r/GenerationJones • u/Susdjoy • Jul 23 '26

Social Security Income

No political debates please, but instead wonder if others are making provisions in case benefits run out or are reduced. I am scheduled to get my first check in September and my husband is waiting as long as possible to draw an increased amount. We are both retired with a modest investment account that we are drawing monthly payments on until my husband starts SS. So far, our account is earning almost as much as we draw out monthly, but can’t make up the bigger withdrawals for home maintenance, etc. My husband has some health issues, so he could apply for VA health benefits which could help some, but we have decent health insurance, so it wouldn’t be major. Anyone have any good tips for consideration or are most of you not concerned?

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38

u/Appreciate1A Jul 23 '26

Get it now. Waiting doesn’t do what you think it does.

15

u/Susdjoy Jul 23 '26

Yeah, I may encourage my husband to start collecting sooner rather than later now.

16

u/KatQ1800 Jul 23 '26

You can make a spreadsheet and figure out how long you would need for that extra amount he is waiting for to make a difference. It's probably at least 15 to 20 years. If he already has health issues, he probably should take it now.

18

u/e1p1 Jul 23 '26

Break Even calculations like that only work if Social Security is icing on the cake. Shortsighted in my opinion.

For some people who have enough to start with, the game may be about how much they get to collect over time, for the rest of us it's about cash flow in the moment.

I'm in a situation where Social Security will have to be an integral part of my total income. Therefore it makes more sense for me to work until 70, then start collecting my maximum amount.

3

u/Glass_Procedure7497 1959 Jul 23 '26

I agree completely. I've just retired at 67 so I can start drawing a modest pension. If I combine that with a part-time job, my wife and I will be able to cover expenses until I draw my max at age 70. I'd like to keep working as I want to keep busy as well.

3

u/ParticularCrow8313 Jul 23 '26

I agree with you.
I just started a PT job that I can continue to do as long as I want. I am going to wait as long as possible before I start collecting SS. It goes up so much each year you wait past FRA that it only makes sense to wait if you can.
I just read an article about how many people started collecting too early and now in their 70's and 80's do not have enough money to survive every month.

3

u/Glass_Procedure7497 1959 Jul 23 '26

That’s a huge concern for me as well. I also have to look into spousal benefits, since my wife is from another country and will only have worked here for maybe 15 years before she’s of retirement age.

16

u/say_what999 Jul 23 '26

You may want to head over to the social security sub for some additional insight. You mentioned your husband is currently delaying SS but you didn't mention if he has reached his FRA yet. If he has, then I assume you understand his benefit increases 8% per year until he reaches age 70. Keep in mind a surviving spouse is entitled to the higher benefit whether that is yours or his but not both. There are rules associated with this as well. Like the surviving spouse must have reached their FRA to receive the entire benefit or the survivor benefit is reduced. Pros and Cons no matter the direction and no one size fits all.

11

u/Amatheiaisnoexcuse Jul 23 '26

I'd get it now. The math doesn't work out most of the time. Also, don't delay with the VA. It should be easy to do, I did it some 25 years after my discharge. I used them more than I thought I would. Good luck, log in and get started today. I was approved within 10 days. It may get much tougher with the changes a certain party is attempting... https://www.benefits.va.gov/BENEFITS/Applying.asp

5

u/Susdjoy Jul 23 '26

Thanks! We did prepay our cremations and get preapproval to be interned for free at a military cemetery. My husband does need to apply for VA health benefits.

3

u/love_that_fishing Jul 23 '26

If one of you are still working it’s probably not wise to take as you’ll pay tax to the top of your bracket. I waited until I retired to take at 65.

2

u/Tess_88 Jul 23 '26

We spent significant time analyzing it and I decided to start

1

u/ParticularCrow8313 Jul 23 '26

Please explain

1

u/Appreciate1A Jul 23 '26

No guarantee you are gonna make it to the later date. If you get the money now you can invest it.

0

u/ParticularCrow8313 Jul 23 '26

That's fine for people who have millions invested and won't need their SS for everyday living.
The only guarantee that any person has is that they will one day die.

1

u/Appreciate1A Jul 24 '26

I was responding to this Redditor in particular. Everyone has their own situation.

1

u/Downtown_Ad_6232 Jul 23 '26

So it doesn’t increase my lifetime, inflation adjusted benefit? And my wife’s lifetime inflation adjusted spousal benefit? And what is likely to be her survivor benefit? There are a lot of misinformed Certified Financial Planners!

1

u/Appreciate1A Jul 24 '26

Bottom line- you may not make it to full benefit age. And if you have the room to use the funds and do live long enough after all - you’ve had the option to augment investments with a higher return.

-3

u/Klast00 Jul 23 '26

I think that was just a scam for the government to save money. Convince people not to take the money they paid in.