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Getting back to your original question - if you file early at 62, you will receive the earnings from whichever record will pay you the most, yours or your spouses. There will not be a choice, SS will select this automatically.
Do not calculate it as half of your spouses earnings if you are filing at 62. You are penalized a percentage for each month between 62 and your FRA.
If you wait to file until your FRA, you then DO have the choice of filing on your spouses record or on your own record.
Although it sounds like you are not interested, you can even file on the spouses record and suspend your own, allowing it to build to the higher payout amounts of delayed filing, about 8% a year until age 70. You can then switch to your earnings record.
ETA - posted at about same time as you - some of this you already know!
Thank you lady400 for that info. Especially the bolded ^^
FTR, Just because you don't get it doesn't make it "screwy" to take no chances with your healthcare in your golden years
What I "don't get" is why a healthy person in their 40's doesn't just buy a LTC policy. Why, if you are going to have a half mil, would you want to live on poverty level income for 20 years just so you can POSSIBLY get a free care worker at taxpayer expense IF you become incapacitated.
What I "don't get" is why a healthy person in their 40's doesn't just buy a LTC policy. Why, if you are going to have a half mil, would you want to live on poverty level income for 20 years just so you can POSSIBLY get a free care worker at taxpayer expense IF you become incapacitated.
I couldn't agree more. This thread is making me scratch my head
What I "don't get" is why a healthy person in their 40's doesn't just buy a LTC policy. Why, if you are going to have a half mil, would you want to live on poverty level income for 20 years just so you can POSSIBLY get a free care worker at taxpayer expense IF you become incapacitated.
We are trying to understand these policies. What it comes down to is there are many loopholes (as you can expect).
So they are not very reliable though they certainly cost a pretty penny.
We will end up likely buying two of these policies after my FIL dies... using our inheritance.
I care for him part time, he's in hospice. My MIL whom I also cared for in hospice just passed away last week. Peacefully, thank god. The first peaceful death I've seen yet.
Getting a few LTC policies isn't the issue except we cannot afford it at this moment. Not for both of us. My FIL says those policies often have loopholes and when we met someone who explained it, that was the case sometime back. But I had very little rest in caring for them so my concentration wasn't the best back then.
So what are you going to do with that half mil? Hide it and defraud the government?
Much of it will go to our son. Maybe all of it, we'll see. We are very happy to live simply as we do.
To the rest of your weird post, I'll pass on responding to your own criminal imaginations...let you mull over that yourself
Yes you can but its not going to increase your benefit overall. Even filing later has make up which can reduce it overall. Part A Medicare is automatic at 65 whether a person worked or not and others parts offered with penalty for waiting. Other assistance is offered but with wealth qualifications beyond income based. Those also have possible recovery at death from estate.The government has many actuaries figure risk and benefit of every offering as it effect taxpayers. they also have definite fraud definitions and ignorance is no excuse as mistaken defense.
What I "don't get" is why a healthy person in their 40's doesn't just buy a LTC policy. Why, if you are going to have a half mil, would you want to live on poverty level income for 20 years just so you can POSSIBLY get a free care worker at taxpayer expense IF you become incapacitated.
Again, I didn't say we weren't going to buy a LTC policies. You keep assuming such.
A LTC policy is NOT a cure all.
As my FIL explained when he was well, he's worked as a IHSS Worker for decades and had to examine and utlizie Long Term Care Policies for years concerning his clients. They go hand in hand sometimes. Work hand in hand sometimes, did you know that?
But overall, LTC policies are not generally what they are cracked up to be. The loopholes mean at the time you need them, they are AWOL.
Wake up and smell the coffee.
And whether I live at poverty level being in a happy state or unhappy state, this is not your business. Nor is it my question.
But I'll entertain you...
When you have solar power, grow your own food, make your own shampoo, soaps, get eggs from chickens and cycle most everywhere you go (yes we have two cars) you are much healthier and happier. Material items aren't as important to you as you derive pleasure from just life itself.
Living at poverty level is VERY EASY when you hardly have any bills. It's not about how much you make, it's about disposable income.
I have enough thank you. So keep your over-generalizations to yourself
Much of it will go to our son. Maybe all of it, we'll see. We are very happy to live simply as we do.
To the rest of your weird post, I'll pass on responding to your own criminal imaginations...let you mull over that yourself
There are gift limitations. If you gift it to your son during your lifetime, you will have to stay within those annual gift guidelines or be taxed on it, as will your son. If you leave it as part of your estate, it will be subject to recovery by the government. IHSS is for those truly in poverty, not those who give away their money so that they can use taxpayer money for insurance they could have bought for themselves.
IHSS is Taxpayer funded. Taxpayer money is MY money. I don't give a hoot if you lay your own eggs. If you hide assets or attempt to "work the system" you are ripping ME and the other taxpayers off.
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