OpenSS kills you off slowly. In other words, it does the (correct Finance) analysis by decrementing the annual cash flows by your chance of death each year.
You can click the button in the top middle of the page if you want to see what happens if one of you dies at 82, or other age.
You can also change the mortality table if you are healthy or are a smoker. SS benefits are based on a unisex table, but insurance companies do not (for annuities).
Thanks. I called myself a non-smoker, long-lifer type and left dh per the normal mortality table, and the suggestion was the same. Hmmmm. The difference was less than $30k over my lifetime so I guess itâs not worth sweating.
The only inputs I saw for the open social security link was your birthdate, sex and the amount of your monthly benefit. It said that I should take SS at age 62 and 1 month, and my husband should take it at 70. We have the same benefit, and are close to the same age. The only difference I see is the sex. Seems like they would tell women to select it at an older age, since we often have longer lives, but it was the opposite.
I mean this in the most positive way, but especially as old geezers, I love that we can think about $30k that way. I remember the first time I wrote a check for over $1000 and I thought it was such a huge thing.
Yet it comes out to the same solution. The only difference is that Iâm a woman and he is a man, therefore I file early and he waits until 70. I donât really know what the rationale for that is.
I did. Keeps the timeline based upon the gender. Even when I mess around with the payment amount and birthdates.It seems like thatâs the main factor in the equation for some reason.
the model mortality adjusts for each spouse individually and calculates teh NPV for the maximum benefit, which usually means the female outlives the male. However, that is not as important as the highest earner retiring latest as that spouseâs benefit also becomes the survivor benefit amount when that highest income and SS benefit spouse passes.
FYI, I kept playing with this and saw where you can project the age of death (an option in the mortality-table link). Once I put in anything (both parents lived/are older than 90), then it said to wait until 70 to take mine.
I assumed the calculator was telling the higher earner to hold off until 70 (it told me, the woman/higher earner to file at 70 and my husband, man/lower earner, to file at 62).
As I understand it, you husband would receive what your social security would be at your full retirement age. But not the amount you would get at 70. Even if he waited until 70 to draw your survivor benefits
You get the spouses full retirement age amount if taking as spousal benefit. However at death the survivor benefit is the full amount they get at 70 or whenever they take it. At least thatâs how I read it.
Talked to a new activity group friend yesterday - it turns out they have been financing their two single children longer than necessary - and it is a financial strain for them. H is 70 and worked until almost 70, so he is drawing the bonus SS. She is 63 - last fall, through no fault of her own, bosses decided that the second half of the year her sales needed to be $XX. She decided, no, not killing herself due to other peopleâs job failures, and âretiredâ. She is waiting on SS. Son is 30 and working overseas, and the house they purchased is being rented with mostly responsible friends - except one lad, also 30 who lived up until 2 years ago with his grandfather and did not outside work. They got him into a pizza restaurant for some work experience, and then he got hired at Lowes, but he still isnât working FT hours. If Son decides to stay overseas, they would be guiding him with selling the house. Of course they are âconcernedâ about this lad, and honestly, I told this couple that if the house gets sold, he will have advance notice and will have to âflyâ at age 30+ - evidently he is smart but has anxiety issues, which he can get help for that. The electric garage door needed replacing, and they paid out of pocket for that â again, rents should be covering that stuff, and they need to âstopâ the money bleed. Their DD has a graduate degree in Chemistry, is working FT at a well paying HS teacher position, they have bought her house, yet they still pay for her car insurance and cell phone!
My NYT subscription is so confusing - I was paying $6.00/month full access as a new subscriber which ended mid-Jan 2024 - they sent me the renewal that went up to $25.00/month beginning in Jan 2024 and I decided that was too much so I was going to cancel my subscription. I went thru the online cancelation pages and confirmed on multiple pages that âyesâ I really do want to cancel - when I got to what I had assumed was the final page for cancelation, they gave me other options to renew at $4.00/month full access for a year with cancelation at any time! What??? I kept thinking there was something wrong with this and I must have read it wrong but Iâm looking at 2 emails that clearly show both subscriptions are All Access and both are weekly rates for 1 year. Itâs also interesting that my rate is lower than yoursâŠwhat am I missing? I guess if you have the patience to go thru all the pages, there is indeed a reward at the end! Edited to correct my 1st year monthly subscription was $6.00/month for All Access, not $6.25.
With WSJ, go to where you can get to âchatâ with someone (on line typing) - and ask if you could pay one time $100 per year (that was the initial offer the chat person gave me after I spelled out that I am OOS senior who only looks at a few sections sporadically) - and you have the rest of my story in my original post. Yes, I earlier got that I could be spending more with renewal.
You are not reading things wrong. IMHO chat for the discount, and do a one time pay up front, total cost will be (with their special promotion) $53.57. If you get to $100/year offer (with the billing every 4 weeks) ask if you can pay that lump sum - that is where they had the $50/year lump sum deal. So essentially I got the 2nd year for initial subscriber purchase. As soon as you get the offer you want, pay for it, and that will be that. They will reconfirm with email.
There are many good points in the article about situations like living at home to pay down student loans for example. Sometimes a career choice (and getting graduate/professional credentials) is going to have a young adult be under mom and dad payroll for a while (and their group health insurance).
Our situation found SIL and future SIL having delays with career start. I totally get that. But a continual drain when single adult children are in their career and have had ample help from parents is another situation.
We have resources to where we will âhelpâ when it financially fits for us and it is for important things - potentially with some down payment on a purchased home.
But many young adults need to âgrow upâ. Some decide to âlive in the basementâ - move in and hard to get out/do adulting. On a recent show, a psychologist said when his daughter came home from her HS part time job at McDonaldâs, none of the other young people working had anything good to say about their parents - IDK if they were mad that they were having to work, or mad that they had restrictions at home with curfew, grades in school, etc.
Situations where young adults have criminal ideas to get to parents or grandparents assets are getting known via the media - be it abuse, murder/murder for hire, financial fraud, etc.
Our local county library offers access to NYT with a library card- has to be renewed with card every 3 days online. I gained access free to NYT and Washington Post that way. WP is renewed online sign in every 7 days. I can access them at home. If you are in the library you just go on their wifi without signing in.
In other words, it does the (correct Finance) analysis by decrementing the annual cash flows by your chance of death each year.