Should I Take My Benefits Early Or Wait?

Apr 14 2019 - 10:52am

I will be 62 later this year and am retired. My husband who is 59 is currently receiving SSDI and his benefit amount is close to what his FRA benefit amount would be. We have enough money to live on and both have IRAs, liquid cash, and I receive a pension in the form of a monthly annuity. Should I take early SSI benefits or wait until my FRA or age 70?

Hi,

The decision on when to start drawing Social Security benefits is ultimately up to you, but you should strongly consider using our software in order to explore and compare all of your options before making your decision. Your best strategy likely depends in large part on your and your husband's relative benefit rates. If your benefit rate is comparable to or higher than your husband's, waiting until age 70 to start drawing may well be your best option if you have sufficient income to get by until then. I don't have sufficient information to properly advise you, though, so do consider using our software so that you can make the best possible choice.

Best, Jerry