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SS Question, Not The Typical 62 vs FRA vs 70
Old 03-05-2018, 01:38 PM   #1
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SS Question, Not The Typical 62 vs FRA vs 70

I am currently 64 DW is 60. I will be 65 in Jan 2019 . I am trying to decide whether to Take SS at 65 when I start Medicare. I calculated that my Break Even point is 80 years for me, by which time I will most likely be 6' under pushing up the daisies. DW also has a decent SS, so spousal SS after I have Karked it is not too significant.

As I see it, DW has another 5 years to source affordable health care. If I take SS at 65, with all things being equal, it will effectively increase our MAGI where the ACA subsidies are cut in half, drastically increasing her healthcare costs. So a chunk of my SS will have to go to here HC costs.

If I wait till FRA (66), OK I will get a small monthly increase but would have to fund my Medicare from alternative sources. I really do not want to wait till 70 to take SS, as the chances I will still be firing on all 8 cylinders are not that slim, but not that good either. (Based on my health and Family history)

Hence my dilemma, I know this is not really a question as such, so I am looking for comments and opinions.

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Old 03-05-2018, 01:49 PM   #2
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Sounds like a "6 of one, half dozen of the other" situation. Sometimes you just have to bite the bullet though. I'm assuming you've run both scenarios from a financial standpoint.
Personally, I'm on Medicare but DW has 7 years to go. Funding her HC ($12K annually) was one of the reasons (among many others that were more important to me) that I took SS early.

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Old 03-05-2018, 02:28 PM   #3
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Waiting from age 62 to 65 or 66 is a bigger financial decision. But 65 vs 66? Really insignificant. FWIW that was my decision-maker. I opted to start at 65 for that "insignificant" financial reason, and collecting then made my life simpler. It sounds like you, too, would be in a simpler situation by taking at 65.
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Old 03-05-2018, 02:45 PM   #4
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Since you seem to think there's a chance you may not be around at 70, and that you have a high likelihood of not being around at 80, the other important factor might be survivor benefits for your wife.

How do her FRA benefits compare to yours?
How do her age 70 benefits compare to yours?

so spousal SS after I have Karked it is not too significant.
There will be no spousal benefits after you are gone - only survivor benefits.

Sounds like it might come down to the actual chances of your living to 70 and the chances of your living to 80.
Only you are in a position to assess that.

In the US these days, the life expectancy of a 64 year old male is over 18 years. But that's an average of everyone, and you are just you.
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Old 03-06-2018, 03:05 PM   #5
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Only a couple of generations ago every male in my family was dead in their 60s, if not earlier.

Now on mom's side, they live into their 80s, grandfather made his 90s.

On dad's side, his father and brother were both dead around 70, but he's still kicking at almost 80.

I'll be waiting until at least FRA to file for SS.
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