Question about taking SS before full retirement age

[Ready]

We are both planning on delaying SS until age 70. Just in case one or both of us lives to a crazy old age, it becomes good longevity insurance. Of course lots of things can change between now and 70, but for now, that is what we have planned for in all of our forecasting models.

 

[CyberBob]

Interesting Morningstar paper, When to Claim Social Security Retirement Benefits
http://corporate.morningstar.com/ib...entoClaimSocialSecurityRetirementBenefits.pdf

Bob

 

[jeffmete]

Interesting Morningstar paper, When to Claim Social Security Retirement Benefits
http://corporate.morningstar.com/ib...entoClaimSocialSecurityRetirementBenefits.pdf

Bob

What's interesting in that article is they compared results based on your portfolio rate of returns. So if you stay well diversified (60-40 stock bonds) and average 7-8percent, it becomes more of a wash when you start SS.

 

[lynxville]

Everyone has to do what they think is right for them. But consider my neighbor just died at 59 and I met a couple that had 14 people die over the winter on there block. It also depends on if you will or will not run out of money.

 

[Ally]

Everyone has to do what they think is right for them. But consider my neighbor just died at 59 and I met a couple that had 14 people die over the winter on there block. It also depends on if you will or will not run out of money.

My husband and I keep hearing of friends, or acquaintances, who were our age, who died this year from heart attacks, strokes or brain aneurysms. All seemed to be in fairly good health and had sudden deaths. It's sort of unnerving.

 

[Silver]

I am 18 months older than my DH and our monthly/annual SS benefits are about the same. I am currently 62. We have no pensions.

Our plan is for me to claim my SS benefits at my full retirement age of 66. My DH will file and suspend at 66 and claim 50% of my benefits, and then claim 100% of his at age 70. Meanwhile we are withdrawing about 5-6% of our AA annually, which we know is considered a "high" withdrawal rate. We figure this will give us the best options all around and after 70 we'll have more money coming in than we'll know what to do with. At least....that's the plan.

 

[twolfy]

Ally I had to laugh when I read this line by you; "I tried staying on the line with the SSA, but gee whiz! I can't stay on the line all day."
I was recently on hold for 48 min the other day waiting to speak with someone at SSA. My local SSA office personnel were uninformed and obnoxious . I had to wait a long time when I called the Nat'l 800 number but when I got through the SSA representative was courteous, very knowledgeable and very helpful. I was impressed and told the the lady I spoke with so.
Read part of a book and did a few sudoku puzzles while I was on hold.

 

[Ally]

Thanks, haha, I was at work and so couldn't sit on the phone like that. I decided to ask you all and sure enough, got some great responses.

 

[jimnjana]

Ally I had to laugh when I read this line by you; "I tried staying on the line with the SSA, but gee whiz! I can't stay on the line all day."
I was recently on hold for 48 min the other day waiting to speak with someone at SSA. My local SSA office personnel were uninformed and obnoxious . I had to wait a long time when I called the Nat'l 800 number but when I got through the SSA representative was courteous, very knowledgeable and very helpful. I was impressed and told the the lady I spoke with so.
Read part of a book and did a few sudoku puzzles while I was on hold.

Wonder if you reported the people you talked to? I get names whenever I talk to customer reps. I report them whenever I encounter bad or very good customer service. I also make it a point to refer to the "recorded conversation" for the bad ones. Bad Gov't employees are hard to get rid of, but not impossible. (I know, I did it)

 

[MRG]

Wonder if you reported the people you talked to? I get names whenever I talk to customer reps. I report them whenever I encounter bad or very good customer service. I also make it a point to refer to the "recorded conversation" for the bad ones. Bad Gov't employees are hard to get rid of, but not impossible. (I know, I did it)

Great idea, but do you know how they find those calls. From my experience in back office processing, it's completely manual. Yes they have Billy Bob's calls recorded. What date and time did you call? Then someone listens to attempt to find your call. Of course that assumes they want to find the call. Not saying you shouldn't report them. I assume if they get a high number of complaints on Billy Bob they pay more attention. Many organizations listen in(real time) on new employees, or problems that have been reported.
MRG

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