aja8888
Moderator Emeritus
We may have to get back with you tomorrow as the Mod crew must be off watching the Houston Rockets get beat!
I think all that needs to be done is to merge the accounts.
IRA withdrawal tax strategy
- Thread starter Ticker
- Start date
We may have to get back with you tomorrow as the Mod crew must be off watching the Houston Rockets get beat!
I think all that needs to be done is to merge the accounts.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
You indicate two exemptions, suggesting you are married filing jointly. How will you decision to claim SS at age 62 affect your wife's SS benefits? When will she claim and does her SS exceed 50% of your SS (or vice versa)?
My wife was a SAHM so her SS is less than 50% of mine. By waiting to FRA or even later to age 70, if I pass before her, which is statistically likely, then she would get my higher benefit rather than her own. So as a couple, we will get my higher benefit as long as one of us is still living. The fact that she will get more is part of why I plan to defer.
OP
OP
Ticker
Recycles dryer sheets
My wife is currently collecting SSD, and her rate is small enough not to impact the numbers I am working with. I don't think that either of us has a leg up on longevity, but spousal benefits are not my top priority-maybe they should be.....
Ticker,
Sorry, I didn't notice your posts asking for clarification.
My timing question was also in regard to having a spouse who might benefit through the longevity insurance effect of the higher earning spouse delaying benefits until age 70. I was concerned that you were 'automatically' assuming that claiming at age 62 is best and was only suggesting to investigate alternatives which it seems you have.
I'm sure there are many others here that can jump in with more detailed analysis or a search for delaying SS will find more reading than most of us would ever want. The suggested services above may also be helpful as is pb4uski's comments.
Sorry, I didn't notice your posts asking for clarification.
My timing question was also in regard to having a spouse who might benefit through the longevity insurance effect of the higher earning spouse delaying benefits until age 70. I was concerned that you were 'automatically' assuming that claiming at age 62 is best and was only suggesting to investigate alternatives which it seems you have.
I'm sure there are many others here that can jump in with more detailed analysis or a search for delaying SS will find more reading than most of us would ever want. The suggested services above may also be helpful as is pb4uski's comments.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Once you file typically her retirement benefit will increase to be 1/2 of your benefit. You don't say how old she is.
If you file at 62 and then die and she inherits your age 62 benefit but loses her benefit, will she have enough to live in the manner she is accustomed to? If not, if you wait until FRA or 70 would she have enough to live?
If you file at 62 and then die and she inherits your age 62 benefit but loses her benefit, will she have enough to live in the manner she is accustomed to? If not, if you wait until FRA or 70 would she have enough to live?
