# Should husband file for social security rather than use up his assets at 64?



## iditarod (Mar 31, 2015)

Hi All,

My husband was forced into early retirement 2 years ago.  He has a pension of $600 per month, but has not filed for social security. He has $70,00 in a 401k plan.
He had a stroke 3 years ago, and has recovered extremely well.  He can still work as a freelance professional, except: He sits around surfing the net all day
unless somebody calls him to give him work. They do call him, but it's not enough to cover the bills.  This last winter was especially rough, with very little
work coming in. 

2 years ago, he had $17,00 in savings and that is just about gone.  Now he is looking at taking money out of his 401k, to get by.  I am 56, have PTSD,
and can't work in a corporate office environment, but am starting my own business at home. 

He wants to wait to file for social security, to be able to get the full monthly benefit.  But wouldn't he better off to file for it,
than use up his assets in order to wait until full retirement age? 

He feels well enough to work full time, but it is not going to happen unless the customers work like maniacs to spread the
word about him, and that is not likely to happen unless he puts at least a little effort into it.  I just don't see him doing that.
It's been 2 years, and it's just not happening. 

Thanks for your thoughts on whether or not he should file for SS benefits now.

Iditarod


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## iditarod (Mar 31, 2015)

PS: He may have depression, which is not uncommon for stroke survivors, but does not want therapy or depression meds. My choice would be for him
to take his social security so he can work part time and have his net surfing the rest of the time.  I am offering this personal information to give
context to our situation, but I am just looking for advice on the financial aspect of filing for social security now vs at full retirement age. 

Thanks!


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## Mrs. Robinson (Mar 31, 2015)

You don`t say how old he is. Is he even close to full retirement age?


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## iditarod (Mar 31, 2015)

I posted that in the title - he is 64 now.  He was forced to retire 3 months after turning 62.

Thanks!


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## iditarod (Mar 31, 2015)

Sorry for not being clear!


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## Lon (Mar 31, 2015)

I think he should take his Social Security ASAP and save his other benefits for later.

I took mine at 62 and have never been sorry.


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## ronaldj (Mar 31, 2015)

I think take it as well took mine at 62 and no regrets...saving my other things for later in life...I can work part time and make up to I think 15 grand and still draw ss.....so I work part time and wife works part time and we are loving the good life...


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## Butterfly (Mar 31, 2015)

IMHO, it would be better to take the SS available now and not use up all his assets.  I don't know how much difference there would be between how much he would get at his present age and full retirement, but I'd still take it now, to get by and not wipe out everything else.  I'm not sure, but I think he'd still have to wait till 65 to get Medicare, though.


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## Ken N Tx (Apr 1, 2015)

Lon said:


> I think he should take his Social Security ASAP and save his other benefits for later.
> 
> I took mine at 62 and have never been sorry.





ronaldj said:


> I think take it as well took mine at 62 and no regrets...saving my other things for later in life...I can work part time and make up to I think 15 grand and still draw ss.....so I work part time and wife works part time and we are loving the good life...





Butterfly said:


> IMHO, it would be better to take the SS available now and not use up all his assets.  I don't know how much difference there would be between how much he would get at his present age and full retirement, but I'd still take it now, to get by and not wipe out everything else.  I'm not sure, but I think he'd still have to wait till 65 to get Medicare, though.



...File now!!!!


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## oldman (Apr 1, 2015)

It is really hard to advise other people how to manage their finances. I have enough worries trying to take care of my own. However, just looking at what you have wrote, I would think taking the SS now to live on and keeping his own cash for a back-up or on as needed basis would be the better plan. The money that he has set aside now could be invested very carefully to earn additional funds. If he does not know the mechanics of the stock market/mutual/funds investing gambit, he may be better off seeking out a trained advisor to help him. A bond fund that pays only 6% would still be worth exploring. Fidelity will guide him for free, but not manage his account for free. Either way, I would use the government's money and let mine rest.


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## QuickSilver (Apr 1, 2015)

I can't advise...  However, my husband took his SS benefit at age 63.  The work he was doing was to strenuous to continue any longer.   I waited and took mine at full retirement age of 66..  I am still working as I have no income limit.  I think every situation is different, however, I would be wary of using up all my assets now when SS is available.  There is only an increase of about 6% for every year you wait.


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## iditarod (Apr 1, 2015)

Thank you very much everyone.  I don't yet know what his benefit amount  would be, but now I see that he'd have to earn $15,720 or less. 
That  would pretty much force him to really retire, because he's making close  to $40,000 a year now, and when he reaches full retirement age,
he  wont' be able to get that opportunity back.   He is self-employed, but  under contract to the Federal Court.  They do not have enough 
work  for him to be fully employed, because of sequestration. But if he says  to them he can't make more than $15,000 a year, then they
will have to find somebody else.

What's the problem with him making only $15,000 a year plus pension and social security? He still owes the IRS money. 
So he can't do that. Great. 

I don't know what we are going to do now. Thanks for your advice though.


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## QuickSilver (Apr 2, 2015)

That's the reality..  If he needs to earn more than $15,720 a year, he cannot start his SS before 66 years of age.  So SS is not the answer.


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