When to take Social Security

[WorldWatcher]

Thanks for the thoughts.

I too have been working on a spreadsheet for this. My wife laughs at me for my over use of them!

I think in the end the two deciding factors will be when she feels she can no longer physically keep nursing and when our 401ks feel full enough.

I am a retired Marine so my medical is good, that is one worry I do not have that many do. I pay less a year for TriCare than some pay a month for their insurance.

We plan to retire outside of CONUS which will lower our daily cost of living and open up cheaper travel opportunities.

Using TRICARE For Life Overseas | TRICARE

www.tricare.mil

https://www.medicare.gov/Pubs/pdf/11037-Medicare-Coverage-Outside-United-States.pdf

Ya, but when we turn 65 we have to Transition from TRICARE Select to TRICARE For Life (TFL) meaning we have to enroll in Medicare. The small premium for TRICARE Select goes away but you pick up 2 Medicare premiums (one for each of you) and that is - IIRC - $170 a month right now.

I'm sure you have, but check very carefully on medical coverage because even though you have to maintain Medicare for eligibility under TFL, Medicare doesn't generally function outside the States.

Be cognizant of what TFL will cover as once we have Medicare/TFL, Medicare actually becomes the primary insurance with TFL becoming the secondary and they coordinate benefits. If living abroad you will only have (for most things) TFL.

That would make me worried.

Unless of course you fall into something like:

• We'll be moving to just across the boarder (northern or southern) and can pop back to the states for medical care,
• The place we are moving has Universal Health Care and we can get services there, or
• We are independently wealthy and it doesn't matter. (<<---- If that's the case you probably wouldn't be worried about SS. )

WW

 

[JustAnotherNut]

Survivor benefits

Find out what Social Security Survivor benefits are, who can get them, and how to apply.

www.ssa.gov

In general I agree, but could you link to the requirement that a spouse make 72% less than the primary insured? This is the first time I've heard of that. Maybe its something specific to early retirement?

My wife and I are eyeing retirement in a couple of years and have been reviewing our retirement planning (things are looking good). Barring a catestrophic accident or illness we will both have reached SS FRA (Full Retirement Age) Each tab in the spreadsheet is a different scenario and the one for me passing (higher salary) before my wife (57% of mine) is that she will - upon my passing - get a bump to SS based on my higher rate.

The way I read the information from SS is that if the primary insured passes and the surviving spouse is younger than FRA, then the benefit is reduced because of the younger age. But if the surviving spouse is over FRA then they can receive your benefit amount.

WW

(Note: Just for clarification for folks that may not know. Full benefit amount does not mean a surviving spouse draws their SS and the SS benefit of the deceased spouse. No. They get an adjustment up to an equal amount. So is "A" draws $2500 a month and "B" draws $2000 a month and "A" passes. Then the amount for "B" can be adjusted up to "A's" rate which was $2500 a month. If the surviving spouse already has the higher benefit there is no adjustment of course.)

No of course I can't find it, no matter how I pose the question........but that was what I was told when my husband passed 4 years ago and I applied for survivor benefits. That since my benefit was more than 72% of his, I could not get the higher amount.


BUT our situation may have effected that rule.........we were both deemed disabled in our 50's and had 2 teenage sons in school living at home. So for a time, we were both receiving our SSDI and benefits for our sons (being under 22 and still in school, they got 1/2 of each of our amounts). When my husband passed 4 years ago, I had applied for survivor benefits and was told by SSA that because my amount was over 72% of his, there was no adjustment. I don't know if that was because of my not being of FRA at the time or if the amount will change when I am. Currently I'm 63.

 

[WorldWatcher]

No of course I can't find it, no matter how I pose the question........but that was what I was told when my husband passed 4 years ago and I applied for survivor benefits. That since my benefit was more than 72% of his, I could not get the higher amount.


BUT our situation may have effected that rule.........we were both deemed disabled in our 50's and had 2 teenage sons in school living at home. So for a time, we were both receiving our SSDI and benefits for our sons (being under 22 and still in school, they got 1/2 of each of our amounts). When my husband passed 4 years ago, I had applied for survivor benefits and was told by SSA that because my amount was over 72% of his, there was no adjustment. I don't know if that was because of my not being of FRA at the time or if the amount will change when I am. Currently I'm 63.

Got'Cha,

Thank you very much and I hope you know I wasn't trolling for personal information.

But in your case it may be the interaction of both the SSDI and younger age.

The impact of being under FRA but over 60 **MAY** change over time with the impact lessening the closer you get to FRA.

It may be worth checking with the SSA again to see if that is correct.

WW

 

[Harpy Eagle]

Using TRICARE For Life Overseas | TRICARE

www.tricare.mil

https://www.medicare.gov/Pubs/pdf/11037-Medicare-Coverage-Outside-United-States.pdf

Ya, but when we turn 65 we have to Transition from TRICARE Select to TRICARE For Life (TFL) meaning we have to enroll in Medicare. The small premium for TRICARE Select goes away but you pick up 2 Medicare premiums (one for each of you) and that is - IIRC - $170 a month right now.

I'm sure you have, but check very carefully on medical coverage because even though you have to maintain Medicare for eligibility under TFL, Medicare doesn't generally function outside the States.

Be cognizant of what TFL will cover as once we have Medicare/TFL, Medicare actually becomes the primary insurance with TFL becoming the secondary and they coordinate benefits. If living abroad you will only have (for most things) TFL.

That would make me worried.

Unless of course you fall into something like:

• We'll be moving to just across the boarder (northern or southern) and can pop back to the states for medical care,
• The place we are moving has Universal Health Care and we can get services there, or
• We are independently wealthy and it doesn't matter. (<<---- If that's the case you probably wouldn't be worried about SS. )

WW

TCL is useable outside of CONSU. We are looking at Panama and I found an very active VSO there and they have a lot of information about using TCL while there.

 

[JustAnotherNut]

I hope you know I wasn't trolling

Not at all..........if I'd thought you were trolling, you would have gotten a very different answer,

 

[WorldWatcher]

TCL is useable outside of CONSU. We are looking at Panama and I found an very active VSO there and they have a lot of information about using TCL while there.

Nice.

WW

 

[JustAnotherNut]

Another thing about receiving benefits and when one of you pass.....


Since SS pays the month after, no matter what day of that month you die, whether it be the 1st or 31st......you or your spouse are entitled to that months benefit and may have to give it back.


My husband passed mid month, so SS was able to stop that months payment.........but when my father passed (years before) on the 27th, my mother had to return that payment. So if you're going to go, make sure it's after midnight at the first of the month

 

[Concerned American]

Read the very first sentence I wrote in this thread.

Winnie is a Seattle area indoctrinator. He can't read.