social security benefits (payments, date, wife, school)

[forest beekeeper]

Originally Posted by triciajeanne

Don't feel too bad for being wrong - I spent some time in a social security office today, trying to find out just what was the 1/2 benefit that I could figure I would receive at retirement age. The agent for social security told me that she couldn't tell me the amount until i filed a claim. I don't believe that is true. I believe that I can find out what my ex-spouse's expected benefit is and thus mine. The agent also told me that I would get 1/2 but if the current wife files, we split the 1/2. When I said I believed that was erroneous, she asked me why I was in the office if I already knew the answers. DUH - i was in the office to find the projected amount of my ex-spouse's benefit. It was when she continued to give me incorrect information that I questioned her facts. At least if you're wrong, you don't work for Social Security. Someone explain to me how there are information agents working in the system that can't give the right answers. Guess that's why they post that it is a federal crime to kill, maim, abduct, etc any agent while they are working - after a little while in the office, you have a toss of the coin whether to shoot yourself or strangle them. tricia who was left with more questions than answers after meeting with the social security office in this little town.

The last time that I dealt into a SS office.

They were saying stuff that did not agree with what I have already been told. So I got their handbook, read it and highlighted portions.

I went back, and even though I had their book in my hand [the size of a Bible it is], and was reading them the passages, which dealt with the issue at hand, ....

I hope to never again deal with a SS office.

[Ketabcha]

Folks, there is some misinformation in this thread. It is well-meaning but incorrect.

Please, please, please call the 800# for Social Security and request pamphlets and fact sheets on the various subjects your are interested in.

Don't make any decisions until you read the printed material that is available to you.

The Social Security Act is very complex and very fluid.

[TuborgP]

Originally Posted by Paka

If I read a story in Money magazine correctly, I am one of the few that would be best served starting to draw on my earnings at age 62. I worked, can draw on my own earnings starting at age 62, but my hubby is 18 months younger and makes a lot more than me. I can switch over to drawing off of his after he retires at full entitlement, and stop collecting on my younger age at a partial entitlement rate. The reason it said this was smart is, banking that entitlement, if something were to happen to me between partial and full entitement age, I would have collected and banked the entitlement vs never having drawn waiting for the higher entitlement and dying before starting to collect.

Might not apply to everyone, but works for us.

It works for a lot I mean a lot of us. There are a lot of dual income public employees with both pensions and SS who are close in age to each other and if they are professional public employees together are looking at 6 figure retirements and that leaves a lot of flexibility for maximizing long term benefits. Also those folks who worked in high income/cost areas and then relocate have financial flexibility to wait.

[TuborgP]

Originally Posted by tigerwoodsyall

I don't think that's the case, under your retirement you will be reduced but not under spousal benefits. I think survivor benefits are not 100% as you all are saying its 75% of his base amount (the amount used when calculating early retirement and full retirement, ie full retirement age)

That is a major reason why the highest income spouse waits until 70 to retire so as to maximize that benefit for them or their surviving spouse. Also at 66 the higher earner can collect spousal benefits until 70. Each person/couple needs to evaluate their own situation. Even if there are similarities with others the numbers will probably have a uniqueness of their own.

[texdav]

Personally I am taking it at 62 ;so is my spouse because at 66 I doubt you have that long to live to make up for the 144,000 we will have collected by the time we are 66.I can see it if you need the extra money and retire at 66.

[miokie]

Originally Posted by texdav

Personally I am taking it at 62 ;so is my spouse because at 66 I doubt you have that long to live to make up for the 144,000 we will have collected by the time we are 66.I can see it if you need the extra money and retire at 66.

If one or both of you live into your 80's, then inflation might bite you badly in the butt, unless you bank/invest that 144k and draw an interest rate that's greater than the inflation rate. (good luck with that).

If, in addition to the SS, you have a pension that's adjusted for inflation, then it it's less of a concern.

Using my own SS estimate as an example, I'd get 1300 at age 62, 1700 at 66, 2300 at 70. My pension is fixed, so no help there with inflation.
Assuming I live to 85 or so, then waiting on that $1000 SS upgrade *might* be a prudent move. If hubby and I both wait until 66 or 70 to collect, then it'll make an even bigger difference, an additional $2000 or more a month.

Our own family and medical histories give us every reason to presume that at least one of us will live to at least our mid-80's, so we're planning for the long term.

Hubby and I had moms who lived into their late 80's. Both retired in their early 60's, with mortgages and all debts paid off, and both immediately started collecting SS and fixed pensions.
Both got battered badly by inflation. Their monthly incomes were a mere pittance by the time they reached their late 70's. With prudent planning on their part (both had LTC insurance) and help from us and our siblings, they lived comfortably. Without these advantages, their last several years would have been a nightmare.

Everyone's situation is different. Just to show how many variables there are, I'll toss this in: our two adult children love us but their career choices make it highly unlikely they'll ever be able to give us financial assistance - whereas there are folks who can count on their offspring to keep them out of the poorhouse.

[mathjak107]

Originally Posted by texdav

Personally I am taking it at 62 ;so is my spouse because at 66 I doubt you have that long to live to make up for the 144,000 we will have collected by the time we are 66.I can see it if you need the extra money and retire at 66.

quite the contrary,,, im taking it at 70... why? because with my families history everyone dies young..... new thinking is that by waiting assuming you have some extra dough to lay out you are effectivly buying the worlds cheapest annuity and heres why

by waiting my monthly payments if i live will be double... if i dont live then my wife wins and has a lifetime of higher payments.... but thats not the real reason...the reason is that by having the security of all this extra dough kicking in down the road should we bioth live right from day one of our retirement we can withdraw alot more each month then we normally would from our nest egg.


we can take more money right at the beginning from our nest egg while we are still young and healthy and can use it because we no longer have to worry about out living our income if we do live....our savings will be replenshed later on if we live and be replenshid by a payment thats more than double. and if we dont live. oh well we already enjoyed the extra spending.. if i was looking at a lifetime of 4% withdrawls now i may take 30-50% more a year to live on... i could never do that by filing early at the lower rate.

that 144,000 is buying one of the most incredible deals in annuties... a life time in my case of an extra 16,000 a year plus cola adjustments forever for me and another 8,000 for my wife .. try pricing that one if you had to buy that annuity to kick in at age 66 or 70...

people think only in terms of breaking even and thats old school.....today its about having the most you can get to live on RIGHT FROM DAY 1 OF YOUR RETIREMENT NO MATTER WHAT AGE , not outlive your money and have the best darn life you can doing the things you like best...

[texdav]

The last hew thinking was that homes where the best investment you could make, You can always bank the funds then pay them back and get your 70 money because there is a payback clause.That way if the payments are reduced you do lo0se whic with governamnt can happen in a instant because they can change the rules at will.Reality is thyat governamnt does want to actaully face the deficit issure after two presidient were warned that it wil go under as required by law. The first had a congressional commision that confrimed it then a Bush fix but no one wanted to do anything because it as it was politically risky.

[mathjak107]

we can come up with all kinds of scenerios including the dollar wont be worth anything and we will all shop with carts full of money....

any of my plans plan around what is, what was and what stands a decent chance of continuing , i never plan around what if's.. im not smart enough to get those right.... social security being the cornerstone of american retirement is a very important part of our country...... as you saw with the stimulus money ,money can come from somewhere if needed.... i dont think for a second social security is at risk....

i dont feel the same about medicare though and what that will look like , thats a concern...

so it boils down to asking your self some simple questions assuming you have the cash to lay out..

DO MY SPOUSE AND I WANT TO DIE WITH THE BIGGEST PILE OF MONEY LEFT TO OUR HEIRS? take ss early

DO MY SPOUSE AND I WANT THE MAXIMUM AMOUNT OF MONEY TO SPEND ON OURSELVES AND HEIRS WHILE WE ARE ALIVE? take it at 70 but start taking those larger withdrawls today

DO WE WANT A COMPROMISE IN THE MIDDLE GROUND? take it at 66
in my mind none of the questions are about will i break even....

[mathjak107]

Originally Posted by texdav

The last hew thinking was that homes where the best investment you could make, You can always bank the funds then pay them back and get your 70 money because there is a payback clause.That way if the payments are reduced you do lo0se whic with governamnt can happen in a instant because they can change the rules at will.Reality is thyat governamnt does want to actaully face the deficit issure after two presidient were warned that it wil go under as required by law. The first had a congressional commision that confrimed it then a Bush fix but no one wanted to do anything because it as it was politically risky.

i wouldnt base any planning ever on government thoughts, talk , potential actions or supposed changes..... bottom line is what everything means to you and what you expierience,...

i have noooooooooo interest in politics at all... ever.... it bores me to no end , why? because in the 56 years im alive i have heard all kinds of political threats and this party is killing us or that party is destroying the country, and all the changes that will alter our lives forever, and the hyper inflation will wipe us out. by the way volumes were written after wwii about how inflation will end this country in a few years as we now were a debter nation ..

heres what i do know: every day i get dressed and go to work, ,, my income taxes are the lowest rate in 40 years for the dough i earn............,basically thats it.. nothing has changed in my life from any of this crap. for over 30 years i put my pants on and i go to work every day doing the same thing day in and day out . bottom line to decades of political talk.... nothing has changed for me that i myself didnt make happen.... im where i am financially because i made it happen, my family life is what it is because i made it happen... all the decades of blaming the democrats or blaming the republicans amounted to nothing in my life.... i plan around what i know, what i can make happen and leave the politics as a spectator sport... a rather boring one at that ho hum


if more people took control of their own lives instead of waiting for some political magic wand to make things better or some political change to hurt us or take something important away they would be a whole lot better for it.... political policies arent what caused millions of americans to committ financial suicide in their lives with debt and poor planning , their own lack of interest and knowledge in their financial lives caused it to happen.

as a hobby i enjoy posting about financial planning, i have done articles for money magazine , for fidelity investments magazine, im a non-staff consultant to the wall street journal and have been quoted more times than alot of pro's in the business and im not in the business at all.. in fact all i write is my opinion most of the time and even that may not be correct, but i like waking people up so they think for themselves... i like to get them thinking and to stop believing all the hype and bull the media feeds them.


my wife kids me and says sometimes my articles or postings are like bringing fire to the natives. as i always say folks no more about their refrigerators and cars then they do most financial things, they usually just parrot a tid bit or 2 that they heard somewhere and thats their whole opinion..... any way to each his own and some people will never take an interest but they will blame every thing around them instead.