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Old 08-23-2019, 05:32 PM
 
1,273 posts, read 1,585,716 times
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YOLO.... You Only Live Once.
Enjoy it. And your body ain't getting better at 70....
I stopped, not voluntary, at 55. I really like it right now. The first year I didn't accept it. But after that I did. Make sure you don't have bills after retirement. I didn't after 43.
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Old 08-24-2019, 07:34 AM
 
Location: Loudon, TN
5,978 posts, read 4,961,675 times
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OP, are you talking about Social Security or SSI, which stands for Supplemental Security Income and is for blind, disabled and over 65 folks who are also low income?

Here's the difference, https://www.ssa.gov/ssi/text-over-ussi.htm
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Old 08-24-2019, 08:39 AM
 
Location: Grove City, Ohio
10,183 posts, read 12,492,692 times
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Quote:
Originally Posted by TheShadow View Post
OP, are you talking about Social Security or SSI, which stands for Supplemental Security Income and is for blind, disabled and over 65 folks who are also low income?

Here's the difference, https://www.ssa.gov/ssi/text-over-ussi.htm
I think she's talking about taking social security because taking SSI has nothing to do with her husbands FRA.

This is the way I understand it to work but I could be wrong.

She could take her own social security at 62 but she will receive 25% less than if she waited to her FRA. If her FRA benefit is calculated to be $600 she would receive $450 if she took it at 62.

My understanding is she will be eligible for 50% of her husbands FRA benefit as long as her husband does not collect until his FRA. If her husband collects $2,000 she would be eligible for $1,000 but she would give up her $450 benefit. Still $550 ahead and together they would have a total SS income of $3,000 but here is where I get a little foggy. By collecting at 62 on her benefit would it that early collection impact what she gets from her husbands benefit? Would she receive 75% of the $1,000 she would get from her husbands benefit because she took hers early?

Planning.... if both are eligible for Medicare the Part B premium of $135.50 each will be taken from their social security before they ever see it. If hubby waits to 70 and spouse is not penalized for taking hers early they will actually see $2,600+$1,000-(2*135.50)=$3,339 deposited into their checking account every month.

If there is no hit, if she gets the full 50% benefit her husband is entitled to whether she collects her own at 62 or not then this is a no brainer she may as well take hers now.

If she waits until her husband is 70 his benefit will increase 32% to $2,600 but she will be entitled to 50% of his FRA benefit which will remain at $1,000 assuming there is no penalty for taking her benefit early.

So, the big question on my mind is if she takes her benefit early will that decision cost her in the future when she is entitled to her 50% of her husbands benefit? I'm really not sure about this particular aspect of it all.

I am probably the worlds biggest advocate for waiting to 70 to collect especially if you didn't save like you should have like me. By putting off collecting can go a long way towards making up for the sin of not saving like we should have.

We love where we live, it's a condo community that has everything we ever wanted but we had to take a mortgage to get it. Cost of moving from a low cost area of the country to a higher cost area. But we didn't suffer a hit because the cost of the mortgage is literally within $3 of the difference between my FRA benefit and what I collected at 70.
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Old 08-24-2019, 06:23 PM
 
30,429 posts, read 47,712,227 times
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Quote:
Originally Posted by Babette12 View Post
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
SSI to me is for disability claim—not early or spousal retirement claim
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Old Yesterday, 07:44 AM
 
296 posts, read 118,851 times
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I believe if she takes her SS before her FRA date, she will permanently have a discounted check. She also may have more on her own record than 1/2 of her husband's amount at FRA. OP, you need to go to ssa.gov and look at your own benefit as well as your husband's benefit and then do the math to see if taking your SS now is really helpful for you. Yes, the extra money now may be nice, but you're locking yourself into a diminished check for life.
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Old Yesterday, 07:57 AM
 
Location: The Outer Limits
1,506 posts, read 1,858,523 times
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Quote:
Originally Posted by Babette12 View Post
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
I took it early, don’t have longevity on my side.
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Old Yesterday, 06:24 PM
 
Location: The South
5,364 posts, read 3,715,375 times
Reputation: 8178
Quote:
Originally Posted by Babette12 View Post
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
I started mine at age 62 and I am now 82, no regrets. I have know a few that died after waiting till FRA to start
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Old Today, 09:41 AM
 
Location: Living rent free in your head
31,537 posts, read 13,945,773 times
Reputation: 22614
Quote:
Originally Posted by Babette12 View Post
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
They will 'deem' your husbands earned and unearned income, in most cases you will end up with nothing. If you have any earnings they they will require you to file for SS on your own earnings, you can't pick and choose. If your own earnings are low enough you can get SSI the amount will be reduced by your spouses income & SS.

https://secure.ssa.gov/poms.nsf/lnx/0501320400#a

https://www.disability-benefits-help...0may%20change.
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Old Today, 09:42 AM
 
Location: Living rent free in your head
31,537 posts, read 13,945,773 times
Reputation: 22614
Quote:
Originally Posted by loves2read View Post
SSI to me is for disability claim—not early or spousal retirement claim
That's exactly what SSI is
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Old Today, 11:16 AM
 
296 posts, read 118,851 times
Reputation: 623
Quote:
SSI (Supplemental Security Income) is a program that pays monthly cash benefits to blind or disabled children and adults who are blind, disabled, or over 65.
Bolding mine.



https://www.nolo.com/legal-encyclope...igibility.html


SSI can pay for a spousal retirement claim under specific circumstances. If their combined income is less than baseline and their assets are below THAT baseline then she could qualify for SSI at the age of 65. I suspect their assets are more than $3000 since she states they are saving to buy a house.
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