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Old 12-15-2015, 09:15 AM
 
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it will be less if you file early . if you take ss early she will get less . remember she gets what you got as long as she is fra .

the only time it vary's from that is if she files for survivor benefits earlier than her fra . then there is that double cut if you filed earlty for ss and she filed early for survivor . to prevent a really nasty cut she gets the higher of what you got or 71% of your full if she is 60 and 81% of your full at 62 , whichever is the higher
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Old 12-15-2015, 11:27 AM
 
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Thanks mathjak - after reading your reply I think we agree. All very confusing but I think it is clear now. Taking survivor benefits before FRA was the confusing part. As soon as I get to FRA in a few months, it is all good ! Hopefully LOL my husband will live for many more years.
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Old 12-15-2015, 01:11 PM
 
Location: Mount Airy, Maryland
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Yep once again Mathjak has come to the rescue. It was confusing, now it's much clearer. We need to live to FRA, that's it that's the lesson.
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Old 12-15-2015, 02:01 PM
 
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the good news is if you don't " well dead is dead " ha ha ha

delaying until 70 i guess is an action you will never live to regret
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Old 12-15-2015, 08:37 PM
 
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New Social Security service connects advisers, clients with filing experts

Concierge service reported in Investor Advisor newsletter

Reviews current rule changes--who is affected
There is info about divorced spouses filing strategy/rules too
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Old 12-16-2015, 03:35 AM
 
Location: Mount Airy, Maryland
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Quote:
Originally Posted by mathjak107 View Post
the good news is if you don't " well dead is dead " ha ha ha

delaying until 70 i guess is an action you will never live to regret
If it meant staying in a job you no longer enjoy then sure, lots of regret I would think. Especially if you die at 72.
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Old 12-16-2015, 03:42 AM
 
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this planning is really for those who are retiring early and have options . when we talk deciding to delay or take it early it assumes you have choices that are acceptable to you . other wise they really are not choices if you are forced one way or another in to something you don't want to do .

the nice thing about delaying is you can spend more early on because what you over spend early on can be refilled later on when you get a much bigger check but also you tend to start spending a bit less on discretionary things later too . so thst refills things pretty well down the road . .

filing early leavs you more dependent on markets and rates and because of sequence and market risk you need to keep a lot more powder dry for the unknown so you cannot spend as much as you can when you have a hopefully guaranteed amount coming in with zero sequence risk . .

Last edited by mathjak107; 12-16-2015 at 03:53 AM..
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Old 12-16-2015, 04:10 AM
 
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Quote:
Originally Posted by mathjak107 View Post
it will be less if you file early . if you take ss early she will get less . remember she gets what you got as long as she is fra.
Mathjak,

Suppose my wife is FRA (she is) and I am not even eligible for early SS yet? What would happen if I died before becoming eligible? She has her own benefit but it is very small, and my projected benefit is large.
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Old 12-16-2015, 04:18 AM
 
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she would get a survivor benefit . as long as she qualifies age wise she can get your benefit starting at 60 even if you were in your 40's and died . she can get money sooner if kids are involved ,.

Who can get survivors benefits?

Widows and Widowers
A widow or widower can receive benefits

at age 60 or older.
at age 50 or older if disabled.
at any age if she or he takes care of a child of the deceased who is younger than age 16 or disabled.

larry kotlikoff was asked that very question

Kathie — Mich. My husband died at age 43. I was 44 when he died. I will be 60 this year. Should I apply for widows benefits now? I have been working full time since his death with a salary range of $30,000 to $45,000 and am still working. Can I work and claim benefits? Does my being one year older than he affect when I can claim?

Larry Kotlikoff: You can start collecting your widows benefit at 60, but it will be reduced because you are taking it early. Also, it will be subject to the earnings test. Depending on ​the size of your widows benefit, the earnings test may wipe out your widows benefit. Social Security will, however, reimburse you for benefits lost due to the earnings test once you reach full retirement age.

But if you flip, say at age 70, from your widows benefit, which was hit by the earnings test, to your own retirement benefit, you won’t fully recoup, from an actuarial basis, the benefits lost due to the earnings test. I recommend you check out highly accurate software to consider what’s best. The software needs to incorporate the recomputation of benefits, delayed retirement credits, the earnings test, the adjustment of the earnings test reduction factor, and retirement and widows benefits. It also needs to properly value your lifetime benefits so you can see which strategy — taking your widow’s benefit before your retirement benefit or vice versa — is best, as well as when it’s best to implement said strategy.

Last edited by mathjak107; 12-16-2015 at 04:31 AM..
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Old 12-16-2015, 11:22 AM
 
Location: Mount Airy, Maryland
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Quote:
Originally Posted by Larry Siegel View Post
Mathjak,

Suppose my wife is FRA (she is) and I am not even eligible for early SS yet? What would happen if I died before becoming eligible? She has her own benefit but it is very small, and my projected benefit is large.
Poster said his wife is at her FRA. Would that not mean that she is entitled to his FRA as a survivor benefit immediately as she is at FRA?
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