My question is when to take benefits as a widow with earnings of my own. My husband passed away in 2003 at age 51. He was receiving Soc. Security disability benefits at the time. He would have reached FRA May 2017(had 40 credits). I turned 60 last Oct. I earn avg. $18,000-$20,000 a year(have my 40 credits), but with very little retirement savings. Should I take my early retirement at 62 and continue to work and then switch to widow survivor benefits at 66? Or survivor benefits early then switch to my full retirement at 66 and 2 mo. I would like to bank a portion of whichever benefit I take early toward full retirement. I don't carry much debt. My overall health is not great, may be a deciding factor. I would appreciate any advice you have for me.

Hi,

You should almost certainly do one of 2 things. Either, a) start drawing reduced widow's benefits now, and switch to your own account at age 70, or b) file for reduced benefits on your own record at age 62, then file for widow's benefits at age 66. Your full retirement age for widow's benefits is 66, even though it's 66 & 2 months for retirement benefits on your own account.

Which of the above options is optimal depends on which of the 2 benefits is higher. You should be able to get that information from Social Security, but you will probably get a more detailed analysis of your options by running the maximization software available on this site. Essentially, you want to save the highest possible benefit for last, and get all that you can on the other record first. Your widow's benefit amount tops out when you reach age 66, but the benefit on your own account can continue to grow until age 70. You might want to take the higher benefit first if you are sure that you won't live long, but that's your choice to make.

Your current earnings are slightly above the Social Security earnings test exempt amount of $15720, so some of your benefits will be withheld if you are still working at that rate when you file for the reduced benefits, but you will still get most of them. And, since you want to maximize the amount you get on the lower record before switching to the higher record, you want to file for the lower benefit as soon as possible. If the lower benefit is your own, file for it at age 62. Depending on your earnings in 2017 when you reach age 62, though, it may be better to file effective with January 2018. On the other hand, if the lower benefit is the widow's benefit, you should file for it without further delay.

Best, Jerry