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10-31-2015, 12:33 PM
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#21
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4 Rivet Member
2014 27' FB Eddie Bauer
Mobile
, Alabama
Join Date: Jan 2014
Posts: 319
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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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10-31-2015, 01:00 PM
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#22
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Rivet Master
, Minnesota
Join Date: Aug 2003
Posts: 7,721
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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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10-31-2015, 01:21 PM
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#23
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Rivet Master
1959 26' Overlander
Western
, Massachusetts
Join Date: Sep 2005
Posts: 1,468
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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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10-31-2015, 02:33 PM
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#24
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3 Rivet Member
2004 30' Classic
Hillsborough
, New Jersey
Join Date: Apr 2009
Posts: 203
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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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10-31-2015, 02:52 PM
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#25
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Rivet Master
2000 19' Bambi
mt. Prospect
, Illinois
Join Date: Oct 2006
Posts: 829
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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?
__________________
No WD, but a great DW!
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10-31-2015, 03:51 PM
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#26
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Rivet Master
2016 25' Flying Cloud
Venice
, Florida
Join Date: Apr 2015
Posts: 1,024
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Quote:
Originally Posted by ROBERTSUNRUS
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.
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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.
__________________
Joe
Venice, FL
2016 FC 25RTB
TAC FL-47
2018 Nissan Titan XD Cummins Diesel
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10-31-2015, 05:41 PM
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#27
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Rivet Master
2005 25' Safari
Salem
, Oregon
Join Date: Mar 2006
Posts: 8,369
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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.
__________________
Bob 2005 Safari 25-B
"Le Petit Chateau Argent" Small Silver Castle
2000 Navigator / 2014 F-150 Eco-Boost / Equal-i-zer / P-3
YAMAHA 2400 / AIR #12144
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10-31-2015, 05:56 PM
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#28
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Rivet Master
2012 25' Flying Cloud
Battle Lake
, Minnesota
Join Date: Jun 2009
Posts: 7,714
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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.
__________________
Doug and Cheryl
2012 FC RB, Michelin 16, ProPride 1400
2016 Ram 1500 Laramie Crew Cab 4X4 Ecodiesel 3.92 axles
The Truth is More Important Than the Facts
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10-31-2015, 06:16 PM
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#29
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Remember, Safety Third
1973 27' Overlander
Catfish Corners
, Georgia
Join Date: Oct 2004
Posts: 5,720
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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
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10-31-2015, 06:48 PM
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#30
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Rivet Master
2007 23' Safari SE
2016 23' International
Fernandina Beach
, Florida
Join Date: May 2013
Posts: 586
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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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10-31-2015, 07:27 PM
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#31
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Rivet Master
, Minnesota
Join Date: Aug 2003
Posts: 7,721
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Quote:
Originally Posted by Jim & Susan
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
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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.
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10-31-2015, 08:12 PM
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#32
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Remember, Safety Third
1973 27' Overlander
Catfish Corners
, Georgia
Join Date: Oct 2004
Posts: 5,720
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Quote:
Originally Posted by markdoane
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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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.
Jim
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10-31-2015, 10:02 PM
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#33
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Rivet Master
2007 20' Safari
Old Orchard Beach
, Maine
Join Date: Sep 2014
Posts: 509
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Quote:
Originally Posted by Silverflames
Sorry, I'm kind of ignorant. Can some one please explain File and Suspend and a restricted claim?
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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
__________________
Marty Womer
Old Orchard Beach, Maine
Trailer name: Quarantina
2019-2022 President, Northeast Mountaineers Airstream Club
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11-01-2015, 01:34 AM
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#34
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Rivet Master
2014 20' Flying Cloud
Sag Harbor
, New York
Join Date: Jun 2015
Posts: 17,523
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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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11-01-2015, 07:00 AM
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#35
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Rivet Master
2008 25' Classic
Full Time
, Texas
Join Date: Nov 2012
Posts: 4,309
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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.
Kelvin
__________________
2008 Classic 25fb "Silver Mistress"
2015 Ram 2500 6.7L Cummins. Crew Cab, 4x4, Silver
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11-01-2015, 07:49 AM
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#36
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4 Rivet Member
1961 22' Safari
Union
, Oregon
Join Date: Jan 2007
Posts: 477
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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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11-01-2015, 09:06 AM
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#37
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3 Rivet Member
2006 19' Safari
New Smyrna Beach
, Florida
Join Date: May 2010
Posts: 136
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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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11-01-2015, 10:27 AM
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#38
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3 Rivet Member
2018 23' Flying Cloud
Eagle Creek
, OR
Join Date: Feb 2013
Posts: 118
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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.
__________________
__________________
Question: better to be a successful pessimist or a failed optimist?
Al & Robin
2018 Airstream 23FB Flying Cloud
2015 F150 XLT 3.5L EcoBoost, 4WD
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11-01-2015, 10:38 AM
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#39
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Rivet Master
, Minnesota
Join Date: Aug 2003
Posts: 7,721
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Quote:
Originally Posted by almcate
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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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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11-01-2015, 11:57 AM
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#40
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Rivet Master
Join Date: Mar 2015
Posts: 1,074
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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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