Hi, I am a single man, born in 1955 and do not have children. I live with a sibling 3 years younger who is also single without children. Are there any special social security rules or strategies that we can employ to maximize our future benefits? We are not on SSDI, we both work. Thank you.

Hi,

Assuming you mean single and never married, probably not much that you don't already know. Your full retirement age for Social Security benefits is 66 & 2 months. You can start reduced benefits as early as age 62, which would result in a reduction of about 30.5% of your full benefit amount. There is also a limit on earnings that applies until you reach full retirement age.

If you wait until age 70 to apply, your benefit amount will be about 30.66% higher than at age 66 & 2 months. Or, you can file any month in between age 62 & 70, in which case your benefit amount will be adjusted accordingly. So, there are still many options available.

Regardless of when you elect to start Social Security benefits, you become eligible for Medicare at age 65. If you have filed for monthly benefits before that, you will be enrolled in Medicare automatically. However, you may choose to defer optional Part B of Medicare if you are still working and covered by an employer's health plan. If you don't for monthly benefits prior to age 65, you'll need to file separately for Medicare at age 65 in order to become entitled.

Best, Jerry