7. You Already Have 35 Years of Service Credit
The benefit amount you’ll receive from the Social Security Administration is calculated based on your earned incomes in the 35 years in which you had the highest compensation. If you’re currently hitting your peak earning age, you could increase your benefits by working for a few more years and deferring your benefits.
However, if you think that your average earnings won’t go up, such as if you’re a part-time employee or you had your reasons to retire early, you won’t lose the opportunity to increase your benefits with higher earning years. You will, however, have your benefits reduced if you don’t wait until full retirement age.
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.