SS @ 70 Poll, How much will U & UR SO Get, Please SS @ 70 Only, No External Pensions

[leeg]

I waited until I turned 70 this year (2021):

My SS: $3,809
Spouse (spousal SS - 1/2 of my FRA): $1,442
Total: $5,251/month

 

[DireWolf]

I answered based on both DW and I delaying to 70, but no idea what we will end up doing. Most likely right now is we take hers at 62 and mine at 70.

Oh, and a guess on the $4000+ numbers…perhaps it is the $3895 number * the 1.059 COL?

 

[mijoy]

About 3800 for me @ 70 - in 5 years.
Will likely claim my wife's in 2022 approx 1100 (she'll become 62 in 2022)

So about $4900 total (in todays dollars). If we put of my wifes it will be more.

 

[Elite59]

Exactly as it reads, I do not take SS yet but when I do it will be $$$, DW took hers at 62 per OpenSS and that is what she gets.

I struggle with some of the initials people use on these threads. Does DW = Divorced Wife?

 

[Calico]

DW = Dear Wife

 

[Elite59]

I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows,how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?

 

[Elite59]

Freedomatlaast: SS Income Cap is just that. They stop collecting SS once you've paid in the max for that year. You probably already know this as you got a bump in pay each year when you had maxed out the SS income level / payment max.


If you want confirmation of the max payout, https://faq.ssa.gov/en-US/Topic/article/KA-01897


Straight from SS.gov sight. The maximum benefit depends on the age you retire. For example, if you retire at

full retirement age in 2021, your maximum benefit would be $3,148.
However, if you retire at age 62 in 2021, your maximum benefit would be $2,324.
If you retire at age 70 in 2021, your maximum benefit would be $3,895.

Did all those numbers get a recent bump up, due to inflation? (the page says it was last updated in January of 2021.)

 

[SecondCor521]

I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows, how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?

Not an SS expert by any means, but I think what will happen is that if you, for example, retired today and started SS next month, eventually you'd file your 2021 taxes, that would get to your earnings record, and the SSA would at some point in the future give you a lump sum payment to pay you the additional increase you would be owed based on your 2021 earnings.

But to answer your question, others have said it can be as short as a week or two for the information to get passed across.

I wouldn't let that hold me back from claiming SS whenever I thought was best.

 

[Gumby]

I struggle with some of the initials people use on these threads. Does DW = Divorced Wife?

This may be helpful
https://www.early-retirement.org/fo...slang-frequently-used-on-the-forum-34884.html

 

[steveark]

Is amazing that if you have 35 years above the maximum taxable SS income you'll actually receive a living wage just from this one inflation indexed source. Because of that my withdrawal rate will be less than 1% of my invested assets. I never expected SS to pay me so much!

 

[skyking1]

It will be lumpy for us, probably 4~5% for a few years, DW gets SS, then 3%, then when I get SS at 70 it will all be BTD spending.

 

[MarieIG]

I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows, how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?

Not going to matter all that much. As one of the posters stated, your record will be updated, but when you (and your spouse) take SS will impact your monthly income for life.

https://www.early-retirement.org/fo...-answer-before-asking-can-i-retire-69999.html

 

[lem1955]

I'm 66.5 have not taken SS yet. At 70 it will be ~$3,650/mo. My DW took hers at 64 ~$1200/mo. She will exchange it for the spousal benefit, we think. Not sure what that will be since there is a discount from FRA.

 

[RetiredHappy]

I'm 66.5 have not taken SS yet. At 70 it will be ~$3,650/mo. My DW took hers at 64 ~$1200/mo. She will exchange it for the spousal benefit, we think. Not sure what that will be since there is a discount from FRA.

Probably little difference. What is your PIA, i.e. SS at your FRA?

 

[ShokWaveRider]

Spousal is half other spouses FRA when claimer reaches their own FRA right?

 

[RetiredHappy]

Spousal is half other spouses FRA when claimer reaches their own FRA right?

Pronoun does not help. Spousal benefit is half of the other spouse's at "other spouse's" PIA at FRA. I suspect "other spousal's" PIA at FRA is likely to be between $2400 to $2700. Spousal benefit is discounted because he/she took his/hers early on own record.

 

[ShokWaveRider]

Pronoun does not help. Spousal benefit is half of the other spouse's at "other spouse's" PIA at FRA. I suspect "other spousal's" PIA at FRA is likely to be between $2400 to $2700. Spousal benefit is discounted because he/she took his/hers early on own record.

OK, So Spouse Currently Gets $1160, she took it at 62. My PIA at my FRA was $2346.1 Almost seems like a wash for DW. I think my SS @ 70 is $3,412

Seems hardly worth the trouble to reclaim for her.

 

[lem1955]

Probably little difference. What is your PIA, i.e. SS at your FRA?

My PIA =$2,793. As for pronouns we are both she/her!

 

[Green Papaya]

DW plans to claim @ 63; me @ FRA. About $5000+/month combined.

 

[aja8888]

Both in our 70's, combined SS is $49,800/yr. No pensions, no debt. Life is good.

 

[RetiredHappy]

My PIA =$2,793. As for pronouns we are both she/her!

Your spouse should get a small gain when filing for spousal benefits.

 

[statsman]

Most times, I would rather not hear how we are doing in comparison to others. As long as we're doing fine, that's all I really care about. It's why I stopped reading the threads that start out with "I don't know if I/we can retire on $X", where $X many times would end up being much more than what we have

This thread might have leaned in that direction, which is why I skipped to the bottom to partially answer the question. DW started SS on her own record at 65. It was her choice. Not much discussion took place about whether it would have been more beneficial to have waited.

I am 6 years younger, and half of my FRA would be less than her own record. I am still four years from FRA (66+10). Not sure if I will take it at 65, like DW, or wait until later. A lot can happen in four years. Imagine saying that just two years ago.

 

[Calico]

Most times, I would rather not hear how we are doing in comparison to others. As long as we're doing fine, that's all I really care about. It's why I stopped reading the threads that start out with "I don't know if I/we can retire on $X", when $X in many cases ends up being much more than what we have

This thread might have leaned in that direction, which is why I skipped to the bottom to partially answer the question. DW started SS on her own record at 65. It was her choice. Not much discussion took place about whether it would have been more beneficial to have waited.

I am 6 years younger, and half of my FRA would be less than her own record. I am still four years from FRA (66+10). Not sure if I will take it at 65, like DW, or wait until later. A lot can happen in four years. Imagine saying that just two years ago.

Indeed.

 

[ShokWaveRider]

Based on the poll, it looks like most folk fall into the $5-6k slot. Retiring after they have paid into their SS for 30 to 35 years. Not us, we did not work that long. Not that it would have made any difference.

 

[Elite59]

Someone on one of these threads posted a link to a website which calculated the best age for married couples to retire. You had to plug in a few parameters, like "Full retirement amount $" and our ages. Then the site did a calculation which determines which age each person should retire for optimum payout, assuming a normal life span. Does anyone happen to have a link to that site?