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This is incorrect, as Mathjak and I have tried to explain in numerous posts. Although waiting until 70 would not have increased her SPOUSAL benefits, it most definitely would have increased her SURVIVOR benefits. Indeed, that is why Mathjak keeps stressing that married couples need to think carefully before deciding when to begin drawing their benefits.
I'm confident I THOUGHT carefully enough, but I accepted what we were told by the SS representatives when I asked that specific question (more than one rep). Now you say that is wrong. Depressing.
You are correct. I questioned her and she handed me a file. I looked it up. She would not have collected what she thought from SS at age 62 (when she retired). Heck, that makes us even happier with her state retirement and health benefits including supplemental (Medicare Part B and D).
She was 62 (11 years ago) with 18 years as an upper level manager when the state came along and offered managemnet people an early retirement package. They would add 5 years to your age and/or service. They said if you retire now we will make you (on paper) 65 with 20 years. The retirement checks and continued health benefits start tomorrow. Then her boss said I will hire you back on two six month contracts, working 3 days a week, and we will pay you the same yearly salary you make now but on a 1099. She jumped on the offer with both feet. Man that was a good year for us.....LOL
Even with what she gets, she is the first to admit retirement systems are in trouble and they cannot keep this up but once promised, it is deserved. They are just going to have to change the rules for new hires.
I am about to take it at 64. I was trying to hang in until 66, but lost my job, and will not be able to get another full time job. I will chill for awhile and hopefully find a pt job that gives me a way to use my abilities. It seems like such a waste that people retire with a lifetime of knowledge that nobody really wants.
Anyway, I am a bit worried that the $100+ I will lose per month, will be really important after my DH retires, but I have no choice.
I figured, if I live to be 85, I'll lose about $15000.
The issues are will you live to be 85 and do you need the extra money now as in retire/collect now.
While I hope you live long and prosper, I would not be making financial decision that deprive me of things at 64 based on living to 85. More then likely, one will be on the wrong side of that curve....LOL
I am going back and forth about filing for early Social Security benefits at age 63. I would like to stop working but could work longer because no one is forcing me to retire, and hubby plans to work until 66 or 67. Have any of you filed for reduced benefits before 65 or 66 and regretted it several years later?
I would vote to delay as long as possible if your health was good. When your husband is 66(normal retirement age) he can file and suspend and you can then claim (when you are 66) 1/2 of his. Then let yours grow until you are 70 and switch over to it. For married couples there are lots of ways to maximize your benefits. I think you can find some pay sites on the internet that will help you. Also read what you can on the free sites. I do not think the SS administration is the best source of planning. I think they lean toward taking the benefit as soon as you can.
This is incorrect, as Mathjak and I have tried to explain in numerous posts. Although waiting until 70 would not have increased her SPOUSAL benefits, it most definitely would have increased her SURVIVOR benefits. Indeed, that is why Mathjak keeps stressing that married couples need to think carefully before deciding when to begin drawing their benefits.
This is one of the many reasons that trying to decide based on a forum discussion or what you have heard from folks can be a major mistake. So often in here people are discussing different things and may not realize it. As you note survivor and spousal benefits are very different. As MathJak and others have said maximum benefit is not necessarily the most important thing. Ages 62-70 can be prime enjoy retirement years for couples. Many folks have pensions and want to supplement that pension with additional income above their pension and can use SS or investments or both etc etc etc. SS can not be passed on to your children and grand children etc. Nor does it provide you with a pool of money for long term health care etc etc. That is why so many two income earners will consider the 62/70 strategy and work to preserve and increase their portfolio since that can be carried on and used for intended purposes after death etc etc if that is important to you. SS is part of a big picture and how much will your cash flow be over various scenarios and with various nest eggs. You live in a region where many will elect the 62/70 and will retire relatively young. They will look at their total income stream under various configurations and not be as concerned about maximizing individual strands at the expense of a bigger picture. Even a strategy like 62/70 needs to be researched and applied for consideration by the individual based on their realities.
I'm confident I THOUGHT carefully enough, but I accepted what we were told by the SS representatives when I asked that specific question (more than one rep). Now you say that is wrong. Depressing.
Oh, gosh. I hope you did not think I was chastising you for not thinking this through carefully. I'm sorry if the SSA reps did not give you accurate information. If increasing your wife's survivor benefit is still your primary goal, perhaps you should consider whether it is feasible to suspend your benefits. Retirement Planner: Suspending Retirement Benefit Payments
No regrets whatsoever. Retired at age 62, which was two years earlier than I had originally planned. But now, four years later, it's obvious to me that that was the right decision. Sure, I could've gotten more if I stuck it out a few more years, but at what costs to my quality of life? To me, that's more important than a few extra dollars. Besides, historically men in my family only live to about age 71. That's only five years from now for me. It comes down to an issue of grab it while you can! If I beat the average, so much the better and I'll still not regret pulling the work plug early.
Quote:
Originally Posted by Curmudgeon
I don't understand it either, even though I was "penalized" by it. All I do know is that my state pension was reduced by $133 a month because I would also be receiving Social Security. But then again, the pension fund reimburses me monthly for my Medicare Part B premium so I'm not really going to complain.
After answering the OPs, original and very simple question, that of regret, I fell into the trap of watching the subject veer off into the Never-Never Land of personal opinion, various points of view, all kinds of data and a bunch of other stuff that has nothing to do with having retired, begun Social Security early and whether or not you're happy to have done so. My apologies OP.
I am going back and forth about filing for early Social Security benefits at age 63. I would like to stop working but could work longer because no one is forcing me to retire, and hubby plans to work until 66 or 67. Have any of you filed for reduced benefits before 65 or 66 and regretted it several years later?
She is a hairdresser and still working. She took SS at 62 and gets around $818.00. She does regret that now, though, since she is 70 and would have been collecting around $1381 had she waited.
Wife took at 62 almost three years ago and no regrets at all.
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Rats!
A regret from one of my husband's clients
