HillCountry
Recycles dryer sheets
70+ is what I am planning. SS covers around 20% of the budget, so don't see any significance either way.
You know that it maxes out at 70, so there is no advantage to waiting beyond then. Thus 70 is better than 70+.70+ is what I am planning.
You know that it maxes out at 70, so there is no advantage to waiting beyond then. Thus 70 is better than 70+.
Ha
Our current plan has us taking it at 62. I don't want to use up our own assets from 62 - 70. ....
However, if we have to pay extra in taxes by going for 62, we might delay. Our plan works at any age from 62 on, so we don't really need to decide until the time comes.
Suggest reading this post.
Retirement at 62: Is Receiving Social Security Early Worth It?
Taking mine at 62.
I voted for 70+. That's when I will start SS on my account, but I am currently collecting SS on my wife's account. Started when I retired this summer at 63. The option to collect on my wife's account made the decision to wait for my my account until 70 real easy.
Hermit-
If I understand the rules correctly, taking the spousal benefit before 66 permanently reduces your SS ultimate benefit by the percentage it's being reduced now. These are some explanations: Understanding "Free Spousal" Benefits | Social Security Choices and
http://www.investmentnews.com/article/20130903/BLOG05/130909990
Since you were 63 when you took the spousal benefit, the 50% of your wife's payment you would have gotten is reduced by 18% (6% a year) - making your spousal benefit 32% of her benefit now. Worse, when you take your own SS at 70, whatever you get then will be reduced by 18%. Of course, maybe you will have taken in enough during the next 7 years to offset the 18% reduction at 70. Since your wife is still working, did she file and suspend?
BTW, you do have a year from when you started to reverse your action by simply paying back all the money to SS.
I am so sorry for your loss, Hermit. I had no idea. You are 100% correct. Survivor rules are very different.
I guess I don't understand this one. My UK wife is eligible for the 50% spousal SS and she didn't put anything into the system either. Is there something with this GPO provision that just forces this not to happen?
an additional person does not increase the cost of living 2X..