Search found 3368 matches

by ObliviousInvestor
Tue Oct 16, 2018 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Spousal benefit filing
Replies: 1
Views: 248

Re: Spousal benefit filing

Yes, provided that she meets all the assorted requirements for the month for which she would be requesting benefits to begin (e.g., being at least age 62 for the entire month).
by ObliviousInvestor
Sat Oct 13, 2018 6:19 pm
Forum: Investing - Theory, News & General
Topic: Social Security COLA - how is it applied?
Replies: 13
Views: 1145

Re: Social Security COLA - how is it applied?

I have not been following this thread, but sscritic requested via email that I post the following: Here is an example of the mechanics and how round off works: old PIA 1987.1 Claim 11 months early. fraction is 845/900 or 169/180. Benefit is 1865.67, rounded down to the nearest dollar or 1865. 2.8% c...
by ObliviousInvestor
Fri Oct 12, 2018 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating Spousal Benefit Amount
Replies: 19
Views: 1399

Re: Calculating Spousal Benefit Amount

A person's PIA increases for inflation each year, starting at age 62. So the husband's PIA from 2016 is no longer his PIA. The wife's spousal benefit will be based on his PIA (which, again, is not the same amount that it was in 2016). Hello, I suspended my SS benefit in June 2017 at my age 66 to ea...
by ObliviousInvestor
Fri Oct 12, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating Spousal Benefit Amount
Replies: 19
Views: 1399

Re: Calculating Spousal Benefit Amount

This is the reason that SS optimization programs may actually suggest not waiting to age 70 for couples where one spouse is going to be receiving 1/2 of the other's SS, since the 1/2 benefit isn't increasing. In our case, they tend to recommend something in the age 68 range. We are kinda unique tho...
by ObliviousInvestor
Thu Oct 11, 2018 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Retroactive SS benefits
Replies: 3
Views: 414

Re: Retroactive SS benefits

Here are the applicable references: https://www.ssa.gov/OP_Home/cfr20/404/404-0313.htm (3) Credits earned prior to entitlement. If you are full retirement age or older and eligible for old-age benefits but do not apply for benefits, your delayed retirement credits for months from the month of attain...
by ObliviousInvestor
Thu Oct 11, 2018 11:04 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Thank you everybody for the feedback. One could make the case that reporting "the period in which a benefit is received" is more helpful for tax planning purposes, but that's a different question. Indeed it would be more helpful for tax planning. To be up-front though, that is not an option I am con...
by ObliviousInvestor
Thu Oct 11, 2018 8:35 am
Forum: Personal Finance (Not Investing)
Topic: SS 2019 COLA could be close to 3%
Replies: 55
Views: 5929

Re: SS 2019 COLA could be close to 3%

Official press release:
https://www.ssa.gov/news/press/releases/2018/#10-2018-1

2.8% COLA
New maximum taxable wages: $132,900
by ObliviousInvestor
Thu Oct 11, 2018 7:02 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

I assume it will be obvious to the user that year included backdated payments? Well, the suggested strategy output will include the word "retroactive." But whether or not the meaning of the table will be obvious to the user is one of my concerns. My personal leaning is for there to be a 2017 row fo...
by ObliviousInvestor
Thu Oct 11, 2018 6:35 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

I want to join the others in thanking you for your efforts on this calculator. As to the question, it's a little hard for me to picture the difference between the two displays, but I believe I would prefer to see 2017 in its own row based on the description you gave. Thank you for the comment, and ...
by ObliviousInvestor
Thu Oct 11, 2018 5:58 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Seeking some feedback here. I'm currently working on retroactive applications, because they are especially applicable in a child benefit scenario, which is the bigger project I'm currently working on. (For background information about retroactive/backdated applications, see below.) My question is ho...
by ObliviousInvestor
Wed Oct 10, 2018 12:05 pm
Forum: Investing - Help with Personal Investments
Topic: Fixed annuity with a guaranteed lifetime withdrawal benefit
Replies: 8
Views: 445

Re: Fixed annuity with a guaranteed lifetime withdrawal benefit

To understand how a GLWB works, it's important to first understand how a deferred variable annuity works in general. If you already understand that, then the idea of a GLWB rider is that you get a guaranteed source of lifetime income, without having to "annuitize" the annuity. The downside is that t...
by ObliviousInvestor
Tue Oct 09, 2018 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating Spousal Benefit Amount
Replies: 19
Views: 1399

Re: Calculating Spousal Benefit Amount

A person's PIA increases for inflation each year, starting at age 62. So the husband's PIA from 2016 is no longer his PIA.

The wife's spousal benefit will be based on his PIA (which, again, is not the same amount that it was in 2016).
by ObliviousInvestor
Thu Oct 04, 2018 9:50 am
Forum: Investing - Theory, News & General
Topic: Social Security and Asset Allocation
Replies: 50
Views: 4915

Re: Social Security and Asset Allocation

The question "should Social Security count as a bond?" has always seemed strange to me. If you haven't yet decided what will count as a stock and what will count as a bond, how is it possible to have determined that a given stock/bond allocation is appropriate? I would suggest that the decision proc...
by ObliviousInvestor
Wed Oct 03, 2018 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Per onthecusp's and One Ping's requests, the "About" page now has a brief bit of data about the default SSA mortality table, as well as a link to the table itself. I also rolled out child benefit functionality today for users with "single" marital status. I will be starting the coding shortly for ma...
by ObliviousInvestor
Tue Oct 02, 2018 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

For each of the four alternative mortality tables you provide the median age at death for 62 year old males and females. You don't provide that same information for your default table. I think it would be instructive to see how the four alternatives differ not only with respect to each other, but a...
by ObliviousInvestor
Tue Oct 02, 2018 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Just curious, does the math treat the median ages at death as two hard stops? Something I read recently pointed out that the median age at death for the second partner is higher than the median age for either one alone. For each year until both people would be age 115, the calculator calculates: 1)...
by ObliviousInvestor
Tue Oct 02, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Initial Benefit Amount from a Restricted Application for Spousal Benefits
Replies: 1
Views: 194

Re: Initial Benefit Amount from a Restricted Application for Spousal Benefits

When 1) the person collecting a spousal benefit is not "entitled" to a retirement benefit of their own (as would be the case in a restricted application), and 2) the spousal benefit isn't claimed until FRA ...the spousal benefit is 50% of the other person's PIA. So, $1100. (Assuming that the $2200 i...
by ObliviousInvestor
Tue Oct 02, 2018 9:31 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

An additional question brought on by considering our own Mortality. In the "Year by Year Benefit Amounts" section of the results display you say: The survivor benefit amounts at the bottom of the table assume that a) the deceased person lived at least until the age at which they planned to file for...
by ObliviousInvestor
Tue Oct 02, 2018 6:07 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Request: In the section on alternative mortality tables in the "About" page you provide a fine summary of the alternative tables. Could you provide an equivalent summary of the default SSA's period life table? Good idea. That will be included the next time I roll out an update. Here's the table in ...
by ObliviousInvestor
Mon Oct 01, 2018 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Calculators and WEP or GPO
Replies: 10
Views: 1708

Re: Social Security Calculators and WEP or GPO

Somewhat of a blast from the past....my spouse has worked for some government agencies but also took time off to go back to school. So some 0 income years were due to no employment not government employment. I don't know how the WEP calculator would comprehend this. Not sure which calculator you're...
by ObliviousInvestor
Sun Sep 30, 2018 11:23 am
Forum: Investing - Theory, News & General
Topic: Good place for bond total return charts
Replies: 8
Views: 510

Re: Good place for bond total return charts

Yes, logarithmic scale is standard for return charts. If you don't use logarithmic scale, it's often impossible to distinguish anything that happens at the beginning of the period, because it's all smushed into the very bottom portion of the chart (especially when we're looking at something with hig...
by ObliviousInvestor
Sat Sep 29, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

If you are wanted to look at the "net present value", which seems to be more relevant, instead of just the "present value" then wouldn't that $30K a year be need to be considered as a "relevant cash outflow" like you described in your description? I think the foregone income is accounted for... isn...
by ObliviousInvestor
Sat Sep 29, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

I think where I am getting confused is that if I delay starting Social Security after my FRA then I would have to fund $30,000 a year from my retirement savings until I start Social Security at the recommended age of 70. If you are wanted to look at the "net present value", which seems to be more r...
by ObliviousInvestor
Fri Sep 28, 2018 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Hi, I have a question about the way it does the calculation when it compares "Test an Alternative Strategy" to the recommended strategy figure out the difference. For example mine says; The present value of the strategy you selected is $624,324, as compared to a present value of $647,761 from the r...
by ObliviousInvestor
Fri Sep 21, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Best Way to Apply for Social Security Widow Benefits and More
Replies: 15
Views: 1280

Re: Best Way to Apply for Social Security Widow Benefits and More

Thanks for reporting back with your experience, Mintee. If you have any followup questions later, please don't hesitate to ask. We'll be here.
by ObliviousInvestor
Fri Sep 21, 2018 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 9330

Re: Delaying Social Security Until 70

Apparently the social security staff often give a recipient a lump sum representing half of a year of benefits and then calculate your retirement based on an age of 69.5 instead of 70. Make sure you tell them you do not want any retroactive lump sum. The source of my information is three years old,...
by ObliviousInvestor
Fri Sep 21, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Apply for Social Security Widow Benefits and More
Replies: 15
Views: 1280

Re: Best Way to Apply for Social Security Widow Benefits and More

Well, if you say it wasn't you, you are probably right. It must have been the other guy here who is also the acknowledged expert on SSA matters and declines to post anymore on the public forums. He uses p.m. to contact forum members on SSA questions/issues. Now I can't remember his user name :oops:...
by ObliviousInvestor
Fri Sep 21, 2018 6:25 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Apply for Social Security Widow Benefits and More
Replies: 15
Views: 1280

Re: Best Way to Apply for Social Security Widow Benefits and More

The OP IS eligible now for a survivor’s benefit, not a spousal benefit. She would receive either a survivor benefit based on her husband’s record or a benefit based on her own work record. Will chime in here to correct this. Before OblivousInvestor beats me to it. (As he is the one who corrected me...
by ObliviousInvestor
Fri Sep 21, 2018 6:16 am
Forum: Personal Finance (Not Investing)
Topic: Dad Died - Handling Mom's Finances
Replies: 17
Views: 2361

Re: Dad Died - Handling Mom's Finances

Regarding Social Security, she has the option of filing for just her own retirement benefit at 62, while allowing her survivor benefit to continue growing until it maxes out at her full retirement age . Though depending on her level of earnings, the earnings test may result in some or all of that b...
by ObliviousInvestor
Thu Sep 20, 2018 7:06 am
Forum: Personal Finance (Not Investing)
Topic: social security disability
Replies: 13
Views: 1218

Re: social security disability

Question I have is if he would get more or less than his regular SS benefit ... He may just be get paid for one year before filing at 62 but it should help. He will get more as a disability benefit than he would have gotten as a retirement benefit at 62. Specifically, he'll get his primary insuranc...
by ObliviousInvestor
Wed Sep 19, 2018 7:45 pm
Forum: Investing - Help with Personal Investments
Topic: Questions regarding Govt Pension Offset and Windfall Elimination
Replies: 5
Views: 469

Re: Questions regarding Govt Pension Offset and Windfall Elimination

Another Boglehead reminded me via email that you will likely want to check whether you are covered by a "218 agreement," as that will play a major role in determining how many years of covered "substantial earnings" you have. https://www.ssa.gov/slge/sect_218_agree.htm https://www.calpers.ca.gov/pag...
by ObliviousInvestor
Wed Sep 19, 2018 5:21 pm
Forum: Investing - Help with Personal Investments
Topic: Questions regarding Govt Pension Offset and Windfall Elimination
Replies: 5
Views: 469

Re: Questions regarding Govt Pension Offset and Windfall Elimination

1. Because I am also eligible for Social Security. When I file, I believe my benefit may/would be reduced under the WEP. Correct? Yes, assuming you have fewer than 30 years of covered earnings, your PIA will be reduced as a result of the WEP. 2. Should my wife pre-decease me and I file for spouse/w...
by ObliviousInvestor
Wed Sep 19, 2018 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance...Social Security also pays?
Replies: 25
Views: 1517

Re: Life Insurance...Social Security also pays?

Regarding child benefits, money not spent on support must be saved in an account with the child named as beneficiary (even though such might result in less financial aid).
https://secure.ssa.gov/apps10/poms.nsf/lnx/0200603010
by ObliviousInvestor
Wed Sep 19, 2018 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Dad Died - Handling Mom's Finances
Replies: 17
Views: 2361

Re: Dad Died - Handling Mom's Finances

Regarding Social Security, she has the option of filing for just her own retirement benefit at 62, while allowing her survivor benefit to continue growing until it maxes out at her full retirement age . Though depending on her level of earnings, the earnings test may result in some or all of that be...
by ObliviousInvestor
Wed Sep 19, 2018 6:36 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance...Social Security also pays?
Replies: 25
Views: 1517

Re: Life Insurance...Social Security also pays?

On the topic of a representative payee who has conserved or invested benefit payments, here's the CFR section, indicating the same as what zrail indicated above. https://www.ssa.gov/OP_Home/cfr20/404/404-2060.htm Others might add/correct this, but I believe that children of a deceased parent would c...
by ObliviousInvestor
Mon Sep 17, 2018 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 9330

Re: Delaying Social Security Until 70

(I had been drawing a spousal benefit since age 60, 71.5% of my husband's benefit) I didn't think one could claim a spousal benefit before age 62, other than as a widow/widower--can you explain how you started receiving spousal benefits at 60? Yes, as a widow. I used to call it a "survivors benefit...
by ObliviousInvestor
Mon Sep 17, 2018 8:44 am
Forum: Personal Finance (Not Investing)
Topic: Social Security WEP question
Replies: 3
Views: 542

Re: Social Security WEP question

If you receive a pension from non-covered employment, the WEP reduces: 1) the amount of your Social Security retirement benefit, and 2) the amount of Social Security benefits that anybody else could receive on your record (e.g., your wife receiving Social Security spousal benefits on your work recor...
by ObliviousInvestor
Sat Sep 15, 2018 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: When to Tap Into SS
Replies: 14
Views: 1697

Re: When to Tap Into SS

You might find this useful: https://opensocialsecurity.com/ The creator of this calculator, Oblivious Investor, often posts in this forum. Brad I used this calc and it stated that my retirement benefits at FRAwill be much lower relative to the benefit on my statement at FRA. Any idea why? The calcu...
by ObliviousInvestor
Fri Sep 14, 2018 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Mike, Thanks for the great calculator and for recently adding the helpful Disability option, which is very timely! If a person is on SS disability, which converts to a retirement benefit of the same amount at FRA, can that person suspend the retirement benefit at FRA and apply for survivor benefit ...
by ObliviousInvestor
Fri Sep 14, 2018 9:39 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

Somebody asked via email if I could try again to explain what I'm saying about life expectancy assumptions. So here's one more attempt. Apologies to anybody who's getting sick of this topic. There is no problem with doing analyses that assume you (and your spouse, if married) die at a specific age. ...
by ObliviousInvestor
Thu Sep 13, 2018 3:42 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

I played around with this: https://opensocialsecurity.com/ 1. Wife and I are 61. Assumed $2000 PIA for me and $1000 PIA for spouse. PIA for both is 66 years 6 months. Advice: I take SS at 70 years 0 months. Wife takes SS at 62 years 1 month. NPV of SS for both is $609,934. 2. Wife and I are 61. Ass...
by ObliviousInvestor
Thu Sep 13, 2018 12:34 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

In other words, 20 years is the expected length of time for which the husband will be alive. It is not the expected length of time for which they will both be alive, because there's also a possibility that she predeceases him. I guess here is where we diverge. If you enter an assumed age of death, ...
by ObliviousInvestor
Thu Sep 13, 2018 12:22 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

What I'm trying to say is that fixed-death assumptions don't reflect joint life expectancies very well. Got it. Thanks. I understand your feeling that the other tables are more accurate. To back up a step just to explain where I'm coming from: When the high-PIA spouse delays benefits, it increases ...
by ObliviousInvestor
Thu Sep 13, 2018 12:04 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

For example, if we have an "average" male/female couple both age 62, their life expectancies are 20 and 22.8 years, respectively. If we used fixed death-age assumptions using those dates, the first-to-die joint life expectancy would be 20 years. In reality, it's only about 15.5 (because there's als...
by ObliviousInvestor
Thu Sep 13, 2018 11:45 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

I don't know if the calculations included any investment returns. Ignoring that (i.e. put all your SS money under the pillow), ... Since SS benefits are inflation-indexed, to not "include any investment returns" is not the same as to "put all your SS money under the pillow". The latter would repres...
by ObliviousInvestor
Thu Sep 13, 2018 10:02 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 134
Views: 10066

Re: Argument for taking social security before 70. Comments?

opensocialsecurity does not use a single date. As I understand it, Mike’s strategy is to use the spectrum of potential lifespans and weight by likelihood of surviving to various ages. That's correct. Open Social Security uses year-by-year probability of being alive (based on mortality table selecte...
by ObliviousInvestor
Mon Sep 10, 2018 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Dottie57 wrote:
Mon Sep 10, 2018 3:54 pm
Didn’t realize you showed half years.
Thank you for taking the time to point out the potential source of confusion though. If you misunderstood it, you're surely not the only one. I'll see if I can come up with something to make the output more clear.
by ObliviousInvestor
Mon Sep 10, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 225
Views: 20563

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Hi, There appears to be a problem which I have not seen before 2026 = 28k 2027 = 48k Big jump for 1 year! I put in a PIA amount of 3300, birth date in 1957 and gender of female. What is the problem? It looks to me like it's probably recommending a claiming date in June 2026. So you get 7 months of ...
by ObliviousInvestor
Mon Sep 10, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: When to Tap Into SS
Replies: 14
Views: 1697

Re: When to Tap Into SS

You might find this useful: https://opensocialsecurity.com/ The creator of this calculator, Oblivious Investor, often posts in this forum. Brad I used this calc and it stated that my retirement benefits at FRAwill be much lower relative to the benefit on my statement at FRA. Any idea why? The calcu...
by ObliviousInvestor
Mon Sep 10, 2018 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: When to Tap Into SS
Replies: 14
Views: 1697

Re: When to Tap Into SS

I used this calc and it stated that my retirement benefits at FRAwill be much lower relative to the benefit on my statement at FRA. Any idea why? Could be lots of reasons. Could be user error. Could be that your Social Security statement assumes that you will continue to work until your retirement ...