My Wife Is 62 and Collecting Off of My Ssa Can She Stop and Start Again
You can first collecting your Social Security retirement benefits at any age from 62 to 70, and when you do so affects how large the checks will be. Starting time earlier, and you'll receive smaller checks; delay, and y'all'll receive bigger ones.
It'due south important to make smart decisions regarding Social Security -- after all, it's a major function of your hereafter financial security, in part considering then few people have been saving and investing sufficiently on their ain. I volition need to make this decision myself within the decade alee, and right now I recollect I may get-go to collect at age 62.
Image source: Getty Images.
Here'due south a closer expect at my thinking.
The earth-shaking "full retirement age"
We all need to know our full retirement age, every bit defined by the Social Security Administration (SSA), because much depends on information technology. It's the age at which y'all're entitled to start collecting the full benefits yous've earned. For most of us these days, it's 66 or 67.
The table beneath shows how much bigger or smaller your Social Security retirement benefits will be if you first collecting before or later than your full retirement age.
| Commencement Collecting at: | Full Retirement Age of 66 | Full Retirement Age of 67 |
|---|---|---|
| 62 | 75% | 70% |
| 63 | eighty% | 75% |
| 64 | 86.seven% | fourscore% |
| 65 | 93.3% | 86.7% |
| 66 | 100% | 93.three% |
| 67 | 108% | 100% |
| 68 | 116% | 108% |
| 69 | 124% | 116% |
| 70 | 132% | 124% |
Source: Social Security Administration.
While it tin can expect similar delaying until age 70 is the no-brainer thing to do, think again. Starting to collect at 70 does brand good sense for many people, only know that the system is designed so that those who live an average-length life will collect the same total benefits no affair when they showtime. After all, while starting earlier gives y'all smaller checks, you'll get far more of them. Delaying means you'll get bigger checks, but fewer of them.
My thinking -- and yours
Why am I thinking of starting to collect my benefits at age 62? Well, there are several reasons:
- Life is short -- or at to the lowest degree, it oft is. If I can retire early, with the assistance of Social Security income, I'll be able to read lots of books I've been meaning to go to, visit loved ones I've been meaning to visit, and have trips that a working life hasn't easily permitted.
- I've been saving and investing for decades at present, and then I do have a nest egg accumulated that'southward likely to provide enough income to back up my partner and me in retirement. Without that, I would probably need and want to go on working much longer, perchance aiming to retire and offset Social Security closer to historic period lxx.
- As I'm married, my plans should be coordinated with my spouse -- indeed, nosotros should take one plan. Every bit she earns more than than I exercise, if we desire some retirement income as soon every bit possible, it makes sense to start my benefits early, and filibuster claiming hers, which volition be greater. If we tin can delay claiming hers until she turns 70, we will accept made them as hefty as possible, and at that betoken, nosotros'll start collecting much more than from Social Security. Likewise, when one of usa dies, the other will receive only one of the benefit checks -- and can take the much larger one. That will exist much improve than if we had both started collecting early.
Take some time to learn more about Social Security. The more you know, the amend the decisions you lot can brand about it. For instance, the average monthly Social Security retirement do good was recently $1,478, or almost $17,700 annually. The maximum monthly do good for someone retiring at their full retirement age this yr is $2,788, or virtually $33,500 for the twelvemonth. Those aren't princely sums, but at that place are ways to increase Social Security benefits.
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Source: https://www.fool.com/retirement/2019/12/21/heres-why-i-plan-to-take-social-security-at-62.aspx
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