First time poster in this forum … I’ve been happily lurking and soaking up information. Much appreciated expertise here. I was quite interested in the recent SS discussion.
I’ve tried to think through our Social Security situation and was wondering if there’s anything I’m missing. My DH is 64. (He was born in December 1954). He lived out of the country for more than 15 years and did not pay SS taxes during that time, so there are lots of 0s in his earnings history! His projected payments are quite low. (His “early” retirement benefit at 62 would have been something like $1,300/month. I think his “late” benefit, if he keeps working until 70 is closer to $2k/month)
He’s a teacher and has a moderate income now. Obviously, every year he works is better … plus our second child is about to be a freshman in college. The general plan is to have him work through at least her junior year in college, both to increase eventual payments and, well, because we need the earnings (we will have two in college through younger girl’s sophomore year of college).
Here’s my question … I am much younger than him … just turned 50, and my SS benefits will be much higher. I have worked decent to well-paying jobs my entire adult life. (I also have a small “frozen” defined benefit pension plan and we both have retirement savings)
However, regarding SS in particular, is there anything special we should be considering based on our large age gap and the difference in our projected payments?
I just wanted to know if there was something I wasn’t thinking about …
No advice regarding SS, but does your husband have a 401(k) plan of any kind? If he does, here is something to consider:
https://www.investmentnews.com/article/20181210/FREE/181219999/a-younger-spouse-can-lower-required-minimum-distributions
Thanks, @BunsenBurner, I read the article and am saving it. I had never heard of that … although i had to chuckle about the question asker there … we aren’t dealing with a $2 million retirement fund, by any means.
My husband does have an IRA, and it looks like we would qualify to use the less common IRS table for minimum distributions. Thanks! This is just the type of info I’m happy to have.
“However, regarding SS in particular, is there anything special we should be considering based on our large age gap and the difference in our projected payments?”
I recommend you subscribe to maxiflplanner premium
https://maxifiplanner.com/sign-up
you can run multiple scenarios for retirement plans/ calculators that will give you options as to when to take SS payments.
It has given us tremendous peace of mind in planning our future.
Thanks to this thread, I learned (a little bit) about IRMAA - https://medicare.com/about-medicare/what-are-medicare-part-d-irmaa-and-part-b-irmaa/
Today at a financial planner meeting, I probably sounded more financially savvy than reality. I mentioned IRMAA and know it could especially a concern if we opt to consider ollovers into Roth.
Two page homage article on John Bogle, Kiplinger’s April issue. JB was the founder of the VanGuard Group and creator of the first retail index fund.
Certain decisions are coming up. Turning 65, but wife who is three years younger, is on my health insurance. I think I should/have to switch to Medicare, but then have to buy a policy for her inside the company. Not sure.
We are psychologically preparing to sell our primary home of 25 years. Neither of us is attached to the house itself and ShawWife actually has developed a mild allergy. Probably a good time to sell as the markets must be close to a peak. Do we buy or lease in FL? in our current state?
Social security but I suspect the answer is wait until 70.
Have you tried living in FL for a few weeks at a time? I have a feeling that the RE market is not going to bubble up any time soon, so it might be prudent to lease to get to know the area and see whether you like it there.
We just spent two weeks in Sanibel and have visited for from one to three weeks every year for 25 years, but have not lived there. Leasing for a short period might be hard. To live anyplace for an extended period, we need to have a place with a large room that can be an art studio or more likely build or rent a separate studio. We did see a couple of potentially workable houses for sale. Nonetheless, you are right to be cautious about the difference between visiting and living.
The market where we are has probably peaked but is near the top. Could be some kind of fall.
I did find this with respect to the health insurance choices for someone like me who will hit 65 with a younger spouse but will not stop working. (https://www.kiplinger.com/article/retirement/T039-C000-S004-should-you-enroll-in-medicare-if-you-still-work.html). The firm that employs me employs only me and is owned by me. So, I probably can direct it to do the most sensible thing, unless the law gets in the way.
your wife could always tell her ‘boss’ to “take this job and shove it”… 
@bluebayou, like me, ShawWife truly loves what she does. No retirement in sight – in fact, I’m in the Bay Area now working on closing a several million dollar seed round of investment into a company I co-founded. Since the kids left the nest, her career has really taken off. So, I don’t think she is going to tell her boss that she is done working. She might say she doesn’t love the working conditions in FL. But, @BunsenBurner is correct that moving to a new place is different than visiting.
Sanibel is great. We know some folks who snowbird there; they do leave for milder climates in the summer (have a property manager who checks on the house). With your wife’s art, you definitely need a place of your own.
The listing went live today on our house of 27 years, open house is this Sunday.
It’s happening. I think my head is going to explode.
@notrichenough, congratulations. Will you be moving to the Cape?
@notrichenough - congrats and smooth selling. It is much easier to sell (emotionally!) when you already have a place you love where you will be moving.
@shawbridge, Thanks. It’s been a monumental hassle to clean out 27 years’ worth of stuff.
Short term the plan is to rent an apartment, most likely in downtown Waltham, and split our time. DW’s business (she’s a RE agent) is mostly in the MetroWest area, so she needs to stay fairly close to where we are now.
Long term, full time on Cape Cod.
Longer term, if/when we can’t deal with winter any more, we’ll probably snowbird someplace.
@notrichenough, sounds like a sensible plan. Something we don’t yet have. But, I’ve already decided I don’t want to deal with winter (at least 10 years ago) and by September both kids will be in the Bay Area. Working on a plan.
It’s been a little difficult emotionally because I don’t like change all that much. And there were certain possessions that were really hard to let go, like my book collection.
And we spent a lot of time and money getting the house just the way we wanted. It’s painful to walk away.
But we don’t use half the rooms, and the taxes and utilities are crazy. It’s time to give it up.
I have a lot more sympathy now for people who have to move their parents when they are old, like in their 80s or whatever. It’s hard for me now, I’m guessing I would be total PITA in another 20+ years. 
Both kids are still in eastern MA for now, I doubt DS will ever leave since his W’s family is in MA. So the Cape works perfectly for us.
We helped my mother move out of her enormous house at 92/93 but to an apartment in the same town. Now at age 95, she will be moving this summer from this not wonderful apartment to an independent living facility near to my sister in Memphis. The first move was incredibly hard and somehow she blamed me and my wife for it because we did a lot of the work. Ah well. The second move should probably be more frightening, but so far it is not causing as much anxiety.