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View Poll Results: At what age did you start receiving social security?
Before 62 13 8.84%
62 63 42.86%
63 6 4.08%
64 7 4.76%
65 11 7.48%
66 22 14.97%
67 4 2.72%
68 4 2.72%
69 1 0.68%
70 13 8.84%
After 70 3 2.04%
Voters: 147. You may not vote on this poll

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Old 08-28-2017, 12:57 PM
 
Location: Ocala, FL
407 posts, read 476,053 times
Reputation: 1299

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Started drawing at 62 after my hip replacement surgery went sour and I was unable to return to work. I received reduced benefits for 7 months while waiting for my disability to be approved. Yes, the MD screwed me up so badly that I didn't even have to have a hearing. I now receive my full retirement amount. Unfortunately, though, I can't find a lawyer here with the guts to sue the doctor.
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Old 08-28-2017, 01:05 PM
 
71,925 posts, read 71,971,035 times
Reputation: 49486
Quote:
Originally Posted by selhars View Post
Mathjack,
OK, I suppose your income is so high 85% of your SS may be taxed anyway, right?
But at least, after your FRA, they won't hold back the 1 for 2, right?

Or, do you not care about any of that, You just want the benefit, with other limits and rules (taxes and the holdback) not really being factors.
correct on both counts . i will be taxed anyway and i can earn under 45k in january and give back nothing .
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Old 08-28-2017, 01:59 PM
 
Location: San Antonio
7,629 posts, read 14,394,556 times
Reputation: 18712
Quote:
Originally Posted by Willistonite View Post
They cannot unless it is disability.
Sure they can. Surviving spouse with dependent children not only get as the care giver for that child until the month they turn 16 yrs old I believe, but that child(ren) also receive benefits. LOTS of people under the age on 60 receiving SS benefits without being disabled.
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Old 08-28-2017, 03:26 PM
 
71,925 posts, read 71,971,035 times
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Old 08-28-2017, 06:44 PM
 
Location: RVA
2,174 posts, read 1,273,469 times
Reputation: 4497
Quote:
Originally Posted by selhars View Post
So Mathjack, you're filing now at your FRA of 66+8 months??
That would work for me IF -- I wanted to even keep working to even get to my FRA of 67.

What I can see doing is stop working at 65, collect my pension. And either:
-- go part-time work then, and NOT pinch off savings (work one or two years part time, who knows)
-- stop work altogether and maybe pinch off savings
-- stop work altogether and go back to work part-time at 67.
(in any case holding off Soc. Sec as long as I can)

As a separate issue: can you please explain HOW or if earnings are 'weighted' when the Soc Sec benefit is calculated?
Are certain years given more weight? Are early years inflation adjusted?

For example if my earnings are:
-- 1985 - 1996 an average of say....25 thousand (some years 16K -- other years 33K)
-- 1996 - 2017 an average of say....80 thousand (some years 60K -- other years 100K)
-- 2017 - 2025 -- an average of say 30-thousand (projected)

Thanks
Here is where you start:

https://www.ssa.gov/oact/cola/awifactors.html

Every year had an index multiplier based on the national wage average. That multiplier increases every year until you turn 62. Every older year has a higher multiplier than the previous year. The highest 35 years, after multiplied by that years index are used to total your average monthly lifetime earnings. From there, your benefit is calculated based on the inflection points for when you turn 62.
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Old 08-28-2017, 06:54 PM
 
4,508 posts, read 2,130,203 times
Reputation: 9532
Quote:
Originally Posted by DaveinMtAiry View Post
I did not know my wife could file at 60, her current age. As I am 58 can she file against my earnings now or would she have to wait until I would have been eligible in 4 years? Can I assume she would receive my age 62 benefit if she files when I would have been 62 (she would be 64)?
"SURVIVOR benefits".


Are you dead?
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Old 08-28-2017, 08:53 PM
Q44
 
Location: Hudson Valley, NY
895 posts, read 768,264 times
Reputation: 1761
I've just turned 58 and will be eligible of course in 4 years but barring a complete mental collapse and change of heart I plan on delaying until 70. Simple numbers for me based on every Social Security book I've read. I'm a max SS earner and my wife stayed at home for 12 years. My wife is 2 years younger than I am, and women live on average about 3 years longer than men. I'm not sure any male blood relative of mine has lived past 70 but my wife has longevity in her family. Hopefully, I get to outlive the guys in my family and my wife and I enjoy retirement together, but at least I know that if I max SS, added to her pension and the retirement saving, she'll be fine. Breakeven age has a different meaning when you factor in the higher $$ as a survivor benefit for a younger spouse.
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Old 08-28-2017, 11:43 PM
 
Location: RVA
2,174 posts, read 1,273,469 times
Reputation: 4497
Bingo & bada bing!
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Old 08-29-2017, 12:50 AM
 
Location: Grove City, Ohio
10,143 posts, read 12,410,961 times
Reputation: 13997
Quote:
Originally Posted by Perryinva View Post
Bingo & bada bing!
Yep, I am in exactly the same situation as Q44.

If I started receiving benefits at 66 and died a day later my wife would have been alright but very little extra and on a tight budget. If the air conditioning or dishwasher went out she would really have to scrimp and Save just to pay for a repair and I didn't want this for her.

For most of our Lives she worked tirelessly around the home to make my life beautiful and she deserved a comfortable Secure Retirement every bit as much as I did.

In about a year I'll turn 70 and start receiving benefits and by just putting it off for lousy years my benefit will go up right at $800 a month more than if I had filed at 66. The beauty of that is as long as we're both alive and both collecting we don't need the $800 a month in our budget that can just go to savings or whatever keeping, what we do have, in our retirement savings for the survivor.

If I do pass first $800 a month extra will ensure that my wife will have everything that she wants and retirement and we'll never again have to work or live in near poverty. To ensure she was protected if I had died, say at age 66, I kept a term life insurance policy that would be the equivalent of $800 a month but it ran out on me last April. I am glad it didn't get collected on.

Retirement planning for a couple is a whole different set of circumstances then if you were single.
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Old 08-29-2017, 02:40 AM
 
71,925 posts, read 71,971,035 times
Reputation: 49486
Quote:
Originally Posted by Q44 View Post
I've just turned 58 and will be eligible of course in 4 years but barring a complete mental collapse and change of heart I plan on delaying until 70. Simple numbers for me based on every Social Security book I've read. I'm a max SS earner and my wife stayed at home for 12 years. My wife is 2 years younger than I am, and women live on average about 3 years longer than men. I'm not sure any male blood relative of mine has lived past 70 but my wife has longevity in her family. Hopefully, I get to outlive the guys in my family and my wife and I enjoy retirement together, but at least I know that if I max SS, added to her pension and the retirement saving, she'll be fine. Breakeven age has a different meaning when you factor in the higher $$ as a survivor benefit for a younger spouse.
the painful part financially when you lose a spouse is not only do you lose a check , but it can be at a time rmd's kick in but now they have to file single too
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