Checking my SS account, amount stable for 7 months ?
- Thread starter Time2
- Start date
Yes, you each get your PIA at your FRA. If one of you was a much higher earner than the other, the lower earner may also get a spousal benefit.
Since you know your PIA amounts, the easiest way to make a plan is to go to opensocialsecurity.com and enter the ages and PIA values. It will suggest an optimum strategy that coordinates both benefits to maximize the present value of the benefits for the two of you combined. If you want to play with its assumptions (life expectancy, rate of return) click the box at the top where it says "Certain situations require additional input.
For each scenario you input, scroll to the bottom and there will be a graph showing how the totals change at different claim ages.
Since you know your PIA amounts, the easiest way to make a plan is to go to opensocialsecurity.com and enter the ages and PIA values. It will suggest an optimum strategy that coordinates both benefits to maximize the present value of the benefits for the two of you combined. If you want to play with its assumptions (life expectancy, rate of return) click the box at the top where it says "Certain situations require additional input.
For each scenario you input, scroll to the bottom and there will be a graph showing how the totals change at different claim ages.
N02L84ER
Thinks s/he gets paid by the post
DRC (delayed retirement credits) are 8% per year after your FRA (full retirement age). But, they are only applied in January. If you apply after January, you will not see the additional credit until the following January. I think they may pay any accrued credit with the first January payment but I am only 63 and what I am typing is only what I have heard second hand. So, YMMV.
Yes, I have used opensocialsecurity.com before, it was always take hers at 62 mine at 70. I doesn't take into account the IRAs and SEPs value and the Roth Conversion possibilities. I did some calculations, taking SS in Jan 2024 vs Mar 2025, makes a $3,448 difference in our yearly income. Break even point is a little less than 10 years. And makes a $3500 difference in my wife's benefit when I die not COLA adjusted.
Not much difference to the overall picture for us, I kinda just want to get it going. I mentioned last night to my wife that I was thinking about starting SS in Jan, she doesn't really have a clue either way.
So, if I want to get our first SS check in Jan of 2024, when would I want to start the process?
FI_RElater
Recycles dryer sheets
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- Dec 28, 2016
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well, if you want to get your first check in Jan 2024, you need to apply by Dec 2023
as to whether that makes the most sense, then you'd have to either go by the calculators (which in many cases don't take into consideration Roth conversions, IRMAA, NIIT taxes, or other various tax considerations) or you can make your own Excel (or similar) sheets but then you need to understand the various factors involved {we made our own... examining the various outcomes for the approx first ten years.... after that the dispersal of potential outcomes was so large that it really couldn't be modeled}
we ended up with the lower PIA claiming at FRA and delay of the higher at age 70 (still waiting)... and using the prior timeframe for Roth conversions, as we had about a 50/45/5 split between taxable, non-deductible, and Roth when we retired and felt a conversion of PART of the non-deductible was wise once we were at a lower tax rate, knowing that once the first-to-file started that we would never be in the lower brackets again
as to whether that makes the most sense, then you'd have to either go by the calculators (which in many cases don't take into consideration Roth conversions, IRMAA, NIIT taxes, or other various tax considerations) or you can make your own Excel (or similar) sheets but then you need to understand the various factors involved {we made our own... examining the various outcomes for the approx first ten years.... after that the dispersal of potential outcomes was so large that it really couldn't be modeled}
we ended up with the lower PIA claiming at FRA and delay of the higher at age 70 (still waiting)... and using the prior timeframe for Roth conversions, as we had about a 50/45/5 split between taxable, non-deductible, and Roth when we retired and felt a conversion of PART of the non-deductible was wise once we were at a lower tax rate, knowing that once the first-to-file started that we would never be in the lower brackets again
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Do you want SS to start in January, so you get the yearly bump the first year ?
or do you want the first check to be mailed to you January and skip the first bump ?
SevenUp
Full time employment: Posting here.
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- Jul 3, 2014
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I've been looking at it like this, I've delayed SS so far to maximize my Roth Conversions and to increase my wife's survivor benefit. When we start SS, that will severely reduce how much I can Roth Convert, so I thought, I should get every check for the new year.
I now see that I'm not looking at it correctly! Even with $56k of SS income and probably $15k of dividends, we still have a little room in the 12% tax bracket (after taxes) for Roth Conversions and much more if want to go into the 22% bracket.
So, now, rather than maximizing my first year income, I need to see how to maximize the monthly checks we get for the months we do get SS checks during the first year. I think
.I need to followup on Sevenup's post about the Boglehead thread to decide. I did a quick scan, but need to read again. What I picked up was the difference was small in the overall picture, but... I need to read it again.
