I read this story today and immediately thought of this site. I kept checking to see if anybody posted it already. It goes over what some people on this site have been advocating previously: Delaying social security until age 70 by whatever means necessary, continuing to work, using money already set aside in taxable accounts or in tax deferred accounts. Here is the link:https://www.msn.com/en-us/money/sav...ng-safely-in-retirement/ar-BBGo76j?li=BBnbfcN I don't know why in did not come up so that you can just click on it. Sorry, I am not good at doing this type of thing.
If you click on How to “Pensionize” Any IRA or 401(k) Plan – Stanford Center on Longevity it gives a report on How to "Pensionize" any 401K or IRA.
I had my DH read this. He turns 66 this month and we are thinking about him suspending his SS until age 70. (He is receiving an unreduced SS benefit.) We would start his 401K pension amount (they use the IRS life expectancy chart and send it either annually, every 6 months or every quarter, whichever you choose, in order to replace his SS amount. It would take 12.517 years until his breakeven point for SS, which would be 82 and 1/2 years old. I am affected by GPO (Government Pension Offset) and would not be eligible as a wife on his SS record. However, if he delayed SS until age 70 and died before me, I would be eligible for approximately $600.00 SS off of his record. He would be eligible for approximately $700.00 higher SS benefit on his record at age 70. His starting to take payments from his 401K would help at RMD time.
We have not used any of our 401K, TSP or IRAs yet and it makes me nervous to start using them. I have to keep reminding myself that we are getting older and we saved the money for our retirement. He will be 66 later this month and I will be 65 in March 2018. This would be a way to increase his SS for him and also as a survivor, if I were to outlive him. If he were to die right now, I would receive less than $50.00 off of his record as a survivor. My SS is $93.00 per month off of my own record. I do receive a nice CSRS federal pension. I am thinking about withdrawing my SS retirement claim and refiling at age 66. It would be nice to receive a big enough social security check to have my medicare premium deducted from it, so that I would be under the Hold Harmless provision. I told him that if I were to die before him, I would have his SS check start back up and not to wait. It would be nice to be able to leave our children an inheritance and I would hate to draw down our retirement accounts and then both of us die in our early 70s. We are both fairly healthy now. We both need to exercise more and it would be nice if DD could get to a normal BMI (he is in the obese category now). My parents and several aunts and uncles died in their 60s. However, I have 3 aunts and uncles living that are now 88, 84 and 83 and my aunt that just died was 86 1/2. They give me hope!
Any thoughts on anything that I am not thinking about? Any thoughts on what you think that we should do?
If you click on How to “Pensionize” Any IRA or 401(k) Plan – Stanford Center on Longevity it gives a report on How to "Pensionize" any 401K or IRA.
I had my DH read this. He turns 66 this month and we are thinking about him suspending his SS until age 70. (He is receiving an unreduced SS benefit.) We would start his 401K pension amount (they use the IRS life expectancy chart and send it either annually, every 6 months or every quarter, whichever you choose, in order to replace his SS amount. It would take 12.517 years until his breakeven point for SS, which would be 82 and 1/2 years old. I am affected by GPO (Government Pension Offset) and would not be eligible as a wife on his SS record. However, if he delayed SS until age 70 and died before me, I would be eligible for approximately $600.00 SS off of his record. He would be eligible for approximately $700.00 higher SS benefit on his record at age 70. His starting to take payments from his 401K would help at RMD time.
We have not used any of our 401K, TSP or IRAs yet and it makes me nervous to start using them. I have to keep reminding myself that we are getting older and we saved the money for our retirement. He will be 66 later this month and I will be 65 in March 2018. This would be a way to increase his SS for him and also as a survivor, if I were to outlive him. If he were to die right now, I would receive less than $50.00 off of his record as a survivor. My SS is $93.00 per month off of my own record. I do receive a nice CSRS federal pension. I am thinking about withdrawing my SS retirement claim and refiling at age 66. It would be nice to receive a big enough social security check to have my medicare premium deducted from it, so that I would be under the Hold Harmless provision. I told him that if I were to die before him, I would have his SS check start back up and not to wait. It would be nice to be able to leave our children an inheritance and I would hate to draw down our retirement accounts and then both of us die in our early 70s. We are both fairly healthy now. We both need to exercise more and it would be nice if DD could get to a normal BMI (he is in the obese category now). My parents and several aunts and uncles died in their 60s. However, I have 3 aunts and uncles living that are now 88, 84 and 83 and my aunt that just died was 86 1/2. They give me hope!
Any thoughts on anything that I am not thinking about? Any thoughts on what you think that we should do?