Social security benefits

amother

Tue, Jul 27 2021, 3:22 pm

I know that full retirement is at age 66 And some months depending on what year you were born but I was just wondering if anybody took it earlier… After age 62 or between age of 62 and 66. And what were your reasons for taking it earlier?

amother

Begonia

Tue, Jul 27 2021, 3:46 pm

I took it earlier because I needed the money.

I ran the figures in terms of what I might not get and decided it was better to have money now since who knows if I would actually live long enough to make any difference - and it wasn't really that much.

I don't regret the decision at all since I was able to not touch my savings and since they remained invested, the amount they increased is so much more than what I potentially won't get because I started getting when I was 62.

amother

Navy

Tue, Jul 27 2021, 3:55 pm

Might be a good idea to speak with a financial planner before making a decision. They can help you run the numbers

My gut instinct instinct is to take it now because who knows how much longer social security will be solvent and who knows what new rules they will come up with. But that's just my personal opinion.

amother

Begonia

Tue, Jul 27 2021, 4:02 pm

amother [ Navy ] wrote:

I don't think you have to pay someone to run the numbers for you as you can find the amounts you will receive from the Social Security site and you can just determine how much less you will get each month for each retirement age and what the total amount would be for different ages of death.

I wouldn't be worried about Social Security running out or that any rules would impact someone close to retirement age. If Social Security becomes insolvent the whole country would be in such dire financial straits that it would probably be the least of the issues facing people. The US just like other western democracies has enough money to pay benefits although they might tinker with funding sources such as raising the ceiling on FICA for high earners.

amother

Foxglove

Tue, Jul 27 2021, 4:06 pm

Does the amount increase with each year? Will my husband get more if he waits till 63-64 or is it all the same before 66?
We haven’t looked into this yet and I’ve been wondering…

Amarante

Tue, Jul 27 2021, 4:09 pm

amother [ Foxglove ] wrote:

Does the amount increase with each year? Will my husband get more if he waits till 63-64 or is it all the same before 66?
We haven’t looked into this yet and I’ve been wondering…

You can find out what you would get for you and your husband specifically by going to the site.

It really isn't complicated as it is very straightforward.

amother

Foxglove

Tue, Jul 27 2021, 4:13 pm

Amarante wrote:

You can find out what you would get for you and your husband specifically by going to the site.

It really isn't complicated as it is very straightforward.

I am a lot younger than my husband. More than a decade! I’m wondering what the rules are for him as he is currently self employed.

Amarante

Tue, Jul 27 2021, 4:22 pm

amother [ Foxglove ] wrote:

I am a lot younger than my husband. More than a decade! I’m wondering what the rules are for him as he is currently self employed.

Self employed people pay the employer's share of FICA so they are eligible just as someone who had a third party employer.

There are rules relating to how much income one can make while getting social security without it reducing your benefit but really the best way to find out answers is to go to the Social Security site and if you still have questions, call up Social Security or visit in person to find out exactly what the benefits will be.