stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,611
Hi All,
Reviewing social security options - been dreading it
No major health issues, spouse has no major health issues, parents died younger due to smoking related illnesses, no diabetes, walk - workout- stay active, travel, good attitudes, etc.
Have retirement income from military, megacorp, and rental properties. Everything paid for - no loans, etc.
My FRA is 66 - in 2020. My expected PIA is $2899
Wife's FRA is 66 - in 2020. Her PIA is 0.
I set age at death parameter for me at 85, and for spouse at 95.
opensocialsecurity.com tells me - we should both file in 2024 in my birth month - she is two months younger than I.
I played with the alternatives approach - but, the only on that is strategically different is the collect as soon as possible at FRA in 2020. It says there is a net loss of $72K in predicted cumulative income.
OK - that seems to make sense ... so $72K over 20 years (from now) for my death is $3,600 a year. Wife would get a bit less over the next 10 years because we started earlier than age 70.
If so, there is "only" a difference of ~$3,600 a year over my remaining lifetime?
So - no surprise - the loss of the difference of $3,600 a year is about 5.5%.
And, as long as I make 5.5% a year on what I do receive, we break even, but start receiving at 66 vs 70 years of age.
Does this all sound broadly accurate - didn't put the actual numbers, but should not matter much as long as I have provided the differences?
Thanks!
Reviewing social security options - been dreading it
No major health issues, spouse has no major health issues, parents died younger due to smoking related illnesses, no diabetes, walk - workout- stay active, travel, good attitudes, etc.
Have retirement income from military, megacorp, and rental properties. Everything paid for - no loans, etc.
My FRA is 66 - in 2020. My expected PIA is $2899
Wife's FRA is 66 - in 2020. Her PIA is 0.
I set age at death parameter for me at 85, and for spouse at 95.
opensocialsecurity.com tells me - we should both file in 2024 in my birth month - she is two months younger than I.
I played with the alternatives approach - but, the only on that is strategically different is the collect as soon as possible at FRA in 2020. It says there is a net loss of $72K in predicted cumulative income.
OK - that seems to make sense ... so $72K over 20 years (from now) for my death is $3,600 a year. Wife would get a bit less over the next 10 years because we started earlier than age 70.
If so, there is "only" a difference of ~$3,600 a year over my remaining lifetime?
So - no surprise - the loss of the difference of $3,600 a year is about 5.5%.
And, as long as I make 5.5% a year on what I do receive, we break even, but start receiving at 66 vs 70 years of age.
Does this all sound broadly accurate - didn't put the actual numbers, but should not matter much as long as I have provided the differences?
Thanks!