The article brought up some questions in my mind. I own my condo, but in the 13 years I have been here, the maintenance fee has increased from 133 to 290 per month and will go up again along with a special assessment for improvements to the community of 72 units. Question: I was declared legally disabled with no chance of returning to work at the age of 58. I am 59 now and have been collecting SSI since November 2014. Currently, after working 42 years and paying in, I collect $1431 per month. My current expenses considering car insurance - which I also own - run me $2500 per month. I am getting $16 a month in EBT, which doesn't buy a lot of food. I live alone. Because I am unable to work, I watch my bank account drop every month. The article says to way until you absolutely desperate for the money - I think I am now. I live frugally but don't see a way of not collecting that money. Also, I keep my diabetes in check and don't smoke or drink. Am I doomed to failure and personal bankruptcy in a few years?
My husband and I have comparable earnings but I am 4 years and 9 months older and will reach my FRA 4 years and 4 months sooner given the graduating FRAs for different birthdates. It seems like the one spouse suspending til 70 and the other collecting only a spousal benefit can never work for us as when I reach FRA, I can only collect a spousal on his record and defer mine if he files before reaching his FRA. While he will be 62 then, I don't think he can file at 62 and suspend since he has not reached his FRA. Similarly, he can't collect a spousal benefit on my record when I reach FRA without compromising his full benefit when he reaches his FRA. Any advice.
Anybody have experience with filing and suspending with the wife being the one who has not reached FRA (and who has been the larger wage earner) and the husband is the one who could hopefully draw the spousal half?
Well, thank you, Sylvie. I try to do my best. I call my father every night when the neighbor is there to hear the phone, give me an update and then put my father on. I try calling my mother most nights although I'm only successful maybe a third of the time because she is often in the hall of the nursing home where many people congregate. She's been going to the dining room sometimes, but mentioned that it's rather depressing because of the condition of the some of the people. The neighbor, who sometimes visits there and occasionally takes my father along, said that she should just be thankful she's in better condition. I'm hoping when we all get to Cincinnati (they are in central PA, I'm currently in western NC) we'll try to liven things up a bit and provide a more cheerful, stimulating environment. (The people who work in the nursing home are extremely nice, but it still seems just like a hospital.)
I like your take on this, Sylvie. Since posting this, I've decided to retire in a few weeks just before my 61st birthday and start collecting SS right at 62. I've changed my plans so I can take care of my parent after my sister and I move them close to her home. I will be with my parents in a one-level first-floor apartment. Mother is in a nursing home to the tune of $8K a month because that was the only option in the rural area she is in, and Father is still at home with a kind neighbor spending several hours a day to help him. My sister and I drive 7 and 10 hours, respectively (htat's just one way, and in addition I live 7 hours from my sister), to visit them and try to cover bills, checks, etc. Soon we'll all be able to be near each other. I know it will involve some challenges, but I'm gearing up for it. My parents aren't very wealthy but they're "comfortable" and want us to inherit what they have. (I have to laugh--my father wants to stay in his house until it sells without using an agent so he can "save" the commission for us, but I made a chart showing that in a "worse-case scenario", hanging around the area with Mother still in the nursing home offsets the saving of the real estate commission within one month.) I've saved my money, too, but I can't see the point of working while dumping at least twice what I'm earning just to keep one or both of my parents "incarcerated" in a nursing home. If it gets to where that is really needed, my sister and I will resort to that, but we want them to be with each other and with us, too, as long as possible. I guess I've changed the topic a bit, but I figure it has implications for the original one. In any case, I'll probably have some new insight within a couple months! I'm planning to do some consulting for my current company but not work full-time, as that would defeat the purpose.
It is sensible to make hay while the sun shines on the SSA Trust, your health, the economy, and the possibilities of your continued employment. Live in the NOW.
All these suggestions about waiting hinge on the big "if"--as in, what if I don't even live to age 70? It seems every time I see an obituary page I see reports of people who have lived to, let's say, 89 or 95, but in the next column are a couple reports about people who died at perhaps 59 or 66. Yes, you get a larger check if you wait, but the larger amount will have been affected somewhat by inflation, and the cumulative amount you can get in the early years is worth something, too. I'm 60 1/2, and I'm not the least bit ashamed to admit I plan to retire at 62 1/2 and start collecting SS either right then or perhaps when I hit 63. By doing so I can keep more of my own investments growing, and start enjoying what will probably be the best and healthiest (and possibly the only) years of retirement. A couple of investment brokers have heard my plans and found no problem with it.
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