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Quicken Life Planner
Old 10-22-2013, 03:24 PM   #1
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Quicken Life Planner

I FIRED on Feb 1, 2013 and am loving every minute of my new life. Like many of you, I'm constantly re-evaluating my numbers and I like using Quicken's planner. My real problem is when to start receiving SS payments. Everywhere I read it is better to wait as long as possible with many touting the 8 percent per year increase in payments. Quicken Planner shows an EOF (end of life) net worth that is 250K less for me if I wait until 70 versus 62 years of age upon taking SS benefits. I can only assume this is the tax bite that will hit with minimum distributions at age 70.5. Any Quicken experts out there that can explain this differential?

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Old 10-22-2013, 03:53 PM   #2
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I did a What-If on my plan comparing 70 (My Plan) to 62 (What-If). From ages 62 to 82 the What-If balances are higher, but from 82 on the My Plan balances are higher. At age 100 the My Plan balance is 161% of the What-If balance.

What are you using for an investment return assumption?

If you are married are you adjusting your DW's benefit as well. In my case, DW was a SAHM so she'll get a spousal benefit based on my record.

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Old 10-22-2013, 07:03 PM   #3
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Everyone's circumstances are different. FWIW with QLP I used 62, 66 and 70 for myself and my wife (same age) and come out much better at 66 then 62 and better at 70 then 66 but not by the margin of the 66 over 62 difference. In my case my wife makes less then 30% of what I did so she'll take 50% of my SS at 66. As far as Life Exepctancy, I used 8 for myself and 95 for DW. I've heard the benefit of waiting lessens the closer a married couple are income wise.
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Old 10-22-2013, 09:59 PM   #4
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Assuming a longer life or a smaller investment return will favor the later SS start.
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