2. You Have a Shorter Life Expectancy
The government encourages delaying your Social Security benefits by increasing the monthly payments the longer you wait.
For instance, if you start claiming Social Security early, at age 62 more precisely, but your full retirement age is 66, then your monthly benefit will be around 75% of your full benefits. So if you’ve calculated that your monthly benefit will be $1,000 at age 66, you would only get about $750 at 62.
A larger monthly benefit definitely sounds great, but don’t forget that you won’t receive that extra $250 monthly until you reach your full retirement age, which in this scenario means waiting four years. Since you’d have a reduced amount of $750 monthly, you’d receive a $36,000 total amount during those four years.
And now let’s say you begin receiving an extra $250 per month which means you’ll get $1,000 at age 66. Well, you won’t be able to break even until after 12 years compared to claiming Social Security early. If you’re dealing with health problems and you don’t expect to reach the age of 78, you’ll earn more benefits during your lifetime if you decide to claim them as soon as possible.
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.
she didn’t mention if she was still working or had worked in the year she applied. SSA will lower the benefit by 2:1 for any amount earned in a year over the annual limit. they maybe saying that her current earninsg degraded the value of her widows benefit _right now. that happened to me. I made too much so I had to quit working and start a new tax year with zero earnings before I could claim my husbands benefits, which I did until reaching my full retirement age ++. At that time, I flipped over to my benefits which were higher then. I recommend she make an appt with SSA and go in person. I got garbage advice over the phone.
Why retirement age is too high?? Not everyone age the same?
There is less opportunities for younger graduates? They have no job because older person still hold the
position?
Some people struggle to go to work when they are ill because they didn’t reach retirement age?.its not fair to the people who started working early age and still cannot retire until they reach retirement age? And its increasing day by day…….?.?
I’m getting widow benefits. I b 62 this June. Can I file retirement at 62 am still keep getting my widow benefits????
Look you all, if you don’t get smart and know what’s yours the government will spend your money in lavish luncheons and trips. If you worked they can’t deny you. I have listen to many people and a lot of them are not notified of money left for them after their spouse passed. The social security is not on your side. Remember most representatives are not trained and don’t know what they are doing. You have to research and speak up. Ask for some one else. Sue them for back pay. The government is made by humans and those humans are living up with our money.
My husband elected to start collecting at 62 and died a few months later from cancer. I just turned 60 and have started collecting his SS and SS disability. He was a 100% disabled vet. The monthly payment is a good amount. I decided not to wait because there’s no guarantee that I will live until full retirement age. I decided to retire and enjoy life now!