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Old 02-17-2015, 09:34 AM   #21
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Agreed. Poor guy just wants to put out some info. All he gets is, Suspicious link, hey, how bout reviewing the book first, against forum rules, you're new and can't be trusted.
I went to the link and helped. Can I get extra credit for that? Maybe a homework pass?


BTW, here's the NPR link:

How to get what's yours from Social Security | Making Sen$e | PBS NewsHour
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Old 02-17-2015, 09:39 AM   #22
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^^^ Agreed but you have to admit, you start reading this thread and all the upfront responses are just trying to come up with negative "what can go wrong" responses, most of which could be resolved my just stepping aside and doing a very small amount of research.
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Old 02-17-2015, 09:54 AM   #23
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from the extended comments, this caught my eye:

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For such a couple, collecting Social Security at 62 represents a $1.2 million asset. In other words, you’d need a nest egg of $1.2 million to produce the same amount of annual income that you’ll get from Social Security, assuming you could safely earn 2 percent a year above inflation on your investments.

Now, $1.2 million is more than many upper-middle-income retirees have saved by retirement age. The net worth of a typical household headed by someone aged 65 to 69 is only a fourth of this amount and much of it is in the value of their home. And all you have to do is stay alive and those Social Security payments will keep coming each and every month—payments guaranteed by the United States government and protected against inflation. That’s because every January, you get, by law, annual benefit raises that equal the prior year’s rate of inflation.1

Moreover, there is a huge amount of money at stake in maximizing one’s Social Security benefits. The $1.2 million valuation, large as it is, actually assumes our 60-year-old couple makes the wrong Social Security benefit collection decisions. It assumes they take their retirement benefits as early as possible and forgo cashing in on what are, to them, free spousal benefits like the one Paul took. If they make the right decisions, they can increase the value of their lifetime Social Security “asset” by more than $400,000, to $1.6 million!
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Old 02-17-2015, 09:59 AM   #24
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^^^^ A discussion might break out? At least I come to understand a bit more in each conversation.

I don't mind doing some research for others.
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Old 02-17-2015, 10:02 AM   #25
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^^^ Agreed but you have to admit, you start reading this thread and all the upfront responses are just trying to come up with negative "what can go wrong" responses, most of which could be resolved my just stepping aside and doing a very small amount of research.
Or they could just be asking the OP to do what everyone else is asked to do when posting on the forum: don't post naked links and provide information about what the heck you are linking to. IOW, common courtesy.
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Old 02-17-2015, 10:05 AM   #26
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Gee, I think the OP has learned the lesson....you guys are tough.
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Old 02-17-2015, 10:08 AM   #27
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Gee, I think the OP has learned the lesson....you guys are tough.
Only takes one bad experience to accelerate the toughening process.
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Old 02-17-2015, 10:31 AM   #28
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Hi again,

To give myself legitimacy, I posted a quick bio in the "Hi, I am..." sub-forum.
Take a look over there to read my story.

I'm just a guy hoping to retire some day.

Thanks to all! I've already learned a lot and started to change my ways just by lurking on this forum.
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Old 02-17-2015, 11:59 AM   #29
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... just by lurking on this forum.
Well, there you go again!
Lurking is frowned upon here -- we want to see an average of at least 1.65 posts per day, or you may be ostracized.


Just kidding -- trying to toughen you up for what is in fact quite a friendly bunch of folks here.
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Old 02-17-2015, 12:10 PM   #30
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Agreed. Poor guy just wants to put out some info. All he gets is, Suspicious link, hey, how bout reviewing the book first, against forum rules, you're new and can't be trusted.
Well, I'm old, and can't shouldn't be trusted...
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Old 02-17-2015, 03:20 PM   #31
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You aren't that old.
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Old 02-17-2015, 06:30 PM   #32
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Old 02-17-2015, 07:02 PM   #33
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The excerpt on NPR seemed dumb, though the ideas while elementary are sound.

I first came here in 2003. I knew nothing about SS or SWR or these retirement oriented issues even though I had been retired a long while. But somebody here told me everything I needed to know about SS pretty quickly. I think it can get very tricky when government pensions or having been a nun or various other offsets are an issue, but the rest is simple.

Still, Kotlikoff knows what he is about, and the book isn't very expensive and libraries will likely buy it so why not?

Ha
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Old 02-17-2015, 08:04 PM   #34
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Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.
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Old 02-18-2015, 07:22 AM   #35
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When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.
Not a bad idea. I'm 62 and haven't filed; DH filed at age 65 years ago. When I hit 66 (full retirement age), I'm pretty sure I'm safe taking a Spousal benefit and continuing to let mine grow, but laws change and that's when I'll really need to make a decision.
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Old 02-18-2015, 07:54 AM   #36
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Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security
I plan to do the same. Kotlikof is also the author of ESPlanner retirement software which was the linchpin of my early retirement decision. Don't believe I would have made the leap of faith without it.

Wondering if anyone has used the Maximize My Social Security software and could provide some thoughts on it.
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Old 02-18-2015, 11:02 AM   #37
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Old 02-18-2015, 11:10 AM   #38
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Originally Posted by samclem View Post
Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.
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Not a bad idea. I'm 62 and haven't filed; DH filed at age 65 years ago. When I hit 66 (full retirement age), I'm pretty sure I'm safe taking a Spousal benefit and continuing to let mine grow, but laws change and that's when I'll really need to make a decision.
Great idea! Same here. When DH turns 62, we'll go ahead and review all this stuff. Certainly worth $40 for software and book to work through all our issues.

Neither DH nor I have worked 35 years. As such, our SS income won't be much - will probably just cover some of our Medicare premiums. But still good to work through all the issues.

DH is 4.5 years older, but I had the larger salary while working, and hit the SS income limit most of my last decade working. So it will be interesting to see what makes sense for us.
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Old 03-18-2015, 02:55 PM   #39
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Wasn't Kotlikof interviewed on NPR just this morning? He was asked about his thoughts on how Social Security would be reformed and said he does not believe any reform would affect people who are like 55 or older, and that any reform would likely take the form of higher taxes rather than reduction of benefits. He said the latter would just be too difficult politically.
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Old 03-18-2015, 03:09 PM   #40
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I'm 6'6" and weigh 260lbs. With my size and family history, I will be lucky to see 80. I'm taking ss @ 62. BTW, I won't/don't need the money so it is sort of irrelevant. DW is six yrs younger and should live until 90. She will wait until 70 to take her's.
In your case there may a reason to wait until 70. That is survivor benefits for DW. She will get bigger benefits if you wait. Then I believe she can take the bigger amount of her survivor benefits or her own deferred benefits. Of course if you guys are set and are good it may not matter too much. OTOH if money will be tight when you are gone it may be significant.
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