Debinnov a
Recycles dryer sheets
- Joined
- Nov 2, 2013
- Messages
- 238
Hi everyone,
It has been a few months since we sold the business and retired - still getting used to things although I cannot for the life of me figure out how I ever had time to work. Lol
I'm trying to budget and plan for when to take social security and how much it will be.
If I were to continue to work, at 62 I would receive $1904 according to the calculators - but they are assuming I will work up to 62 - I am now 57. When I plug in my earnings and $0 for the next five years until I hit 62, the calculator says I will get $1817 per month.
Now, I cannot figure out how to determine what my payment would be if I wait until 66 and a half years or 70 years.
If the $1817 is 95% of the $1904 amount, would it make sense to take the numbers that social security is saying they will pay at 66.6 and 70 (as they assume I'm still working) and take 95% of those figures? Or is that all wrong - I'm sorry - I'm not the best with numbers.
Second question is: My DH earned lower wages and is also six and a half years younger than me! He is going to have no earnings for 12 years, so his social security payments are going to be low. I'm assuming that at some point he can apply for half of mine while his grows? Does that work in this scenario since I'm an older woman?
I don't see how I can figure out when best for me to take Social Security if I don't know the amounts. My inclination is to try to wait until 70, as long as the money holds out.
Thanks,
Debbie
It has been a few months since we sold the business and retired - still getting used to things although I cannot for the life of me figure out how I ever had time to work. Lol
I'm trying to budget and plan for when to take social security and how much it will be.
If I were to continue to work, at 62 I would receive $1904 according to the calculators - but they are assuming I will work up to 62 - I am now 57. When I plug in my earnings and $0 for the next five years until I hit 62, the calculator says I will get $1817 per month.
Now, I cannot figure out how to determine what my payment would be if I wait until 66 and a half years or 70 years.
If the $1817 is 95% of the $1904 amount, would it make sense to take the numbers that social security is saying they will pay at 66.6 and 70 (as they assume I'm still working) and take 95% of those figures? Or is that all wrong - I'm sorry - I'm not the best with numbers.
Second question is: My DH earned lower wages and is also six and a half years younger than me! He is going to have no earnings for 12 years, so his social security payments are going to be low. I'm assuming that at some point he can apply for half of mine while his grows? Does that work in this scenario since I'm an older woman?
I don't see how I can figure out when best for me to take Social Security if I don't know the amounts. My inclination is to try to wait until 70, as long as the money holds out.
Thanks,
Debbie