Taking SS 6 months before 70
Taking SS 6 months before 70
I turn 70 in January and will be taking SS at that time at the highest rate. Right now I am on spousal benefits.
My estimated benefit is say 3200 at 70.
How much of a difference if I start now instead of waiting 7 months?
Thanks
My estimated benefit is say 3200 at 70.
How much of a difference if I start now instead of waiting 7 months?
Thanks
K.I.S.S........so easy to say so difficult to do.
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- Posts: 3370
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Re: Taking SS 6 months before 70
Did you try using this calculator?
https://opensocialsecurity.com/
I think you can also look in your account on the social security website but not sure.
https://opensocialsecurity.com/
I think you can also look in your account on the social security website but not sure.
Re: Taking SS 6 months before 70
Here are the numbers based on start age and PIA. You can do the math.
69 + 4 months 126.7%
69 + 5 months 127.3%
69 + 6 months 128.0%
69 + 7 months 128.7%
69 + 8 months 129.3%
69 + 9 months 130.0%
69 + 10 months 130.7%
69 + 11 months 131.3%
70 or later 132.0%
https://www.ssa.gov/benefits/retirement ... delay.html
69 + 4 months 126.7%
69 + 5 months 127.3%
69 + 6 months 128.0%
69 + 7 months 128.7%
69 + 8 months 129.3%
69 + 9 months 130.0%
69 + 10 months 130.7%
69 + 11 months 131.3%
70 or later 132.0%
https://www.ssa.gov/benefits/retirement ... delay.html
Last edited by Penguin on Sun May 16, 2021 12:21 pm, edited 1 time in total.
Jon
Re: Taking SS 6 months before 70
Don't forget that the amount taken also impact survivor benefits.....
Re: Taking SS 6 months before 70
If you look at your last SS statement, it probably has your estimated benefit at FRA and at 70. Count the number of months between those two, and divide it into the difference. That is a linear approximation of your monthly increase. It's not precise, but between 66.8 (or whatever) and 70, it's not that bad an estimate.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
Re: Taking SS 6 months before 70
Since I started spousal benefits 2 years ago I do not get the estimated benefits statement anymore. When I log in to SS it also does not show it.crefwatch wrote: ↑Sun May 16, 2021 12:24 pm If you look at your last SS statement, it probably has your estimated benefit at FRA and at 70. Count the number of months between those two, and divide it into the difference. That is a linear approximation of your monthly increase. It's not precise, but between 66.8 (or whatever) and 70, it's not that bad an estimate.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
I was just thinking if it was only 50 bucks or so less it would be nice to get an extra 12,000 or so this year. It would pay for the new car expense we just had after unexpectedly getting ours totaled in a very minor fender bender.
K.I.S.S........so easy to say so difficult to do.
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- Posts: 3370
- Joined: Mon Apr 16, 2012 10:48 pm
- Location: Denver area. Former Texan.
Re: Taking SS 6 months before 70
Wow. SS is already complicated enough. Why do they make it so difficult for someone to see their benefits. After you pointed this out we realize my mom can no longer see hers either. She is in the process of applying for spousal benefits doing essentially what you have done. Thanks for the heads up!hoops777 wrote: ↑Sun May 16, 2021 12:34 pmSince I started spousal benefits 2 years ago I do not get the estimated benefits statement anymore. When I log in to SS it also does not show it.crefwatch wrote: ↑Sun May 16, 2021 12:24 pm If you look at your last SS statement, it probably has your estimated benefit at FRA and at 70. Count the number of months between those two, and divide it into the difference. That is a linear approximation of your monthly increase. It's not precise, but between 66.8 (or whatever) and 70, it's not that bad an estimate.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
I was just thinking if it was only 50 bucks or so less it would be nice to get an extra 12,000 or so this year. It would pay for the new car expense we just had after unexpectedly getting ours totaled in a very minor fender bender.
Re: Taking SS 6 months before 70
lazynovice wrote: ↑Sun May 16, 2021 1:12 pmWow. SS is already complicated enough. Why do they make it so difficult for someone to see their benefits. After you pointed this out we realize my mom can no longer see hers either. She is in the process of applying for spousal benefits doing essentially what you have done. Thanks for the heads up!hoops777 wrote: ↑Sun May 16, 2021 12:34 pmSince I started spousal benefits 2 years ago I do not get the estimated benefits statement anymore. When I log in to SS it also does not show it.crefwatch wrote: ↑Sun May 16, 2021 12:24 pm If you look at your last SS statement, it probably has your estimated benefit at FRA and at 70. Count the number of months between those two, and divide it into the difference. That is a linear approximation of your monthly increase. It's not precise, but between 66.8 (or whatever) and 70, it's not that bad an estimate.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
I was just thinking if it was only 50 bucks or so less it would be nice to get an extra 12,000 or so this year. It would pay for the new car expense we just had after unexpectedly getting ours totaled in a very minor fender bender.
It is rather bizarre that they wipe out the ability to see the person's own benefits once you apply for spousal benefits. At least the earnings history is still there so you can download it and then enter the data into anypia or one of the other SS benefit estimators.
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- Posts: 3370
- Joined: Mon Apr 16, 2012 10:48 pm
- Location: Denver area. Former Texan.
Re: Taking SS 6 months before 70
She knows her PIA or I think she does. So we can do the calculation using the link above. And the website says she can go to the SS office and they will tell her.Carl53 wrote: ↑Sun May 16, 2021 1:39 pmlazynovice wrote: ↑Sun May 16, 2021 1:12 pmWow. SS is already complicated enough. Why do they make it so difficult for someone to see their benefits. After you pointed this out we realize my mom can no longer see hers either. She is in the process of applying for spousal benefits doing essentially what you have done. Thanks for the heads up!hoops777 wrote: ↑Sun May 16, 2021 12:34 pmSince I started spousal benefits 2 years ago I do not get the estimated benefits statement anymore. When I log in to SS it also does not show it.crefwatch wrote: ↑Sun May 16, 2021 12:24 pm If you look at your last SS statement, it probably has your estimated benefit at FRA and at 70. Count the number of months between those two, and divide it into the difference. That is a linear approximation of your monthly increase. It's not precise, but between 66.8 (or whatever) and 70, it's not that bad an estimate.
It's likely that your benefit will be higher in 2023 than in 2022, because you'll have delayed credits for some of the months in 2023 (as well as any COLA for 2023.) So it's a futile task to precisely say what your 13th payment (in Jan, 2023) will be.
How did you choose January? I don't think you're making a mistake, since it's only a few months less than the maximum you can get. But unless you have a health crisis or a funding crisis, I suspect you mistakenly think it makes any difference how many months of SS you get in a year. It doesn't. It might even push you into another tax bracket for 2022, or an IRMAA bracket for 2024.
I was just thinking if it was only 50 bucks or so less it would be nice to get an extra 12,000 or so this year. It would pay for the new car expense we just had after unexpectedly getting ours totaled in a very minor fender bender.
It is rather bizarre that they wipe out the ability to see the person's own benefits once you apply for spousal benefits. At least the earnings history is still there so you can download it and then enter the data into anypia or one of the other SS benefit estimators.
Re: Taking SS 6 months before 70
Based on $3200 at age 70, $3086 is the benefit number I get for age 69+5 months. But that number will start in January, when they add in the deferred credits. Immediately one would receive $3006. Then $3086 (plus the annual COLA) begins in January, plus $560 as a lump sum (retroactive for 2020 deferred credits).
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Re: Taking SS 6 months before 70
OP
If your account still has your earnings table, then you can use ssa.tools to calculate your PIA.
If your account still has your earnings table, then you can use ssa.tools to calculate your PIA.