Larry, I am 65, Wife is 56. I am self employed in the medicare sales arena. Got a 15 year old (Yup late)) my S.S. at F.R.A would be around 2000. I'm planning on working till I drop and debating taking S.S. at 70. Are there any benefits or losses to my wife taking hers at 62. I.E. When and if I die will she be stuck at that rate or will she get mine? Was thinking if I took it at 66 it would help with college some - but I do have some tucked away. Plan is she will join me in my business soon so we can travel a bit. advice?

Hi,

Hi Larry,

Long-time reader and thanks for all you and your team do!

I am 51yo male married to a 63yo husband (who stopped working a well paying job at age 50, nice for him, right?). We are comfortable in our finances: mortgage paid off, no debt, well funded savings, 401k/IRA, etc, no kids, no extravagant spending and I earn in 6 figures. Not wealthy but definitely comfortable ... I plan to work approximately 5 more years myself.

Upon my FRA at age 67, I will be claiming SS benefits on my EX-spouse's work record.

However, do I have the option of claiming early at age 62 on MY OWN work record, BEFORE jumping to my EX-spouse's record when I reach FRA ? What, if any, downside might there be to this strategy?

Thanks, Larry.

Hi,

Should i take Social Security at age 66 (FRA) or 70 or when I quite working? I plan on working until age 67 or 69. I'm in a 24% tax bracket and think if I take social security while I'm working that I'll pay significant taxes on it my Social Security check. I live in California, so I would pay Federal Income tax on it not state tax. My tax bracket should be around 12% when i quite working. Also, consider my Part B increase which would be $185 month.
My monthly SS check at age (FRA) 66 is $2,710, age 67 $2,951, age 70 $3,598
What would be my break even point?

Hi, I get confused on PIA/FRA. My husband is 88 and has been collecting since he was 64 or 65. He currently receives $1756 before medicare. I will be 66 in October and figure I will start collecting as I continue to work (Will most likely work until age 70 ) My FRA will be $1644. I am thinking it best to collect half of his and hold off on mine until age 70 where mine will jump to $2349. (without COLA) My two questions are: #1. Would my spousal be half of what he is currently collecting? or is it what he collected @ age 65? (FRA?PIA).

I was born in 1955. I know I am under the new law deeming that I apply for all my benefits. But I am unclear about my spousal benefits if I take my retirement now and my spouse is still working. My spousal benefit would be higher than my retirement benefit. Thank you

Hi,

Hi Larry. Thanks for so much excellent information. Everyone asks about when, meaning for the most part how soon, they can file a restricted application for spousal benefits. How long past FRA can you wait? I am born before January 1, 1954 and will be at FRA in September, 2019. My wife was born two months before me making her FRA in July of 2019. Neither of us have filed for SS benefits as yet. How long after our birth months can we wait to file for full benefits for one of us and spousal benefits for the other.

I am 62. My current benefits at 62 won be $1645/month. Full retirement would be $2256. at age 70 $2887. I have 2 daughters under the age of 18. Birthdates August 26, 2001 and February 21 2008. It seems like their eligibility for benefits makes it seem like I need to take retirement at 62 in order to not leave money on the table. t

Hi Larry,

My husband turns 62 in Nov. 2019. I just turned 40 and we have 2 healthy kids under the age of 6. My husband owns several businesses and we are self-employed. My husband definitely doesn't plan to stop making money, but we obviously want to figure the best time and strategy when to start taking benefits.
what do you suggest?

Hi,

My wife and I are 26 years apart. My full retirement is age 67. So, if I wait until I’m 70, I can collect the maximum amount. I am still in my 50’s but thinking ahead and I hope I’ll be able to not take social security until I’m 70. If so, my benefit will 30% greater but will that also increase the amount my wife will receive as a surviving spouse once I’m gone? Will her benefit be “exactly” the same amount or is her benefit be adjusted for inflation and increased using COLA? I should mention that my wife does not work.