InParadise
Recycles dryer sheets
- Joined
- Feb 4, 2014
- Messages
- 158
Are you married? Because that can make the scenarios much more complicated if you have to consider two SS payments and spousal benefits.Hello, I am having difficulty figuring out the SS break even point. Can someone post the simple formula?
Example:
Say I would get $800 a month now.
If I wait 7 years I would get $1800 a month.
What would be the break even point or how many years would I break even.
Can you please show how you figured it too?
Thanks.
Our FP ran 5 different scenarios. The one we have decided on brings in the most money over our projected lifetimes, and has a wonderful insurance policy built in. DH's SS payout is way bigger than mine. He is 4 years older than I and more likely to die first. It is quite involved:
[FONT="]Scenario Five[/FONT]
- [FONT="]Wife files for retirement benefits to begin at age 62 + 1 month (first month she is age 62 for entire month) - $628 [/FONT]
- [FONT="]Husband files a restricted application for "spouse only" benefits at age 66 + 10 months - $446 [/FONT]
- [FONT="]Husband files for retirement benefits to begin at age 70 - $3,288 His "spouse only" benefit stops.[/FONT]
- [FONT="]Wife files for additional spouse benefits to begin when her husband files for retirement benefits - $374[/FONT]
- [FONT="]Wife's survivor benefit - $3,288 This benefit includes her [/FONT][FONT="]retirement benefit and her spouse benefit stops.[/FONT]
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[FONT="]I thought the built in insurance kinda cool, a buffer if you will to insure that you won't be harmed by holding out for more at 70. If the person who suspended the benefit dies before you can reverse suspension, then you would go without those benefits they could have earned in their lifetime.
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[FONT="]Spousal benefit does not get bigger by waiting til age 70...it is based on what the other spouse would have received at FRA.
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