Thinking About Taking Social Security at 62

[ivinsfan]

Keep in mind that you can only claim your bumped up SS age 70 benefit, if you are still here. If something untimely happens to you between 62 and 70 you spouse will only get the dollar amount of your benefit at your demise. For budget purposes don't assume that 70 dollar amount is set in stone for your spouse. IF she has to have that 70 amount to make ends meet after you are gone you need to cut back your spending now.

 

[Math]

Dear OP, you might want to check DW’s SS. If you did not pay into SS, she may not be able to collect her full SS and your pension at the same time due to the GPO/Windfall offset.
Opensocialsecurity.com can take that into account if you set the right parameters. It may not affect you but it was very important in my retirement planning.

 

[FireCat]

Dear OP, you might want to check DW’s SS. If you did not pay into SS, she may not be able to collect her full SS and your pension at the same time due to the GPO/Windfall offset.
Opensocialsecurity.com can take that into account if you set the right parameters. It may not affect you but it was very important in my retirement planning.

I don't think GPO or WPA affect your spouses SS benefit whatsoever. Even as a survivor benefit of my pension upon my death. I will look into it though.

Thanks

 

[Retired Expat]

I would say only you and DW can answer. Seems from the post you are in good shape and have cleared the first gate of having enough to live comfortably. After that, for me, it is a matter of balancing your priorities. I'm taking our early retirement years and some excess income to do Roth conversions. DW took her SS at FRA and I had always planned on waiting till 70, but as our finances in retirement are safe I'm starting to question why I should wait till 70 for extra $$ we don't need nor will we probably spend. I'm thinking of taking my SS at 68 and 4 months, 2 years after FRA. Only a bit before the 70 plan but once I start SS we won't need to take anything from retirement accounts. And as Mr Trump's brother showed us many only make it to 70 or less. Think of what is important to you besides how much $$ you can get from SS.

I am sure it is me but just thinking about Social security timing makes my teeth ache. Finally convinced DW who only married me last year to claim her SS as she is full retirement age, but I am still 5-6 years away. Took all of 3 weeks for Social security to process her claim even though we live outside the US now and pay her the 9 months of the year that she should have collected. For her it feels like found money as she hasn't worked in the US in almost 30 years or paid any SS tax in a real long time and never thought about filing. Then when time comes she can switch to filing as spouse on my account. Is it a fortune? no, but it goes along way down here....