Is It Wise To Collect Early When I Am So Close To Age 70?

Nov 21 2020 - 9:17am

I am currently receiving a spousal benefit of $1194 and turn 70 in June 2021. Would it be wise to collect my own benefit of $1854 six months early at age 66.5 to receive $708 per month more from Jan to June 2021. In June at age 70 I will receive $1902. I believe it will take a little over six years to break even. Is this wise to collect early when I am so close to 70? I am in excellent health and don't see any issues with a short retirement.


Waiting until the month you reach age 70 to claim your own benefits is probably your best bet, but other factors such as your spouse's health, his age, and when he started drawing his benefits could affect your decision. All things being equal, though, waiting until age 70 is likely your best option.

Starting to draw your own benefits 6 months prior to age 70 would mean receiving a 4% lower benefit rate for as long as both you and your spouse are living. However, assuming that your spouse's monthly benefit rate is higher than your own rate, you would receive his higher rate instead of your own in the event of his death. That's why his age and health are factors in your decision. And, his age at the time he started drawing his benefits would affect both his benefit rate and your potential widow's rate.

You may want to strongly consider using our software ( to fully analyze all of the options available to you so that you can determine your best strategy for maximizing your benefits.

Best, Jerry