Retirement Benefits

In May I filed a restricted application at age 66 for ex-spousal benefits which I have been receiving 1/2 of my ex-husband's PIA for 4 years while my putting off drawing my own retirement benefit til age 70 to earn delayed 32% higher retirement credits. I specified this the comments section when I filed online. This week a received a snail mail letter from Social Security indicating that I could get a higher benefit on my own record. "What You Need to Do. You must apply before we can pay the higher benefit amount.

I turn 63 in Feb 2017 and currently retired for 6 years. my soc sec. statement shows I will receive the max amount of 2639.00 if I wait till 66 to draw my soc. sec. I understand that the max amount you can get for 2017 is now 2687.00 an increase from 2016. When I look at my statement in feb of 2017 will it show a new max amount for me? thus also showing a higher estimated amount for me than it did in 2016 and will it also increase the amounts I can receive if I retire before age 66 that what it is currently showing since the maximum amount you can get has gone up.

Social Security estimates are based on future income. I'm looking for work but feel I will not be able to come close to my past income. Would it make sense to collect early in this case? I did a couple calculators and factored in a reduced future income and even waiting until age 70 the benefit is much lower than the calculations based on now. Thank you so much for the helpful information!

Hi,

I worked for more than 20 years, can i get my social security early before my 60 years of age?

Hi,

No, not unless you become disabled and qualify for Social Security disability benefits (https://www.ssa.gov/disabilityssi/). Otherwise, you must be at least age 62 to receive benefits based on your own work record.

Best, Jerry

Hi there. I was born 4-22-1953. Can you tell me is my full retirement age 66 years 6 months or is it 66? Also I worked all my life and so has my wife. If I retire at 65 and she retires at 62 can you tell me is does she get her full amount that she would get at 62 or is her benefits reduced because we are married and I am already collecting? Any help would be appreciated. Thanks. Larry

Hi,

While taking ss benefits, will they continue to increase yearly if I continue to work on a full time basis?

Hi,

They probably will. Retirement benefits are based on an average of a person's best 35 years of inflation adjusted earnings. They can be recalculated after each calendar year, so if you keep working and earn more than one of your previous 35 highest years, your average earnings and benefit amount will increase. You can qualify for the recalculation, regardless of your age or benefit status.

Best, Jerry

Jerry -

You were 100% correct. Your instructions were followed and went to the SS office on the 17th and got things straightened out. The wrong month of entitlement was put into the online form. Thanks for your help. It was appreciated.

Lee

Jerry -

Below is part of the answer that you emailed this morning, 15 Oct 2016.

''If you reach age 70 in October, you are eligible for a check for October. It's true
that the payment is issued in November, but the payment is for the month of
October''.

Dear Mr. Kotlikoff -

Social Security is a government program that every person in this nation is ''forced'' to join as far as this writer understands.

Will turn 70 the end of October, will start SS at this time and have just learned the following: ''So, if a person was born in October, his or her first month of eligiblity is November. Since SSA ''pays individuals a month behind'', the person will receive the November benefit in the month of December''.

Hi Larry,

I am 62 years old and my ex husband is 59. He was the more substantial wage earner. Does it make sense for me to draw my SS until he is of retirement age and then switch to his? Do I get to keep both?

Best, Suzanne

Dear Suzanne,