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Old 06-05-2019, 08:11 PM
 
61 posts, read 25,177 times
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OK - his benefit at 66.5 years old would be $2895.
At 70 it would be $3907.
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Old 06-05-2019, 08:17 PM
 
Location: The Berk in Denver, CO USA
14,013 posts, read 20,317,250 times
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Spend $40 at https://maximizemysocialsecurity.com/ as I did.
It will help you a lot with a decision that that is worth 100s of thousands.
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Old 06-05-2019, 08:40 PM
 
Location: Boca Raton, FL
5,160 posts, read 8,684,984 times
Reputation: 6157
Default Nice!

Quote:
Originally Posted by grlwthprl View Post
OK - his benefit at 66.5 years old would be $2895.
At 70 it would be $3907.
Nice increase.

I'm trying to get my husband's up but it's not that much. I think he'll be around $3100 at 70.
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Old 06-05-2019, 10:26 PM
 
231 posts, read 96,737 times
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Quote:
Originally Posted by grlwthprl View Post
OK - his benefit at 66.5 years old would be $2895.
At 70 it would be $3907.
I'm not sure who turns FRA first, your husband or you, so I'll just assume he's 1 year older... for the sake of this example:

He reaches FRA first, but decides to delay filing in order for his benefit to increase. One year later when you reach your FRA, you file for your own benefit of $800. You will receive that amount until your husband retires and files for his own benefit. When he does you'll apply for a spousal add-on to your own benefit that will bring you total monthly payment to $1447.50 (which is half of his FRA benefit amount of $2895.) You cannot collect the add-on amount until he files, so as long as he's delaying you'll be foregoing that additional $647.50 spousal add-on.

Since he has delayed his filing, his monthly benefit will be higher than his FRA amount of $2895, but your benefit will max-out at $1447.50 because your benefit + spousal add-on cannot exceed one-half of his FRA benefit.

[If eventually he dies before you, you will then get a survivor benefit equal to whatever monthly he was getting, including his increase for delaying filing.]
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Old 06-06-2019, 02:22 AM
 
71,463 posts, read 71,629,249 times
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one of the reasons i did not delay beyond 65 was because my wife's spousal adder was 4500 a year as the add on .

it made little sense to keep spending down invested assets , not get spousal benefits of 4500 a year , not get all those ss checks i was delaying , and go uncapped in medicare increases because until you collect you are not covered under hold harmless ... delaying until 70 made little sense in our case . the spousal not collected really tipped the scale for us .

i couldn't file sooner then the year i would have been fra because all the little side gigs i do would have put me over the earnings cap so the year i would be fra worked well .
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Old 06-06-2019, 02:28 AM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
Quote:
Originally Posted by grlwthprl View Post
OK - his benefit at 66.5 years old would be $2895.
At 70 it would be $3907.
right now the max from ss i think is 3770 for 2019. that should increase each year but we don't know to what yet .
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Old 06-06-2019, 07:09 AM
 
Location: In the land beyond Ohare!
888 posts, read 458,017 times
Reputation: 1932
Quote:
Originally Posted by davebarnes View Post
Spend $40 at https://maximizemysocialsecurity.com/ as I did.
It will help you a lot with a decision that that is worth 100s of thousands.
This and Mike Pipers free Open Social Security , tool are two very good resources to help determining how to get maximize benefits. Be sure to select the advanced option to vary the inputs.

https://opensocialsecurity.com/
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Old 06-06-2019, 07:25 AM
 
Location: Upstate
5,800 posts, read 6,570,891 times
Reputation: 4155
Quote:
Originally Posted by davebarnes View Post
Spend $40 at https://maximizemysocialsecurity.com/ as I did.
It will help you a lot with a decision that that is worth 100s of thousands.
Did it help you?

Do you renew the license annually, or is there a reason too?
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Old 06-06-2019, 07:44 AM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by mathjak107 View Post
right now the max from ss i think is 3770 for 2019. that should increase each year but we don't know to what yet .

Mine is $3,753 according to the SSA web portal. My FRA is 66 years 8 months and I have a few years where I didn't quite get to the max Social Security contribution. I've never plugged the numbers into my spreadsheet but my theoretical max is probably really close to that $3,770.



I imagine someone age 63 born in 1955/FRA 66 years 2 months with 35 maxed out income years is maybe 4% higher than $3,770. $3,907 looks plausible.
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Old 06-06-2019, 07:49 AM
 
Location: SoCal
13,188 posts, read 6,301,958 times
Reputation: 9808
Quote:
Originally Posted by BOBNCHI View Post
This and Mike Pipers free Open Social Security , tool are two very good resources to help determining how to get maximize benefits. Be sure to select the advanced option to vary the inputs.

https://opensocialsecurity.com/
I used this, pretty good for being free.
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