Useful Links

2017ish · 12-01-2021, 02:00 PM

Quote:

Originally Posted by Elite59

Someone on one of these threads posted a link to a website which calculated the best age for married couples to retire. You had to plug in a few parameters, like "Full retirement amount $" and our ages. Then the site did a calculation which determines which age each person should retire for optimum payout, assuming a normal life span. Does anyone happen to have a link to that site?

Not sure about best age to retire, but this might be the best calculator for determining the best age(s) to start social security. https://opensocialsecurity.com/about

RetiredHappy · 12-01-2021, 03:41 PM

Quote:

Originally Posted by Elite59

Someone on one of these threads posted a link to a website which calculated the best age for married couples to retire. You had to plug in a few parameters, like "Full retirement amount $" and our ages. Then the site did a calculation which determines which age each person should retire for optimum payout, assuming a normal life span. Does anyone happen to have a link to that site?

You may be referring to this for social security benefits. I don't think there is a site for when to retire. I am retired and I am not drawing on SS: Open Social Security: Free, Open-Source Social Security Calculator

Vincenzo Corleone · 12-01-2021, 08:43 PM

Neither my wife nor I have claimed SS yet. If we were to both wait until we're 70, and assuming we don't make another dime of earned income between now and then, the combined monthly amount would be $6,635. She'll probably wait until 70, but I think I'll claim at 65-66 since her benefit will be a little higher than mine and she'll probably outlive me.

jollystomper · 12-01-2021, 08:56 PM

Quote:

Originally Posted by Elite59

I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows,how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?

In our experience with DW's self employment income that last 2 years, after we filed our taxes in March an adjustment was made in October, retroactive to the beginning of the year.

This matters much less than deciding at what age to take SS.

pb4uski · 12-01-2021, 11:45 PM

Quote:

Originally Posted by Elite59

I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows,how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?

You might be looking at it the wrong way.

Unless you need SS to live, if you are in good health you may be better to wait before starting SS... so how quickly they credit your SS record for your 2021 SE taxes becomes a moot point.

Visit opensocialsecurity.com and input your information to look at the impact of various claiming strategies... be sure to check the little check box near the top of the page to change the inputs for mortality table and discount rate. For a discount rate I suggest the expected real return on assets that you would use if you delay claiming SS rather than the yield on 20-year TIPS suggested by the author... and remember that the real return is what you expect to earn less the inflation rate.