Thank you for your input. My husband is actually 5 years younger than me.If your heath and family history are that good, and your husband isn't much older than you, it may be worth waiting. The break-even for delaying from age 69 to 70 is about age 83. That is, if you claim at 69 and invest that year's payment in TIPS (the best comparison since they give a risk-free inflation-linked return), you can get just as much every year from age 70 through 82 as if you claimed at age 70. This is the calculation which Open Social Security uses. For that to be good for you, you would have to both still be alive when you turn 83. If your husband is several years older, it is less likely that he will still be alive when you turn 83.Thanks. Both of us are in excellent health. Husband just ran a marathon. Of course, one never knows but I'm optimistic that we both will reach 80's easily and I should hit the 90's, maybe my husband too. My mother right now is 91 and in very good health. Both his parents are deceased but they didn't care for their health like he does. I'm hoping that working the tobacco fields when he was a kid didn't affect his health too much. He said he use to get sick to his stomach and vomit but the whole family was expected to pitch in.Claiming SS is a trade-off between the amount earned and the number of years you get that amount. The optimal date depends on how long you expect to receive the benefit. For a married couple, the higher benefit lasts as long as either spouse lives (if the higher earner dies first, the widow/er gets the higher benefit as a survivor), so it is usually best for the higher earner to wait until 70. Conversely, the lower benefit lasts only until the first spouse dies, so the optimal age may be earlier. The optimal age may be as early as 62 if the spouses' life expectancies at that time are very different (either because one is much older, or because one is in poor health).I just used the opensecurity.com site and I'm confused about the advice that it is given.
It states it would be best for me to take my social security at age 64 5 months which is next month and for my husband to wait until age 70. I understand the waiting until age 70 which is what we planned but trying to understand why they are recommending that I take my social security at age 64 5 months instead of waiting until FRA. If I took it at 64 5 months, I would get approx. $1743 vs. $2077 at FRA. I'm thinking it has to do with the investing a dollar received now is worth more than one received in the future as mentioned on the website.
Statistics: Posted by geocache59 — Mon Mar 18, 2024 8:03 pm — Replies 49 — Views 4032