Search found 3082 matches

by ObliviousInvestor
Wed Jul 27, 2016 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Spreadsheet to show how taxable SS benefits will affect you
Replies: 107
Views: 13493

Re: Spreadsheet to show how taxable SS benefits will affect you

Please forgive me. I have the highest respect for PapaGeek's work on this absolutely critical subject. He has been so incredibly generous with his time and goodwill. But I have a confession. The ins and outs of the use the spreadsheet is beyond me. I wish I were more experienced with spreadsheets, ...
by ObliviousInvestor
Mon Jul 25, 2016 9:06 am
Forum: Personal Finance (Not Investing)
Topic: What does "full retirement age" really mean for SS?
Replies: 5
Views: 1033

Re: What does "full retirement age" really mean for SS?

The earnings test for folks who are self-employed is more complicated than just measuring the dollars earned in a month. Hours worked by the self-employed person as well as dollar earnings are considered. So you could be subject to the earnings test in a month in which you had minimal profits if yo...
by ObliviousInvestor
Mon Jul 25, 2016 8:15 am
Forum: Personal Finance (Not Investing)
Topic: What does "full retirement age" really mean for SS?
Replies: 5
Views: 1033

Re: What does "full retirement age" really mean for SS?

My full retirement age is 66 and 2 months. My birthday is in mid-October. Do I reach my full retirement age on December 1 of the year I turn 66, or January 1 of the year after I turn 66? You "attain" an age on the day before your birthday. So you would attain full retirement age on a day ...
by ObliviousInvestor
Tue Jul 19, 2016 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Step Up Social Security Question
Replies: 37
Views: 2300

Re: Spousal Step Up Social Security Question

pshonore wrote:I believe there is still a "re-do" within 12 months of collecting (prior to FRA). But you must pay back all benefits including others collecting on those earnings, if any, as well.

Yes, exactly this. It is known as a withdrawal of application.

https://www.ssa.gov/forms/ssa-521.pdf
by ObliviousInvestor
Tue Jul 19, 2016 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Social Security situation
Replies: 2
Views: 380

Re: Social Security situation

I purchased A Social Security Owner's Manual , thanks to these forums, to better understand SS to help my parents. It doesn't cover much about disability and I wanted to get clarification for a SS strategy, particularly around spousal benefits. Dad was born in 1951, mom born in 1956. Dad's the high...
by ObliviousInvestor
Tue Jul 19, 2016 8:15 am
Forum: Investing - Help with Personal Investments
Topic: Social Security - Do I have this right?
Replies: 13
Views: 1895

Re: Social Security - Do I have this right?

In addition, I think, you can take 1/2 her benefits as a spousal benefit when you both reach FRA while waiting for your own benefit to increase by DRC through age 70. It might be worth the $40 or so to run your numbers through one of the commercial Social Security optimization programs, if only to ...
by ObliviousInvestor
Tue Jul 19, 2016 8:13 am
Forum: Investing - Help with Personal Investments
Topic: Social Security - Do I have this right?
Replies: 13
Views: 1895

Re: Social Security - Do I have this right?

Since your wife will switch to 1/2 of your benefit at her age 70, the remaining question is to decide when she should start her own benefit. Here are her choices with "x" representing her FRA benefit. For each of calculation, let's assume x = $1,000. (If her FRA is $1,200 instead, multipl...
by ObliviousInvestor
Tue Jul 19, 2016 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Spousal Step Up Social Security Question
Replies: 37
Views: 2300

Re: Spousal Step Up Social Security Question

It also appears your mom is still working while collecting SS. Did you know that, that combo reduces her SS even further (besides collecting before FRA)? She should consider suspending her benefit until she stops working or FRA (whichever comes first). That should increase her FRA benefit. It is no...
by ObliviousInvestor
Thu Jul 14, 2016 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Question-Spousal Benefits
Replies: 17
Views: 2226

Re: Social Security Question-Spousal Benefits

I can file at 62 and when she files at 66 a few months later she can do a restricted application and collect spouse benefit on my record and delay to 70 then collect on her own record. Only downside is I am deemed at 62 for life but she is the higher wage earner and if she outlives me she will have...
by ObliviousInvestor
Sun Jul 10, 2016 10:39 pm
Forum: Personal Consumer Issues
Topic: Three Days in Colorado Springs (August)
Replies: 28
Views: 1540

Re: Three Days in Colorado Springs (August)

If you're not a marijuana user, don't let all the pot-talk scare you away from Manitou. There are two recreational marijuana vendors on our street here in Manitou, and (as somebody who doesn't smoke/use pot) the only issues I've seen them cause are 1) parking shortages and 2) what will the town do w...
by ObliviousInvestor
Sat Jul 09, 2016 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

SuzBanyan wrote:Is the survivor's benefit reduced if the survivor started to receive benefits based on his/her own record before full retirement age but doesn't apply for a widow/widower benefit until full retirement age or later?

No.
by ObliviousInvestor
Sat Jul 09, 2016 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

Thanks for the responses. Just to clarify, I want to pose an additional scenario, as an extension of the first example. Husband, entitled to $1500 per month at FRA, retires at 62 w/$1050 monthly benefit. Husband dies at 63. Is survivor benefit equal to a) $1500, b) $1050 or c) amount based upon hus...
by ObliviousInvestor
Sat Jul 09, 2016 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

sscritic emailed me with a good summary of a Social Security terminology point: “Once your husband dies, you are no longer his wife, you are his widow.”
by ObliviousInvestor
Sat Jul 09, 2016 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

Thanks for the responses. Just to clarify, I want to pose an additional scenario, as an extension of the first example. Husband, entitled to $1500 per month at FRA, retires at 62 w/$1050 monthly benefit. Husband dies at 63. Is survivor benefit equal to a) $1500, b) $1050 or c) amount based upon hus...
by ObliviousInvestor
Sat Jul 09, 2016 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

It appears that his SS would be reduced by 30% if he retires at 62 ($1500 * .7 = $1050). Does this mean that her survivor benefit would be limited to $1050, regardless of his age of death? Yes. Perhaps a better strategy would be for him to defer SS until 70, which will maximize his own benefit as w...
by ObliviousInvestor
Sat Jul 09, 2016 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit question
Replies: 26
Views: 1125

Re: SS benefit question

Her benefit as his wife is a function of his PIA and the age at which she claims that benefit. It is not affected by the age at which he claims his own retirement benefit. If she waits until her FRA and has no retirement benefit of her own, her spousal benefit would be 50% of his PIA (so $750 in you...
by ObliviousInvestor
Wed Jul 06, 2016 9:21 am
Forum: Investing - Help with Personal Investments
Topic: SSA Spousal: what basis for the 50% computation?
Replies: 8
Views: 715

Re: SSA Spousal: file at FRA or 70?

I think her maximum benefit (before GPO) will be 50% of your Primary Insurance Amount (PIA). [...] In other words, the spouse benefit does not increase with delayed retirement credits. Also, you would have to file for your wife to get spouse benefits; if you wait until 70, she could not receive spo...
by ObliviousInvestor
Tue Jul 05, 2016 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Social security loss if retiring early
Replies: 28
Views: 2442

Re: Social security loss if retiring early

A note of caution re the estimator. And if I'm wrong, I will cheerfully appreciate being told so... The estimator assumes that you are going to continue working to the various projected ages, earning the same amount that you are now. If you are going to cut back your hours (and pay), or retire comp...
by ObliviousInvestor
Tue Jul 05, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: When to Count Social Security
Replies: 28
Views: 1832

Re: When to Count Social Security

I agree emphatically with Rodc's suggestion to simply not worry about it. Save aggressively, invest prudently, and that's about it at this point in your life. With regard to your followup question (that you'll have the same question later), the answer is that you'll have quite a bit more data by the...
by ObliviousInvestor
Tue Jul 05, 2016 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Social security loss if retiring early
Replies: 28
Views: 2442

Re: Social security loss if retiring early

https://www.amazon.com/Social-Security-Made-Simple-Retirement/dp/0981454283/ I would recommend getting this book if you want to go into the details of SS calculation. Thank you for recommending the book, KlangFool! You can get another point of understanding of this by noting that if you keep on wor...
by ObliviousInvestor
Fri Jul 01, 2016 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Anypia pros, help needed [Social Security benefits calculator]
Replies: 7
Views: 496

Re: Anypia pros, help needed

IMO AnyPIA would be overkill for this. The "Retirement Estimator" is probably the easiest/fastest way to get the answer you want. http://www.ssa.gov/estimator/ In this case, simply sign in, provide your earnings from last year, then click "next." It will give you 3 estimates you ...
by ObliviousInvestor
Tue Jun 28, 2016 7:50 pm
Forum: Investing - Help with Personal Investments
Topic: trying to retire
Replies: 14
Views: 2275

Re: trying to retire

Yes, it is likely a good idea to file what is known as a "restricted application" for spousal benefits only (and backdate the application by the maximum amount*). Doing so would allow you to collect a benefit equal to half of your ex-husband's "primary insurance amount" (i.e., th...
by ObliviousInvestor
Tue Jun 28, 2016 7:56 am
Forum: Personal Consumer Issues
Topic: Alternatives to Traditional Pasta?
Replies: 52
Views: 3047

Re: Alternatives to Traditional Pasta?

Celiac runs in my family, so many of us can't have gluten. As you would imagine, preferences vary by person. I like brown rice pasta -- Tinkyada is a commonly available brand. Some of the others in my family prefer quinoa pasta, but I am not a fan. (Probably has something to do with the fact that I ...
by ObliviousInvestor
Tue Jun 21, 2016 7:37 pm
Forum: Investing - Theory, News & General
Topic: SSAnalyze! tool doing wrong calculation?
Replies: 2
Views: 426

Re: SSAnalyze! tool doing wrong calculation?

Knowing PIAs and FRAs would help with the explanation.

Also, where on the SSA website are you getting the 32.71% figure?
by ObliviousInvestor
Sat Jun 18, 2016 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security question [spousal benefit]
Replies: 6
Views: 718

Re: Social Security question [spousal benefit]

As somebody who was younger than 62 as of 1/1/2016, you will not be able to file a restricted application (i.e., an application for spousal-only) at any point in time. If you apply for spousal benefits, you will be deemed to have filed for your own retirement benefit as well. So an optimal strategy...
by ObliviousInvestor
Sat Jun 18, 2016 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security question [spousal benefit]
Replies: 6
Views: 718

Re: Social Security question [spousal benefit]

neilpilot wrote:Even before the law changed (i.e. even if you were 62 at the start of 2016), as I understand Spousal Benefits you need to wait until FRA to file a restricted application.

Just confirming that, yes, this is true.
by ObliviousInvestor
Sat Jun 18, 2016 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security question [spousal benefit]
Replies: 6
Views: 718

Re: Social Security question [spousal benefit]

As somebody who was younger than 62 as of 1/1/2016, you will not be able to file a restricted application (i.e., an application for spousal-only) at any point in time. If you apply for spousal benefits, you will be deemed to have filed for your own retirement benefit as well.
by ObliviousInvestor
Thu Jun 16, 2016 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental Spousal Benefit (SSA)
Replies: 5
Views: 510

Re: Supplemental Spousal Benefit (SSA)

raypo wrote:By "...continue to be reduced...", I hope you meant "...remain at the same reduced amount..."

Yes. It will remain at the same reduced amount.
by ObliviousInvestor
Thu Jun 16, 2016 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental Spousal Benefit (SSA)
Replies: 5
Views: 510

Re: Supplemental Spousal Benefit (SSA)

When I file for my own retirement benefits in Jan 2017, thereby relinquishing my spousal claim, my wife will then become eligible for spousal benefits. This would occur 2 months prior to my wife's FRA. Will the "deemed filing rule" then automatically apply, and the excess spousal benefit ...
by ObliviousInvestor
Thu Jun 16, 2016 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental Spousal Benefit (SSA)
Replies: 5
Views: 510

Re: Supplemental Spousal Benefit (SSA)

1. My wife and I both applied for retirement benefits on the same day. I say/list this, because I believe it may impact supplemental spousal benefits, as a result of the interaction of the "deemed filing rule" and the "first month of enrollment" (more later on this). 2. My wife ...
by ObliviousInvestor
Thu Jun 16, 2016 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Social security and foreign earned income
Replies: 12
Views: 1074

Re: Social security and foreign earned income

DW works for a university and doesn’t pay social security tax. Before you get too excited about qualifying for SS benefits, you should read up on GPO & WEP (Government Pension Offset and Windfall Elimination Provision). The fact that spouse isn't paying SS on her main job means that she is prob...
by ObliviousInvestor
Mon Jun 06, 2016 9:34 am
Forum: Investing - Help with Personal Investments
Topic: What is a reasonable decline in spending as we age?
Replies: 72
Views: 4757

Re: What is a reasonable decline in spending as we age?

From Blanchett's "Estimating the True Cost of Retirement" https://monosnap.com/file/v1IV8PwSdPaRLQmhYQ7GGts02tNYSl.png The "smile" shows that retiree spending drops and then rises again. This is a common misunderstanding. The values in the chart are annual changes, not spending ...
by ObliviousInvestor
Sat Jun 04, 2016 5:00 pm
Forum: Investing - Theory, News & General
Topic: "6 Reasons The Rich Should Pay-Off Their Mortgage"
Replies: 76
Views: 9768

Re: "6 Reasons The Rich Should Pay-Off Their Mortgage"

When I read the article, that jumped out at me as well. Any author who publishes such a glaring mistake either a) doesn't know what he is talking about or b) is so sloppy that he doesn't even proof read his own material. When you write a lot of words over the years, mistakes slip through on occasio...
by ObliviousInvestor
Thu Jun 02, 2016 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Can we inherit IRAs if not married?
Replies: 31
Views: 2616

Re: Can we inherit IRAs if not married?

With regard to the fact that she's still working, are her earnings high enough that they would result in the complete withholding of her benefit as a widow if she were to claim it prior to retiring? Yes, she is still working and her current target date for retirement is May 2018, but you have to co...
by ObliviousInvestor
Thu Jun 02, 2016 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Can we inherit IRAs if not married?
Replies: 31
Views: 2616

Re: Can we inherit IRAs if not married?

Not the IRA topic, but why can't she collect social security now at age 60. As https://www.ssa.gov/planners/survivors/survivorchartred.html says: Widows or widowers benefits based on age can start any time between age 60 and full retirement age as a survivor. If the benefits start at an earlier age...
by ObliviousInvestor
Tue May 31, 2016 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Earnings Limit
Replies: 4
Views: 679

Re: Social Security Earnings Limit

So, in my wife's situation, regardless of her earnings from January to April of 2017, her benefit would only be affected by earnings once she applies for Social Security in May. Does that sound correct? Yes, that's the rough idea. The rule is that the earnings test won't result in a reduced benefit...
by ObliviousInvestor
Tue May 31, 2016 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Earnings Limit
Replies: 4
Views: 679

Re: Social Security Earnings Limit

My reading of the rules on the earnings limit for those under FRA, indicates that a change in rules will occur in 2017 that specifically affects those retiring mid-year. Previously, salary earned before a mid-year SS claim would not alter one's SS benefit. Starting in 2017, the annual limit ($15,72...
by ObliviousInvestor
Sat May 28, 2016 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Can we inherit IRAs if not married?
Replies: 31
Views: 2616

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: 5717

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: 5717

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: 5717

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: 5717

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: 5717

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: 5717

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: 831

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: 5717

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: 831

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: 5717

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: 5717

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: 5717

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...

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