SS Payments at 62 (What will/do you get?)

[rescueme]

But, don't think that having an active, exciting lifestyle in old age is a given.

No, but let me tell you about the folks that we've met in their 90's during our travels around the world.

We don't have a need to plan for when we are no longer around (money is for the living, not the dead).

However, with DW's passion for travel and her family's extended lifespan, we plan as if we (if not me) are still traveling - but realizing that what we do now is probably going to be assisted by "hired help" in the future.

Those that fail to plan, plan to fail...

 

[jimnjana]

Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as at 62, golf, fish, hunt, ride motorcycles, etc. etc? My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or I most likely will not be able to physically do the things I could at the age of 62 and that might even include driving.

79 is like the new 59 for many people. We have had the good fortune to travel with very active seniors in their middle to late 70s -80s. One of the most energetic seniors was 82 at the time and could literally run circles around some much younger members of our group. Recently I was surprised to find out on facebook that one of my "drinking buddies" from several cruises just celebrated her 83rd birthday. I had thought she was in her late 60s. Personally, I think one should plan continuing to spend on travel or other hobbies/activities right up to your planned expiration date.

 

[Beryl]

This was my statment when I retired last year.

Stop working at 57:
$1,713.00 - 62
$2,265.00 - 66
$2,990.00 - 70

Mom is a relatively healthy 86 and Dad died 'early' at 78 from cancer. His dad lived to about 100 and his big brother is going strong at 95. I still plan to collect at 62 - in just over 4 years.

 

[braumeister]

So true about it all depending on your individual condition.
I'll never forget a guy we met on a Grand Canyon rafting trip a few years ago. He was 82 or 83, and easily kept up with everyone, including hikes up the steep canyon walls on side trips. There were others on the trip in their early 50s who never even considered the side trips but spent the whole week basically sitting down. A higher level of activity probably contributes to longevity as well as quality of life.

 

[misanman]

We are also on the 62/66/70 plan. My numbers are $1865/$2487/$3343.

 

[Alan]

SS Payments at 62 (What will/do you get?)

Just checked and I am in line to get:

at 62 $1,560
at 66.2 $2,098
at 70 $2,743

Current thinking is to do the 62/66/70. (note that DW is 9 months younger than me and only eligible for 50% survivor benefits on my pension.)

 

[RE2Boys]

Complicating my decision is that, with the WEP provisions, monthly benefit at my current age (63) is only $345, waiting to 66 would give me a whopping $432. Not a very big difference. But with my minor boys, they could each get a little over $100 a month for about 4.5 years. My wife is 10 years younger and would be entitled to way more SS on her own record than from me. So conventional thinking does not fit our situation at all.

 

[rescueme]

FWIW:

Me:
$2201/mo. a/o today (I'm past age 62).
$2416/mo. at FRA (16 months from now).
$3189/mo. at age 70 (when I actually expect to claim).

DW:
$1531/mo. a/o today (she's also past 62).
$1742/mo. at FRA (20 months from now; I'll claim 50% - $871/mo at that time).
$2340/mo. at age 70 - but she will be drawing earlier than that, either at FRA or claim against me assuming I die tomorrow.

We're doing the FRA (DW) SS claim, with the 50% spousal claim at at that time by me, followed by age 70 (me) with the primary intent to maximize current income for DW assuming I pass first. In addition, by drawing down our respective TIRA's at this time we're limiting the total amount subject to "excess RMD's" (IOW, withdrawls from TIRA's not needed for current income) in the future.

 

[LakeTravis]

Just to clarify - all of the quotes provided by the SSA (and used in these posts) regarding estimated future benefits are in TODAY'S dollars and don't include any annual SS COLA between now and then. Correct?

 

[braumeister]

Correct.

 

[cocoa2012]

Retiring vs. Stop Working

Can someone give me advice on taking early SS retirement. I turn 62 in 2026. I turn 48 this December and start collecting my 30 year pension/medical coverage (w/3% COLA) the following month . I had a baby late (single parent) and will be spending the first decade of my retirement getting my son to adulthood. I've worked tirelessly for 30+ years and only looking to retire early to spend more time with my son and travel (rather than opt to work longer). How wide should this gap be between 48 and retirement age. I want to get while the getting is good and not wait for MORE money at a later age....... besides i think this kid might send me to an early go away. . I made many sacrafices early in life to get to this point. I think I'll be fine with an average income the first year of about 40k and increasing from there, not including the other two legs of my stool personal savings/investments that should bring it to 50k.

 

[Alan]

Correct.

+1

 

[REWahoo]

Can someone give me advice on taking early SS retirement. I turn 62 in 2026.

Too early to make any decisions. With 14 years to go before you'll be eligible for SS, my advice would be to monitor changes (if any) to SS and evaluate your options when you get closer to a decision date.

 

[rodi]

Complicating my decision is that, with the WEP provisions, monthly benefit at my current age (63) is only $345, waiting to 66 would give me a whopping $432. Not a very big difference. But with my minor boys, they could each get a little over $100 a month for about 4.5 years. My wife is 10 years younger and would be entitled to way more SS on her own record than from me. So conventional thinking does not fit our situation at all.

That's our scenario without the WEP (and corresponding pension).
Hubby is 10 years older than me. Will be 62 in a year and a half.
We have minor boys.
My SS earnings are significantly higher than the hubster.

Plan right now is for hubby to claim at 62, and the boys will get some as minor dependents of a person collecting.

I will evaluate whether to claim 1/2 of his SS at my FRA (67) - the kids will be off by then. Or to take mine sooner at age 62. But that's more than 10 years out... A lot can change in that time.

 

[WWDog]

I've read about this but what I have read seems to be rather confusing the way it is written.

So, let me get the strategy right for two earners for myself and any others that might want this spelled out a little more clearly:
The spouse with the lesser SS payment potential takes SS at age 62.
The other spouse gets 1/2 of the payment of the spouse that took SS at age 62.
The spouse with the higher SS payment potential takes SS at age 66 or 70.
If the spouse with the higher SS payment potential dies before reaching 66 or 70, the spouse that is already taking SS at 62 now petitions for SS at the higher payment (66) of the spouse with the higher paying SS.

All this to maximize the amount received from SS over the long term taking potential mortalities into account.

 

[queeneev]

You guys should all be glad you don't work in a nonprofit. Mine is something like:

1370
1990
2400

My figures are almost exact as Ally's. I based mine on my 2010 retirement at age 48. Good to know the numbers are consistent. (FRA is 67 for me).

 

[check6]

Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as at 62, golf, fish, hunt, ride motorcycles, etc. etc? My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or I most likely will not be able to physically do the things I could at the age of 62 and that might even include driving.

+1 We think like you. I am already down to one motorcycle from four.

 

[Cut-Throat]

Here is another thought, what will a dollar do for you at 62 and what will a dollar do for you at 79? At 79 will you be traveling as much? Will you still have as many friends to do things with (or even a spouse)? What will you and I be able to do at 79, will we be able to do the same things as at 62, golf, fish, hunt, ride motorcycles, etc. etc? My thoughts are that life is to be lived while you have it, it takes money to do a lot of things, by 79 whether I have the money or I most likely will not be able to physically do the things I could at the age of 62 and that might even include driving.

And that is exactly why you should delay taking SS until age 70. You can spend more money in your 60s, because you have more money coming to you in your 70s.

 

[73ss454]

And that is exactly why you should delay taking SS until age 70. You can spend more money in your 60s, because you have more money coming to you in your 70s.

Yeah, I want to make sure I have enough money for the best walker in the neighborhood.

 

[REWahoo]

Yeah, I want to make sure I have enough money for the best walker in the neighborhood.

With your track record you'll probably end up on the cover of Hot Walker Magazine...

 

[eytonxav]

With your track record you'll probably end up on the cover of Hot Walker Magazine...

LOL, he'll probably add a hood scoop and some SS badging and try for another Hemmings cover shot

 

[braumeister]

I plan to use mine to pick up a little extra cash by plowing driveways around the neighborhood.

 

[Alan]

With your track record you'll probably end up on the cover of Hot Walker Magazine...

Or Hot Biker Magazine, like this guy who was featured in Funny Joke Thursday.

 

[jimnjana]

Me, age 48

1146
1627 - 67
2018

DW age 58

1018
1350 age 66
1782

DW will likely take it before age 66, but after 62 at this point. Will likely spend down her TSP account first. Would there be any compelling reason to wait til FRA for her?

 

[LeavingOhio]

Me - age 46; Wife is 45

In future dollars, assuming I work up to each of the ages listed.

62 - $2537 per month
65 - $3528 per month
70 - $5932 per month

My wife would make less, so we'd probably have to go with half again my benefit (though I'm not 100% sure, and I suppose what she makes over the next 17 years will help shape that).