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Old 10-31-2015, 12:33 PM   #21
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We are looking at the data.
According to Social Security, the percentage of the population making it to 21 years old have a 72 to 83% to make it to sixty five years old.
And for those who make it to sixty five years old....
they have an remanding average life expectancy between 15 to 19 years more, depending if you are a male or female.

Mmmmmm, maybe the answer is somewhere in the middle
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Old 10-31-2015, 01:00 PM   #22
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If you go to the Social Security website, there is a calculator you can use to get an estimate of your own life expectancy based on your date of birth and gender.
This calculator is for the average of your cohort, and doesn't look at individual risk factors such as your family history and factors such as smoking and heart disease.

I think you need to log in to use the calculator.
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Old 10-31-2015, 01:21 PM   #23
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Some of you may find this website useful. It helped me understand the strategies of File and Suspend and Restricted Application. In any case, it attempts to optimize your benefits, depending on your goals. I haven't made a decision yet, but have seen this link recommended in more than one article.

http://www.bedrockcapital.com/ssanalyze/

Thanks for the heads-up on the 6 month window, Mark!
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Old 10-31-2015, 02:33 PM   #24
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Social security

We both worked, but my wife made much less than I did, therefore her social security is less. She started taking SS at 62. I waited until 65 to get spousal benefit, about half of her social security. Meanwhile my social security went up about 8%/ year until I reach 70 at which time I will take my full benefit. If I die first my wife will get a higher spousal benefit from me than from her own social security. That is one reason I waited.
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Old 10-31-2015, 02:52 PM   #25
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We're retirement planning now, and just took a course in retirement planning and strategies at the local comm college. Drawing at 62 (and I just turned 62), you will get 20% less than if you wait until full retirement age - 66 for me, 67 for others. I don't need the money now, and it wouldn't change my lifestyle, so I'm waiting until 66. If you haven't saved, don't have good health, or if you need the money now to pay the bills, then file as soon as you can. Otherwise, why accept a 20% penalty?
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Old 10-31-2015, 03:51 PM   #26
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Originally Posted by ROBERTSUNRUS View Post
Hi, I retired at 62; My math showed that if one person retires at 62, another at 65/66, and the last at 70, that they all collected the same amount of money at age 80. Actually it was more like 79 1/2 to 79 3/4, but 80 is close enough. So those who wait to get more money will actually be ahead after they turn 80.

I have a 68 year old friend who's waiting until age 70 because his wife is 21 years younger & upon his death (&when she reaches the age to file) she will receive a much larger check for the rest of her life. Not a bad strategy if you can afford it.
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Old 10-31-2015, 05:41 PM   #27
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Hi, my Grandfather made it to 84 years old. My Dad made it to 98 years old. At that rate, I should make it to 112. I told my two daughters that when I get old, they will need to take care of me. My Daughters both told me that they won't be around so plan on my Grandkids to take care of me.
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Old 10-31-2015, 05:56 PM   #28
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We live our lives as though we will never die (even though I had cancer nine years ago). Which means we need to be extra careful with our finances so we never run out of money.
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Old 10-31-2015, 06:16 PM   #29
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Side question for the SS savvy. Under the current rules, do both spouses have to be at least 62 to use one of these strategies? Only one of us is, so we haven't paid much attention to SS rules.

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Old 10-31-2015, 06:48 PM   #30
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The congress decided to not change the rule for those already taking advantage of it, and there is a small grace period for those already qualified. Other than that, what this whole deal demonstrates is that they can change the rules anytime they want to... And you better believe there is more of that coming. Probably better to take what you can while you can. As Woody Guthrie said, Take it Easy, but TAKE IT!
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Old 10-31-2015, 07:27 PM   #31
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Side question for the SS savvy. Under the current rules, do both spouses have to be at least 62 to use one of these strategies? Only one of us is, so we haven't paid much attention to SS rules.

Jim
Jim, I think I know the answer to this but I am really reluctant to post it. I would definitely recommend you talk to a qualified financial adviser, or do your own research on the web. I would feel awful if I gave the wrong advice.

Also, a lot depends on both you and your spouse's ages and earning records.
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Old 10-31-2015, 08:12 PM   #32
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Jim, I think I know the answer to this but I am really reluctant to post it. I would definitely recommend you talk to a qualified financial adviser, or do your own research on the web. I would feel awful if I gave the wrong advice.

Also, a lot depends on both you and your spouse's ages and earning records.
Yup, I would do that either way. Just thought maybe somebody could give a quick answer. We're old and tired. Looking for an easy out.

Especially after all these taxes all these years. Wanna get my fair share back.

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Old 10-31-2015, 10:02 PM   #33
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Sorry, I'm kind of ignorant. Can some one please explain File and Suspend and a restricted claim?
Here is a newsletter that I wrote on the Social Security retirement planning options in 2012 for an elder law organization named ElderCounsel, LLC in which I am active. It explains File and Suspend. This issue is one of many ElderCounselor e-newsletters on my firm's website. http://mainecenterforelderlaw.com/gl...(May_2012).pdf
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Old 11-01-2015, 01:34 AM   #34
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The recent comments are spot on, and Marty's PDF illuminates the landscape well. Thanks all.

Each personal situation varies greatly, so the advice to seek professional counsel, it seems to me, is the best advice . . .

My own accountant was very helpful about 10 years ago, in helping to order my thoughts and priorities, and his advice has played out well so far.

As Airstreamers, many of us like to fix things ourselves. In the case of retirement choices, however, the reluctance to call in a planning expert could prove both expensive AND permanent.
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Old 11-01-2015, 07:00 AM   #35
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I just turned 64 and still working. Wife is about 4 1/2 years behind and stays home with my Mom who is 94 and has dementia/Alzheimers. We can't consider retirement until the "Mom situation" plays out.

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Old 11-01-2015, 07:49 AM   #36
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I took my SS at 62. I figured I would rather have a little less $$ while I was still able to go and do and play instead of a little more when I would be less able bodied and maybe home bound.

It is all personal and I don't believe there is a universal "correct" answer.

Sam
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Old 11-01-2015, 09:06 AM   #37
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As a CPA/CFP, the analysis has so many moving parts that there is usually no one correct answer for any individual.

Make an informed decision, and hope circumstances work out in your favor.
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Old 11-01-2015, 10:27 AM   #38
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All in the details. Would love to see a link to the source of the info on "file and suspend" changes.
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Old 11-01-2015, 10:38 AM   #39
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All in the details. Would love to see a link to the source of the info on "file and suspend" changes.
I don't know why the links I keep adding don't work. Do a search on Budget Bill Social Security and you will find pages by CNN, WSJ, Bloomberg and several others.
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Old 11-01-2015, 11:57 AM   #40
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Glen, my heart goes out to you on the loss of your wife.

If the politicians will stop 'raiding' the Social Security coffers, it will be more solvent. IMO! Those I.O.U.s are worthless! I retired at 62, not by choice, but, due to an auto accident, (drunk driver, uninsured, head on collision, in my lane)! My plans went out the window for retirement. My intent was to work till 68-70, then retire. Point being...all the plans we make can be set aside by the actions of others...out of our control.

I will be 77 this month, and the "Golden Years" are a bit tarnished with passing of time. That being said, I still hope to have many travels in my future in my little Bambi 16' Sport.
46 years spent as an R.N., I'm not getting rich off of social security...I'll never regain what I paid in, I'm sure. Fortunately, my husband took care of me, God rest his soul.

My biggest concern is for my daughter, and if social security will be there for her....and if so, in what form. We can only hope! Bottom line...SS is only a tiny bit of what will be required in retirement. Just my 2 cents. Evelyn.
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