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Old 03-26-2016, 08:18 AM   #21
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Wow, my head hurts! I am 61 and plan on waiting until 70 (probably). Spouse (lower earner until last year) is 58. We think it best to have him claim his own at 62, then claim spousal at 67, when I claim. Is that the way to do it? Legal? Best?


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Old 03-26-2016, 08:30 AM   #22
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Considering the confusion about SS benefits, why don't you just make an appointment with someone at the SS office near you? They are the ones who know the rules and how they apply to a person's specific situation, and they're happy to help. My husband took his benefits at age 62, and it was a mistake since we're both still alive twenty years down the road. That 8% increase for waiting would make a significant difference right now. We didn't realize just how big a difference waiting would have made. He took it even though we didn't need the extra income, but just because he was afraid that if he waited he wouldn't get "everything" he "deserved". Back then he didn't have $3,000+ a year in medication costs over what medicare and private insurance covered. Too bad.
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Old 03-26-2016, 10:00 AM   #23
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My understanding is that it's an 8% increase per year from FRA to 70. From 62 to FRA it's less than that per year. More like 6.2% per year in my case - born in 1955 = FRA of 66 and 2 months.

This is from a chart I used from SSA.gov
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Old 03-26-2016, 10:42 AM   #24
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Although I still believe that talking with a representative at your local SS office is the best way to clarify all the different options and their consequences, here's a link to taking SS retirement benefits several years after age 66: https://www.ssa.gov/planners/retire/1943-delay.html
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Old 03-26-2016, 06:01 PM   #25
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Although I still believe that talking with a representative at your local SS office is the best way to clarify all the different options and their consequences, here's a link to taking SS retirement benefits several years after age 66: https://www.ssa.gov/planners/retire/1943-delay.html
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Old 03-26-2016, 06:08 PM   #26
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My understanding is that it's an 8% increase per year from FRA to 70. From 62 to FRA it's less than that per year. More like 6.2% per year in my case - born in 1955 = FRA of 66 and 2 months.

This is from a chart I used from SSA.gov
while the increase are 6-8% they do not represent returns of that size since the checks you do not get dilute those increases .
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