Comments on: Determining the Best Age to Start Social Security http://gotoretirement.com/2009/02/best-age-start-social-security/?utm_source=rss&utm_medium=rss&utm_campaign=best-age-start-social-security A Baby Boomer's Journey from Retirement Planning to Retirement Living Wed, 09 May 2012 17:43:41 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Lee Martinson http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-4161 Lee Martinson Mon, 26 Mar 2012 16:55:23 +0000 http://gotoretirement.com/?p=387#comment-4161 For a married couple, or in some cases for a divorced person, when you take into account, the survivor benefit and the tax benefits, delaying your benefit can really be a boon. Especially since it has a COLA feature as well. Many people think they can't afford to delay, but sometimes there are other options such as a reverse mortgage. It's not for everyone and shouldn't be a decision made lightly but it's worth considering. A reverse mortgage doesn't have be be an all or nothing proposition. It's possible to get a one time partial lump sum without pulling out all of your equity. And it doesn't need to be paid back as long as you live in the home. For a married couple, or in some cases for a divorced person, when you take into account, the survivor benefit and the tax benefits, delaying your benefit can really be a boon. Especially since it has a COLA feature as well. Many people think they can’t afford to delay, but sometimes there are other options such as a reverse mortgage. It’s not for everyone and shouldn’t be a decision made lightly but it’s worth considering. A reverse mortgage doesn’t have be be an all or nothing proposition. It’s possible to get a one time partial lump sum without pulling out all of your equity. And it doesn’t need to be paid back as long as you live in the home.

]]> By: larnce gardner http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-3535 larnce gardner Thu, 26 May 2011 18:26:03 +0000 http://gotoretirement.com/?p=387#comment-3535 here is my dilema married for 32 years divorced for 7 years wife was awarded half of my pension in texas a retired teacher amount,$934.00 im 62 now an havent been able to find a job. For thirty years teaching schools were not deducting social security so only my summer jobs counted in which give me abenefit of $210.00 cant i draw from her befeti which is around $810,00 if she retire for amonth or so here is my dilema married for 32 years divorced for 7 years wife was awarded half of my pension in texas a retired teacher amount,$934.00 im 62 now an havent been able to find a job. For thirty years teaching schools were not deducting social security so only my summer jobs counted in which give me abenefit of $210.00 cant i draw from her befeti which is around $810,00 if she retire for amonth or so

]]> By: Sami http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-3503 Sami Thu, 12 May 2011 17:52:37 +0000 http://gotoretirement.com/?p=387#comment-3503 I tried to calculate the Total amount of money one receives from social security based on different "start receiving benefits age". if you start receiving money early, you end up receiving more money over the years. The reason for this is that you receive 12 lower payments for each year you start cashing social security pay earlier. This can amount to a lot of money. EX. Say At 66 you can receive $1000/month & at 68 it will be $1160. In the two years 66,67 you will receive $24,000. With the $160 / month increase it will take you over 12.5 years to make the $24,000 you received when you were 66 and 67 ! (You break even at age 68+12.5=80.5 years) After age 80.5 you would be better off with $160/month! I tried to calculate the Total amount of money one receives from social security based on different “start receiving benefits age”.
if you start receiving money early, you end up receiving more money over the years. The reason for this is that you receive 12 lower payments for each year you start cashing social security pay earlier. This can amount to a lot of money. EX. Say At 66 you can receive $1000/month & at 68 it will be $1160. In the two years 66,67 you will receive $24,000. With the $160 / month increase it will take you over 12.5 years to make the $24,000 you received when you were 66 and 67 ! (You break even at age 68+12.5=80.5 years)
After age 80.5 you would be better off with $160/month!

]]> By: gordon http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-3286 gordon Tue, 21 Dec 2010 21:46:26 +0000 http://gotoretirement.com/?p=387#comment-3286 hi there....yes, continue studying by all means. You continue to not mention a great strategy (and you misstate the earnings limit). The strategy I have mentioned before and you said would not work isd called "A vs B" by the SSA. It PAYS me to wait until I am 70 to begin to draw on my account. Here's how: I am 66 and my wife is 62. She earned less. She filed in July and began to receive her $776 per month. I filed at the same time AS HER SPOUSE and receive over $500 per month (1/2 of what she would have earned at 66). I will continue to receive this $500 per month until I choose to begin to draw on my own account, as late as age 70. In the meantime my potential payment grows 8% per year. I am being paid to wait. Get with it!! This works. I am receiving the checks!! gordon hi there….yes, continue studying by all means. You continue to not mention a great strategy (and you misstate the earnings limit).
The strategy I have mentioned before and you said would not work isd called “A vs B” by the SSA. It PAYS me to wait until I am 70 to begin to draw on my account. Here’s how:
I am 66 and my wife is 62. She earned less. She filed in July and began to receive her $776 per month. I filed at the same time AS HER SPOUSE and receive over $500 per month (1/2 of what she would have earned at 66). I will continue to receive this $500 per month until I choose to begin to draw on my own account, as late as age 70. In the meantime my potential payment grows 8% per year. I am being paid to wait.
Get with it!! This works. I am receiving the checks!! gordon

]]> By: Donna Jacobs http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-3283 Donna Jacobs Tue, 21 Dec 2010 01:19:53 +0000 http://gotoretirement.com/?p=387#comment-3283 Hi! I am 49 and my husband is 61. I have made more money than my husband. Should he begin claiming social security at 62 and I wait until I reach my FRA? We are both in good health and both of us will continue working. Hi! I am 49 and my husband is 61. I have made more money than my husband. Should he begin claiming social security at 62 and I wait until I reach my FRA? We are both in good health and both of us will continue working.

]]> By: Roland http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-2850 Roland Sun, 05 Sep 2010 17:19:19 +0000 http://gotoretirement.com/?p=387#comment-2850 There is no way to start your retirement benefits before age 62. To prevent any loss of benefits, your husband should file an application 3 months before he reaches age 62. There is no way to start your retirement benefits before age 62. To prevent any loss of benefits, your husband should file an application 3 months before he reaches age 62.

]]> By: Laura Sully-Shelton http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-2846 Laura Sully-Shelton Wed, 01 Sep 2010 21:00:10 +0000 http://gotoretirement.com/?p=387#comment-2846 I am 47 years old, and recieving Disability and SSI, due to illness (M.S. and chronic migraines). My husband, Larry Shelton, is 61 (will be 62 May 26th, 2011), and has been collecting unemployment for about a year, due to downsizing & layoff of his last place of employment. He wants to 'retire', however everything I read says 62 is the absolute youngest one can apply. Is there anything he can do NOW, in terms of starting his retirement, or must he wait until he is 62? Thank you in advance, Lauralynne Sully-Shelton. I am 47 years old, and recieving Disability and SSI, due to illness (M.S. and chronic migraines). My husband, Larry Shelton, is 61 (will be 62 May 26th, 2011), and has been collecting unemployment for about a year, due to downsizing & layoff of his last place of employment. He wants to ‘retire’, however everything I read says 62 is the absolute youngest one can apply. Is there anything he can do NOW, in terms of starting his retirement, or must he wait until he is 62? Thank you in advance, Lauralynne Sully-Shelton.

]]> By: Mr. GoTo http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-2468 Mr. GoTo Mon, 03 May 2010 20:26:47 +0000 http://gotoretirement.com/?p=387#comment-2468 You cannot receive a SS retirement benefit at age 55 unless you are disabled. You cannot receive a SS retirement benefit at age 55 unless you are disabled.

]]> By: Lindsey P Holmse http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-2467 Lindsey P Holmse Mon, 03 May 2010 20:11:14 +0000 http://gotoretirement.com/?p=387#comment-2467 I what to know can i recieve social security retirement benbfit at age 55 I what to know can i recieve social security retirement benbfit at age 55

]]> By: Roland http://gotoretirement.com/2009/02/best-age-start-social-security/comment-page-1/#comment-1858 Roland Fri, 13 Nov 2009 04:10:52 +0000 http://gotoretirement.com/?p=387#comment-1858 Starting social security benefits at age 62 could be a good strategy for people who are single and who have retired or are not earning more than $14K a year. Let's say your full social security benefits at age 66 is $1000. If you start drawing at age 62, you will only get a reduced amount of $733. So, at age 66, you will get $267 less a month, but you will have already collected 48 months of benefits totaling $35184 (assuming no cost-of-living adjustments for simplicity's sake). So you will be ahead for 11 years ($35184 divided by $267), or until you are 77. The advantages of this strategy are: (1) you'll be ahead if due to illness or accident you don't live to age 77 (2) you have a lump sum to invest for greater returns or simply have fun (3) social security and indeed, civilization, may not be around when you are 77 (just kidding). Even if you do nothing and just stash the money in your mattress, you have the option of buying an immediate "income for life" fixed annuity at age 77 with that $35184. You should more than make up for that $267 a month shortfall. A caveat if you are married: by law, the benefits your widow can collect cannot be greater than your benefits, so will be $267 less than had you waited until age 66 to start your benefits. Starting social security benefits at age 62 could be a good strategy for people who are single and who have retired or are not earning more than $14K a year. Let’s say your full social security benefits at age 66 is $1000. If you start drawing at age 62, you will only get a reduced amount of $733. So, at age 66, you will get $267 less a month, but you will have already collected 48 months of benefits totaling $35184 (assuming no cost-of-living adjustments for simplicity’s sake). So you will be ahead for 11 years ($35184 divided by $267), or until you are 77.

The advantages of this strategy are: (1) you’ll be ahead if due to illness or accident you don’t live to age 77 (2) you have a lump sum to invest for greater returns or simply have fun (3) social security and indeed, civilization, may not be around when you are 77 (just kidding).

Even if you do nothing and just stash the money in your mattress, you have the option of buying an immediate “income for life” fixed annuity at age 77 with that $35184. You should more than make up for that $267 a month shortfall.

A caveat if you are married: by law, the benefits your widow can collect cannot be greater than your benefits, so will be $267 less than had you waited until age 66 to start your benefits.

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