Another Social Security Question

[Tom52]

I am currently drawing SS spousal benefit and delaying drawing on my own account until age 70. I wanted to do some planning, and would like to know what my monthly benefit would be at age 70. Searching around on My Social Security website I can only see what I am currently drawing (spousal benefit) and my earning history but there is no reference to how much my delayed benefit would be.

Am I missing something on the website or is that something I can only get by contacting SSA via phone?

 

[pb4uski]

Can you access the "Print/Save Your Full Statement"? If so, does that have it?

If not you could try the AnyPIA calculator and input your earnings.

https://www.ssa.gov/OACT/anypia/download.html

 

[Tom52]

Can you access the "Print/Save Your Full Statement"? If so, does that have it?

If not you could try the AnyPIA calculator and input your earnings.

https://www.ssa.gov/OACT/anypia/download.html

Thanks PB I will see if I can access a full statement.

Yeah, I thought I could try inputting the earnings data if all else fails. Just hoping their was a lazy way to do it.

 

[rothlev]

Thanks PB I will see if I can access a full statement.

Yeah, I thought I could try inputting the earnings data if all else fails. Just hoping their was a lazy way to do it.

https://ssa.tools/calculator.html

this allows a direct copy and paste from ssa.gov

 

[Tom52]

Thanks rothlev, that is exactly what I needed.

 

[pb4uski]

Great tool... results were spot on with my annual statement.

 

[Telly]

I am currently drawing SS spousal benefit and delaying drawing on my own account until age 70. I wanted to do some planning, and would like to know what my monthly benefit would be at age 70. Searching around on My Social Security website I can only see what I am currently drawing (spousal benefit) and my earning history but there is no reference to how much my delayed benefit would be.

Am I missing something on the website or is that something I can only get by contacting SSA via phone?

Where your "Statement" should be, there should be a note that says since you are drawing benefits, no statement will be provided. My statement disappeared and was replaced by that note when my application for spousal restricted application was approved.

**Note to others** you STILL CAN file on your spouse's record, and hold off filing for your benefit on your own record until you are at some older date (like age 70) IF your birth date is prior to 1/2/54. If your birth date is 1/2/54 or later, you're SOL on that method.

As Tom M. has said in his syndicated SS newspaper column, there aren't many people left who could do this, and haven't yet.

 

[Tom52]

As a follow up to my initial investigation I discovered that taking my SS at age 69 VS 70 has a break even of 15.53 years. Meaning if I start my SS at age 69 I would be age 84.5 before delaying till age 70 would start to pay out a higher amount. This of course does not take any tax consequences into consideration. Then, how confident am I that I will live beyond 84.5.

Tough decisions.

 

[chassis]

As a follow up to my initial investigation I discovered that taking my SS at age 69 VS 70 has a break even of 15.53 years. Meaning if I start my SS at age 69 I would be age 84.5 before delaying till age 70 would start to pay out a higher amount. This of course does not take any tax consequences into consideration. Then, how confident am I that I will live beyond 84.5.

Tough decisions.

I think these decisions can be easy if one believes that one’s own money is better off in one’s own account, invested. Take the money ASAP. That’s what I plan to do.

 

[finnski1]

I think these decisions can be easy if one believes that one’s own money is better off in one’s own account, invested. Take the money ASAP. That’s what I plan to do.

 

[Koolau]

I think these decisions can be easy if one believes that one’s own money is better off in one’s own account, invested. Take the money ASAP. That’s what I plan to do.

Heh, heh, then there is "my" take on it. I waited to 70 in order to increase the spousal benefit when I die. That was part of our "insurance" set up for DW. YMMV

 

[qwerty3656]

I think these decisions can be easy if one believes that one’s own money is better off in one’s own account, invested. Take the money ASAP. That’s what I plan to do.

Heh, heh, then there is "my" take on it. I waited to 70 in order to increase the spousal benefit when I die. That was part of our "insurance" set up for DW. YMMV

I was in the 1st camp - when you assume a reasonable rate of return and a reasonable life expectancy, you can see how getting the money early and investing yourself can "beat" waiting.

However I've moved into the 2nd camp. In a world with great market returns, there are no money worries either way. It's in the world where you have high inflation, low market returns and live to 100 that you need to worry - and in that scenario, you are ahead waiting til 70.

 

[pb4uski]

I was in the 1st camp - when you assume a reasonable rate of return and a reasonable life expectancy, you can see how getting the money early and investing yourself can "beat" waiting.

However I've moved into the 2nd camp. In a world with great market returns, there are no money worries either way. It's in the world where you have high inflation, low market returns and live to 100 that you need to worry - and in that scenario, you are ahead waiting til 70.

+1 given that COLA or inflation adjusted annuities are exceedingly rare these days, Il take advantage of the fact that SSA is still offering them because it is hard to invest to cover off that high inflation scenario.... if it was easy then we would see more COLA or inflation adjusted annuities available.

 

[chassis]

Heh, heh, then there is "my" take on it. I waited to 70 in order to increase the spousal benefit when I die. That was part of our "insurance" set up for DW. YMMV

@Koolau Thanks.

What percentage impact does your decision have on net worth at end of plan (the demise of the principals)? 1%? 10%? 50%? More?

 

[Koolau]

@Koolau Thanks.

What percentage impact does your decision have on net worth at end of plan (the demise of the principals)? 1%? 10%? 50%? More?

I'm afraid that's something I didn't calculate - maybe don't even know how. In our case, we agreed (required by Federal law - and she had to sign) that we would lower DW's survivor benefit of my pension in order to increase the amount of pension payment NOW while I'm living. So instead of 1/2 benefit she will only receive 1/4 benefit. We did this because we planned to wait on my SS to begin at 70. SO, the balancing act was that when I die, she will get a larger SS payment. As far as the numbers go, we're just assuming it's close to a "wash" but, of course, until I die, we won't know (and then, I won't care though DW may.) YMMV

 

[skyking1]

In our case DW 4 years younger so waiting seems the thing for me to do. We can take hers earlier.