Is SS more than you expected?

[Cut-Throat]

What's up with all the folks taking ss at 70?

Not sure what your point is..... But you can plug in your own numbers into this calculator and see what it recommends for yourself.


https://opensocialsecurity.com/

 

[RunningBum]

What's up with all the folks taking ss at 70?

Have you really not read any of the many other threads where people give their reasons for taking SS when they do?

Quick summary, many are using it as longevity insurance, like taking an annuity. Can be a good move if your health is good, longevity runs in your family, and don't feel like you can get great returns if you take SS early instead and keep more of your money invested.

There are many valid reasons for taking at 62 and any other age between 62-70 too.

 

[Just_Steve]

The "Family Maximum" ranges from 150%-180% of your FRA benefit. It is for beneficiaries who have a young family. Children under age 18 each receive a benefit as does a spouse until the youngest is age 16.

In my case when I started at age 62, My spouse was 34 and my sons were 10 and 7 mos old. Each of my sons gets a check equal to a little more than 1/2 my check. My spouse would also get a check, but has never lived in the USA and does not have a SS# (required). We will move to the USA this year and when my oldest son ages out, my spouse will qualify and receive benefits until my youngest turns 16 or if we have more children in the future, until the last born turns 16.

And people wonder why SS is going broke.

 

[Cut-Throat]

And people wonder why SS is going broke.

Except it is NOT... S.S. Currently has a $3 Trillion Dollar Surplus... That's Trillion with a "T"..... Maybe the only Government Program that has a Surplus.


I'd say your Source of News and Information is Faulty.

 

[meleana]

Just remember, when one person passes you are left with one SS check.

 

[meleana]

Have you really not read any of the many other threads where people give their reasons for taking SS when they do?

Quick summary, many are using it as longevity insurance, like taking an annuity. Can be a good move if your health is good, longevity runs in your family, and don't feel like you can get great returns if you take SS early instead and keep more of your money invested.

There are many valid reasons for taking at 62 and any other age between 62-70 too.

Right. I do not like annuities, but I look at SS like an annuity. You get 8% return for waiting to age 70. Married couples can have the lower paid spouse take it anywhere from age 62 to FRA or later and the higher earning one can take it at age 70 to try to maximize it.


I am 62 1/2 and not working and haven't taken it yet. My FRA is 66 + 4 months. Not sure when I will take it.



My husband is working and will be 65 in April, but his FRA is 66 and he will probably work at least until then and wait until age 70. At least that is the plan for now.

 

[PointBreeze]

Just remember, when one person passes you are left with one SS check.

Yes, I have that factored into my long-range planning.

 

[Cut-Throat]

Just remember, when one person passes you are left with one SS check.

Exactly! ... Make sure one of them is Large!

 

[jimnjana]

SS is icing on the cake. Next year DR will start hers at FRA in all likelihood. We will add some to our travel budget, taxable investments, savings and begin to paydown our mortgage.

 

[Cut-Throat]

SS is icing on the cake. Next year DR will start hers at FRA in all likelihood. We will add some to our travel budget, taxable investments, savings and begin to paydown our mortgage.

OK, what does DR stand for in your post?

 

[jimnjana]

DW kindle auto correct I didn't catch.

 

[robnplunder]

Have you really not read any of the many other threads where people give their reasons for taking SS when they do?

Quick summary, many are using it as longevity insurance, like taking an annuity. Can be a good move if your health is good, longevity runs in your family, and don't feel like you can get great returns if you take SS early instead and keep more of your money invested.

There are many valid reasons for taking at 62 and any other age between 62-70 too.

There seem to be more than usual number of people in this thread to take SS at 70. As for me, I am 57 and I will have to see what happens at 62 to see what's best for MY situation. Taking SS at which age - there is no one answer as it will depend on a lot of factors: longevity, tax, health, .... That's the main thing I've learned on the topic after hanging around this forum for years.

 

[skipro33]

Taking SS at 62, when you MIGHT actually enjoy it,

or taking it at 70.5 and beyond, because by then, all you do is this?

Today my son and I skied bottomless powder; 110" of fresh new snow after 4 days of storms in the Sierras around Lake Tahoe. I am maxing out my SS to my best advantage.

 

[Cut-Throat]

Taking SS at 62, when you MIGHT actually enjoy it,
or taking it at 70.5 and beyond, because by then, all you do is this?
Today my son and I skied bottomless powder; 110" of fresh new snow after 4 days of storms in the Sierras around Lake Tahoe. I am maxing out my SS to my best advantage.

Sorry that the size of your Portfolio did not allow ski trips to Lake Tahoe, without having to rely on taking S.S. early.

 

[skipro33]

Yet, another poster that doesn't understand Math.... Good at posting pictures though.

I understand math just fine. I'm just not interested in putting my portfolio up as collateral on a promise from the US Government that SS, in it's present form will be there for me in another 8 years, or that any time between then and when I die that it won't be modified for any reason they so deem without any means of control on my part. I'll take it now, thankyouverymuch. I'm just not that impressed with their ability to manage my money and control debt, nor keeping their promises.

[Mod Edit]

I can also offer you tips on posting pictures if you'd like.

 

[skipro33]

Sorry that the size of your Portfolio did not allow ski trips to Lake Tahoe, without having to rely on taking S.S. early.

Wow!
Geez thanks, I think; feeling sorry for me I mean. Maybe you could start a Go-Fund-Me page on my behalf.

 

[Spanky]

OK, what does DR stand for in your post?

must be DW? Icing on the cake is great for them.

 

[Spanky]

There seem to be more than usual number of people in this thread to take SS at 70. As for me, I am 57 and I will have to see what happens at 62 to see what's best for MY situation. Taking SS at which age - there is no one answer as it will depend on a lot of factors: longevity, tax, health, .... That's the main thing I've learned on the topic after hanging around this forum for years.

Agreed that it's dependent on many factors. The break even point (FRA vs 70) is about 83, which is the average longevity of male. Apparently, most people on this forum think that they will exceed the average by a wide margin. Let's hope that they are right.

 

[joeea]

or taking it at 70.5 and beyond

Hopefully everyone here is educated enough to know that there is never a benefit to waiting beyond 70 to start collecting social security. Perhaps something magic happens to you at 70.5 that doesn't to most folks. (You expect to sign off of life permanently? Hard to tell based on the image you posted.)

Many choose to delay to 70 in order to maximize their inflation-protected, spouse survivor-beneficial guaranteed lifetime income, allowing them to safely spend more of their nest egg earlier in their lives when they can enjoy it more.

 

[pb4uski]

I am getting an online quote for an SPIA that starts at age 70 and goes for the rest of my life after that.

But I'm guessing that the quote that you are getting is for a fixed benefit annuity starting at age 70 and SS is COLAed, so it would cost more... probably about 1.5x to 1.8x a fixed benefit.

A better approach would be to get the premium of a deferred annuity with a benefit equal to your current SS benefit and then adjust it.

 

[pb4uski]

Just remember, when one person passes you are left with one SS check.

True, but it is the larger of the two. Which is part of the reason why the higher wage earner should wait.... that higher benefit is received for a longer time since joint mortality applies. In our case it is likely that one or the other of us will live to our early 90s so we'll collect that larger benefit for over 20 years.

 

[pb4uski]

Taking SS at 62, when you MIGHT actually enjoy it....

In many cases that is a false premise as for many of us we have all we need so our spending wouldn't change one iota if we start collecting SS... it is just a matter of the source of the funds for our spending. Taking SS later is just a backa$$wards way of buying a COLAed annuity from the federal government.

 

[skipro33]

Hopefully everyone here is educated enough to know that there is never a benefit to waiting beyond 70 to start collecting social security. Perhaps something magic happens to you at 70.5 that doesn't to most folks. (You expect to sign off of life permanently? Hard to tell based on the image you posted.)

Many choose to delay to 70 in order to maximize their inflation-protected, spouse survivor-beneficial guaranteed lifetime income, allowing them to safely spend more of their nest egg earlier in their lives when they can enjoy it more.

Sorry, got the age of RMA a little mixed up with max age for SS.

this SS thread is rapidly straying into the wider reaching topics of solvency speculation and politics

The OP's original question begins with;

All during the accumulation phase we discounted SS, assuming it would not be there (yeah, we were conservative).

I just am trying to point out that the risk they mention hasn't gone away, that burning down one's own, inheritable funds on a guarantee from the government that they'll be there all those years from now when they already admit it won't be fully funded past 2034 I believe, isn't without risk (starting this year SS begins paying out more than it brings in) and that the risk is most likely an age where one is mentally most vulnerable. And to point out that SS evaporates into thin air once the recipients are gone from this earth, unlike your own savings. It could be that in another 20 years, the personal savings are now spent down and SS isn't able to meet all it's expectations.

In summary, nothing is a guarantee, including SS at any age or status in the collection phase. preserving and protecting wealth is as important as attaining wealth while remembering the purpose of wealth is to improve one's quality of life.

 

[FREE866]

Taking SS at 62, when you MIGHT actually enjoy it,

or taking it at 70.5 and beyond, because by then, all you do is this?

Today my son and I skied bottomless powder; 110" of fresh new snow after 4 days of storms in the Sierras around Lake Tahoe. I am maxing out my SS to my best advantage.

Oh man...I don't ski , but that pic--with the view and crispness I'm sure of the air--- looks amazing

 

[skipro33]

Oh man...I don't ski , but that pic--with the view and crispness I'm sure of the air--- looks amazing

It's not always sunny;