Search found 3045 matches

by ObliviousInvestor
Sat May 28, 2016 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Can we inherit IRAs if not married?
Replies: 20
Views: 1317

Re: Can we inherit IRAs if not married?

Does the SS restriction disappear after she turns 62 and has started her former husband's SS? How about collecting half of yours until she turns 70 if you decide to marry? It disappears at age 60. See paragraph (e) here: https://www.ssa.gov/OP_Home/cfr20/404/404-0335.htm And on a related note, star...
by ObliviousInvestor
Thu May 26, 2016 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Regarding the lack of increase in the maximum taxable amount when there is no COLA, sscritic provides the following information: ---- Sec. 230. [42 U.S.C. 430] (a) Whenever the Commissioner of Social Security pursuant to section 215(i) increases benefits effective with the December following a cost-...
by ObliviousInvestor
Thu May 26, 2016 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Is it really true that wages (almost) always grow faster than the COLA? If this continues, won't this mean that the "average" wage will one day be larger than the SSWB? That would be weird, right? I just updated the non-functional spreadsheet above with columns for CPI-U inflation and NAW...
by ObliviousInvestor
Thu May 26, 2016 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Here is the piece I'm missing: That once one reaches age 60, NO updates are made to the indexing. Sounds like you've got it. :) To be slightly more thorough, your "indexing year" is two years prior to the earliest of: 1) The year you reach age 62, 2) The year you die, or 3) The year you b...
by ObliviousInvestor
Thu May 26, 2016 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Quickly before I head out the door, here's an easier way to think of it. There's no need to go as far as calculating PIAs. Just look at the earnings from each year that would go into the AIME calculation. This spreadsheet shows one hypothetical example in which the person earns an amount equal to th...
by ObliviousInvestor
Thu May 26, 2016 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Neurosphere, I have an appointment coming up here in a bit, but I will try to recreate your hypothetical scenario on my own this afternoon and post my results. One point though is that your people have different dates of birth and therefore different PIA formulas (different bend points). I am talkin...
by ObliviousInvestor
Thu May 26, 2016 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Thanks Spirit Rider and Mike, for taking the time to explain to me. I need to play with some numbers, create additional examples to make sure I understand. I think I'm having a hard time with some of the language used, such as what does it mean to earnings to be "worth more" for the purpo...
by ObliviousInvestor
Thu May 26, 2016 7:53 am
Forum: Investing - Theory, News & General
Topic: SS benefits calculation questions
Replies: 7
Views: 763

Re: SS benefits calculation questions

If you're earning enough to max out your annual FICA contribution each year, and you really don't anticipate stopping work until your late 60s or beyond, remember that indexing stops when your 60. So all of those indexed amounts remain frozen and will not increase further; however, your FICA contri...
by ObliviousInvestor
Wed May 25, 2016 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Here's how I like to think of it: Generally speaking, earnings after age 60 count for more than earnings prior to age 60. Assuming the national average wage increases over time, everything prior to age 60 gets indexed upward to age-60 dollars. If earnings after age 60 were indexed, they'd have to be...
by ObliviousInvestor
Wed May 25, 2016 5:31 pm
Forum: Investing - Theory, News & General
Topic: SS benefits calculation questions
Replies: 7
Views: 763

Re: SS benefits calculation questions

Would the indexing that gets applied each year normalize the contributions from year to year, such that contributing the max early in your career is equivalent to contributing the max later in your career? (I think the answer is "not quite, but close" because the max each year increases b...
by ObliviousInvestor
Wed May 25, 2016 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

coachz wrote:And those 35 highest earnings years are the amounts after they have been indexed.

Hey, can somone wait till 75 or 80 to claim SS benefits or are they required by 70 ?

Well, you can wait as long as you like. But there is no benefit to waiting beyond 70 -- you just miss out on monthly checks.
by ObliviousInvestor
Wed May 25, 2016 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

sscritic notes that when using the Retirement Estimator, a "quick and dirty" method for those who are at the point of decision is to enter zero for last year's earnings rather than entering your actual last year's earnings. It will (in most cases) slightly understate your benefit, but it g...
by ObliviousInvestor
Wed May 25, 2016 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

If I do work that last year at 69 y/o I'll still have some more very low earnings years left among the top 35. I wonder, hypothetically, if I lop off one more of those low earnings years when I turn 71, would my PIA be bumped further, or does that door close completely at 70? Your PIA will continue...
by ObliviousInvestor
Wed May 25, 2016 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

Angst, as explained in my reply to your PM, the Retirement Estimator does in fact work, if you're willing to do a modest amount of multiplication. The calculator assumes that you will claim benefits at the later of age 62 or the age at which you stop working. So if you enter age 65 as the age for st...
by ObliviousInvestor
Wed May 25, 2016 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

The AnyPIA "Detailed Calculator" would work here, but it's not the only tool for the job. The Retirement Estimator mentioned above would work, as would the "Online Calculator" here: https://www.ssa.gov/planners/retire/AnypiaApplet.html Both of those tools assume that you will cla...
by ObliviousInvestor
Tue May 24, 2016 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5250

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

The Retirement Estimator works correctly for me, including usage with a planned retirement date that is earlier than the date at which I claim benefits.
by ObliviousInvestor
Tue May 24, 2016 8:46 am
Forum: Personal Finance (Not Investing)
Topic: 62 later this year... social security?
Replies: 28
Views: 2114

Re: 62 later this year... social security?

Please double-check your plan before you implement it. My understanding is that If you are at your FRA (66 for you) and your spouse has filed for her benefit, if you then attempt to file for a Spousal benefit based on her record, you will be deemed to have filed for both Spousal and your own benefi...
by ObliviousInvestor
Mon May 23, 2016 5:56 pm
Forum: Forum Issues and Administration
Topic: Staying Logged In
Replies: 27
Views: 1648

Re: Staying Logged In

I've found that any time I visit on my phone, I will no longer be able to stay logged in on my Mac for the next couple of days.
by ObliviousInvestor
Fri May 20, 2016 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: "Does delaying Social Security make sense?"
Replies: 12
Views: 1558

Re: "Does delaying Social Security make sense?"

53andme wrote:In the 62/62 case, shouldn't the surviving spouse's benefit be $19,800 (82.5% of PIA) due to the Widower's Limit, assuming surviving spouse is past FRA?

Great catch! Yes, it should, if the surviving spouse is at least FRA when he/she files for widow(er) benefits.
by ObliviousInvestor
Fri May 20, 2016 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: "Does delaying Social Security make sense?"
Replies: 12
Views: 1558

Re: "Does delaying Social Security make sense?"

I agree, the chart is not very good. For example, by bumping up against the "maximum benefit" limit they show no impact on survivor benefits if one spouse defers to 70 and the other starts benefits at 62 or at 66. I thought that was the point of the chart. That is, as long as the high-PIA...
by ObliviousInvestor
Wed May 18, 2016 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Is Wikipedia wrong about SS Widow Benefits
Replies: 6
Views: 732

Re: Is Wikipedia wrong about SS Widow Benefits

I just took out the "not" which negates the statement and (ironically) I left the same "verifying" citation: https://www.ssa.gov/planners/survivors/ifyou5.html This page, like all of ssa.gov uses terms with unclear definitions so it can "verify" two contradictory propo...
by ObliviousInvestor
Tue May 17, 2016 5:37 pm
Forum: Investing - Theory, News & General
Topic: For those of you in the Accumulation Phase - How often do you check?
Replies: 62
Views: 4763

Re: For those of you in the Accumulation Phase - How often do you check?

8-10 times per year. I would check quite a bit more frequently if I had taxable accounts, so as to take advantage of tax-loss/gain harvesting opportunities.
by ObliviousInvestor
Tue May 17, 2016 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Is Wikipedia wrong about SS Widow Benefits
Replies: 6
Views: 732

Re: Is Wikipedia wrong about SS Widow Benefits

tadamsmar wrote:I corrected it.

:sharebeer
by ObliviousInvestor
Tue May 17, 2016 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Is Wikipedia wrong about SS Widow Benefits
Replies: 6
Views: 732

Re: Is Wikipedia wrong about SS Widow Benefits

Is this incorrect?: If the worker earned delayed retirement credits by waiting to start benefits after their normal retirement age, the surviving spouse will not have those credits applied to their benefit https://en.wikipedia.org/wiki/Social_Security_(United_States)#Widow.28er.29_benefits Yes, tha...
by ObliviousInvestor
Tue May 17, 2016 2:27 pm
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Regarding the earnings test and the SSA ultimately reconciling the amount withheld with the amount that should have been withheld, sscritic points out via email that the SSA does not get your earnings information from the IRS but rather from your employer (via Copy A of your W-2).
by ObliviousInvestor
Tue May 17, 2016 9:55 am
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Here is my understanding: If you provide Social Security with a monthly earnings estimate equal to or lower than the earnings test amount (as I did) you'll get the full expected benefit each month. If it turns out that your actual earnings exceed your estimate (as it might in my case due to some un...
by ObliviousInvestor
Mon May 16, 2016 2:32 pm
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Assume a person starts social security benefits before Full Retirement Age. Lets assume their FRA is 66 and they start Social Security benefits at 62 years of age. Can they stop the benefits before they reach their FRA at 66. What if they hit the lottery or obtain an inheritance or just want to go ...
by ObliviousInvestor
Mon May 16, 2016 1:23 pm
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Mike, can a person who takes Social Security before 70 suspend anytime. For example could a person who takes SS at 62 but then 60 days later want to suspend their benefits, may they do that to collect DRC credits? How many times can this be done. If this is possible , seems like those that are on t...
by ObliviousInvestor
Mon May 16, 2016 12:37 pm
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

On top of that, am turning 66 shortly and will be retiring and taking a spousal benefit for 4 years, and that will be smaller (I think) because I overlooked the opportunity to invest some of the proceeds from that farm sale in more SS. The size of your benefit as her spouse will be unaffected by wh...
by ObliviousInvestor
Mon May 16, 2016 11:22 am
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Mike, can a person who takes Social Security before 70 suspend anytime. For example could a person who takes SS at 62 but then 60 days later want to suspend their benefits, may they do that to collect DRC credits? How many times can this be done. If this is possible , seems like those that are on t...
by ObliviousInvestor
Mon May 16, 2016 10:39 am
Forum: Investing - Theory, News & General
Topic: Lesson learned (about Social Secuirty)
Replies: 17
Views: 2937

Re: Lesson learned (about Social Secuirty)

Yes, she could have suspended.

If she is not yet 70, she could still suspend and collect DRCs (though doing so would turn off your benefit as her spouse, if you happen to be collecting one).
by ObliviousInvestor
Mon May 16, 2016 10:36 am
Forum: Investing - Help with Personal Investments
Topic: When to start Social Security. A different take
Replies: 107
Views: 9553

Re: When to start Social Security. A different take

Oddly enough, I assumed that the SS actuaries set the early vs late payout to be roughly equal, i.e., people can't game the system. When running the numbers based on average life expectancy at birth, as I did, the numbers for early vs late withdrawal come out almost the same, as one would expect. W...
by ObliviousInvestor
Sun May 15, 2016 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to understand Soc Security spousal benefits
Replies: 3
Views: 356

Re: Trying to understand Soc Security spousal benefits

Assuming that your PIAs are similar (or, more specifically, that neither of you has a PIA that is less than 50% of the other's PIA), neither of you will be able to receive spousal benefits at any time. An application for spousal-only (i.e., applying for spousal benefits at your FRA while allowing yo...
by ObliviousInvestor
Fri May 13, 2016 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Take my SS at 62 or wait?
Replies: 123
Views: 9404

Re: Take my SS at 62 or wait?

theac wrote:As for my two sons, whatever I leave them will just be their retirement fund.

This suggests that there may have been a prior marriage. If so, that could be super relevant information, depending on circumstances.
by ObliviousInvestor
Thu May 12, 2016 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Beneft
Replies: 2
Views: 454

Re: Social Security Survivor Beneft

If you die after reaching full retirement age but before filing for your own retirement benefit and your wife files for her benefit as your widow after reaching her own full retirement age, then the total amount she would receive per month would be the amount that you would have received as a monthl...
by ObliviousInvestor
Thu May 12, 2016 10:45 am
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3835

Re: Social Security numbers right ?

Any chance you might consider writing an article on how to calculate SS benefits using their calculator, including how for people who retire early ? I have never used the any PIA application, as it is not available for Mac OS. Personally I use the Retirement Estimator that Spirit Rider mentioned. h...
by ObliviousInvestor
Wed May 11, 2016 10:12 pm
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3835

Re: Social Security numbers right ?

Just a small point: When calculating AIME, earnings for years up to age 60 aren't adjusted upward based on CPI, but rather based on the national average wage index.
https://www.ssa.gov/oact/cola/AWI.html
by ObliviousInvestor
Sun May 08, 2016 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with Social Security strategy for wife
Replies: 15
Views: 1296

Re: Need help with Social Security strategy for wife

sundiego123 wrote:So if I am understanding correctly, if I want 100% of my widow's benefit (survivor benefit), it doesn't matter when I start my personal benefit so long as I don't file for the survivor's benefit until FRA of 66.

That is correct.
by ObliviousInvestor
Thu May 05, 2016 8:10 am
Forum: Personal Finance (Not Investing)
Topic: Changes to Social Security
Replies: 470
Views: 45942

Re: Changes to Social Security

mspadorchard, sscritic also notes via email that it is important to specify very clearly the month for which you want retirement benefits to start. If you file in advance and don't specify that you don't want your benefit to start immediately, not only will it start immediately, it will be started r...
by ObliviousInvestor
Wed May 04, 2016 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Changes to Social Security
Replies: 470
Views: 45942

Re: Changes to Social Security

I hope this format of question makes it more understandable :) Married couple. Male to be 66 in March of 2017. Healthy at this time. Life expectancy is about 80-85. Expected SS benefit at age 70 is X, based on work history, retired at age 64. Female to be 66 July of 2018. Healthy at this time. Life...
by ObliviousInvestor
Fri Apr 29, 2016 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Can one switch from receiving own SS benefit to spousal?
Replies: 7
Views: 764

Re: Can one switch from receiving own SS benefit to spousal?

For reference, if Spouse A has a primary insurance amount that is at least 50% of Spouse B's primary insurance amount, Spouse A cannot receive a spousal benefit on Spouse B's work record once Spouse A has started retirement benefits. If Spouse A is at least 50% of Spouse B, A would not benefit even...
by ObliviousInvestor
Fri Apr 29, 2016 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Can one switch from receiving own SS benefit to spousal?
Replies: 7
Views: 764

Re: Can one switch from receiving own SS benefit to spousal?

For reference, if Spouse A has a primary insurance amount that is at least 50% of Spouse B's primary insurance amount, Spouse A cannot receive a spousal benefit on Spouse B's work record once Spouse A has started retirement benefits.
by ObliviousInvestor
Thu Apr 28, 2016 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Restricted Application Filing, Social Security
Replies: 8
Views: 561

Re: Restricted Application Filing, Social Security

my wife is 60 and I turn 66 this July. In April this year (2016), I applied to start receiving Soc Sec benefits in July, my FRA. Are there any options available to me, other than just collecting my own benefits? One option would be as follows: a) Withdraw your application, b) Your wife files for he...
by ObliviousInvestor
Wed Apr 27, 2016 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Restricted Application Filing, Social Security
Replies: 8
Views: 561

Re: Restricted Application Filing, Social Security

Howdy, thanks for the quick input.....however, if I had filed and suspended, would she have been able to apply for spousal benefits? Yes. However, you would not have been able to receive spousal benefits on her work record in that case. Edited to add: That doesn't necessarily make it a bad idea tho...
by ObliviousInvestor
Wed Apr 27, 2016 9:24 am
Forum: Personal Finance (Not Investing)
Topic: Restricted Application Filing, Social Security
Replies: 8
Views: 561

Re: Restricted Application Filing, Social Security

She can't start receiving a benefit based on your work record until you have filed for your own retirement benefit.
by ObliviousInvestor
Tue Apr 26, 2016 10:36 am
Forum: Investing - Theory, News & General
Topic: Social Security loopholes closed
Replies: 19
Views: 2764

Re: Social Security loopholes closed

I would not call them loopholes. They merely changed the law to generate less payments to retirees. If I remember correctly something that I read a few months ago, the ability to claim spousal benefits while deferring one's own to let it grow was actually an unintended consequence of changes in the...
by ObliviousInvestor
Mon Apr 25, 2016 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Should I File and Suspend Before 4/30/16? [Social Security]
Replies: 0
Views: 737

Should I File and Suspend Before 4/30/16? [Social Security]

I posted this to my blog, but I've still been getting a fair number of emails from Bogleheads about this topic, so I'm posting it here as well. If you have any questions and don't mind posting them publicly, please do so below, as it's likely that other people have the same question. First, let’s m...
by ObliviousInvestor
Sun Apr 24, 2016 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: SS question before new changes after 4/29/16
Replies: 4
Views: 595

Re: SS question before new changes after 4/29/16

If you have both already decided to wait until 70 to start collecting your own retirement benefits, the next goal is to then figure out how to get the most in "free" spousal benefits prior to age 70. Your husband won't be able to file and suspend prior to the deadline, which means that the...
by ObliviousInvestor
Sun Apr 24, 2016 12:41 am
Forum: Investing - Theory, News & General
Topic: Early Retirement and Social Security Benefits Reduction
Replies: 29
Views: 3706

Re: Early Retirement and Social Security Benefits Reduction

Benefit @ 62 21,672.00 Benefit @ 70 38,160.00 By taking SS at 62, a return of 5.35% or more will give me more money at 95. Assumptions are saving all SS benefits until age 70 (total balance $220,823) and COLA of 1.5%. SS assumes that you will be working to your "take" date so the calculat...

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