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Old 01-23-2016, 12:27 PM
 
29,775 posts, read 34,863,854 times
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https://www.transamerica.com/yourlif...aim-more-later

Quote:
For the sake of making our example more cut-and-dry, William and Barbara are the same age, with a FRA (Full Retirement Age2) of 66.

Here’s how it works:

Once Barbara turns 62, she files for her individual benefit. Because she takes it before her FRA, it’s permanently reduced to $1,500 per month. William does not file – yet.

Once William reaches his FRA at 66, he files for his spousal benefit only. He does nothing with his individual benefit. Because he claims this at his FRA, he gets the full spousal benefit of $1,000 (half of Barbara’s PIA, not her current benefit).

Once William turns 70, he switches to his individual benefit, which has grown to its maximum of $2,904 per month. It’s important to note that William is only able to make this switch because he waited until his FRA to file for the spousal benefit. If he had filed for any benefit prior to his FRA, this wouldn’t be possible.

Assuming William dies first, Barbara switches to her survivor benefit of $2,904 – the same monthly amount William received prior to his death.
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Old 01-23-2016, 12:34 PM
 
Location: Jamestown, NY
7,841 posts, read 7,328,515 times
Reputation: 13779
Quote:
Originally Posted by golfingduo View Post
At 33 you are over thinking this. Just put as much as you can in 401k and live life. Enjoy your family and everything this country has to offer. There is no reason to even consider SS at this point in your life.

Some folks here will tell you this fund or another. I want you to live and enjoy life. It is too short. Put what you can in the work 401k. If you have an abundance of extra cash then consider other options like a Roth. But don't forget to take the kids and family to Disney. I don't actually mean go exclusively to Disney it is just my way of saying go out camping skiing fishing with the family too. Don't just fret about the future live now.
BEST.ADVICE.EVER.
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Old 01-23-2016, 12:37 PM
eok
 
6,684 posts, read 3,170,335 times
Reputation: 8464
People should take into account that the older you get the more likely you become senile enough to get scammed out of your retirement savings. SS benefits are much harder to steal because you only get a small fraction of them each month. That's one reason to maximize your future benefits instead of worrying about what's the best deal theoretically. Another reason is that the older you get the more likely you are to need the money. Working overtime now is bothersome, but working overtime when you're 90 might be 100 times more bothersome.
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Old 01-23-2016, 12:44 PM
 
29,775 posts, read 34,863,854 times
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Quote:
Originally Posted by mathjak107 View Post
i think the way you phrased it is a bit confusing .

your wife gets 100% of her benefit plus the DIFFERENCE between 1/2 your full and her full added to hers . that is her retirement ss payment .

is that what you meant ?.
She gets my survivor benefit
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Old 01-23-2016, 12:59 PM
 
71,526 posts, read 71,712,424 times
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yep . but she does not keep her own then . it is either or . one of those two checks is gone when you go to survivor benefits
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Old 01-23-2016, 01:21 PM
 
Location: Nashville, TN
1,899 posts, read 1,206,847 times
Reputation: 1535
Quote:
Originally Posted by aramax666 View Post
Assuming you have always made more than thw max SS wage. What kind of benefit would you receive?
The information in here is good for a "finger in the wind" type check, if your retirement is decades away. There are a handful of ways your social security checks can be reduced (retiring before full retirement age, certain programs designed to prevent "double dipping", etc).

Our retirement horizons are probably fairly similar. Who knows what Social Security will look like decades from now.

I'm doing all my retirement planning assuming I will get $0 from SS. Anything I do get is a bonus, even though I'm paying into it now to fund current retirees. It's otherwise just another tax where I'll never see the full benefit.

With so much time on your side now, coupled with high earnings, Social Security should be a non-issue for you.
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Old 01-23-2016, 01:26 PM
 
Location: Central IL
15,224 posts, read 8,523,201 times
Reputation: 35622
Quote:
Originally Posted by mathjak107 View Post
i think the way you phrased it is a bit confusing .

your wife gets 100% of her benefit plus the DIFFERENCE between 1/2 your full and her full added to hers . that is her retirement ss payment .

is that what you meant ?.
Quote:
Originally Posted by BugsyPal View Post
Yet people like Hillary Clinton say female spouses and widows need greater "protection" via Social Security. How much more gravy can you extract simply by virtue of marriage?
See posts #33 and #34
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Old 01-23-2016, 02:09 PM
 
791 posts, read 722,537 times
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of course, prudence dictates that I not count on it. Just trying to understand how it works.
my 401K is underfunded for now. And yes, IF all goes well, SS may be a non -issue.



Quote:
Originally Posted by numberfive View Post
The information in here is good for a "finger in the wind" type check, if your retirement is decades away. There are a handful of ways your social security checks can be reduced (retiring before full retirement age, certain programs designed to prevent "double dipping", etc).

Our retirement horizons are probably fairly similar. Who knows what Social Security will look like decades from now.

I'm doing all my retirement planning assuming I will get $0 from SS. Anything I do get is a bonus, even though I'm paying into it now to fund current retirees. It's otherwise just another tax where I'll never see the full benefit.

With so much time on your side now, coupled with high earnings, Social Security should be a non-issue for you.
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Old 01-23-2016, 04:53 PM
 
Location: TOVCCA
8,452 posts, read 11,437,888 times
Reputation: 12307
Quote:
Originally Posted by TuborgP View Post
https://www.transamerica.com/yourlif...aim-more-later
Quote:
For the sake of making our example more cut-and-dry, William and Barbara are the same age, with a FRA (Full Retirement Age2) of 66.

Here’s how it works:

Once Barbara turns 62, she files for her individual benefit. Because she takes it before her FRA, it’s permanently reduced to $1,500 per month. William does not file – yet.

Once William reaches his FRA at 66, he files for his spousal benefit only. He does nothing with his individual benefit. Because he claims this at his FRA, he gets the full spousal benefit of $1,000 (half of Barbara’s PIA, not her current benefit).

Once William turns 70, he switches to his individual benefit, which has grown to its maximum of $2,904 per month. It’s important to note that William is only able to make this switch because he waited until his FRA to file for the spousal benefit. If he had filed for any benefit prior to his FRA, this wouldn’t be possible.

Assuming William dies first, Barbara switches to her survivor benefit of $2,904 – the same monthly amount William received prior to his death.
Guess you didn't get the memo. Those SS loophole strategies were recently eliminated:
http://www.nytimes.com/2015/12/05/yo...-now.html?_r=0
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Old 01-24-2016, 07:35 AM
 
13,893 posts, read 7,400,560 times
Reputation: 25379
Quote:
Originally Posted by numberfive View Post
I'm doing all my retirement planning assuming I will get $0 from SS.
If you look at income and wealth numbers, it's pretty obvious that Social Security isn't going away. As income and wealth stratification increase while defined benefit pensions become a distant memory, substantially more than half of today's 30-somethings will hit retirement age with Social Security as their sole means of support. There might be symbolic means testing of Social Security benefits but that will likely impact less than 5% of all retirees. If you don't have a career of 5%er income, it's highly unlikely you'll be subject to any kind of Social Security means test. You simply won't have enough income.
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