When to Claim SS Benefits

Reply Wed 17 Jul, 2019 11:35 am
My wife quits her job at 59 1/2 to babysit our two grandkids. She now collects from her IRAs (into 7 figures) to augment my income. I do not contribute to SS but I have pension. Should my wife claim SS at 62 or should she wait until 66 while using her IRA now?
Reply Wed 17 Jul, 2019 11:42 am
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cicerone imposter
Reply Wed 17 Jul, 2019 11:52 am
Here's a guide from Social Security. As you may know, each person has their own situation when it comes to social security benefits. Primarily, the longer one waits to collect, the larger the benefit. I retired early at 63, and started collecting social security benefits. I'm now 84, and believe I'm still in pretty good health. My current benefit is $1,506/month, and I also have an IRA that I withdraw monthly payments from. My IRA balance remains relatively the same even with my withdrawals. The conflict, if there is one, is that withdrawing more will increase our income tax liabilities. However, I'm comfortable with my current income, because I have no real expenses (I paid off our mortgage when I retired in 1998); my wife pays for all of our household expenses and food, and that includes eating out. I pay for our vacations. What I found to be true are, 1: don't listen to financial pundits that recommends increasing your bond holdings as you get older. It's more important to understand macroeconomics, and how our country and the world economy are performing. It's been doing well since the last Great Recession. 2: Invest in index funds that's performed over the long-term with a reputable institution; don't try to manage your own money (most day-traders lose money), and never hire an investment advisor. Investment advisors reduce any earnings, and lose more when they perform badly. They earn money by trading or churning your investments. Fidelity and Vanguard are good places to start with Index Funds. Also, go to Morningstar.com to find funds that have performed well over the long-term. The daily up's and down's don't matter; it's the long-term that counts. Good luck. https://socialsecuritymyaccount.com/single-income-households-social-security-benefits/
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Reply Wed 17 Jul, 2019 12:20 pm
The last time a looked at it, if you think she has a typical life expectancy, she will maximize SS benefits by starting benefits at age 68 based on life expectancy actuarial tables and the benefits scale published by the government. The risk/reward ratio is pretty flat around that age, so I'd say 67-69 based on how nervous you are about waiting or what you money situation is.
cicerone imposter
Reply Wed 17 Jul, 2019 12:26 pm
Life expectancy is a toss of the dice, but good genes help a lot.
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