Anyone over 70 who took social security at 62 and now regrets it? (divorce, moving)
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Delayed credits don’t count towards spousal at all .
In general the way spousal works is this.
They give your wife her own benefit first if she is due one .
Next they take half your fra amount regardless of what age you filed and then subtract her full fra amount regardless of when she filed and anything left gets added to her benefit .
So if a wife files at 62 and gets 800 dollars but has a fra amount of 1200 , and her husbands is 2800 at fra , they subtract half his which is 1400 minus her 1200 and the 200 gets added to her 800 for a total of 1000 .
If the wife has no earnings record of her own then she would get half of 2800 as long as she waits until her fra .
For a wife with no earnings record of her own there is a formula on the irs website because under her fra that 1400 is reduced.
So if your wife’s under her fra at 65 then she gets less than half your fra amount.
Waiting from fra to 70- has no effect on spousal , but it does on survivor benefits
Delayed credits don’t count towards spousal at all .
In general the way spousal works is this.
They give your wife her own benefit first if she is due one .
Next they take half your fra amount regardless of what age you filed and then subtract her full fra amount regardless of when she filed and anything left gets added to her benefit .
So if a wife files at 62 and gets 800 dollars but has a fra amount of 1200 , and her husbands is 2800 at fra , they subtract half his which is 1400 minus her 1200 and the 200 gets added to her 800 for a total of 1000 .
If the wife has no earnings record of her own then she would get half of 2800 as long as she waits until her fra .
For a wife with no earnings record of her own there is a formula on the irs website because under her fra that 1400 is reduced.
So if your wife’s under her fra at 65 then she gets less than half your fra amount.
Waiting from fra to 70- has no effect on spousal , but it does on survivor benefits
My wife has never worked in the States and does not quailfy for benfits on her own.
By definition "regret" can only be determined by looking back on a decision already made.
And in the case of SS (usually) -- a decision that cannot be undone.
Quote:
Originally Posted by MrRational
The leverage point for me (for most I suspect) is Medicare Eligibility at age 65.
I don't want to do Med without the SS in place eta: and I can afford these as choices not needs.
ymmv
Does doing Medicare while delaying SS complicate any matters?
Does it complicate taxes or the chances that CMCMC and SS would miscalculate something?
Also, Mathjack, does “hold harmless” mean a person’s RMDs could never bump them into IRRMA? If not, then I have another issue of do I delay SS, and use the years between retirement and delayed SS to convert my Roth at a reasonable pace, so eventual RMDs don't kick my tax butt and push me into IRMAA. THAT I would regret
Quote:
Originally Posted by mathjak107
Exactly, because most who retire early and try to delay to 70 need money to live on .
Generally those that need the bigger payments can’t afford to front themselves so much money to live on upfront without going dangerously low.
And that’s another conundrum.
How much is “dangerously low?”
Is it X# years living expenses? Is it keeping enough to buy into a CCC?
As you might agree, the time to find that out is NOT after a person doesn't have "enough."
But if we're discussing "regret" then that's when one would find out they went dangerously low.
By definition "regret" can only be determined by looking back on a decision already made.
And in the case of SS (usually) -- a decision that cannot be undone.
Does doing Medicare while delaying SS complicate any matters?
Does it complicate taxes or the chances that CMCMC and SS would miscalculate something?
Also, Mathjack, does “hold harmless” mean a person’s RMDs could never bump them into IRRMA? If not, then I have another issue of do I delay SS, and use the years between retirement and delayed SS to convert my Roth at a reasonable pace, so eventual RMDs don't kick my tax butt and push me into IRMAA.
And that’s another conundrum.
How much is “dangerously low?”
Is it X# years living expenses? Is it keeping enough to buy into a CCC?
As you might agree, the time to find that out is NOT after a person doesn't have "enough."
But if we're discussing "regret" then that's when one would find out they went dangerously low.
Rmds certainly count in bumping you into IIrma ..we will have that problem..
Hold harmless refers only to basic premium increases , not what you pay by income level
I would say if one has to spend down more than 35% or so of their savings to delay that is spending down to low
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