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  1. #1

    Finally set up a MySocialSecurity on-line account

    I went to the site forearmed with the data for questions they asked last-time for which I did not have ready answers, and encountered one new historical question. "Who was the Finance Company for the auto loan paid off in 2009?

    I knew their name when we initiated the loan, but I also knew they changed names with the corporate bankruptcies that occurred during the Great Recession. I had a 50% chance of getting it correct and guessed right before the page timed out. I had trouble locating the Pay-off Letter and thought a 50% chance was better than a guaranteed failure with a time-out.

    I found the site to be less useful initially than I had hoped. I need to log-in again and explore more. I may even need their on-line assistance to answer my question regarding claiming benefits at age 70, benefit amount, if I stop work before my 63rd birthday.

    Should I draw down other investments for living expenses during that 7 year period to minimize future RMD's, or file for SS benefits when I stop work? I need some more data within the next 15 months.

  2. #2
    there is so much thought and other decisions that go in to when to take ss that no one can give you the correct answer . a simple answer to a complex question will be the wrong answer . it is based on your financial situation , your tax situation , your marriage situation and your feelings about market risk vs longevity risk

  3. #3
    I agree completely. I am just looking for another data point to assist in making a complex decision. The question I included in my post is not a question I expect to be answered here, rather it is a question that can be/should be answered by my own SS data. This answer, when coupled with our personal financial situation and life goals, will assist my wife and I in making our retirement decisions.

  4. #4
    there are web sites like social security solutions , to name but one that will do full comprehensive work ups based on all the aspects . but depending on the level of work up they charge more and more . even the most comprehensive is still pretty reasonable .

    everything from total dollars to tax situations when rmd's are considered to getting your social security taxed is looked at . then you have survivor benefits , spousal benefits and longevity to consider . there are aca benefits to consider as well as being able to use zero capital gains brackets .

    depending on your portfolio needs you have to decide if you want to be more dependent on markets rates and inflation as the wild card or more longevity risk based .

    as soon as someone says to you take it early, what if you die ? move on . they have little insight in to all the ramifications of what could be one of the biggest financial decisions of your life .

  5. #5
    MI-Roger you are correct. You will need to look at your own financial situation (data) to figure out your best solution. Keep in mind to not make it more complicated than it really needs to be. It is as simple as this.

    If you have resources to postpone SS to 70 at least one of you should do that. Simply because of longevity. Typically it will be your SS that is the higher of the two and your wife is more than likely to survive you. That is not the case though in every couple. Using savings like IRA's and 401k's to bridge the gap is a great strategy and should be explored.

    In my case it took me a while to explain to my wife that spending down from 401k made sense. I slowly explained that even for her it would be very important for her to spend down her 401k to postpone taking her own SS until FRA for maximum benefit in for her.


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