Halls of Shrewd'm / US Policy
No. of Recommendations: 6
free link:
https://www.nytimes.com/2025/12/07/business/social...Note: Waiting until age 70 is by far the least expensive inflation-adjusted life annuity you can buy.
{{ How to know when to claim
Experts say that most people approaching retirement will fall into one of these scenarios. Here is what they say you should think about if you are:
Healthy and wealthy: If you (and a spouse) are in the lucky minority of retirees who are healthy with more than adequate savings — especially if you have enough that you’re worried about tax consequences — then delay claiming Social Security until 70 and spend down your I.R.A. or other tax-deferred retirement accounts first to reduce your tax bite.
Healthy and not-so wealthy: If you (and a spouse) are healthy but worry that you don’t have enough money saved to cover a potential 30-year retirement, the unwelcome advice is to work as long as you can and delay claiming Social Security as long as you can. You want to maximize your benefits in your late 80s and beyond.
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Miserable: If your job has become untenable, or you’re still craving adventure at middle age, claiming Social Security can be a bridge to a new life by allowing you to preserve other savings or retirement investments. Plan carefully, take stock of other resources (income from a spouse, home equity or other assets) and make peace with the idea that you may need to live frugally or return to work at least part time.
Not-so healthy: If you’re battling illness and your years look short, claim Social Security when you stop working. There’s no point in waiting until age 70 if there’s a very real possibility you won’t live past 80.
In no way wealthy: If you’re scraping by or were pushed out of a job after turning 50, you may have no choice but to claim your Social Security benefits as soon as you turn 62. }}
intercst
No. of Recommendations: 8
If you (and a spouse) are in the lucky minority of retirees who are healthy with more than adequate savings — especially if you have enough that you’re worried about tax consequences — then delay claiming Social Security until 70 and spend down your I.R.A. or other tax-deferred retirement accounts first to reduce your tax bite.
Did whoever wrote this study to be this stupid?
(Trick question -- it's a newspaper writer, so he was born that way.)
SS payments end at your death. If you spent your own money then it is gone and there is nothing to pass on to your heirs or charity. And hope that the SSA will not curtail the monthly benefit it pays to you. Just ignore the financial risks of SSA.
Instead, take the SS money as soon as you can, and continue to let your own money grow. When you die the SS payments stop, and your heirs will inherit your money.
Of course, if you have no family or heirs, you may not care about that.
Most people at retirement age know the adage about a bird in hand.
No. of Recommendations: 3
SS payments end at your death.
Your spouse can get it, yes?
No. of Recommendations: 0
Concerning "social security for spouse after death"
From Google....
How does spousal Social Security work?
AI Overview
Spousal Social Security benefits let a lower-earning spouse (or ex-spouse) claim up to 50% of the higher-earning spouse's monthly Social Security payment at their own full retirement age, providing income when one partner's earnings history is limited. You must be 62+, married for over a year (or divorced after 10+ years), and the primary spouse must be receiving benefits (unless divorced). You get the higher of your own benefit or the spousal benefit, never both; claiming early reduces payments, and benefits don't grow past full retirement age like personal benefits do.
Can I collect my deceased spouse's Social Security and my own at the same time?
AI Overview
No, you can't collect both your own Social Security and your deceased spouse's survivor benefits simultaneously as two separate payments; the Social Security Administration (SSA) will pay you only one benefit, which will be the higher of the two amounts you're eligible for. However, you can strategically choose to receive survivor benefits first and then switch to your own retirement benefit later (or vice versa) to maximize your total payout, often by waiting until age 70 for your own higher benefit, says T. Rowe Price and SmartAsset.
HardwaterRuss
No. of Recommendations: 2
SS payments end at your death.
Your spouse can get it, yes?
The surviving spouse gets the higher of their own SS benefit or the deceased's benefit.
I don't really consider a surviving spouse an heir. It's more like a surviving partner. The family unit endures even after some of it departs.
"The two shall be as one."
No. of Recommendations: 7
Did whoever wrote this study to be this stupid?
Depends on how you look at it. We've had this discussion before, but I modeled my situation in cFIREsim and found that delaying SS allows me to spend MORE in retirement. This is an important consideration for me, because I retired early. This means I'll be in my go-go years for longer than most people. For example, I just got back from two weeks in Hawaii swimming and snorkeling in the ocean almost every day. Last year, I downhill skied 27 days which is my all time season max. Having some extra cash dovetails nicely with these kinds of activities.
Of course, the thing we really need to know in order to make this decision is how long you will live. Which I don't know. But I can take a guess. I have lots of long lived ancestors. My mom is 91 and can do all the normal tasks of daily living. She can get up down out of the couch with no problems and doesn't require a cane or walker for mobility. I have no serious health problems. I've never smoked. I exercise regularly including weight bearing exercises as well as mobility and balance exercises, and I have a healthy diet that I mostly prepare myself. Based on my family history, current personal health, and lifestyle, the odds are pretty good I will live long past the SS break-even point.
To summarize, delaying means I have more money in the go-go years when I can enjoy it, and the odds are good I'll wind up with more money over all. If that makes me stupid, I'm happy to be in the stupid camp. Delighted even.
No. of Recommendations: 2
Can I collect my deceased spouse's Social Security and my own at the same time?
AI Overview
No, you can't collect both your own Social Security and your deceased spouse's survivor benefits simultaneously as two separate payments; the Social Security Administration (SSA) will pay you only one benefit, which will be the higher of the two amounts you're eligible for. However, you can strategically choose to receive survivor benefits first and then switch to your own retirement benefit later (or vice versa) to maximize your total payout, often by waiting until age 70 for your own higher benefit, says T. Rowe Price and SmartAsset.
Right, a spouse can only receive either their own benefit or the deceased's benefits but not both.
Assuming if both are the same age and the deceased (high earning spouse) started their social security early, then the surviving spouse will only get that amount.
Currently neither my wife nor I have started social security despite being over 62. My wife's will be more than 50% of mine so she won't need to claim on mine. I told her if I were to die tomorrow that she should immediately apply for her social security and then at 67 apple for my higher amount. If we were to apply for mine right away then the amount would be lower due to claiming earlier on my benefits but by claiming on hers, it won't affect what she would get at 67 on mine. And she can't wait until 70 since the benefit won't go up like it would if I were still alive.
It gets pretty confusing.
Since my pension, which isn't big, gets cut by 50% on my death, I want my social security to be as high as possible if I go first (likely).
Rich
