Retirement Benefits

Am I Correct That I Should Wait Until Age 70 To Start Drawing Benefits If I Want To Receive The Highest Possible Rate?

I’m 60, my wife is 48. She earns much more than me. She plans on working for at least another 10 years. Me, not sure. I assume that I should wait until age 70 to begin receiving my full ss benefits. My goal is to collect the highest benefits possible, naturally. Am I correct?

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Is There Anything I Can Do To Increase My Benefit Amount At Age 62?

I turned 62 in the last part of Jan. and I have a good amount of money saved. Planned on taking Social Security as soon as I can so I don't have to used the money I have in my IRA. I collect a pension and my wife also collects a monthly check. The early check for Social Security check would be around $1900 a month.
Is there anything I can do to increase the amount at age 62.
Thanks in advance.


What Is The Best Methodology To Use To Estimate Social Security Benefit Rates?

My spouse and I are planning to retire from full-time work when we are 60. I am one year older than him. We are planning to claim Social Security at age 70. The SSN website includes a statement with the projected monthly earnings that it is based on someone working until they claim SSN benefits (for us that would be at age 70). What is the best methodology to estimate the monthly SSN payment at age 70 if you stop working full-time at age 60? Thank you in advance for your help with this question.


How Much Will My Current Earnings Affect My Future Benefit Rate?

I'm 61. Wife is 56. I sold my business last year and am gigging $12K +/-. My wife is a gov worker pulling $87K. MySocialSecurity says I've qualified for $1,580/mon at 66yr/4mon, having worked 38 of 42 years. MySS says she is qualified for $2,085/mon. at 67 years having worked 33 of 38 years. Four questions:
1. If I gig $12K for three years (bumping earning years of $650, $1,800 and $2,000 from my 35 year history), will that significantly change my monthly SS?

Is There A Benefit For Me To Wait To Claim Benefits If I'm Not Working?

My job was recently eliminated and I am considering just retiring. Is there still a benefit for me to wait and claim my SS at FRA (66 and 2 months) since I am not working if financially I am able to do so? My age is 62 and 2 months.
Thank you in advance.


Yes. If you start drawing your Social Security retirement benefits at age 62 & 2 months, your benefit rate will be 25% lower than if you waited until full retirement age (FRA) to file. This is true even if you stop working at age 62.

Will People Who Qualify For Maximum Benefits Get A Higher Raise Than Everyone Else?

I understand that those qualifying for maximum benefits will get a 3.7% raise in 2018 rather than the 2% raise everyone else gets. Why is that? I qualified for $2622 at FRA in 2015 when I turned 66 which was close to the maximum. I have not yet taken my benefit although I am receiving the spouses benefit since I was married for over 10 yr. What will my benefit be if I wait till age 70?


Won't My Benefit Rate Be Negatively Affected If I Stop Working?

I am 68 and 1/4. I have worked continuously for the last 34 years and paid into SS. I'd like to retire but I'd like to avoid initiating my benefit income until I'm 70 in order to take advantage of the 8% annual increase in payout. However, since my income used to calculate my SS benefit payout will go to zero for the last 1 and 3/4 years , won't this negatively affect by SS benefit?
Thank you.


Which Years Are Used To Calculate Retirement Benefit Rates?

If one stops working at 62 and plans to draw social security at 70, I understand that Social Security calculates monthly paid by SSA for the last 35 years worked/income. If one does not work from 62-70 (8 years) their income would be zero. Are these years calculated/included OR only the last 35 years worked with income? If the person has monthly pension (military) during the 8 years, is this included in the 35-year calculation with social security even though the person did not work during the 8 years? Thank you!