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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 08-30-2017, 06:27 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by nicet4 View Post
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.
Bada Bing and very true. A couple each with a strong work history can create multiple moving parts to provide income. That alone can drive SS planning.

As noted many times before there are couples that have the following:

Two pensions
Two SS benefits
Two work place investment accounts
Two annuities
Two life Insurance policies

Not all will have all of these but many will have the majority of. Upon death the only one of the above that is certain to be lost is one of the SS benefits. One of the life insurance policies will be paid out.
If structured correctly all of the others can remain in place.

The surviving spouse can be even more set for life as all of the reduction in income is far offset by the reduction in expenses especially medical. There are posters in the forum that the surviving spouse will be able to pay for nursing home care out of monthly cash flow without needing LTCi, touching their nest egg etc.
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Old 08-31-2017, 07:00 PM
 
21 posts, read 14,588 times
Reputation: 92
I started collecting widows benefits at 61. I'm not planning to take my own until age 70 unless I need the extra income before them...however, that's not likely to happen.
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Old 09-01-2017, 03:07 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
i started the clock ticking today . started ss today and get first check next month
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Old 09-01-2017, 05:17 AM
 
Location: DFW - Coppell / Las Colinas
31,971 posts, read 36,594,800 times
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Quote:
Originally Posted by mathjak107 View Post
i started the clock ticking today . started ss today and get first check next month
Congrats! You finally get that ROI in the US Govt you contributed to for the last 50 years.

I'm about to write the US Treasury a $10k quarterly check today. I think part of it has Mathjak's name on it.

May you live long.
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Old 09-01-2017, 07:03 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
thanks . i just wrote our quarterly check 3 weeks ago so i feel your pain .
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Old 09-01-2017, 07:27 AM
 
Location: Charleston, SC
1,362 posts, read 764,777 times
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Just out of curiosity....is there any way to sum up how much I've paid into the SS Kitty over the years ??

The withholding has been increasing from 4% to current 6.2% of income. During my peak years it was around 6% or so. I suppose I could estimate it using those round numbers.

History of Social Security (OASI) Taxes

Would SS website have a summary of what the Employee paid in during a career ??
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Old 09-01-2017, 07:29 AM
 
71,463 posts, read 71,629,249 times
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not that i know of
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Old 09-01-2017, 07:37 AM
 
Location: SoCal
13,190 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by FiveLoaves View Post
Just out of curiosity....is there any way to sum up how much I've paid into the SS Kitty over the years ??

The withholding has been increasing from 4% to current 6.2% of income. During my peak years it was around 6% or so. I suppose I could estimate it using those round numbers.

History of Social Security (OASI) Taxes

Would SS website have a summary of what the Employee paid in during a career ??
The statement they send out every year has something about it. I haven't received any statement lately but I recall seeing the total SS paid.
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Old 09-01-2017, 07:55 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
i just looked on line but see nothing
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Old 09-01-2017, 08:17 AM
 
Location: SoCal
13,190 posts, read 6,301,958 times
Reputation: 9808
Not online but paper statement. I saved them every year. When I have time I will dig them out.
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