1. You’re Planning Your End-of-Life Care
The Social Security Administration stops paying your benefits once you pass away, so if your death occurs before you start collecting benefits, you’ll have failed to take advantage of benefits entirely. Instead, you should find ways to maximize your Social Security income. For instance, let’s say you’ve decided to wait until age 70 so you can sign up for larger Social Security benefits.
If you die prior to your 70th birthday, you won’t get any benefits. Yes, it’s impossible to know exactly how long you may live, especially when you’re in good health.
However, if you’re struggling with a serious or terminal illness, delaying monthly retirement payments in order to get greater benefits may not be worth it. Instead, claiming Social Security early in these conditions proves to be a wiser move.
This makes sense for a married couple, that the lower earner file first. The breadwinner should delay. As a single person, I waited until age 70 to start my SS benefit and have no regrets.
It depends on your financial situation. I waited until 70 and I am glad I did. My goal was to get as high a benefit as possible since I will be living from month to month on my expenses. A lot of people claim early to get as much money from the system as possible; I didn’t care about that, since if I die early and don’t get the maximum benefit, why would I care at that point?
She can get her SS and his as a survivor benefit up to age 70. Then she has to claim one or the other.
I do know of at least sixteen people who died at 65, 66 and 67. They did not choose to receive S.S. benefits until FRA. Unfortunately, they received very little in monetary benefits. One such person, the VP of our company died at 65. He was a smoker, wore boots to work which hampered his walkability, and spent all his extra money on sports cars. He worked all his life. He claimed only two checks of S S money before he passed away. One must CALCULATE the amount of money one would receive by taking benefits at 62 instead of waiting. Of course the monthly benefit is higher at FRA, but, if you do not live at least six years after you take benefits, then what good is it? DO THE MATH !!!
I waited to take mine until my job played out three months before I turned 70. I would have payed taxes on it if I had taken it early and my SS check would be a lot smaller now. I am 85 years old and welcome the income.