We have a few SS claiming cases to compare. We’re not exactly sure how suspending payments works. Here is our basic information:
• Tom was born November 1953 so he is eligible to claim spousal benefits while allowing his own benefit to grow. He will wait until age 70 to claim his maximum benefit of $3700 (per current info from SS).
• Lori was born October 1955 so she has already reached her FRA.

When should my wife file for SS benefits?
I am planning on taking SS beginning in Jan 2023, which is a couple of months before I turn 68. My wife is 2 years younger than me and her benefit based on her work record is a little less than what her spousal benefit would be. Is there a good reason for her to wait to file until her FRA in Nov, 2023 rather than filing when I do in Jan, 2023?
Thank you.

I'm currently using survivors benefits while my benefits gained from DRC. My own benefit is/has been greater. In May I will be 70. So I am looking to apply for my SSA with its DRC. However, the DRC additions has made my SSA about $750 more, right now. Question: should I take it before May (actual payment in June)? My family's longevity is about 80 years (most died due to cancer). Currently I'm healthy, but 10 years ago, I went through chemo, radiation therapy and surgery. So I hope to get at least 8 more years. What are your thoughts?

I hear people talking about a social security fast forward, pop up plan where you can start collecting at 55 even if your not disabled or your spouse has not passed away. Is there any truth to this?
Thanks

Hi. No. The earliest that you can collect Social Security retirement benefits is at age 62. You are also NOT allowed to opt out of Social Security and receive a refund of your contributions. Nor can you choose to receive a lump sum payment in lieu of monthly benefits.

Best, Jerry

best age to start social security benefits

When do you recommend for high net worth couple take their SS benefits?

Hi. The best filing strategy for a couple depends on numerous different factors, not just their net worth. Our software (https://maximizemysocialsecurity.com/purchase) is designed to fully analyze all of the various factors that can affect a person's optimal filing strategy, so you and your wife may want to strongly consider using our software to help you determine the best overall strategy for maximizing your benefits.

Larry,

My wife is 62 and I am 58. We are both retired and receive pension income. My wife generates ~$10,000/year from some consulting work (self-employed). To supplement our income, we are also taking distributions from a taxable investment account. Our SS claiming strategy had been for her to begin claiming at 62 and for me to wait until I am 70 (her PIA at FRA is $2,207 and my PIA at FRA is $2,809). Because we are trying to stay under the 0% capital gains tax rate threshold for the next year or two, my wife has held off on taking her SS.

Hello Dr. Larry
I am a BU alumni! Wish I had had professors with your expertise.
My husband started collecting SS at 68. Financial planner wants me to collect social security now at 68 and invest the money in stocks. We have 2.5 mil in stocks and bonds and my husband has a teacher pension. Unfortunately 80% of our money is in deferred comp. I read your newest book ( which is terrific).not sure if your Roth chapter applies to me at this age. any recommendations on both issues? Thank you.

I WILL BE 62 IN MARCH - MY SPOUSE OF 33 YEARS DIED 8 YEARS AGO. HE WAS ON DISABILITY FOR A BRIEF TIME BEFORE HE DIED. I WOULD LIKE TO COLLECT ON MY SOCIAL SECURITY STARTING IN MAY OF 2022 - THEN AT MY FULL RETIREMENT AGE I WOULD LIKE TO COLLECT HIS SOCIAL SECURITY. WHICH WILL BE MUCH HIGHER THAN MINE WILL EVER BE. IS THIS THE SMART MOVE?

Dear Larry - I'm 67 (past FRA), am planning to work for 2 more years, and debating two strategies. (1) work for two more years and start collecting retirement benefits at that time. OR (2) start collecting benefits now (67) but keep working for two more years. I understand the government automatically checks if any of my post-retirement earnings years would be more than my 35 highest my 67 year old benefits were calculated at and if so, automatically increase my benefits to make up the difference.