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Maximize My Social Security
Old 07-30-2015, 08:03 AM   #1
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Maximize My Social Security

Anyone use this program available from ESPlanner? $40. A sample report is HERE .
I opted to take benefits at 62, while my DW (59 and retired) awaits her benefits.
Do you think a program like this will help show me the best way to approach the decisions on her benefits and/or spousal benefits? Major questions are:
1. when should she take benefits?
2. what happens when I croak?
3. how do I maximize benefits while we both are kicking and, for her, when I exit the game.
I'm expecting to hear 'it depends', but if there's a checklist or program that would guide me, I'd appreciate hearing about it....

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Old 07-30-2015, 08:06 AM   #2
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this guy just had a blog on the same issue - he's not bad for an armchair actuary

Personally I'd DIY and run a bunch of scenarios - none of us know when our number will be up, unless we're terminal

Swing hard, look up
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Old 07-30-2015, 08:30 AM   #3
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You might start off by reading this, then fill in the blanks on this thread.
Getting your money's worth from SS

Since you and your spouse are 'young', ESPlanner misses one thing...the PPACA Premium Tax Credit. Surprising Results from ESPlanner - Early Retirement & Financial Independence Community

There was a great thread on optimizing social security (that I can't find right now). The bottom line from the smartest guys on the forum (not me), seemed to be that there are different things to optimize. Do you want to reduce the likelihood that you leave money on the table if you die early? Take SS early. Do you predict longevity and want longevity insurance, take it late. Do you want to do everything you can to protect a surviving spouse, do something else. One big one was do you have enough to live on while waiting? If you don't, the point is take it early. That thread was a good one. Somewhat recent (this year).
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