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Old 05-23-2015, 10:42 AM
JRR
 
Location: Middle Tennessee
3,679 posts, read 2,227,855 times
Reputation: 5230

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My wife started taking her Social Security in February at the age of 64. When I hit 66 this August, I'll file a restricted application for spousal benefits and let mine keep growing until I hit 70. By doing this, which ever lives the longest will keep getting the larger benefit.

After looking a the different scenarios, this seemed to work the best for us in terms of giving some current cash flow along with larger benefits in the future. Our benefits are about equal, so we are getting $1775 per month now which will kick up to about $2800 in August and $4300 when I hit 70.
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Old 05-23-2015, 10:42 AM
 
Location: Mount Airy, Maryland
10,463 posts, read 5,930,681 times
Reputation: 16159
Quote:
Originally Posted by HappyTexan View Post
Logic tells me that if there is no spouse involved to take SS early so you are not using your money.
Your money can be inherited by family members while SS can't. Your money can still be invested and earning more money while you spend your SS money instead.
This is kind of how I looked at it all along, I'm not totally comfortable spending down my investments by delaying. Even if it's a smaller check I still feel better if I retain as much of my wealth as possible and allow it to grow.
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Old 05-23-2015, 11:10 AM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
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Quote:
Originally Posted by Perryinva View Post
I've known 2 people that went through similar situations of unusually high income at the wrong time & both appealed the premium amount (both because they also sold property, btw), and both won, and had the premium reduced. ...................................
Interesting. It never occurred to me that one could appeal the Medicare Part B premium, in the absence of an obvious mistake. I disagree with the reversal of the premium because for that year, that WAS the income. If the income goes back down, so does the premium; it's not at the higher level in perpetuity. I paid the higher amount gladly, because I could afford to do so, and because I think it's only fair that people with higher incomes should contribute a little more to Medicare.
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Old 05-23-2015, 11:24 AM
 
Location: Florida
4,365 posts, read 3,702,696 times
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I do not worry about the math or if I die before I reach 100.
I delayed SS and looking back for me it was the correct decision. If I die before my break even point my spouse will be able to pick up my full benefit. I just think that the life time (mine and my spouse) inflation adjusted annuity is worth the delayed benefits.
We did do a file and suspend so when you and your spouse are at FRA you should do the same as it does not reduce future benefits.
Of course if you need the money for basic expense then take the money when you need it. Just don't say I am 62 or FRA so lets start taking the money without any analysis of when to take it.
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Old 05-23-2015, 11:26 AM
 
29,782 posts, read 34,871,258 times
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I never thought it was about nailing it in either fore or hindsight. It was about financially securing our future collectively or individually. I guess as long as we stay financially to the end we nailed it. If we continue to have more than we spend and our portfolios keep growing, Bada Bing! 67 now and still have my benefit to look forward to which may be sooner than later.
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Old 05-23-2015, 11:29 AM
 
29,782 posts, read 34,871,258 times
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I have found value in using our pensions and SS to construct monthly fixed income cash flows and not how to beat the longevity numbers. For us that known monthly income provides a known lifestyle independent of investments. My wife has her own pension and SS independent of me and our pensions each have survivor benefits. We could approximate our income from 59 to 70 with near certainty which thus far has been right on plus cola to sweeten it. The known and predictable has been good and leaves our portfolio to grow especially after I take my benefit. Could care less about beating a break even point. If one of us passes the surviving spouse has a more than comfortable fixed income flow.

Last edited by TuborgP; 05-23-2015 at 11:42 AM..
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Old 05-23-2015, 11:53 AM
 
71,626 posts, read 71,777,271 times
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the catch 22 with delaying ss is usually those that will need to delay ss for the benefit of the surviving spouse usually needs the extra money because their own savings my not be enough to do the job.

well those are the very same folks who would likely end up spending down their own savings dangerously low trying to delay.

many who need the higher payment really can't shell out the assets up front to delay.

in my opinion it those folks who have no choice that may not be really ready to retire yet either.

the real value in delaying is delaying and working . then you are getting the biggest bank for the buck and the best thing you can do for an under funded retirement.

a nice jump in checks

8 years of no spending down of assets

8 years less of retirement to fund

8 years more of contributions

8 more years of compounding on investment that you didn't have to spend down.

that could equal 800k in savings .

sure you have to work longer if you are able but odds are the under funding went away. you just have to hope you or your health didn't go away lol

Last edited by mathjak107; 05-23-2015 at 12:30 PM..
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Old 05-23-2015, 01:05 PM
 
Location: NC Piedmont
3,911 posts, read 2,879,340 times
Reputation: 6291
Quote:
Originally Posted by brava4 View Post
Good gracious... yes, totally agree with you, how many times has all this been said.
The problem is that on forums, people don't search. The regs do change and sometimes there really is a good reason to ask again. Usually not but sometimes. Anyway, it has been said plenty but will have to be said many times more.
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Old 05-23-2015, 01:10 PM
 
4,481 posts, read 4,743,979 times
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Quote:
Originally Posted by CarvedTones View Post
The problem is that on forums, people don't search. The regs do change and sometimes there really is a good reason to ask again. Usually not but sometimes. Anyway, it has been said plenty but will have to be said many times more.

Yes, you are right. People don't bother to search first.
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Old 05-23-2015, 02:58 PM
 
26,591 posts, read 52,303,280 times
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I would say my parents nailed it to the best of their ability...

Mom is a few years younger and she applied at age 62... it let her do a lot of things she wanted to do... her benefit was around $550 twenty years ago...

Dad kept working right up to a few weeks before he passed away... at almost 74... he wanted to make sure Mom would be OK... that was 15 years ago and Mom's social security increased 3 fold... which is how he planned it...
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