Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Playing with OpenSocialSecurity benefits optimizer
Old 06-11-2021, 02:43 AM   #1
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 506
Playing with OpenSocialSecurity benefits optimizer

re the tool at
https://opensocialsecurity.com/

You can ask an infinite number of comparison questions - I'd like to hear what people have discovered that might be important but not obvious to ask:

TAKING EARLY? CONSIDER REDUCTION IN SURVIVOR BENEFIT
I compared the loss of benefits if the higher earner retires at 69 instead of 70, and the lifetime difference is 1% for us. Seems trivial, and gives almost the same amount up front in the age 69 year while taking it back slowly over the rest of our lives. So think of the Present Value to take a trip or something while healthier.

HOWEVER if the survivor lives longer than expected, for us the reduction in survivor benefits is 6.2% per year. Living longer is all "bonus" money, but having a reduced bonus might be significant.
Bongleur is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-11-2021, 05:04 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 2,733
DW started her SS at 65, her FRA was 66y 4mos. The last strategy DW and I was encouraged to do was to stop her benny now, then restart next year at her 66y 4mos, her benny jumps $800/year.
__________________
Give me Liberty or give me Death. Patrick Henry
Winemaker is offline   Reply With Quote
Old 06-11-2021, 06:28 AM   #3
Recycles dryer sheets
TheRunningMan's Avatar
 
Join Date: Jun 2017
Location: The Flyover
Posts: 97
Thank you for posting this useful link!
TheRunningMan is offline   Reply With Quote
Old 06-11-2021, 07:40 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Aug 2010
Location: Back woods of Fennario
Posts: 1,111
I don't want to hijack OP's specific question, but I am not convinced that opensocialsecurity gets the GPO offset correct. I don't know how yo can estimate it until survivor benefits are claimed.
__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 06-11-2021, 10:04 AM   #5
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 4,135
Nice. Thanks for the link. It makes my calculations much easier.
tmm99 is offline   Reply With Quote
Old 06-11-2021, 12:10 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 29,487
Quote:
Originally Posted by LRDave View Post
I don't want to hijack OP's specific question, but I am not convinced that opensocialsecurity gets the GPO offset correct. I don't know how yo can estimate it until survivor benefits are claimed.
I'm sure if you emailed Mike Piper he could tell you how the the tool does that calculation. I'm guessing that it is tied into the mortality calculations.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Old 06-11-2021, 12:13 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 29,487
Quote:
Originally Posted by Bongleur View Post
....So think of the Present Value to take a trip or something while healthier. ...
I think this is a bit of a false premise for many.... arguably for anyone who isn't on the edge of financial ruin. Take the trip either way, it is just a matter of whether you are spending their money if you take early or of you take late spending your money and getting it paid back later.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA TBD
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help with opensocialsecurity.com 34rlsa FIRE and Money 12 07-06-2018 01:40 PM
Portfolio Optimizer nico08 FIRE and Money 1 04-10-2011 11:28 AM
Homegrown optimizer ronin FIRE and Money 0 02-13-2011 11:51 AM
Playing With Your Children boont Life after FIRE 32 11-06-2006 09:08 AM
State Tax Optimizer/Estimator ?? OldAgePensioner FIRE and Money 3 03-09-2006 12:12 PM

» Quick Links

 
All times are GMT -6. The time now is 04:51 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.