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Old 05-15-2020, 02:23 PM   #41
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If she died at 69, I assume I would be able to switch over to her higher survivor benefits. In that case, I would have been better off taking SS at 62 (instead of 64).
I was wondering do you get the same amount or is your survivor (maybe wrong word) amount reduced because you start at 62 instead of 64 ?
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Old 05-15-2020, 02:35 PM   #42
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One last thing worth mentioning on when to take SS:
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Who would have thought how nice it is to read about another ongoing, never ending debate on when to take SS, instead of you-know-what.
One LAST thing? Even you didn't have one last thing to say about when to take SS.

Just adding some humor. no offense meant.
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Old 05-15-2020, 02:38 PM   #43
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DGF already on SSDI.
Due to ACA income management and a lump sum pension at 65, the earliest I will take it is at 66.
Longevity is in my family as DM is 87 and DF is 90 and all their cousins and my grandparents lived past 80.
Will decide year by year when hopefully hitting 66.
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Old 05-15-2020, 02:55 PM   #44
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Am I to assume that most on this forum are at or near the maximum benefit allowed under Social Security? 35 years of work history plus a salary for each working year at or above the threshold for SS taxes would be needed. I suspect some here would qualify (including those who appear to have won the game many times over), but how many who were truly early retirees?
Most early retirees (especially those who went to college) won't see 35 years of w#rking.

I'm at year 32 this year, at age 54. I didn't max out the SS contribution until half-way through my career...so if I FIRED today, I'd be at 87% of maximum benefits, if I wait until 70. Since I'm the higher earner, if my wife and I are still in decent health, and she will get spousal benefit, I'm planning to wait until 70 to start benefits....unless my investments tank and I'm running low on $, or SS takes a significant haircut.
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Old 05-15-2020, 03:06 PM   #45
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Bear in mind that I am no expert.
But you do have an uncanny ability to predict the stock market, even if it's inadvertent.
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Old 05-15-2020, 04:05 PM   #46
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Not here.
In fact it's a bit low for me, spouse is also not near the max. But we both did work, just first bunch of years the earnings were not great.
And we did early retire so missed out on about 7 more years of earnings at our highest rates.
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Nope, I only have 24 years worth, since I worked for the government (DoD) for 10 years. And a fair number of those 24 were below the tax threshold.
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Not me.

I think many of us are here because we were good at LBYM and invested wisely over decades. I was always well under the SS deduction limit. Always. I retired 4 years before the my full retirement age with SS. I could have retired a few years earlier than that but I had to wait to find good medical insurance at a reasonable price. Once I found it, the decision was made.
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Most early retirees (especially those who went to college) won't see 35 years of w#rking.

I'm at year 32 this year, at age 54. I didn't max out the SS contribution until half-way through my career...so if I FIRED today, I'd be at 87% of maximum benefits, if I wait until 70.
Looks like those posts by members who have exceedingly won the game stuck in my mind, and I just assumed many "early" retirees had similar income levels while working.

Seems like from the comments above many here would not even be close to the maximum benefit for a given SS age, although it does make a lot of sense.

I was curious about this because I wondered if that impacted a person's (or couple's) decision on when to take SS. Would someone who qualified for ~90% of the maximum benefit take it later or earlier than someone who qualified for less, say ~70%. As someone indicated earlier, this may be a question best answered by a poll (or separate thread). Or maybe the question of when to take SS, regardless of percent of maximum benefit, has been answered numerous times in previous threads.

Thanks for the feedback.
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Old 05-15-2020, 04:10 PM   #47
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I was wondering do you get the same amount or is your survivor (maybe wrong word) amount reduced because you start at 62 instead of 64 ?
I'm not a SS expert, but since she and I are the same age, I think I will get her amount assuming we were both over full retirement age at the date of her death. I found this on the AARP website:

The survivor benefit is generally calculated on the benefit your late spouse was receiving from Social Security at the time of death (or was entitled to receive, based on age and earnings history, if he or she had not yet claimed benefits). The actual amount of your payment will differ according to your age and family circumstance:
As noted above, if you have reached full retirement age, you get 100 percent of the benefit your spouse was (or would have been) collecting.
If you claim survivor benefits between age 60 (50 if disabled) and your full retirement age, you will receive between 71.5 percent and 99 percent of the deceasedís benefit. (The percentage gets higher the older you are when you claim.)
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Old 05-15-2020, 05:32 PM   #48
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I stay curious about all financial factors, and still feel it is better to maximize the SS number for my spouse by waiting until 70.
This has been my plan and still is for same reason. She took her SS at FRA
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Deferring SS
Old 05-15-2020, 06:42 PM   #49
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Deferring SS

Given the current state of affairs, I am thinking of taking ss earlier than I originally intended. I originally intended to take ss at FRA, which is Oct 2021. I'm thinking of taking it now, or wait until Jan 2021 to get one more good roth conversion. DW is taking at fra this september.

So I won't be taking it a lot earlier than I originally intended since I'm so close to fra. But I do think that a ss haircut 10 years from now would make it more sensible to take ss earlier that originally thought.
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Old 05-15-2020, 06:54 PM   #50
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I'm 67..3 months ago I moved all my vanguard accounts to MM. I have 1.3m. That's a big no. I live on 3000 a month and save 1/2 of that. I have paid cash or paid off everything in very short time I have not had a house payment for 30 years. My SS is going up by about 8%. If I take out 52000 a year I will live and not run out of money until 92. SS is at 70. If I die so what I have not work for 12 years and my Ira is up 500000. Look at everything. So my plan is 50/50 cash. Than SS at 70. No debt and look at SS as a another stream of money. Use some of you Ira up.
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Old 05-15-2020, 07:27 PM   #51
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If you read the posts before your comment, you'll see that most people are keeping to their plan. There's just one person who said that they have changed their mind. Some others are watching & waiting.

Our plan is to have both of us wait till 70, but most calculators are suggesting that the lower earner take SS early and let the other one wait till 70. Our benefits are pretty close in value.
I read all the posts some more then once. Lol

My point was.

If a thread like this came up in the past there would be an overwhelming response of waiting till age 70, not so much the case in the last 3 or so months.

There isn't the responses trying to convince or persuade the waiting till 70 like it was at one time. That is what I was trying to bring out not that there was 3 pages of posters changing their minds but not trying to sell there idea on waiting till 70. There is a lot of rethinking of it now more then I have every seen. Before it was a convincing wait!

The shoe doesn't fit everyone the same way, so do what you feel is good for you, is my stance on SS. No right way or wrong way IMO.
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Old 05-15-2020, 07:52 PM   #52
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I am curious as to WHY people are changing their SS plans. Was it because they now feel vulnerable? Was it due to prematurely losing a job's income, changing their financial plan and they will need the money? Was it simply due to having more information now as opposed to when they made their original SS plan? Are they barely FI to start with?

FWIW, DW filed at her FRA. 9 months later, when I was at FRA, I filed for spousal benefits on her records, leaving my benefits growing until I file on my records at 70. I know this is not available to others today. My backup plan was always if the SHTF, I could always file before then if needed. I do not see anything yet in our situation to cause me to rethink any part of the plan to wait until age 70.
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Old 05-15-2020, 09:00 PM   #53
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The reason I will take it closer to 62 than 67 or 70 is we adopted our grandson this past Feb 19th. Tomorrow, May 16th, he turns 8 and I turn 60. We share a birthday. My wife currently receives SSDI and he will receive half of her benefit once we have his new birth certificate to show Social Security. My SSI benefit at age 62 is twice as much as her benefit. Once I start SSI our son will receive half of my benefit. That is a lot of money that will go a long way toward paying for his college as well as his piano lessons, etc now. The kid is very musically talented.
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Old 05-16-2020, 05:07 AM   #54
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No anticipated change here. Running some calculators, it has said I (higher earner) should take at 70, and DW (about 50% of my earnings) should take at 62. As I approach FRA of 67, we will see where we are on our other holdings and take each year/month at a time. Can always start mine before 70 if needed.
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Old 05-16-2020, 08:24 AM   #55
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But you do have an uncanny ability to predict the stock market, even if it's inadvertent.
W2R is good at flashing the time to sell warning, now I want her to come up with when it's the right time to buy
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Old 05-16-2020, 08:32 AM   #56
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Given the current state of affairs, I am thinking of taking ss earlier than I originally intended. I originally intended to take ss at FRA, which is Oct 2021. I'm thinking of taking it now, or wait until Jan 2021 to get one more good roth conversion. DW is taking at fra this september.

So I won't be taking it a lot earlier than I originally intended since I'm so close to fra. But I do think that a ss haircut 10 years from now would make it more sensible to take ss earlier that originally thought.



Sounds like you and I were born same month/year - Aug/1955. I am thinking about taking ss this august when I turn 55 - comes out to approx. 92% of fra amount. What I need to look into further is how adversely it affects my wife who is 3 yrs. younger and her ss is appreciably less than mine.


I was going to wait until fra but 2 events has made me reconsider - hit a health snag this year and now the market.
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Old 05-16-2020, 08:49 AM   #57
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I'm still planning to take mine at 66.5 but I may take it sooner if the market turns and I lose, say, 50% of my investable asset or something, but I think that would be unlikely.
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Old 05-16-2020, 09:23 AM   #58
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Sounds like you and I were born same month/year - Aug/1955. I am thinking about taking ss this august when I turn 55 - comes out to approx. 92% of fra amount. What I need to look into further is how adversely it affects my wife who is 3 yrs. younger and her ss is appreciably less than mine.


I was going to wait until fra but 2 events has made me reconsider - hit a health snag this year and now the market.
That makes 3 of us in August 1955!

DW took her much lower SS at 65. I will wait until FRA plus a few months and make 2 more Roth conversions.

But I did just sign-up and got my Medicare card
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Old 05-16-2020, 04:58 PM   #59
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I hope I can stay with my original plan to take my SS at age 70--I am almost 69 so only a year to go. I was the higher wage earner and in good health. DH whose health is not as good took SS at 62. I was one of the grandfathered people so I was able to get half of DH's SS at 66 and I will convert to my own SS at 70. I retired at 50 so I only paid in about 27 years or so but many of those years I had a fairly high salary so at 70 my SS payment will be around $3000. Looking forward to that.
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Old 05-16-2020, 08:44 PM   #60
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Defer SS

That makes 4 of us in August 1955!

I' ll wait until FRA and do Roth conversions this year.

Plan to sign up for Medicare next week
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