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 04-22-2016, 10:20 AM
 
Location: Close to an earthquake
890 posts, read 677,754 times
Reputation: 2390

Advertisements

What is your recommendation for when "she" should start collecting benefits?

He - DOB 12/12/46 - benefits at: current age (69): $3,236/month - at age 70 (in 8 months) = $3,408/month


She - DOB 06/23/1950 - benefits at: current age (65) = $1,399/month - at full retirement age (in 2 months) = $1,414/month - at age 70 = $1,867/month.

Plenty of income among this couple.
Reply With Quote Quick reply to this message

 
Old 04-22-2016, 10:23 AM
 
Location: Mount Airy, Maryland
10,463 posts, read 5,933,005 times
Reputation: 16165
"He" sure made a lot of money when working. If income is not a problem then she should wait IMO to 70.
Reply With Quote Quick reply to this message
 
Old 04-22-2016, 10:33 AM
 
Location: RVA
2,167 posts, read 1,267,777 times
Reputation: 4465
If they have plenty of alternative income, no reason not to wait if they don't need it. But both are so close to where the difference is no big deal, so it really depends on health, expectancy, investment vehicles, RMDs, etc at this point, especially for him. We're only talking approx $600/mo difference total, so if they are active and have good reason to believe a long lifenis coming wait. If they feel like they want it now, to invest, then take it.
Reply With Quote Quick reply to this message
 
Old 04-22-2016, 10:59 AM
 
Location: The Berk in Denver, CO USA
14,040 posts, read 20,362,290 times
Reputation: 22811
https://maximizemysocialsecurity.com
Spend the $40
Reply With Quote Quick reply to this message
 
Old 04-22-2016, 11:08 AM
 
Location: Idaho
1,455 posts, read 1,156,015 times
Reputation: 5500
Quote:
Originally Posted by DaveinMtAiry View Post
"He" sure made a lot of money when working. If income is not a problem then she should wait IMO to 70.
Yes, she should delay collecting her own SS until 70 but she can start collecting spousal SS benefit at FRA or 66.

She will get 1/2 of her husband SS (without his delayed retirement credits).

If I am not mistaken, spousal benefit can only starts after the spouse has filed SS and the 'deadline' for doing so has passed.

Social Security File and Suspend Claiming Strategy is Ending: Now What? | Investopedia

File and Suspend: Still An Option, But Act Fast | Investopedia

So either the wife has to wait after her husband has filed his SS at 70 and she is 66.5 to claim the SS benefit OR he filed for SS at 69.5 (should file on January).

I think the 1st option is better than the second one.

Last edited by BellaDL; 04-22-2016 at 11:19 AM..
Reply With Quote Quick reply to this message
 
Old 04-23-2016, 05:38 AM
 
Location: RVA
2,167 posts, read 1,267,777 times
Reputation: 4465
Good catch, Belladl, I missed that her spousal when he's 70 would be $1700/mo, far greater than she would get filing for her own, and only $165 less than her max at 70 amount, but 3 1/2 years sooner. No brainer. It makes sense even for them to both file at her FRA, IF they don't want to wait 7 months.
Reply With Quote Quick reply to this message
 
Old 04-23-2016, 06:01 AM
 
Location: Idaho
1,455 posts, read 1,156,015 times
Reputation: 5500
Quote:
Originally Posted by BellaDL View Post
Yes, she should delay collecting her own SS until 70 but she can start collecting spousal SS benefit at FRA or 66.

She will get 1/2 of her husband SS (without his delayed retirement credits).

If I am not mistaken, spousal benefit can only starts after the spouse has filed SS and the 'deadline' for doing so has passed.
Just checked the 'deadline' and it is not until April 29 so the husband has to HURRY UP and file for SS next week and immediately suspend it. This way his wife can file for SS benefit when she turns FRA at 66 and he can resume his suspended SS at 70

https://www.fidelity.com/viewpoints/...security-rules

Quote:
File and suspend
The strategy: Typically, in “file and suspend,” one member of a couple would file and claim benefits—allowing his or her husband or wife to begin collecting spousal benefits—and then suspend his or her own benefit—allowing that future benefit to increase.
The change: Under the new rules, when an individual suspends his or her own benefits, not only will all benefits payable to that individual be suspended, but all benefits payable on his or her earnings record payable to other individuals will also be suspended.
What happens: Those who are receiving benefits now under this strategy will continue to receive them. The new rules limiting suspended benefits go into on April 30, 2016. After April 29, 2016, no one will be able to elect this option.
Reply With Quote Quick reply to this message
 
Old 04-23-2016, 07:14 AM
 
30,123 posts, read 47,353,596 times
Reputation: 16070
He can file online today and ask to suspend his benefits but think her best option is to walk in Monday to local office with proof of his e-filing and file for spousal..
Or maybe have both walk in and do face to face...
Some offices are so busy not making appointments closer than 45 days I have heard
Reply With Quote Quick reply to this message
 
Old 04-23-2016, 07:43 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49240
we appealed our case with ss in january and it finally came up last friday .
Reply With Quote Quick reply to this message
 
Old 04-23-2016, 07:24 PM
 
Location: RVA
2,167 posts, read 1,267,777 times
Reputation: 4465
The only end of April deadline is to File & Suspend. He can still file at anytime, though, and once she reaches FRA she can file anytime for spousal. That hasn't changed. F&S by end of April just gives them a little flexibility.
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