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pat-michigan
Posted 11/8/2024 12:35 (#10958391 - in reply to #10958245)
Subject: RE: Social Security


Thumb of Michigan
buck1400 - 11/8/2024 11:50

John covered it well. A few additional thoughts.

For me, my wifes SS benefit is very small. So even though I may not live long (heart stuff) by waiting until I am 70 to start SS I can maximize her survivor benefit which may be significant if she lives until an old age (which runs in her family).

There are numerous SS calculators on the internet, I found this one to be easy to use and understand.

https://opensocialsecurity.com/




I'm full retirement age this month. Just ran the numbers via a financial planner friend. At this time anyway, I plan on waiting for a couple years anyway. Wifes family generally lives quite a lot longer than does mine, her survivor benefits will increase quite a bit if history repeats.

Same planner ran our numbers at 63. Wife ended up signing up, not enough increase in benefit to wait. She was going to wait for FRA, and ended up not doing so. Mine was a hard no on drawing SS then.

Couple things could change my mind. If I really needed the money now, I'd take it. I'm doing OK without it now. The other thing is if I could guarantee that I could take SS, and invest all of it and get better than a 8% annual return on it. Thats a tough one to find, although I'd certainly welcome advice on where I could get more than 8% annually guaranteed.

Edited by pat-michigan 11/8/2024 15:09
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