Should I Stop My Payments And Start Drawing At Age 66 1/2?

Apr 15 2019 - 8:44pm

I will draw my first SSI check April 24 at 62. Around 845 monthly.
Housewife mostly my life with about 15 years of actual working.
This amount is based with my 70 year old husbands SSI, who retired at 66.
Today I interviewed for a job, my question is should I stop my payments an work on bringing up my credits, cause if I had drawn only on mine I'd only got 350 a month.
Then start drawing at 66 1/2
Or take the reduced amount of ssi and work also.
Paycheck would be around 400 a week , before taxes.
Need the money an worry because husband is nearly 10 years older. Without his SSI check , well going leave me struggling on just mine.
And can I restart the SSI at anytime if say this new job dont work out, I'll be on a trail basis for 90 days.


By SSI, I assume you are referring to Social Security benefits and not Supplemental Security Income. If so, you must have filed for both your own Social Security retirement benefits and spousal benefits, since you couldn't file for one of those types of benefits without also being required to file for the other. So, what you'll be receiving is apparently a combination of the 2 rates, which will be reduced for age since you're filing prior to your full retirement age (FRA). You could instead wait until your FRA to file for unreduced benefits, which would likely be roughly 30% higher than your age 62 rate.

If you return to work and earn gross wages exceeding $17,640 this year, $1 of your benefits would need to be withheld for each $2 that you earn in excess of that amount. If any of your benefits are withheld between ages 62 and FRA, Social Security will recalculate your benefit rate after you reach FRA in order to remove the age reduction applied for any months that you didn't end up receiving benefits due to the earnings test. How much, if any, that would increase your benefit rate would depend on the number of monthly benefit payments that you don't end up receiving as a result of your earnings.

If your earnings will exceed $17,640 this year you can still go ahead with your plan to start drawing at age 62, but you should notify Social Security about your expected earnings so that they can withhold the amount necessary to prevent you from receiving an overpayment of benefits. Your other option would be to withdraw your claim completely, in which case you could reapply at any time in the future. You may want to consider using our software to compare your options so that you can make the best possible choice.

Best, Jerry