Ask Larry

What is the best way to increase my benefit?

I took SS at 62. I'll be 67 in Sept. I had a good salary until 55 when I stopped working for various reasons. Not smart. My SS benefits ar about $1100/ month and comprise 90% of my income. I just didn't plan. I take responsibility. I'm not working now. If I started working again full time, would it be better for me to suspend my SS benefits until 70? What would my benefits be then? I just can't live on what I have now and I live very frugally. If I received $2000/month that would be great. Thank you for help.
I am divorced and earned more,than my husband. I have one son in his 40s.

Nancy,
If you suspend your retirement benefits, then you will earn a 2/3% per month increase in your benefit for every month of suspension up to age 70.
If any future earnings are greater than your current high 35 years of past indexed earnings, then the lower earnings will be replaced by the higher earnings and your retirement benefit will be increased accordingly.

The best way to see the exact effect of suspending and working is to evaluate alternative "What-If" scenarios, i.e. what-if I suspend this long and work for this much, in MaximizeMySocialSecurity.

Best,
Mike

Posted: 
Jun 28 2016 - 3:00pm
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