ss questions....

[strollingbones]

here is my issue....i will be 62 before my husband is....i have low wages he has much higher and therefore his social security is better pay out than mine....

i am not sure about applying at 62 or applying first...i have been told that i can apply and then when he turns 62 i can flip the social security and draw on him....

so all you old ones...before you hit the ice floe...what are your experiences or warnings or tips about ss?

 

[Pennywise]

Get a gastric bypass and eat a dozen donuts. Problem solved.

 

[strollingbones]

omg i miss krispy kremes.....

well that is why i am thinking 62....since the end game is looking shorter and shorter for me...but what the hell my mother has diabetes...has had a heart attack and dementia....she takes metformin but her diet is not restricted and she is till rolling right along...seems to be a cruel trick of aging...you get physical health or mental health but rarely both

 

[Granny]

First of all, check to see what your full retirement age is based on your date of birth. I don't think 62 is going to do it for you. If you retire early you will get a lower SS payment to begin with than you would if you waited to your full retirement age to retire.

I may be wrong about this, but I believe you would not be able to opt for your husband's higher SS payment until after his death.

 

[DGS49]

If you go to the social security website and register, it will give you exactly what your benefits would be if you retire at any age from 62 through 70. Your husband's SS is independent of yours, and would be reduced significantly upon his demise, should you choose to consider switching at that time.

Again, check the website.

 

[Mr. H.]

My CPA always advised my older siblings to begin their draw at 62. I'll do the same in a few years.

 

[Gracie]

I get mine in November. I turn 62 in October. I ain't waiting.

 

[WorldWatcher]

First of all, check to see what your full retirement age is based on your date of birth. I don't think 62 is going to do it for you. If you retire early you will get a lower SS payment to begin with than you would if you waited to your full retirement age to retire.

I may be wrong about this, but I believe you would not be able to opt for your husband's higher SS payment until after his death.

That's my understanding also.

If you go to the social security website and register, it will give you exactly what your benefits would be if you retire at any age from 62 through 70. Your husband's SS is independent of yours, and would be reduced significantly upon his demise, should you choose to consider switching at that time.

Again, check the website.

Odd way to put it, but I believe that upon the death of a SS eligible spouse, that the surviving spouse is eligible for an adjustment if the deceased spouse's SS rate was higher.

Let's say (just to use round numbers) Spouse A draws $1000 per month in SS, Spouse B draws $600. Their combined SS is $1,600 per month. If Spouse A dies, then Spouse B is eligible to receive an adjustment of $400 based on Spouse A's earnings. That means Spouse B's income would be $1000 per month after the adjustment. Higher then Spouse B on their own, but still less then the combined.

I believe there is also a requirement that the marriage must be X years in length, what that length is I'm not sure of.


(This is my understanding and not to be taken as financial advise. Always check.)



>>>>

 

[Granny]

The length of marriage that you mention refers to collection of an ex-spouse's SS benefits by a divorcee upon that ex-spouse's death.

My mother tried that number when my step-father died and she was SOL - a day late and a dollar short. Damn that woman loved money. She wasn't married to him long enough. I think it's 10 years but not sure.

 

[HenryBHough]

With any pension plan married couples usually get to choose whether one member's benefits die with that person's death or whether some portion of that member's benefits continue to be paid to the survivor. There are relatively minor differences in monthly payout according to that choice. Many couples guess at who's going to go first and opt out of survivor benefits. Some even get it right but too many guess incorrectly and the "wrong" spouse dies first leaving the survivor with greatly decreased income.

Opting for survivorship will initially give a slightly smaller payout but will prevent possible economic disaster down the road.

 

[boedicca]

In general, waiting until the full retirement age (65 or 67) is better as the payments are higher.

(In my case, I'm assuming I'll get ZERO SS given the state of the Fed's unfunded liabilities).

But I'm really responding because I love SB's AV! I saw the "For the Love of God" Damien Hirst Exhibit in Amsterdam a few years ago. The skull is faboo!

 

[Toro]

It depends how long you expect to live. Clearly, if you think you'll live to be 65, by all means, start at 62. But for the average person, it pays to wait as long as you can if you expect to live the average life span.

Or at least I've been told. I've never actually done the math.

 

[syrenn]

here is my issue....i will be 62 before my husband is....i have low wages he has much higher and therefore his social security is better pay out than mine....

i am not sure about applying at 62 or applying first...i have been told that i can apply and then when he turns 62 i can flip the social security and draw on him....

so all you old ones...before you hit the ice floe...what are your experiences or warnings or tips about ss?

sorry bones....i got zip to tell you. My guess is SS will be a long gone memory by the time i would be old enough to apply.

 

[Gracie]

This is a great thread, Bones. I have to go in July and start the paperwork. They had Hubby come in 3 months prior to his 62'nd birthday to get it going. So I will do the same. My SS is almost the same amount his is. I am going to go with mine..not half of his..even though it is less. If he dies before me, I think I can take all his, not just half. But I gotta ask if thats how it works if I take mine in October.
I don't want to wait, either. I don't think I will be around by 65 or 66 years old. Cancer could come back. I could have a stroke or heart attack..and I have a DNR in writing. I also smoke. So no telling.

I don't want to take his because he gets twice what I get...but they take past child support. He paid every month for years....but still owes back child support. They take it out of his SS. So that leaves him with not much. I don't know if they will continue to take it out once he passes. If they do..i will stick with mine. If they can't, I will go with his.

It's very confusing.