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Old 01-17-2016, 06:44 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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I'm 67, not collecting yet and on my last statement I had an estimated benefit increase of slightly more than 8%. Not a problem, I was happy to see the numbers grow.

But under survivors:

Your spouse, if benefits start at full retirement age $

but the figure given is nearly $200 less than what my benefit was at age 67.

I always thought my wife would pick up my full retirement benefit as long as she was of full retirement age?

Did I miss something along the way?
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Old 01-17-2016, 08:16 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,168,437 times
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No, as long as she is full retirement age when you die she SHOULD be getting your full retirement amount plus any delayed credits. But only if it IS in fact survivor and not retirement benefits.
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Old 01-18-2016, 05:49 AM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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Quote:
Originally Posted by arwenmark View Post
No, as long as she is full retirement age when you die she SHOULD be getting your full retirement amount plus any delayed credits. But only if it IS in fact survivor and not retirement benefits.
Exactly the way I have always understood it.

The statement clearly says "Survivor" upon reaching full retirement age.
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Old 01-18-2016, 06:34 AM
 
Location: RVA
2,164 posts, read 1,264,175 times
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That is odd. It should be your full amount.
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Old 01-18-2016, 02:24 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
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Quote:
Originally Posted by Perryinva View Post
That is odd. It should be your full amount.
I think I figured it out.

Our government is all seeing, all knowing.

As a survivor my wife's will pick up my full benefit less exactly $188.

What happened is my wife receives a small state government pension of $276.59 and it appears we're getting WEP'd!

$276.59*.667=$184.41 which is close to the $188 which is what she would lose to WEP but it isn't the exact $2 loss for every $3 as I understand it.

Does social security know about her pension (duh?) and it is already figured into the survivor benefit?

I hope this is the case because if it is we're still coming out ahead. On top of the $276.59 there's a "cost of living" increase she gets of $41.50 plus she gets a Medicare Part B reimbursement of $63.62 so the real amount she receives on the first of every month is $381.71.

The good news, if the $188 is how they figure the WEP, is I always thought she would lose $381.71*.667=$254.60 so are we actually going to get $66.60 more than I figured? Is it possible that Hawaii Vacation is still within our grasp?

Now for the real weird thing.

The way it was explained to us there is survivorship on her pension so if she passes before me I get the original $276.59 but not cost of living or Part B reimbursement. On the plus side I won't get hit with the WEP but will get the entire amount.

I must be approaching retirement because I am starting to look at where every dime goes. $276.59 is significant in that it pays for nearly all my Medicare costs on Part B and the supplements.
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Old 01-19-2016, 11:42 AM
 
130 posts, read 101,242 times
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It would be nice to know if SSA is "all knowing" and has already factured in the government pension WEP. My partner is a federal retiree but is also eligible for a small SS benefit. I've always assumed, however, the projection hadn't factored in his retirement and, in the end, he'll end up getting ten bucks or so, or have to pay them.

If you find out for sure if this is the case, please let us know.
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Old 01-19-2016, 12:20 PM
 
Location: Pennsylvania
12,456 posts, read 4,213,163 times
Reputation: 9769
Quote:
Originally Posted by nicet4 View Post
I think I figured it out.

Our government is all seeing, all knowing.

As a survivor my wife's will pick up my full benefit less exactly $188.

What happened is my wife receives a small state government pension of $276.59 and it appears we're getting WEP'd!

$276.59*.667=$184.41 which is close to the $188 which is what she would lose to WEP but it isn't the exact $2 loss for every $3 as I understand it.

Does social security know about her pension (duh?) and it is already figured into the survivor benefit?

I hope this is the case because if it is we're still coming out ahead. On top of the $276.59 there's a "cost of living" increase she gets of $41.50 plus she gets a Medicare Part B reimbursement of $63.62 so the real amount she receives on the first of every month is $381.71.

The good news, if the $188 is how they figure the WEP, is I always thought she would lose $381.71*.667=$254.60 so are we actually going to get $66.60 more than I figured? Is it possible that Hawaii Vacation is still within our grasp?

Now for the real weird thing.

The way it was explained to us there is survivorship on her pension so if she passes before me I get the original $276.59 but not cost of living or Part B reimbursement. On the plus side I won't get hit with the WEP but will get the entire amount.

I must be approaching retirement because I am starting to look at where every dime goes. $276.59 is significant in that it pays for nearly all my Medicare costs on Part B and the supplements.

You'll be just fine. Generation X (me) will keep funding Social Security. Live it up!
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Old 01-19-2016, 02:31 PM
 
Location: Grove City, Ohio
10,128 posts, read 12,376,133 times
Reputation: 13936
Quote:
Originally Posted by BeerGeek40 View Post
You'll be just fine. Generation X (me) will keep funding Social Security. Live it up!
You sound exactly like me when I was a young boomer in the 1970's and 80's!

And yet I paid in and over the years just short of $200k was paid into my account between myself and my employer. BTW for 20 plus of my years my employer was myself so I got to pay my employers contribution as well.

I started paying in in 1966. In 1966 $1 was equivalent to $7.33 in 2015 dollars so maybe I didn't put in a lot in today's standards but it was a lot back then.

So three years ago I worked up a spread sheet, I posted the results here on CD, of how my my employer and myself contributed and what would it be today if I had simply deposited the money into a regular old plain Jane bank passbook savings account paying the average historical interest rate of the day. Nothing special, not a grand mutual fund or even a bank CD... I am talking the simple, straight up bank passbook savings account.

If I had done this three years ago my little passbook savings account would have had more than $800,000 in it but somehow a large number of Generation X'ers hold fast to the belief I will be getting something for nothing and they'll be funding it.

That spreadsheet was done three years ago and I am still working full time and I plan to work full time paying into social security until I am 70 years old at which time I will collect. The point is even with the near zero interest rates I have little doubt I would have paid in at least another $50,000 into my account making my total $850,000 or more.

I'm 67 and don't plan to collect benefits until I am 70 at which time my wife and I will collect a combined benefit of right around $4,300/month which has always been my goal because it's $1,000/week and I figure we can live comfortably on that alone.

At $4,300/month how long would be both need to live to break even?

$850,000/$4.300=197 months. 197 Months is 16.4 years so if we both make it to 86 we'll come out ahead.

Blah, blah... I know there isn't an "account" for us where the money is set aside and saved, I fully understand this is a pay as you go thing but the whole idea here is to let some people know we who are getting something are not getting it for free and that we did pay something in.
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Old 01-19-2016, 04:54 PM
 
Location: Ohio
19,875 posts, read 14,221,081 times
Reputation: 16075
Quote:
Originally Posted by BeerGeek40 View Post
You'll be just fine. Generation X (me) will keep funding Social Security. Live it up!
Only if the FICA payroll tax is increased.

Quote:
Originally Posted by nicet4 View Post
I'm 67 and don't plan to collect benefits until I am 70 at which time my wife and I will collect a combined benefit of right around $4,300/month which has always been my goal because it's $1,000/week and I figure we can live comfortably on that alone.

At $4,300/month how long would be both need to live to break even?
The question is irrelevant, since Social Security is Insurance.

Why don't you tell us if you "broke even" on your auto insurance and home/renter's insurance?

Surely, you could set up a spreadsheet for that.
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Old 01-20-2016, 06:10 AM
 
Location: RVA
2,164 posts, read 1,264,175 times
Reputation: 4451
Exactly. Do you know how many cars I could have bought with car insurance premiums I've paid over the years?? I've never gotten even close to the benefits compared to what I paid in!

And do you know how many lives I could have bought with all the life insurance.... No, wait, that doesn't work, does it?

SS is a great deal and that is why it is in trouble. If its too good to be true, then there is always a catch or problem associated with that. A disability and COL adjusted annuity all rolled in to one, where it IS actually possible to get you payments plus interest back? Find that somewhere. Also, in your spreadsheet, did you take in to account the taxes you would have paid on the interest earned, and uppn withdrawal and compare that to the low or no taxes of SS? I did the same type of spread sheet, BTW, and have over 35 years of 100% of the SS amount, but have never been self employed, and my number was much less than $800k. But then, my wife will only collect on mine if I'm dead. In her case, a quick estimate based on what she paid in, and started collecting at 62, and by 75, she will be ahead.

Oddly, I just looked at my online SS yesterday and my FRA suddenly jumped up $85 a month, which is odd because in previous few years it only increased maybe $20 a month. I'm at a loss for the sudden large increase because as I mentioned, I've had more than 35 100% years for a while, so I'm only displacing the lowest calculated $95k equivalents with $118.5k versions. Not enough to make that change, I would think.
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