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Old 01-23-2016, 02:59 AM
 
Location: The Berk in Denver, CO USA
14,043 posts, read 20,362,290 times
Reputation: 22820

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Spend the $40 for maximizemysocialsecurity.com
I did.
Good learning/decision tool.

P.S. I agree with Reneeh63's comment.
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Old 01-23-2016, 04:39 AM
 
71,651 posts, read 71,777,271 times
Reputation: 49241
if you have a fidelity account you can see if they will give you a consolation for free using their new social security optimizer .

we did it a few weeks ago , but we are private access clients so i am not sure if the free consultation is just for those higher end clients .

it is really quite good and very detailed . .

the software is strictly in house use only and not a website tool .
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Old 01-23-2016, 08:12 AM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
Quote:
Originally Posted by davebarnes View Post
Spend the $40 for maximizemysocialsecurity.com
I did.
Good learning/decision tool.

P.S. I agree with Reneeh63's comment.
He is a young person just starting out. There is no need to pay $40.
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Old 01-23-2016, 08:13 AM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
Quote:
Originally Posted by Escort Rider View Post
Your advice to study up on Social Security before filing to collect retirement benefits is certainly excellent, but the nasty remark is not justified. We don't know the age of the original poster. Lots of people don't look into the details of SS when they are young; perhaps even the majority of people do not. And the original poster, via his question here, has begun the process of educating himself. Good for him for taking that step in the right direction.
I agree. He is a young person just starting out. Nasty remark is not necessary.

Last edited by NewbieHere; 01-23-2016 at 08:31 AM..
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Old 01-23-2016, 08:28 AM
 
Location: Columbia SC
8,980 posts, read 7,749,631 times
Reputation: 12187
Quote:
Originally Posted by Escort Rider View Post
Yes, up to age 70. Any further deferral beyond age 70 is just leaving money on the table. It is sort of a gamble; if we are convinced we won't live very long, taking SS early is the way to go, but if we wish to provide best for life into our 80's and 90's, waiting until age 70 may be the ticket. A person who is waiting until age 70 to file but dies at 69 receives nothing. A person who files at 62 (the earliest allowed age) but lives until 90 has received less than he could have received by waiting.

Not everybody has enough to live on, or is able to keep working long enough, in order to wait for age 70. Each year, actually each month, that we wait beyond age 62 results in a slightly higher benefit.
While I did not look up the numbers in your example it would be live until 90. If they live to 89 or less, they should have started collecting at age 62 as they would be ahead.
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Old 01-23-2016, 08:32 AM
 
71,651 posts, read 71,777,271 times
Reputation: 49241
figuring checks not collected and a 6% return on assets spent down that were invested it can take 22 years to break even . after that you are a head .

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Old 01-23-2016, 08:42 AM
 
Location: Columbia SC
8,980 posts, read 7,749,631 times
Reputation: 12187
Just to show you how much of a crap shoot it can be. The women in my wife's family (both sides) generally lived well into their 80's and most into their 90's. She died at 75. The men in my family rarely live past 70 and I am 73.

Who would you have bet on?
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Old 01-23-2016, 09:17 AM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
Quote:
Originally Posted by johngolf View Post
Just to show you how much of a crap shoot it can be. The women in my wife's family (both sides) generally lived well into their 80's and most into their 90's. She died at 75. The men in my family rarely live past 70 and I am 73.

Who would you have bet on?
This is why I get 100% spousal survival for my pension. You'll never know.
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Old 01-23-2016, 09:23 AM
 
Location: Columbia SC
8,980 posts, read 7,749,631 times
Reputation: 12187
Quote:
Originally Posted by NewbieHere View Post
This is why I get 100% spousal survival for my pension. You'll never know.
All well and good for her but if she has income and dies, you lose that. How much does it reduce your retirement from what it could have been?
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Old 01-23-2016, 09:30 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by NewbieHere View Post
This is why I get 100% spousal survival for my pension. You'll never know.
My wife gets my 100% spousal benefit, along with her 100% spousal benefit along with my close to max age 70 SS survivor benefit. If she passes first I get the same. We want to maximize fixed income for the surviving spouse. While not a goal for everyone a goal for us. While we are both alive we are also getting her SS benefit on her own record. We were focused on income and not aggregate over time results.
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