Another when to take Social Security thread...

[qwerty3656]

I know this topic gets beaten to death, but I came across 2 videos that brought some clarity to me, so I thought I would pass them along.

First is a simple case for taking Social Security later which I thought was really well done:

and the second is about how to deal with Social Security if you're a widow/widower which I personally wasn't aware of and thought some others might not be aware of:

 

[oldtimer]

You may want to watch a SS presentation by Mike Piper who wrote a book on SS and created the opensocialsecurity.com website.
Mike Piper on Social Security and Tax Planning

 

[kgtest]

I would hold out on taking social security until FRA to get the largest benefit if I could. That is my plan.

 

[FI_RElater]

...it's been discussed at Bogleheads (a fair bit)

The situation has been described before at BH, and is what we developed for our investment/retirement plan which has been in place for years; there's a lot of old threads over there that have presented that years ago (just as they also had described the "file and suspend", which has now been eliminated)

I, the slightly lower PIA but older, took at (about) FRA while spouse will take at 70. If I predecease before their ability to start at 70... then they will go on survivor SS until 70 and then switch to the higher benefit. In the rare case where I am the survivor, I would switch (immediately) to their higher benefit.

 

[pb4uski]

I would hold out on taking social security until FRA to get the largest benefit if I could. That is my plan.

Isn't the largest benefit for you if you delay until you are 70?

Unless your PIA is less than 50% of your spouse's PIA, in whihc case it would be FRA I guess.