their spouse (of either sex).

Thanks, that is something I am delighted to hear as it will help my spouse.

 

[Perryinva]

Sometimes it is a mental challenge. If I defer filing until 70 to add potential protection to DW (who is 5.2 years older and has some health issues) I am also potentially providing the same added benefit to my ex, who would likely live longer. She did absolutely nothing to deserve that benefit (in fact, I filed at 9 years of marriage, though we were already separated for almost 2, and her lawyer kept postponing until the 10 year mark had passed. My suckful attorney said it was no skin off my bottom line (which it isn’t) and delayed me paying her anything (which it did) so don’t worry about it) and it really grates me that she gets a benefit due to the work income I made for 25 years after the divorce.

 

[RunningBum]

Sometimes it is a mental challenge. If I defer filing until 70 to add potential protection to DW (who is 5.2 years older and has some health issues) I am also potentially providing the same added benefit to my ex, who would likely live longer. She did absolutely nothing to deserve that benefit (in fact, I filed at 9 years of marriage, though we were already separated for almost 2, and her lawyer kept postponing until the 10 year mark had passed. My suckful attorney said it was no skin off my bottom line (which it isn’t) and delayed me paying her anything (which it did) so don’t worry about it) and it really grates me that she gets a benefit due to the work income I made for 25 years after the divorce.

I'd put that totally out of mind and not make potentially the wrong decision out of spite. Whatever you do should be based on your and DW's situation. Don't let the ex- get one last shot in by letting how it affects her influence your decision in any way.