I am 63 years old (DOB 2/1955) , my social security benefits: Now (June 2018) $700/month. At full retirement age (66 y, 2 m) $863/month. At age 70: $1,128/month.

My husband (DOB 11/1956, DOD 4/2018) recently passed away and I was told by someone at SS on the phone that my widow's benefit now is $2,532/month. At my full retirement age (they told me 66, but I've read 66 + 2 mos) my widow's benefit will be $2,926/month. The person on the phone told me to wait until 66 y.o. to collect the $2,926/month.

A financial advisor told me I can collect my $700/month NOW, and then when I turn full retirement age (66 or 66 = 2 mos), I can switch to the widow's benefit of $2,926/month. I am terrified to mess this up by taking the $700/month now for 2.5 years as I don't want to jeopardize the $2,926/month. So what is true? Can I take the $700/month now and then switch to the $2,926 later? Fortunately I can survive without the $700/month and can wait, but I don't want to lose money to which I am entitled!!

Thank you! Why is this so confusing?

Hi,

I'm sorry for your loss.

Yes, based on the facts you've described if you're not working or if you are working and will earn less than $17,040 this year, you can draw your own benefits now and then switch to your full widow's rate at your full retirement age (FRA). And, even if you are working and will earn more than $17,040 this year you may still be able to draw some benefits on your own record (https://www.ssa.gov/planners/retire/whileworking.html).

Regardless, though, filing for benefits on your own record now will have no adverse effect on your widow's rate at FRA. And to clarify, since you were born in 1955 your FRA for widow's benefits is the month you reach age 66, even though your FRA for retirement benefits would be the month you reach age 66 & 2 months. Therefore, as long as you wait until the month you turn 66 to start drawing widow's benefits you will then receive your full unreduced widow's rate even if you start drawing retirement benefits now. You won't draw both your own rate and the full widow's rate at that time, though, you'll just get a total amount equal to the full unreduced widow's rate.

Although the strategy described above is likely best in your case you may want to use our maximization software to compare your options and be certain of your optimal strategy, especially if you're working and will earn over $17,040 this year. In that case the software would be able to identify the best time for you to file for your own benefits.

Best, Jerry