New book about SS: "Get What's Yours"

[BBQ-Nut]

Gee, I think the OP has learned the lesson....you guys are tough.

 

[REWahoo]

Gee, I think the OP has learned the lesson....you guys are tough.

Only takes one bad experience to accelerate the toughening process.

 

[dadu007]

Hi again,

To give myself legitimacy, I posted a quick bio in the "Hi, I am..." sub-forum.
Take a look over there to read my story.

I'm just a guy hoping to retire some day.

Thanks to all! I've already learned a lot and started to change my ways just by lurking on this forum.

 

[braumeister]

... just by lurking on this forum.

Well, there you go again!
Lurking is frowned upon here -- we want to see an average of at least 1.65 posts per day, or you may be ostracized.


Just kidding -- trying to toughen you up for what is in fact quite a friendly bunch of folks here.

 

[HFWR]

Agreed. Poor guy just wants to put out some info. All he gets is, Suspicious link, hey, how bout reviewing the book first, against forum rules, you're new and can't be trusted.

Well, I'm old, and [-]can't[/-] shouldn't be trusted...

 

[harley]

You aren't that old.

 

[imoldernu]

Old? imoldernu!

 

[haha]

The excerpt on NPR seemed dumb, though the ideas while elementary are sound.

I first came here in 2003. I knew nothing about SS or SWR or these retirement oriented issues even though I had been retired a long while. But somebody here told me everything I needed to know about SS pretty quickly. I think it can get very tricky when government pensions or having been a nun or various other offsets are an issue, but the rest is simple.

Still, Kotlikoff knows what he is about, and the book isn't very expensive and libraries will likely buy it so why not?

Ha

 

[samclem]

Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.

 

[athena53]

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.

Not a bad idea. I'm 62 and haven't filed; DH filed at age 65 years ago. When I hit 66 (full retirement age), I'm pretty sure I'm safe taking a Spousal benefit and continuing to let mine grow, but laws change and that's when I'll really need to make a decision.

 

[NanoSour]

Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

I plan to do the same. Kotlikof is also the author of ESPlanner retirement software which was the linchpin of my early retirement decision. Don't believe I would have made the leap of faith without it.

Wondering if anyone has used the Maximize My Social Security software and could provide some thoughts on it.

 

[W2R]

Old? imoldernu!

Yeah, but some days I definitely feel like imevenoldernu, imoldernu!

 

[audreyh1]

Kotlikof has written some good articles on SS optimization, I'm sure the book is good.

When I get closer to the decision on this, I plan to plunk down the $40 for a license to his software. It gets good reviews and this is the type of multivariable problem that screams out for an automated solution. His software is sold at : When Should I Take Social Security to Maximize My Benefits? | Maximize My Social Security

Note: I have no connection to/financial interest in this product, and haven't even seen/tried it.

Not a bad idea. I'm 62 and haven't filed; DH filed at age 65 years ago. When I hit 66 (full retirement age), I'm pretty sure I'm safe taking a Spousal benefit and continuing to let mine grow, but laws change and that's when I'll really need to make a decision.

Great idea! Same here. When DH turns 62, we'll go ahead and review all this stuff. Certainly worth $40 for software and book to work through all our issues.

Neither DH nor I have worked 35 years. As such, our SS income won't be much - will probably just cover some of our Medicare premiums. But still good to work through all the issues.

DH is 4.5 years older, but I had the larger salary while working, and hit the SS income limit most of my last decade working. So it will be interesting to see what makes sense for us.

 

[ibelieu]

Wasn't Kotlikof interviewed on NPR just this morning? He was asked about his thoughts on how Social Security would be reformed and said he does not believe any reform would affect people who are like 55 or older, and that any reform would likely take the form of higher taxes rather than reduction of benefits. He said the latter would just be too difficult politically.

 

[doughroller]

I'm 6'6" and weigh 260lbs. With my size and family history, I will be lucky to see 80. I'm taking ss @ 62. BTW, I won't/don't need the money so it is sort of irrelevant. DW is six yrs younger and should live until 90. She will wait until 70 to take her's.

In your case there may a reason to wait until 70. That is survivor benefits for DW. She will get bigger benefits if you wait. Then I believe she can take the bigger amount of her survivor benefits or her own deferred benefits. Of course if you guys are set and are good it may not matter too much. OTOH if money will be tight when you are gone it may be significant.

 

[mathjak107]

once you figure in the fact if you retire early and delay and spend down money from your portfolio that could have been growing if you collected the differences are pretty small.

while i was going to delay to fra as i am retiring this year at 63 my plan is to see how the markets do.

if after we blow through cash if markets are down i will take ss rather than start liquidating stocks to raise more cash.

 

[eytonxav]

DW brought the book home from the library, and it sat on our coffee table unread for quite a while before needing to be returned, but I did take a glance at it before it went back. Found it to be pretty interesting and I'm sure there is something to be learned even for those who think they know it all

DW is now back on list to check it out again.

I'll be FRA in June and was planning to wait until next January to file, or possibly delay depending on the market. I'd be getting max SS, and DW is 5 yrs younger with much lower earnings, so I can see her taking hers at 62 and then bumping to spousal at 66.

 

[mathjak107]

if your wife takes it at 62 she can never really switch to a spousal.

what she gets is a bump up in her own when you file.

it will work out to less than 1/2 your full since her early benefit is used as a base.

basically they take 1/2 your full and subtract her full had she waited. the difference is added to her own benefit.

spousal benefits for those with their own work records are only a fra thing.

 

[Tadpole]

mathjak107. But even if the spouse takes it at 62, if you die can't your spouse, if over FRA, switch to the full value of your unclaimed SS at the time of death without reduction?

 

[mathjak107]

no she gets survivor benefits. it is a different system with different calculations.

survivor benefits have two moving targets , what the husband actually collected less about 1/2% a month for every month under fra she is vs minimum floors off of his full benefit . she gets the higher of the 2 . . if she is fra herself she just gets what he got even if he filed early or x.81 off his full which ever is higher ..

they are the higher of what he is getting vs his full x.61 if she files at 60 or x.81% if 62. there is no additional benefit in waiting for survivor if you are at the min levels and file before fra..

in either case there is a penalty if the wife files early for survivor.

she could keep her own until 62 and then go to survivor benefits and see which is higher , her own , her husbands actual less 1/2% a month for every month under fra she is vs her husbands full x.81 if 62 .

 

[LRDave]

I plan to do the same. Kotlikof is also the author of ESPlanner retirement software which was the linchpin of my early retirement decision. Don't believe I would have made the leap of faith without it.

Wondering if anyone has used the Maximize My Social Security software and could provide some thoughts on it.

I had been reading the threads over on Bogleheads about Kotlikoff/new book/appearance on "Here and Now". I have been vexed for years - asking here, Bogleheads (ssacritic no less!) and looking at all the SSA calculators - to try and figure out the WEP/GPO impact on our SS benefit. DW is an educator but has some SS earnings (not a lot). So after learning of the $40 annual fee, I decided to give it a try.

I am pleased with my purchase. I had just been in the SSA.gov site looking at the earnings records for DW and I. The best thing to me is that you just go to your SSA earnings report, cut-and-paste the text out of the page on the SSA site and into your software, and it parses the text and creates your earning record into the data the software uses. You can also enter it manually, but that would be tedious.

I would not have guessed the optimum strategy:

DW files for benefits in Dec. of the year she turns 64.
I file for spousal benefits in that same Dec. after reaching FRA.
I file for my benefits the month I turn 70.
DW files for spousal benefits the same month.

There is a lot of explanation that comes with your optimized strategy report. I am still just learning how to simulate other what-if scenarios to compare to the "optimum".

In my case, this whole SS situation was driving me crazy, so I found the $40 well worth it.

 

[Spanky]

It's funny that the user review says the most important thing is to wait until 70 while the back cover copy says few Americans can afford to wait until 70.

The book's pub date is today--probably more reviews will be posted soon.

It's not funny -- it's reality. My plan is age 70 at which payment would be 3,551 a month based on the current law but could change if the law changes or the health of SS deteriorates.

 

[Spanky]

I would not have guessed the optimum strategy:

DW files for benefits in Dec. of the year she turns 64.
I file for spousal benefits in that same Dec. after reaching FRA.
I file for my benefits the month I turn 70.
DW files for spousal benefits the same month.

Will she file for benefits at age 70?

 

[Bestwifeever]

I had been reading the threads over on Bogleheads about Kotlikoff/new book/appearance on "Here and Now". I have been vexed for years - asking here, Bogleheads (ssacritic no less!) and looking at all the SSA calculators - to try and figure out the WEP/GPO impact on our SS benefit. DW is an educator but has some SS earnings (not a lot). So after learning of the $40 annual fee, I decided to give it a try.

I am pleased with my purchase. I had just been in the SSA.gov site looking at the earnings records for DW and I. The best thing to me is that you just go to your SSA earnings report, cut-and-paste the text out of the page on the SSA site and into your software, and it parses the text and creates your earning record into the data the software uses. You can also enter it manually, but that would be tedious.

I would not have guessed the optimum strategy:

DW files for benefits in Dec. of the year she turns 64.
I file for spousal benefits in that same Dec. after reaching FRA.
I file for my benefits the month I turn 70.
DW files for spousal benefits the same month.

There is a lot of explanation that comes with your optimized strategy report. I am still just learning how to simulate other what-if scenarios to compare to the "optimum".

In my case, this whole SS situation was driving me crazy, so I found the $40 well worth it.

Does your DW have 40 quarters of social security earnings herself (I am assuming she must to be able to file for benefits at 64).

I ask because a dear friend who is a retired teacher with a WEP/GPO pension just told me yesterday that she is four quarters shy of qualifying for social security, which for her would be minimal (the 36 quarters she has are from long ago jobs) but might qualify her for spousal and survivor benefits against her DH's SS, which she doesn't think she is entitled to right now. She asked if I thought she go back to work for a year in some random job to get the quarters. I didn't give her an opinion but it sounds like she should?

 

[athena53]

It's funny that the user review says the most important thing is to wait until 70 while the back cover copy says few Americans can afford to wait until 70.

I agree with Spanky- it's sad reality. Many people are planning on retiring with SS only, or SS plus small savings, so they start SS at age 62 to make the savings last.

while i was going to delay to fra as i am retiring this year at 63 my plan is to see how the markets do.

if after we blow through cash if markets are down i will take ss rather than start liquidating stocks to raise more cash.

That thought has occurred to me; I retired last year and turned 62 last month. No intention to file for SS till age 70. I've been through crappy markets and would really have to do some analyses to figure out whether it would make sense to file for SS before that in the event of a crash. Is liquidating under 4% of your portfolio for a few years in a down market something to be avoided by taking SS early? Is the reduction in SS for the rest of your life worth what you'll gain when your investments recover? I'd try to model something based on the last financial crisis ups and downs.