First post and some questions

[iblearning]

Hello:

I recently found this site, and find it very informative. I have some questions for you all.

I am 63, recently became a widower, and am currently employed. My wife was 65 when she passed away and had been drawing social security.

I plan to retire in 3 months and draw my pension. I then will then lose my employers group health care coverage.

I would like to hold down my income below 50,000 for 2021 to be able to get a premium tax credit for ACA health insurance.

Can I draw survivors benefits from my deceased spouse’s social security? (It would be much less than mine) and I will not draw my social security until I turn 65.

Then can I switch from my wife’s social security, and draw my own social security when I turn 65?

Thank you in advance.

 

[Gumby]

There are people with far more knowledge of social security than me, and I'll leave it up to them to answer. I just wanted to say welcome aboard. We're glad you're here.

 

[pb4uski]

I'm sorry for your loss... and welcome to early-retirement.org

I think you probably do qualify for some survivor benefits. This link might help: https://www.ssa.gov/benefits/survivors/ifyou.html

I think your best bet is to initiate a discussion with the SSA as to what survivor benefits you are entitled to and how they might affect the benefits that you are entitled to based on you own work record.

Have you checked into the cost of your employer coverage under COBRA? you would typically be eligible to buy coverage under your employer plan for up to 18 months after you terminate... but it is often very expensive. If it is affordable, you might want to defer your retirement until you are 63 1/2... and then the 18 months of COBRA would carry you to 65 when you are eligible for Medicare. OYOH, if your COBRA is too expensive then fuggedaboutit.

 

[ckelly78z]

If it is affordable, you might want to defer your retirment until you are 63 1/2... and then the 18 months of COBRA would carry you to 65 when you are eligible for Medicare. OYOH, if your COBRA is too expensive then fuggedaboutit.

^^^This is my plan, I have many preexisting conditions, so healthcare is a big concern.

Sorry for your wife's untimely passing, that would be tough.

 

[iblearning]

I work for a company that only has 7 total employees, so I am not COBRA eligible. Another option might be health care sharing.

 

[pb4uski]

I think you would be better off to manage your income for ACA subsidies. Have you checked out healthsherpa.com?

 

[Budatx]

I'm very sorry for your loss. The link below should help with your Social Security Survivorship questions.

https://financialducksinarow.com/81...-not-affect-your-own-benefits-and-vice-versa/

Best Wishes!