<p>There is (probably more than one) some online software that you put all your details into, and it can help you figure out your best strategy for taking social security and what the impact of your different choices are. I think the guy who is the expert behind the software I am thinking of is Larry Kotlikoff. I have heard that the version that costs something to use is very complete and helpful, but have not done it myself. But I plan to when I get closer to an age when I can take SS.</p>
<p>Many of my docs are my age or older and are rapidly âburning out.â I have just had lunch with the youngest pulmonologist in our state and believe I could get him to take over my care if his mentor decides to retire (tho the mentor currently has young children to get through school & college). My hairdresser is my age, so donât think sheâs retiring anytime soon.</p>
<p>Looking for new docs is a very exhausting thing, especially when weâve been seeing the same folks for decades. My allergist (mid-50s) told me sheâs exhausted and really wants out of the mess ACA has created. Sadly, I donât believe she has sufficient assets to comfortably retire.</p>
<p>@Colorado_mom, I used Turbo tax to figure out. You can play around with different scenario and see whatâs the tax like. I have to do that to see how much I can convert my IRA to Roth IRA when I retire.</p>
<p>Make sure you are in with your primary NOW. When I agreed to rehab my mom at my house instead of a rehab place it was with the condition she get therapy and in home nursing care. However, in my state we needed a physician from our state to sign off on the paperwork. We called around to every single practice in my county and couldnât find a single practice taking new medicare patients. (that will also translate to obamacare insurance soon too) My life lesson, make sure if I move out of the area I do so before Iâm on medicare and that I get in a practice asap.</p>
<p>âWe called around to every single practice in my county and couldnât find a single practice taking new medicare patients. (that will also translate to obamacare insurance soon too)â</p>
<p>Interesting </p>
<p>ColoradomomâŠits earned income. In my case, I believe I can earn $15,000 a year without seeing my SS reduced. In my case, I donât give two hoots. I only collect $166 a month. Big friggin deal. </p>
<p>But the reduction In benefits is not related to pensions or the like. I collect a pension and it has no effect on reducing my SS benefit. But wages from work do.</p>
<p>Thanks thumper⊠here is definition of earned income (which I had to look up, to make sure it means job-like earnings) - <a href=âhttps://faq.ssa.gov/link/portal/34011/34019/Article/2062/How-is-earned-income-defined-for-Supplemental-Security-Income-SSI-purposesâ>https://faq.ssa.gov/link/portal/34011/34019/Article/2062/How-is-earned-income-defined-for-Supplemental-Security-Income-SSI-purposes</a></p>
<p>Her are the SS benefit âtaxationâ tables, if earned income - <a href=âTaxation of Social Security benefits - Bogleheadsâ>http://www.bogleheads.org/wiki/Taxation_of_Social_Security_benefits</a></p>
<p>If you start taking social security benefits at full retirement are (currently 66, going to 67 in the future), then there is no limit on the income that you may earn and still collect your full social security benefit.</p>
<p>Dadinator - Thanks. That helps. We are at least a few years out from retirement and SS⊠unless our employers decide it is time to put us out to pasture. So just trying to plot a bes- case master plan for DH (7 years olderr) and me. </p>
<p>BTW, here is a very good forum on retirement issues, from folks like us: <a href=âRetirement Forum - Social Security, age, moving, relocation, finance, savings, early, hobbies, nursing homes - City-Data Forumâ>http://www.city-data.com/forum/retirement/</a></p>
<p>
<a href=âhttp://www.MaximizeMySocialSecurity.comâ>http://www.MaximizeMySocialSecurity.com</a>. Kotlikoffâs more complete and customizable software to handle consumption smoothing pre- and post-retirement is at <a href=âhttp://www.ESPlanner.comâ>http://www.ESPlanner.com</a>. </p>
<p>I use and recommend them both. I have had some questions about the software in the past, and their customer service is great. One of my questions was answered by Professor Kotlikoff himself. </p>
<p>@VeryHappyâ, I looked briefly at your link above and had a nice chuckle with a thread titled:
Retirement planning is far easier if you know when you will die! ;)) </p>
<p>^^4bd, Iâm all set as long as I die before noon Tuesday :)) </p>
<p>How many other ways to take out SS? You can take it at 62, 66, or 70. For those with older spouse(moi), you can mooch off your spouseâs SS earnings when you are 66 and then take your own base on your earnings when you are 70. I donât see the point that I have to pay for a software to maximize my SS. Am I correct in this thinking?</p>
<p>Well there is always file and suspend too. I think itâs pretty darn complicated to figure out all the options and tax ramifications. </p>
<p><a href=âhttp://www.socialsecuritychoices.com/info/fileandsuspend.phpâ>http://www.socialsecuritychoices.com/info/fileandsuspend.php</a></p>
<p>If you are divorced, you have additional options (but I think limited information on what your spouseâs social security benefits look like, and it depends on how long you were married).</p>
<p>File and suspend works for spouse who donât have earnings from job but not for younger spouse with earnings from job. Yes 10 years is the minimum one must be married.</p>
<p>Inparent, you need to be married at least 10 years. Yes, if you figure out how to get that info on the amount, let me know. My mom does this, and I know when my dad died, she got an increase in income, if small. I think this is a great option for those post full retirement age years. It doesnât seem THAT complicated. </p>
<p>
</p>
<p>I think it depends on when you think youâre going to die. I think I worked it out once and found:</p>
<p>If you think youâre gonna die before 75, take it at 62. If you think youâre gonna die before 86 but live till at least 75, take it at 66, if you think youâre gonna live to 86+, take it at 70. I could be remembering wrong but it should approximate those ages. </p>
<p>Itâs my understanding that thereâs just some X benefit, and if you take it at 62 you get 75% each month, at 66 you get 100% each month, at 70 you get 132% of X each month. </p>
<p>@DrGoogle, some peopleâs situations are simple, some are complex. Running what-ifs for mortality dates, different retirement dates, etc. are something I found as good a use for my $40 as going to a crummy movie and eating stale popcorn with my wife. My âoptimalâ filing strategy was more complicated than I would have calculated on my own. YMMV. </p>