Maximize My Social Security Software

Hi Larry,
I have been unable to find a retirement calculator that reflects my desire to stop working at age 65 (stop receiving income) but delay filing until age 70. The SSA calculator assumes you will work up until the time you file for benefits which is not my desire. Does your Maximize My Social Security site provide calculators such as that, or could you recommend a planning resource that does? I would like to be able to take my earnings history from the SSA site and plug in future projected earnings to play with different retirement scenarios.

I am 64 and still working, although reduced hours and significantly reduced salary. My wife is 69 with no work record and no credits (she was a "stay at home mom"). We'd like to claim retirement benefits so I can more comfortably leave the work force completely, (although we could manage without social security benefits). I understand she would be entitled to one-half of my PIA if I start to claim retirement benefits now, although I would receive a smaller benefit. Does your MMSS program address a situation like this with only one spouse (the younger one) with a work record?

Hi,

I am looking at purchasing your software. I have a question: since my wife passed away in April of 2018, I cannot get a copy of her earnings history from the social security office. How will this affect the use of the software, or is there a way to get this information.

thanks,

bennett

Hi Bennett,

I'm sorry for your loss.

Hi, I am about to try to calculate our best SS strategy. We are both retired 69/68 old. I worked all my life and my partner raised the family.
We do receive German SS equivalent government pension from our years when we worked in Germany. I also receive a corporate pension from my time in Germany.

From our work in the US we have rolled over my 401K into an IRA and I have accumulated SS pension benefits (my partner has no accumulated SS pension benefits. We have not applied for SS benefits, only medicare.

I will turn 70 on March 11, 2020, and will apply for my Social Security benefit at that time. Does my annual amount as currently calculated by Maximize My Social Security include next year’s 1.6% COLA? Thank you.

Hi,

No, the upcoming 1.6% cost of living increase (COLA) won't be automatically reflected in the 2020 benefit rates shown in our software until January 1 2020. However, you can input 1.6% as your assumed inflation rate for 2020 and then use the Social Security Benefit change feature to adjust your assumed inflation rate for future years.

I consider myself to be financially illiterate, and I just read your book. I took notes and tried very hard to understand it, but there's so much I missed. I'm 60 years old, and I can use someone to put together a flowchart for me of my options over the next 10 years. I'm approaching either a lifelong separation or separation and eventual divorce, so I'll have to consider all my options. Do you consult with people individually, or do you know of someone who does? Thanks.

June

Hi June,

I HAVE A QUESTION REGARDING YOUR MAXIMIZE YOUR SOCIAL SECURITY SOFTWARE, DO THE WHAT IF SCENARIOS ALLOW FOR DIFFERENT DATES OF WORK STOPPAGE VERSUS COLLECTING SOCIAL SECURITY. EXAMPLE , MY WIFE IS 60 (AND DIDNT WORK FOR 12 YEAR, AGES 35-47) , IS HER AGE 67 BENEFIT REDUCED IF SHE COLLECTS AT AGE 67 BUT DOESN'T WORK AFTER AGE 62 ? IS MY BENEFIT AT AGE 70 THE SAME, WHETHER I WORK TO AGE 66 AND TWO MONTHS OR WHETHER I WORK TO AGE 70.

I listened to you on Josh Jalinski ...

You make the case to wait 'til 70 ... how do health issues and life expectancy factor into your counsel to 'be patient'?

Of course no one knows when they will die, but based on life expectancy tables, family history, and current health conditions, I expect to die 10 years earlier than average, likely in my early to mid-70's. Longevity isn't in my genes.

I was born 7/9/55 and my wife was born 3/27/59, and I am the higher earner I'm wondering a what if she filed for SS at age 62 and I filed for a spousal benefit (after I was at FRA) at age 66.2 how would that compare to if I filed at age 70 and my wife at FRA 66.10.

Does your software show you the comparisons ?

Thanks,

Joe

Hi Joe,

I am 71 years old. I already take social security. I still work. Would using your calculator be of any benefit to me now.
My wife is 60 years old. She does not have 40 quarters of work in the United States. Could she benefit from the analysis?

Hi,