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Old 09-14-2012, 09:59 AM   #81
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What is the 62/66/70 plan?

What is the URL to the calculator of the benefits?
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Old 09-14-2012, 11:53 AM   #82
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My SS estimate at age 62 is around $235. If I wait till age 65, it jumps to around $300+.... I'm taking it at 62 to buy beer and fish bait.
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Old 09-14-2012, 12:11 PM   #83
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Old 09-14-2012, 12:39 PM   #84
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What is the 62/66/70 plan?

What is the URL to the calculator of the benefits?
I believe this is what is meant by the 62/66/70 plan

Lower earning spouse starts SS at 62.

Higher earning spouse files at their FRA (~ age 66) but does not begin collecting until 70

Lower earning spouse files for spousal benefits once the other spouse has filed.

The SS calculator can be found on the SS website.

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Old 09-15-2012, 08:40 AM   #85
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lowest earning spouse takes at 62

highest earning spouse files at 66 for 1/2 spousal benefit.(assuming lowest earning spouse has own benefits)

highest earning spouse files at 70 for own benefit
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Old 09-15-2012, 04:42 PM   #86
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lowest earning spouse takes at 62

highest earning spouse files at 66 for 1/2 spousal benefit.(assuming lowest earning spouse has own benefits)

highest earning spouse files at 70 for own benefit
This is a perfect plan if you can keep breathing.
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Old 09-15-2012, 07:34 PM   #87
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This is a perfect plan if you can keep breathing.
I don't know about you but i plan on living,long,long time
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Old 09-15-2012, 08:30 PM   #88
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I don't know about you but i plan on living,long,long time
You know what they say about plans. Man plans and God laughs. But I wish you the best.
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Old 09-15-2012, 09:45 PM   #89
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You know what they say about plans. Man plans and God laughs. But I wish you the best.

if your right your dead
if i'm wrong i'm dead.

won't matter
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Old 09-16-2012, 03:46 PM   #90
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I don't know about you but i plan on living,long,long time
My plan is to live untill at least 100. So far, my plan is working.
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Old 09-16-2012, 10:47 PM   #91
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lowest earning spouse takes at 62

highest earning spouse files at 66 for 1/2 spousal benefit.(assuming lowest earning spouse has own benefits)

highest earning spouse files at 70 for own benefit
I would be careful of this as it could well be percieved as an abuse of the system. A new rule could well be imposed on SS as a part of budget deals that you get to decide once and only once which benefit to take, and you are stuck with that decision. (For married couples)
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Old 09-17-2012, 01:14 PM   #92
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I would be careful of this as it could well be percieved as an abuse of the system. A new rule could well be imposed on SS as a part of budget deals that you get to decide once and only once which benefit to take, and you are stuck with that decision. (For married couples)
Man plans, and the government changes the rules.

Fortunately they don't usually penalize folks after the event. e.g. a loophole used to be that you could file and collect SS at 62, invest the money until FRA or later, then re-file for the higher benefits and only have to pay back what you have already been paid. When they closed this particular loophole a couple of years ago they announced the new rules several months in advance and didn't penalize those that had already taken advantage of the old rule.

I wonder how many couples actually take advantage of the 62/66/70 rules.
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Old 09-17-2012, 04:34 PM   #93
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The 62/66/70 rule only works if the couple is close in age. Or if the SS earner is same age or older than the low SS earner.

Trust me - I've got the spreadsheets to prove it. (Hubby has lower SS earnings, and is 10 years older. We'd have to be in our mid 80's/90's for it to break even.)
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Old 09-17-2012, 04:48 PM   #94
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I wonder how many couples actually take advantage of the 62/66/70 rules.
True.

I would suspect it is as low as those folks who filed at 62 and repaid the benefits many years later (no longer an option, beyond 12 months from filing date).

I have yet to hear from anybody (other than this board) that even knows about the option, let alone has executed the plan. Heck, most folks we know/meet along the way just took it at age 62, but then again most/all of them had defined pension plans with the SS age 62 "offset" (pension reduced by amount of SS at age 62), so it made sense to keep that level payment stream over the long term.

As for us who are under the "new system" (e.g. no pension and have yet to start SS), the options are quite different.

Stay tuned. We start the plan (66/70, not 62) in 20 months .
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Old 09-17-2012, 05:05 PM   #95
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The 62/66/70 rule only works if the couple is close in age. Or if the SS earner is same age or older than the low SS earner.

Trust me - I've got the spreadsheets to prove it. (Hubby has lower SS earnings, and is 10 years older. We'd have to be in our mid 80's/90's for it to break even.)
We have a 10 yr gap as well, but DW is older. We still are leaning towards having her take it at 62, but I haven't run any numbers yet. My SS benefits are about $300 higher than hers. We have a few years to go...
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Old 09-19-2012, 08:42 AM   #96
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The problem is that no male in my family has ever lived past the age of 68.
In my case (speaking of males only), I had a brother who passed at age 20 months (health related - not an accident), and my grandmother (paternal) who passed in his early 90's.

Family lifespan has little to do with your personal situation. Remember, you are a "product" of two (and many generations) of folks.

Studies have shown (you can look it up) that there is little in common to immediate family (e.g. parents) to count on in your personal life.
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Old 09-19-2012, 11:25 AM   #97
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If lower earning spouse files at 62 on their own benefit and later files for spousal (at spouse's FRA), won't their spousal benefit be reduced?
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Old 09-19-2012, 12:37 PM   #98
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I have a question. Why can't my wife draw ss now at 62 and 8 months and I, 63, take her spousal benefit. Then when I reach 70 take my ss and let her take my spousal benefit at that time?
What is the reason for the FRA, 66, to enter into this strategy?
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Old 09-19-2012, 12:50 PM   #99
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Old 09-19-2012, 01:24 PM   #100
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If lower earning spouse files at 62 on their own benefit and later files for spousal (at spouse's FRA), won't their spousal benefit be reduced?
I believe this is true.
And I think that's why RescueMe is doing 66/70.
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