U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-07-2015, 01:50 AM
 
71,736 posts, read 71,853,273 times
Reputation: 49289

Advertisements

Quote:
Originally Posted by Im45us View Post
So I'm the only one on here who likes older women :-) . This way we might die around the same time.

I understand she won't get half but if it's the 30 dollars a month she will lose by filing early then it's not a big deal. If it's much more we might wait.
when it comes to rmd's the younger the wife the better. the formula for rmd's takes into account both spouses age.

if i knew that i would have gone to choose my wife at the college ha ha ha .


"excuse me , but did i tell you that you look just like my next wife ?" ha ha
Reply With Quote Quick reply to this message

 
Old 04-07-2015, 03:44 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,175,019 times
Reputation: 6696
Quote:
Originally Posted by ilovemycat View Post
Ok, Ivan, in order for your wife to get spousal benefits, you must get benefits. She can get her own retirement now, but the portion she gets on you later,(spousal) is based on 1/2 of your "full"- the $2400.00. Because she is older and you are working until 66, she will already be 66, so the extra $630.00 she gets (the way SSA calculates her spousal is: you take 50% of your FRA amount ($2400), which is $1200, then subtract her full amount which is $570.00 and that leaves $630, which is added to what she is already receiving on her own retirement, which is either $525 this month or $531 in June 2015 or $570.00 in June 2016. But remember, the extra $630 is not added until you begin to collect- in September 2020, or thereabouts.
That is not true it is not until he collects it is until he files to collect, he can collect or he can file and suspend which is always a good idea if waiting past FRA even if not married as it opens other options you would lose otherwise by just waiting to file.
Reply With Quote Quick reply to this message
 
Old 04-07-2015, 04:12 PM
 
85 posts, read 48,401 times
Reputation: 61
Arwenmark, Can you expound on what you mean? I'm not sure I follow.

Thanks Ivan
Reply With Quote Quick reply to this message
 
Old 04-07-2015, 04:23 PM
 
71,736 posts, read 71,853,273 times
Reputation: 49289
he is saying one does not actually have to collect for a spouse to get a benefit. they can file , the spouse files and then they suspend their own without collecting. mission accomplished spouse gets her benefit while you wait.
Reply With Quote Quick reply to this message
 
Old 04-07-2015, 06:18 PM
 
Location: Cape Elizabeth
425 posts, read 388,193 times
Reputation: 745
Yes, I screwed up there- but I did reference "file and suspend" in another post (option A) for Im45us. I should have said "you must file for benefits". File and suspend is good, because you can "unsuspend" and get your money- if you are suddenly diagnosed with a terminal illness and no longer think you will live long enough to make back the money. Or, if you were planning on working until age 70, but then decide to call it a day at age 68 or so. Here is the link from the SSA website: Retirement Planner: Suspending Retirement Benefit Payments.
Reply With Quote Quick reply to this message
 
Old 04-08-2015, 04:31 AM
 
85 posts, read 48,401 times
Reputation: 61
For now my wife is going to start taking social security. She called and made an appointment but it's 2 months away. Maybe better doing it on-line?

As for the future I will have to decide if I want to file at 66 or 67 or if I want to file and suspend. It's whether I want to tap savings to make up the difference of what I would get for 3 years.
Reply With Quote Quick reply to this message
 
Old 04-08-2015, 07:18 AM
 
Location: Cape Elizabeth
425 posts, read 388,193 times
Reputation: 745
Quote:
Originally Posted by Im45us View Post
For now my wife is going to start taking social security. She called and made an appointment but it's 2 months away. Maybe better doing it on-line?

As for the future I will have to decide if I want to file at 66 or 67 or if I want to file and suspend. It's whether I want to tap savings to make up the difference of what I would get for 3 years.
If she doesn't want to wait for the appointment, she can apply online. If she does wait for the appointment, she will receive benefits retroactive to this month, if this is the month she has decided to choose. Also, remember, she has to make a decision about Part B. They will give her Part A for free. If she is covered by your Large Employer Group Health Plan, (20 or more ee's) then she can decline Part B now. Unless, your coverage is not great and she wants the Medicare Part B to be her secondary coverage. It is $104.90 a month.

Just remember about your own- if you decide to file and suspend, you should still apply for Medicare at 65, make your decision about Part B at that time, and if declining because you are still working, then be sure to have you and your wife apply for Part B a few months before you actually stop working. There is a form that your employer completes (one for you and one for her) indicating that from age 65 until you stop work, they were covering you both on their plan due to your active employment. That form entitles you both to the "special enrollment Period" an 8 month time upon your work stoppage to sign up later for Part B due to your work without a penalty for late filing. But, ideally you want to have Part B in place for the month right after your last day of work, because it becomes your primary coverage.
Reply With Quote Quick reply to this message
 
Old 04-08-2015, 11:16 AM
 
85 posts, read 48,401 times
Reputation: 61
thanks. it's nice to know about retroactive payment but I talked her into doing it online tomorrow night. As far as Medicare she signed up for part a last night and my work insurance will still be primary as long as I am employed there so no need for "b" just yet.
Reply With Quote Quick reply to this message
 
Old 04-08-2015, 12:22 PM
 
Location: Cape Elizabeth
425 posts, read 388,193 times
Reputation: 745
Quote:
Originally Posted by Im45us View Post
thanks. it's nice to know about retroactive payment but I talked her into doing it online tomorrow night. As far as Medicare she signed up for part a last night and my work insurance will still be primary as long as I am employed there so no need for "b" just yet.
Well, if she only signed up for Medicare online last night (that is called a restricted application- because when you only sign up for Medicare, without the retirement) it is sort of a special situation. But, unless they changed the online capabilities since I retired, (and they very well might have) because she did that last night, it precludes her from using the online application tomorrow to sign up for the retirement online. Now, if she gets correspondence from the office, who will know today that she applied, she can tell them that she really meant to apply for Medicare A and retirement. They should be able to convert the application to a "full application". Or, she can of course go to the office or try to reach the person processing her claim by phone. I'd be curious to know what happens tomorrow, but am doubtful that the computer will let you proceed. It might let you proceed in another week or so, once the Medicare only application is processed, but only then if they have changed the capabilities. You see, when you file for "Medicare Only" the letter after your SSN on the Medicare card is a "T". When you have Medicare as a "worker" the letter after your SSN is an "A." There are other letters, but in her case, those are the one's that apply. So, it does get a little complicated. Sorry!

Last edited by ilovemycat; 04-08-2015 at 01:16 PM.. Reason: left something out
Reply With Quote Quick reply to this message
 
Old 04-08-2015, 09:23 PM
 
30,146 posts, read 47,378,519 times
Reputation: 16087
And for heaven's sake check with Human Resources with your job to make sure how the company's policies react when you or someone on your coverage turns 65--maybe you did that already but

Read story on another web site about someone who had to extend his employment one month after turning 65 and applying for Medicare because he needed surgery that Medicare would not cover...so his company was kind enough to take him back for 1 month to cover an expensive proceedure
Not many companies would do that I think
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top