Comments on: Reasons to Delay Taking Social Security until Age 70 http://gotoretirement.com/2008/12/reasons-to-delay-social-security-age-70/ A Baby Boomer's Journey from Retirement Planning to Retirement Living Wed, 10 Mar 2010 20:21:47 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Robert http://gotoretirement.com/2008/12/reasons-to-delay-social-security-age-70/comment-page-1/#comment-1717 Robert Fri, 09 Oct 2009 14:05:43 +0000 http://gotoretirement.com/?p=340#comment-1717 Consider this scenario: husband and wife both 66 and both retired, husband entitled to $1200/month and wife entitled to $500/month. The wife files at 66 for her $500/month. The husband files for spousal benefit of 1/2 ($500) = $250/month. The husbands waits until age 70 and files for his benefit increased by 32% = of $1200 * 1.32 = $1584/mon. Can the file then file for spousal benefit of 1/2 ($1584) = $792/month? Consider this scenario: husband and wife both 66 and both retired, husband entitled to $1200/month and wife entitled to $500/month.
The wife files at 66 for her $500/month. The husband files for spousal benefit of 1/2 ($500) = $250/month. The husbands waits until age 70 and files for his benefit increased by 32% = of $1200 * 1.32 = $1584/mon.
Can the file then file for spousal benefit of 1/2 ($1584) = $792/month?

]]> By: Funny about Money http://gotoretirement.com/2008/12/reasons-to-delay-social-security-age-70/comment-page-1/#comment-107 Funny about Money Wed, 24 Dec 2008 16:21:29 +0000 http://gotoretirement.com/?p=340#comment-107 I'd already come to that conclusion. Actually, the conclusion I arrived at is that working to age 70 is not an option, what with my life savings decimated by outcome of Our Beloved Leaders' interesting economic theories. However, this is easier said than done. If you're laid off, you could find it extremely difficult to get another job. Younger people having a hard time getting work. For an elderly person it could prove impossible. Don't forget, BTW, that if you have some savings you can use SS as a kind of interest-free loan. You can start taking payments before you hit full retirement age and then when you're 66 (if you're in my age bracket) you can turn back the amount you've drawn down and reset your payments at the "full retirement" rate; the gummint also returns the tax you've paid on the returned money. The increase is likely to be significantly more than 4% or 5% of the amount you'd take out of savings. In my case, the increase would be over $1,000 a month. If I'm canned, this is exactly what I intend to do, using SS as a kind of unemployment insurance and trying to get by until age 66 on that and the $14,000 one is allowed to earn before the government starts taking its money back. I think this strategy MAY apply to the difference between age 66 and age 70 draws. It would be worth checking into. At age 66, they don't take your money away from you if you continue to work. If you can in fact do a turn-back maneuver to get the age 70 payments, then it might be worth starting SS payments at 66 and investing the money. If you die young, your wife is still entitled to your SS (if hers would be less than half of yours, I think), and she would get the cash you had already collected. I’d already come to that conclusion. Actually, the conclusion I arrived at is that working to age 70 is not an option, what with my life savings decimated by outcome of Our Beloved Leaders’ interesting economic theories.

However, this is easier said than done. If you’re laid off, you could find it extremely difficult to get another job. Younger people having a hard time getting work. For an elderly person it could prove impossible.

Don’t forget, BTW, that if you have some savings you can use SS as a kind of interest-free loan. You can start taking payments before you hit full retirement age and then when you’re 66 (if you’re in my age bracket) you can turn back the amount you’ve drawn down and reset your payments at the “full retirement” rate; the gummint also returns the tax you’ve paid on the returned money. The increase is likely to be significantly more than 4% or 5% of the amount you’d take out of savings. In my case, the increase would be over $1,000 a month. If I’m canned, this is exactly what I intend to do, using SS as a kind of unemployment insurance and trying to get by until age 66 on that and the $14,000 one is allowed to earn before the government starts taking its money back.

I think this strategy MAY apply to the difference between age 66 and age 70 draws. It would be worth checking into.

At age 66, they don’t take your money away from you if you continue to work. If you can in fact do a turn-back maneuver to get the age 70 payments, then it might be worth starting SS payments at 66 and investing the money. If you die young, your wife is still entitled to your SS (if hers would be less than half of yours, I think), and she would get the cash you had already collected.

]]> By: Carol Stanley http://gotoretirement.com/2008/12/reasons-to-delay-social-security-age-70/comment-page-1/#comment-62 Carol Stanley Wed, 17 Dec 2008 13:15:50 +0000 http://gotoretirement.com/?p=340#comment-62 I think it is great to wait if you can...However today people seem to need money more than ever. ALso...honestly who knows what condition the social security fund will be in in the next ten years or so...My opinion..take it when you can!!!! I think it is great to wait if you can…However today people seem to need money more than ever. ALso…honestly who knows what condition the social security fund will be in in the next ten years or so…My opinion..take it when you can!!!!

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