Average Monthly SS Income (friend, drug, forecast, trouble)
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What makes it even harder for me to decide on when to begin to draw is the
15 K earnings limit once I draw...
I have to decide whether to not draw & make more than that with PT work
or begin drawing and have a 15K earnings limit..
I can draw at 60 due to being a Widow or delay and let that grow...
My husband died at age 49 when I was 44, and in an attempt to plan my retirement finances I contacted SSA to get estimates of what my widow's survivor benefit would be from age 60 to my widows's FRA of 66.2. SSA would not give me these estimates because they said I had to file first which makes no sense because widows/widowers need this info to plan their retirement finances. With the help from a senator from my state I was finally able to get this info. Here is what my monthly widow's survivor benefit looks like from 60 to my widow's FRA of 66.2
Age 60 - 2/2017 - $1,041.60
Age 61 - 2/2018 - $1,109.00
Age 62 - 2/2019 - $1,176.30
Age 63 - 2/2020 - $1,243.60
Age 64 - 2/2021 - $1,311.00
Age 65 - 2/2022 - $1,378.30
Age 66.2 2/2023 - $1,456,90 - This benefit stops here and does not grow to age 70 like your own benefit
I will be turning 60 this February but will not be drawing a widow's benefit or retiring anytime before my widow's FRA of 66.2 because I would loose way too much from my Federal pension and 6 years of max TSP/401K contributions. It is those two funds that not only will allow me to defer my own SS benefit to age 70, they make up 2/3 of my retirement income. I may be needing to work full time a few years longer than some, but when I say adios there will never be any need for me to ever punch a time clock again.
they can't really tell you up front because only if both you and him filed at fra do you get what he got .
otherwise if he took it early you get reduced , and if you took it early you get reduced again .
as a safeguard against getting to steep a double cut if he filed early and you are filing for survivor early there is a floor of mulipliers put in place that are based on his full . you get the higher of what he got or the multiplier off his full which serves as a floor . .
so at 60 your floor would be his full x.71 ------ at 62 you would get his full x.81 , etc ,etc . it will vary depending on the month but you would be within a few dollars of those numbers . they gave you the figures based on the floor ,you may get more .
they can't really tell you up front because only if both you and him filed at fra do you get what he got .
otherwise if he took it early you get reduced , and if you took it early you get reduced again .
as a safeguard against getting to steep a double cut if he filed early and you are filing for survivor early there is a floor of mulipliers put in place that are based on his full . you get the higher of what he got or the multiplier off his full which serves as a floor . .
so at 60 your floor would be his full x.71 ------ at 62 you would get his full x.81 , etc ,etc . it will vary depending on the month but you would be within a few dollars of those numbers . they gave you the figures based on the floor ,you may get more .
My husband died at age 49 which was 13 years before he was eligible to file for his lowest benefit. Since my husband did not work long enough to get his full 35 years in because 49-35=14, I was told these numbers given to me were a projection of what his income would have likely been had he lived and worked those 35 years. If SSA figures when the time comes I will get a little more great, but hopefully there will be a few COLA adjustments over the next 6 years that will possibly guard me from getting less. Either way I am pushing out my own benefit to 70, because even though I have to spend down higher amounts annually from 66.2-70 from my TSP/401K, for me, I can't imagine a better return than a $40,000 COLA adjusted social security combined with a $30,000 COLA adjusted pension. And the significantly lower amounts that I have to drawn from my TSP/401K from age 70 on will certainly lessen my tax burden.
As I have mentioned in previous posts I applaud all those who can afford to retire at 50, 60, or 62, but for me with the economy being what it is, the rising costs of health insurance, etc. I am more comfortable shooting for a higher mark if it means working a few years longer. I enjoy my life now, so retirement for me will only enhance my joy unless I am in a financial place where I have to watch ever dime I spend, and am doing what I have to do to avoid that from happening.
Great stuff in this thread!! Wow didn't know there was this much to it. And I know 100% my retired parents didn't know half this either.
Say one files to collect early at 62. When they get 65 does that $ go up or is it once you file that's your payment for life?(besides col increases)
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I will leave your question to the SS wiz kids who are more knowledgeable to answer your question.
Great stuff in this thread!! Wow didn't know there was this much to it. And I know 100% my retired parents didn't know half this either.
Say one files to collect early at 62. When they get 65 does that $ go up or is it once you file that's your payment for life?(besides col increases)
except cola's that is your payment forever , 65 is not the full retirement age for all . it changes by birth date . i am 66.
only exception to the rate not changing is if you gave back money from your ss because you took early ss but made to much working . in which case at your full retirement age you get recalculated to start to get back what you forfeited . if married you may get some spousal benefits too .
Just signed into the ss website. My fra is 67. I gotta get saving more, no way am I working that long!!! Lol
When to the SS office and they gave me a print off for the amount what would it be if I retired that month.
So you can decide when you will get enough SS to retire. Give me all the amounts from my age 63 to 70.
Of course longer you wait the more money you get.
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