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Years ago I was thinking that I would retire and collect SS at 70. I did not know how much I would have to live off of each month so waiting until 70 sounded like a good idea.
I started rethinking that about 1 1/2 years before I did retire. I was not very happy in my job because I was having to perform duties that the woman I worked with did not want to do. The bosses knew that. So my resentment was growing because I cared about the quality of the work and the other person did not.
Most years my raises were about $80 a month before taxes. I began to feel like they were taking advantage of me because of my years of experience working there which was not reflected in my raises. Then, they gave me a huge raise. I was angry because they could have done this before. I found out that the bosses were worried I was going to retire because I was close to full retirement age.
Four months into retirement, I don't regret leaving. I am happy and I don't miss the job. One other factor, was both my parents died in their 80's. So, maybe I have 20-25 years to live. I didn't want to look back and regret working until 70 when I was so unhappy.
Years ago I was thinking that I would retire and collect SS at 70. I did not know how much I would have to live off of each month so waiting until 70 sounded like a good idea.
I started rethinking that about 1 1/2 years before I did retire. I was not very happy in my job because I was having to perform duties that the woman I worked with did not want to do. The bosses knew that. So my resentment was growing because I cared about the quality of the work and the other person did not.
Most years my raises were about $80 a month before taxes. I began to feel like they were taking advantage of me because of my years of experience working there which was not reflected in my raises. Then, they gave me a huge raise. I was angry because they could have done this before. I found out that the bosses were worried I was going to retire because I was close to full retirement age.
Four months into retirement, I don't regret leaving. I am happy and I don't miss the job. One other factor, was both my parents died in their 80's. So, maybe I have 20-25 years to live. I didn't want to look back and regret working until 70 when I was so unhappy.
I can see your point. The closer you get you become like a horse that knows when we turn around we are headed back to the stables. You can slowly and gently allow the truth of your situation to seep into the front of your mind (instead of blocking it out -- LOL).
I just started my SS benefits in February at age 69 + 1 month. The first direct deposit hit my account on March 10, about $4530 (before medicare deduction). That adds up to about $54K per year. I was one of those who also planned to wait until age 70, as I have a good monthly corporate pension that's enough to pay most monthly expenses. However, after the large SS COLAs in the past few years, it was too much money to leave on the table to delay my SS start date any longer. There was almost no scenario where it would ever have been to my advantage to wait an extra year to age 70.
Any time FRA or > is good enough imho. But, we do get COLA's baked in starting at ag 62 whether we claim or not.
-COLAs adjust your primary insurance amount (PIA) each year after you turn 62, even if you haven't started receiving benefits.
I was not 62 when they made a couple of big adjustments
Actually, no, your PIA is fixed at 62 unless you keep working and that will recalculates it. COLA’s are of course not lost and are cumulative, but are figured on your PIA, so your FRA amount does change each year. It is really just semantics for the person receiving benefits, but for figuring the spousal adder benefit, it DOES make a difference, as the spouses and filers PIA are what is used to calculate the difference. If the PIA increased with just COLAs, then that larger number could qualify the spouse for an adder. With a locked PIA, it is less likely to get an adder. I just went through this with SSA.
To the OP's question..
We had the same scenario and DW got her spousal benefit automatically once I started getting SS. They (SS) sent her a letter explaining how much, why, and when, but I got an email the other day saying they will not mail your "statement" going forward so I don't know if that includes this circumstance or not.
When my benefit was adjusted upward a few months later they automatically adjusted hers as well.
I just started my SS benefits in February at age 69 + 1 month. The first direct deposit hit my account on March 10, about $4530 (before medicare deduction). That adds up to about $54K per year. I was one of those who also planned to wait until age 70, as I have a good monthly corporate pension that's enough to pay most monthly expenses. However, after the large SS COLAs in the past few years, it was too much money to leave on the table to delay my SS start date any longer. There was almost no scenario where it would ever have been to my advantage to wait an extra year to age 70.
I really don't understand the problem of leaving money on the table if you have more than enough to live on now, and the delay in taking Soc Security will mean more monthly income in the future. To me, the future is unwritten, and since I am perfectly fine right now on my own resources, I don't see why I wouldn't leave a larger Soc Security income for the future. I am 64 now, and I would take Soc Security earlier than 70 only if I got diagnosed with something rapidly deadly; I can't think of any other reason for me to take it earlier.
Took it at age 70. Locked in the highest possible payout for myself, and for my spouse if I die first. Did not have to tap into investments in any manner while I waited. My wife kept working and if fact is till working. Can't get her to quit.
What's my breakeven point? I have zero idea. And I don't care. I haven't spent one second worrying about breakeven. And I smile every time the SS payment hits the credit union.
Current MAX is around $4,850. Early retirement at 62 stole the last high income years from me otherwise I would have been there. Time will tell if my delay will “pay off”. My kid brother took at 62 we have a $100 bet on who was right.
It isn't a maximum life payout summary of you v SS administration competition. It is a quality of financial life evaluation.
You have won when you get your first check at a higher income and your first and subsequent COLA's based on the higher amount. If you will be saving more money monthly you have won. It is a total win without current or future negatives.
Took it at age 70. Locked in the highest possible payout for myself, and for my spouse if I die first. Did not have to tap into investments in any manner while I waited. My wife kept working and if fact is till working. Can't get her to quit.
What's my breakeven point? I have zero idea. And I don't care. I haven't spent one second worrying about breakeven. And I smile every time the SS payment hits the credit union.
A major Bada Bing!
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