^^What, is there a how to get rid of your spouse thread? 
It is possible to āleave money on the tableā when it comes to Social Security. For example, when the āfile and suspendā strategy was still available, people who were not aware of this strategy but were waiting until age 70 to file could have collected a benefit for up to 4 years without affecting their age 70 benefit. It was āfree moneyā, which you either collected or you didnāt. Another example would be waiting until age 75 to file for Social Security. I am just saying it is possible. The wisdom of filing early, at age 62 vs 66 vs 70 can only be determined with hindsight. I have pretty much decided to file a restricted application when I turn 66, even though the calculators tell me if I live forever (or into my 90s) I will be better off waiting until age 70. The difference is small, and I was trained as an economist to believe that sooner > later (aka, the time value of money, aka positive interest rates)
Iām also wondering when SS calculations are done by advisors (or online), does the analysis typically include ālost potentialā? It is clear that if you wait until age 70, and live to 85, the payments are larger. But what about all those years you could have invested the money (assuming your investments made at least 5%)?
Yes, some SS calculators will allow you to factor in the investment value of money. But, the SS return for waiting is 8% per year, guaranteed (unless you think SS will go insolvent). No way you should assume that you can beat that by investing yourself.
But really, the only thing you know is: 1) do I come from a family with long-lived genes? 2) howās my health? 3) same two questions for spouse. But note, that the simple SS calculators ignore the effect of the spousal benefit.
Per the actuaries: there is a 72% chance of one of a married couple making it to 85% (so waiting makes the most economic sense); there is a 45% chance of one of a married couple making it to 90. An 18% chance that one will make it to 95!
So, it all comes down to the famous question posed by Clint Eastwood in Dirty Harry: ādo you feel luckyā¦?ā 
Or really, are you risk averse, i.e., concerned more with running out of money later in life?
From what I understand, if you assume 4% return, the break even age becomes 90. At 5%, the break even point may be closer to 100. As someone mentioned, the difference is not huge. If I remember correctly, the difference was in the thousand dollars total not in the tens of thousand. I took it early to get the paper work out of the way. Less chore when I turn 70. It turned out the stock market was doing great since I started SS. I probably made up the loss already from taking it early although my consideration was more of convenience rather than monetary.
Is it still the case that if I take my benefit (based on my earnings) at 62, and DH works til 70 and takes his at that time, then my spousal benefit will be the greater of 50% of his or my age 62 benefit?
Greater of 50% of his at his FRA or your age 62 benefit.
Ok, thanks. I suspected that it would no longer be 1/2 of the age 70, but wanted to be sure.
the new rules for spousal benefits are that one spouse HAS to fully retire, and only then will the OTHER spouse receive 50% of the spousal benefits of the retired spouse.
I just retired this year at age 66. And started to receive my SS benefits.
My hubby [ who is still working] now receives spousal benefits totally 50% of my retirement benefits . When HE turns 70, and fully retires, then his spousal benefits stop.
Are Countingdown and menlopark talking about two different SS benefit situations? Menlopark talking about a restricted application ( only available if you were born before 1/1/1954) and Counting-down deemed filing?? thatās my understanding ,but not sure !
Iām 57, older than DH and am effectively retired ā may do some PT work now and then. I plan to take my benefit at 62 because my actuarials are not good for getting really old. DH will still be working, probably til 70. Just wanted to make sure that my spousal benefit still will be 50% of DHās SS once he retires. (50% of his is greater than 100% of mine). Just want to make sure Iām not screwing up anything.
We should make clear that this is an example of an irretrievable mistake that results in you completely losing the benefits available from age 70 (when your monthly payment reaches its peak and does not increase by waiting longer to file) to age 75. I had to read that again to realize that was what was meant.
Edit: Those looking for info on filing āstrategiesā should read the articles by Michael Kitces, whose thinking and writing on this topic is among the best and most informative.
He is some kind of financial planner, but heās a great deal more thoughtful than most. Iām recommending his writing, not his services.
"How much is the spousal benefit?
It depends on your age when you claim it. If you wait until your full retirement age (somewhere between 66 and 67), youāll get half of what your husband could get at his own full retirement age. If you claim earlier, youāll receive LESS."
From SS-
If you begin receiving benefits:
between age 62 and your full retirement age, the amount will be permanently reduced by a percentage based on the number of months up to your full retirement age.
at your full retirement age, your benefit as a spouse cannot exceed one-half of your spouse's full retirement amount."
https://www.ssa.gov/planners/retire/applying6.html
yes you WILL be 'screwing" things up regarding how much spousal support you will receive IF you retire at 62 Vrs at full retirement age- 66.5.
CD:
I believe that your husband can claim a spousal off of your account which will then get replaced when he takes his full benefit at 70. (Not sure if you have to wait until FRA to file however.)
My FRA is 67. Donāt know that I can count on getting there, hence why Iām considering taking benefits sooner. Would be nice to get something for all the years I paid into the system.
Thanks for the links ā time to get into the weeds
For any new readers, Iāll point out that Medicare can begins at age 65 regardless of what age you retire. (I used to incorrectly think if I took SS at age 62 I could also being Medicare then. Wrong.)
We renewed our āMaximize my Social Security ā online subscription. Unfortunately it hasnāt been updated as far as āfile and suspendā and other strategies that are no longer available.
@dragonmom , you should complain. I didnāt care for one of their products (Maxifi, iirc) and they gave me a full refund. Pleasantly.
Do you get much out of maximize miss or any other programs like that? I think someone mentioned earlier. Basically it tells you the break even point if you invest with x% return. Only if you knew. Arenāt they the two biggest unknowns; when you die and how well your investment will do? I tried once. I come out ahead by delaying if I die after 90 and the investment grows at 4%. annually. If it grows faster than 4%, I need to die later than age 90. Itās a bit like one has no idea how many miles one traveled and yet insists on knowing how many feet should be added to it. Does it help to know you should add 3.578ā to the miles you traveled when you donāt know how many miles to add it to? Besides, the difference is not earth shaking, a few thousand dollars spread over the lifetime. $40 spent annually to use the program doesnāt make financial sense to me.
If you are investing your SS payment, what are you living on? Unless you have a pension or other unearned income you can live on, you will have to take money from somewhere else, and that will offset the gains from investing your SS.