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OMY syndrome for SS
Old 05-30-2019, 11:53 AM   #1
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OMY syndrome for SS

I'm 66 and don't really "need" to take SS, but on the other hand it would really come in nice to pay for travel. Next month I'm filing restricted on my DW who is filing early at 62. So that will help a little. But in the back of my mind I keep thinking that money now while we are still a bit spry would be better than lots of money in our 70's when we might be just staying around the home. Right now I'm in the OMY mode.
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Old 05-30-2019, 12:05 PM   #2
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We're pretty much in the same boat. I filed at 62, and DH filed restricted. He'll file for his at 70. I figure we'll find something to spend it on when he hits 70, or we'll just save it and add to the kids' inheritance, or we'll give more to charities.
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Old 05-30-2019, 12:11 PM   #3
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I'm in that boat too. My husband filed at 66 (I am the higher earner). I will file for restricted spousal later this year. With a birthday in Nov I get in just under the wire. I plan to hold off until I am 70 for my own. At least by getting spousal I will feel somewhat better about getting something, even if it's nowhere near my own.
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Old 05-30-2019, 12:34 PM   #4
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Some people spend more of their savings to make up the difference until SS starts, rather than taking out a constant amount and having a big increase once SS begins.
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Old 05-30-2019, 12:58 PM   #5
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I'm not spending any savings, I'm just saving less...so don't know if that counts the same.
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Old 05-30-2019, 01:01 PM   #6
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Some people spend more of their savings to make up the difference until SS starts, rather than taking out a constant amount and having a big increase once SS begins.
+1. I don't know why one would do otherwise.
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Old 05-30-2019, 01:03 PM   #7
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You must be looking for some excitement today to touch the 3rd rail...

in your shoes I'd just be happy with fact you can file a restricted app on your DW's claim. That door was slammed shut for a lot of people. Or say to myself.. my DW filed at the earliest moment and I'm going at the latest, so that's average for the two of us...
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Old 05-30-2019, 01:10 PM   #8
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If you don't 'need' it now, you sure as heck won't need more later. I took mine now, enjoying spending the extra early while we are both healthy enough to do so.

One thing we use it on is family stuff;

It's so much fun to 'blow that dough' on grand kids and such while we are physically still able. Even replaced our car with one that has 3rd row so we can haul 'em all around.
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Old 05-30-2019, 01:13 PM   #9
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I've run a wide variety of numbers through Firecalc, and basically, it doesn't matter whether I start taking SS at 62, 70, or anywhere in between, as far as success rates go. FWIW, right now, according to the SS calculator, I should get $19968 per year if I take it at 62, $29208 if I take it at my FRA of 67, or $36672 if I take it at 70.

While that sounds like a big jump, getting almost $17K per year more if I hold out until 70, once you take into account I have to make larger withdrawals from my investments earlier on to get to that big jump, it pretty much all comes out in the wash.

However, once I actually GET to that point, I could sort of seeing me do the OMY thing, depending on where the finances happen to be then, just for that extra insurance. Not that SS is really all that "guaranteed" anymore. At least, not the promised benefit. In my case though, I will hopefully be retired long before the age of 62 (hoping for 51-52, depending on how things play out), so for me it would just be a matter of delaying filing another year, rather than w*rking for it.
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Old 05-30-2019, 01:25 PM   #10
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My wife filed before FRA about 4 years ago and I filed for restricted spousal benefit at that time.

I just hit the big seven zero, so next month will be our first larger SS checks. We looked at delaying as longevity insurance, not maxing out our payout.

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Old 05-30-2019, 01:40 PM   #11
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I've made this comment before on various prior threads on SS. The decision for me was much easier by not focusing on when to start taking SS. Rather, I decided to not take it now - whenever that "now" was - and revisit the issue every 6 months. In my case, I started at 65 for several reasons, one of which being that the reduction from FRA was small at that point.
Another factor for me was one cited by P< that it was better to use the money while still healthy and "spry" versus waiting for that incremental benefit.
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Old 05-30-2019, 01:56 PM   #12
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You must be looking for some excitement today to touch the 3rd rail...

in your shoes I'd just be happy with fact you can file a restricted app on your DW's claim. That door was slammed shut for a lot of people. Or say to myself.. my DW filed at the earliest moment and I'm going at the latest, so that's average for the two of us...
Another reason we took advantage of the restricted app. I've had numerous doors like this slammed in my face (pension frozen at Megacorp, and I missed the magic date by 2 months...) so we felt like we should take advantage of this one. Odd logic to some, I'm sure, but it made me feel better about some of the prior incidents.
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Old 05-30-2019, 03:19 PM   #13
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I am 67 and have not taken SS yet, plan to wait until age 70 if my health remains good. In the meantime I take out a little more from my IRA each year. I do not have long term care insurance and in my mind I think of my delayed SS as being a sort of substitute for long term care insurance, a sort of annuity. Gives me a little peace of mind to know that age 70 I will have a fairly large monthly SS check coming in.
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Old 05-30-2019, 03:31 PM   #14
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Another reason we took advantage of the restricted app. I've had numerous doors like this slammed in my face (pension frozen at Megacorp, and I missed the magic date by 2 months...) so we felt like we should take advantage of this one. Odd logic to some, I'm sure, but it made me feel better about some of the prior incidents.
+1
We don't qualify for the SS thing.
However, every now and then I "win" at something (ex bank pays me $200 to open an account for 6 months). All these little wins make me not feel so pissed when I somehow "lose" something (ex a window spontaneously breaks which will cost $200 to fix).

Sort of a Karma balancing.
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Old 05-30-2019, 04:29 PM   #15
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I just hit the big seven zero, so next month will be our first larger SS checks. We looked at delaying as longevity insurance, not maxing out our payout.
I'm 66 and feel the same way. My Dad is alive and well (for an 88-year old) and Mom lived to age 85. My maternal grandfather died at 95 and HIS mother lived to 93. What makes the decision easier for me is that I'm collecting Survivor benefits on DH's record. I could collect more on my own record but am waiting for that bump till I hit 70. In the meantime, I'm collecting something.
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Old 05-30-2019, 07:01 PM   #16
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According this it has me living to age 83-84. That's just a schmeer past the break even point for SS. There's metaphorically not a dime's worth of difference in starting this yr at 62 ( my plans all along) or holding off. But as someone has already stated when you get to that point OMY fever starts setting in. I am now thinking of putting it off maybe just one year
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Old 05-30-2019, 11:05 PM   #17
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OMY??
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Old 05-30-2019, 11:25 PM   #18
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OMY??
One More Year
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Old 05-30-2019, 11:45 PM   #19
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ty
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Old 05-30-2019, 11:46 PM   #20
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ty
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