Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Social Security for couples Part 2
Old 05-26-2018, 12:46 AM   #1
Dryer sheet aficionado
 
Join Date: Oct 2013
Posts: 44
Social Security for couples Part 2

OMG, this website is the best. I have been reading SS of couples and could not help myself. I have googled for years trying to figure out the best time to take SS. I never seen a situation where "Older Spouse made less than younger one".

Old Spouse turning 62 makes, 50K a year, younger spouse (56)makes 150K++ for 30 years.

Question: What would be the best way to Max SS? I understand both wait to 70 but that is not an option, waiting a few years is.

THANK YOU!!!!
__________________

jw72 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-26-2018, 08:59 AM   #2
Recycles dryer sheets
 
Join Date: Nov 2016
Posts: 276
We're in the same situation. My wife is five years younger than me, but has always earned more than I have. Everything I've ever read says to wait until full retirement age or later. Of course, that's not always a possibility. It really depends on what other income you have to live on until you file for SS. We'll have my wife's pension and my IRA, but can't live on that indefinitely. In our case we'll both have to file for SS around 62 or 63 or my IRA will run out of funds.



I use the Flexible Retirement Planner to experiment with different filing ages (using figures from our SS statements, assuming we'll only receive 75% of those amounts). I've tried numerous scenarios and we always come out ahead with both of us filing early.

The Flexible Retirement Planner | A financial planning tool powered by Monte Carlo Simulation


I also found this article a while back that you might find helpful:

https://www.forbes.com/sites/nextave.../#2dbb52bb3041


Of course, you could always work longer which may let you take SS later.
__________________

mountainsoft is offline   Reply With Quote
Old 05-26-2018, 10:21 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 10,352
You can use these calculators to get a read on it. https://www.forbes.com/sites/johnwas.../#7c30ad24321a
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 05-26-2018, 11:49 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 19,071
Quote:
Originally Posted by jw72 View Post
....

Question: What would be the best way to Max SS? I understand both wait to 70 but that is not an option, waiting a few years is.
That is a huge piece of the puzzle.

Don't forget that by getting more later (delayed SS), you can spend more of the nest-egg now (since it will be supplemented with the higher SS, you don't need as much nest-egg for the same income).

So it really depends a lot on the size of the current nest-egg, expected spending, any income between now and then,how many a 'few' is, etc...

-ERD50
ERD50 is online now   Reply With Quote
Old 05-26-2018, 12:06 PM   #5
Dryer sheet aficionado
 
Join Date: Oct 2013
Posts: 44
Thank you all, I have used the calculators and they do not help. I was thinking was my wife take it early 62-63 and I wait as long as I can, 68-70 if possible. Can she then get 50% of mine when I start to collect? that should giver her a raise and if I die first she will get 100% of mine.
jw72 is offline   Reply With Quote
Old 05-26-2018, 12:17 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 2,004
Quote:
Originally Posted by jw72 View Post
Thank you all, I have used the calculators and they do not help. I was thinking was my wife take it early 62-63 and I wait as long as I can, 68-70 if possible. Can she then get 50% of mine when I start to collect? that should giver her a raise and if I die first she will get 100% of mine.
She will only get 50% of your FRA NOT 70 benefits.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is online now   Reply With Quote
Old 05-26-2018, 01:00 PM   #7
Full time employment: Posting here.
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 561
Quote:
Originally Posted by ShokWaveRider View Post
She will only get 50% of your FRA NOT 70 benefits.

If she takes it at 62 or 63 she will not get 50% of his FRA. She will get a reduced amount. To get the full 50%, she must wait until her FRA.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is online now   Reply With Quote
Old 05-26-2018, 01:17 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 2,004
Quote:
Originally Posted by MissMolly View Post
If she takes it at 62 or 63 she will not get 50% of his FRA. She will get a reduced amount. To get the full 50%, she must wait until her FRA.
Yes sorry, I should have been clearer, that 50% would be used as the base to start the calculation, not the 70 benefit.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is online now   Reply With Quote
Old 05-26-2018, 06:46 PM   #9
Dryer sheet aficionado
 
Join Date: Oct 2013
Posts: 44
OK, that makes perfect sense. If she takes it early, and I wait to 67 or 68 and I die will she get 100% of mine? Or a reduced amount?
jw72 is offline   Reply With Quote
Old 05-26-2018, 07:46 PM   #10
Full time employment: Posting here.
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 561
If she waits until she is FRA to switch to yours then she will get 100% of what you were receiving. If she is below FRA when she switches, she will get a reduced amount. FRA is the magic age for lots of these different scenarios.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is online now   Reply With Quote
Old 05-26-2018, 10:07 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,530
OP - Besides the free calculators , there are also a few companies that cost up to $100 which will tell you the best time to collect SS. They have been reviewed in various financial magazines.



My opinion is, your Wife with $150K earnings will have a much larger SS than you, so she should wait until FRA or later, and you with the smaller SS can take it whenever you want, as she really needs to rely on her own record.
With the age difference, you may die long before she does.


Besides the SS collecting, with your combined high earnings, perhaps you want to delay SS in order to do Roth Conversions to lessen the tax torpedo effect of SS and RMD's at age 70
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 05-26-2018, 10:08 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,010
Someone on this forum had a link to Bedrock Capital SS analyzer.... for some reason I cannot get it... searches gives me nothing on why it went away...


I found it most helpful as you could put in both parties info and it would tell you what was the best solution... even yours...


Maybe someone knows what happened to this calculator...
Texas Proud is offline   Reply With Quote
Old 05-27-2018, 05:00 AM   #13
Recycles dryer sheets
 
Join Date: Feb 2017
Posts: 78
Quote:
Originally Posted by MissMolly View Post
If she waits until she is FRA to switch to yours then she will get 100% of what you were receiving. If she is below FRA when she switches, she will get a reduced amount. FRA is the magic age for lots of these different scenarios.
SS has always confused me when it came to what the spouse will get. At full retirement age I will get $2500 a month, my wife is 5 years younger and will receive $1200 a month at her full retirement age. So she will receive my amount after I pass if she's waited until her full retirement age to claim SS?
nativenewenglander is offline   Reply With Quote
Old 05-27-2018, 05:51 AM   #14
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 321
Quote:
Originally Posted by Texas Proud View Post
Someone on this forum had a link to Bedrock Capital SS analyzer.... for some reason I cannot get it... searches gives me nothing on why it went away...


I found it most helpful as you could put in both parties info and it would tell you what was the best solution... even yours...


Maybe someone knows what happened to this calculator...
It was taken down a few weeks ago, alas.
googily is offline   Reply With Quote
Old 05-27-2018, 07:28 AM   #15
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 701
I may be mistaken, but I think the rules changed recently on spousal benefits. Unless you turned 62 by Jan 2016, the new rules apply. Essentially, if you turn 62 after this date, once a spouse applies for SS, s/he will get the larger of the spousal benefit or their own benefit. They will have been deemed as applying and no longer can get a spousal benefit while waiting for their own benefit to further accrue.
bizlady is offline   Reply With Quote
Old 05-27-2018, 07:55 AM   #16
Full time employment: Posting here.
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 561
Quote:
Originally Posted by bizlady View Post
I may be mistaken, but I think the rules changed recently on spousal benefits. Unless you turned 62 by Jan 2016, the new rules apply. Essentially, if you turn 62 after this date, once a spouse applies for SS, s/he will get the larger of the spousal benefit or their own benefit. They will have been deemed as applying and no longer can get a spousal benefit while waiting for their own benefit to further accrue.

You are correct, but the latest question was about survivor benefits, not spousal. The survivor benefits were not affected by the new law.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is online now   Reply With Quote
Old 05-27-2018, 10:11 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,010
Quote:
Originally Posted by jw72 View Post
OMG, this website is the best. I have been reading SS of couples and could not help myself. I have googled for years trying to figure out the best time to take SS. I never seen a situation where "Older Spouse made less than younger one".

Old Spouse turning 62 makes, 50K a year, younger spouse (56)makes 150K++ for 30 years.

Question: What would be the best way to Max SS? I understand both wait to 70 but that is not an option, waiting a few years is.

THANK YOU!!!!



Rereading, I want to make sure.... when you say 'old spouse', do you mean you? OR, this was your first spouse and you now have a second who made much more money?
Texas Proud is offline   Reply With Quote
Old 05-27-2018, 11:42 AM   #18
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 1,054
Quote:
Originally Posted by jw72 View Post
What would be the best way to Max SS?
If you want a precise answer, check out https://maximizemysocialsecurity.com/

Quote:
I understand both wait to 70 but that is not an option, waiting a few years is.
Waiting isn't an option because you can't afford to wait? How long can you afford to wait?

If you can't afford to wait, then don't.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 05-27-2018, 12:56 PM   #19
Recycles dryer sheets
Carpediem's Avatar
 
Join Date: Aug 2016
Posts: 396
Quote:
Originally Posted by googily View Post
It (SSAnalyze) was taken down a few weeks ago, alas.
Just to add, I believe Bedrock was bought out by another company so SSAnalyze went bye bye. It's a shame as it was one of the best free tools I've seen.
Carpediem is offline   Reply With Quote
Old 05-28-2018, 05:11 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 18,153
+1. I thought it was a great tool... unlike some other tools out there it included discounting for the time value of money.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Social Security timing for couples skipro33 FIRE and Money 38 05-27-2018 12:01 PM
Spousal Social Security (Part 2) freetodream FIRE and Money 6 07-10-2017 02:54 PM
Taking a part time job after retirement but BEFORE social security jdwoodside Life after FIRE 6 06-27-2017 04:54 PM
Losing part of your social security when a spouse dies modhatter FIRE and Money 30 05-22-2011 06:17 AM
Social Security strategy for married couples AzDreamer FIRE and Money 25 11-01-2007 07:35 AM

 

 
All times are GMT -6. The time now is 05:03 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.