Social Security future benefits statement question

[bluehen]

I want to take early SS at 62. If my DH should pass before me, can I still then get 1/2 his SS instead of mine? His 1/2 will be more than my early SS amount.

Then you get into survivor benefits. You would move to 100% of his SS. I remember there are a couple scenarios where it was reduced but cannot come up with them right now. Someone more knowledgeable can chime in with what the 100% is based on. I think it is based on FRA benefits, but not sure at all if that applies if he took SS early.

 

[BWV Dreamin]

My DH will take SS benefits at full status and even a couple of years later.....

 

[Dean1953]

I turn 65 on April 1, and will sign in for SS on my birthday next year. I'm not worried about the government resending SS benefits for those entering SS on the next couple of years but sure that they will for those further away. I married late and have a 10 year old son (3 step children but the youngest is 21), so I expect to work, health permitting, until he is at least in high school (preferably until he graduates from high school, when I'm 73). I've run a hardwood flooring business since 1980 with few employees. As my knees and back tell me to ease up, I'll hire crews to do most of the physical work. I enjoy my work (for the most part), so working doesn't bother me. With a young son to support, it makes it a no brainer.

 

[North of Mouse]

If you take it at 62, you are only permitted to earn 12K per year. How would you live on that??

Anything over 12K they take it out of your SS benefit the following year.
Please don't tell me different. It happened to my ex and I saw it in black and white

You are absolutely correct - not disputing that at all - in fact, that 's what I said!! And, no, you likely cannot live on that, but no one should retire without additional savings in place. We are not dependent on SS, but it does round out our retirement nicely and enables us to live more comfortably.

SS is not intended as a retirement fund - must make individual plans for that ourselves. Dh & I took SS at 62, 9&10 years ago - have no regrets, then, or now. Still several years before break even point (if we would have taken it later). Fine by us if many decide to postpone until full retirement age - to each their own.

 

[Alexle2007]

I want to take early SS at 62. If my DH should pass before me, can I still then get 1/2 his SS instead of mine? His 1/2 will be more than my early SS amount.

The SSA website is a wealth of information on these topics- https://www.ssa.gov/planners/survivors/onyourown2.html.

 

[Dakota731]

I want to take early SS at 62. If my DH should pass before me, can I still then get 1/2 his SS instead of mine? His 1/2 will be more than my early SS amount.

Don’t you get all his social security in that case? My mom said she was told you get the larger of the two.

 

[Dakota731]

62, you are only permitted to earn 12K per year. How would you live on that??

Anything over 12K they take it out of your SS benefit the following year.
Please don't tell me different. It happened to my ex and I saw it in black and white

Is this individually or spouse included? If I take mine at 62 but husband is still working will they take it out of my benefits the next year if we file jointly?
Why does this have to be so confusing? Whenever government is involved you need to read 10,000 pages of documents to understand anything!

 

[NYCDiane]

You are absolutely correct - not disputing that at all - in fact, that 's what I said!! And, no, you likely cannot live on that, but no one should retire without additional savings in place. We are not dependent on SS, but it does round out our retirement nicely and enables us to live more comfortably.

SS is not intended as a retirement fund - must make individual plans for that ourselves. Dh & I took SS at 62, 9&10 years ago - have no regrets, then, or now. Still several years before break even point (if we would have taken it later). Fine by us if many decide to postpone until full retirement age - to each their own.

Question: you took it at 62. When you reached full retirement age, did your benefit raise to what it should have been for full retirement? Or do you get stuck with the lower amount bcuz you took it early?

I'm screwed. According to the new tax law, by the time I'm 62 (in 6 years), my bennies will reduce by 30% AND the half-bennies I can get from my ex reduce to 25%.
Sigh.

 

[kymom99]

Question: you took it at 62. When you reached full retirement age, did your benefit raise to what it should have been for full retirement? Or do you get stuck with the lower amount bcuz you took it early?

I'm screwed. According to the new tax law, by the time I'm 62 (in 6 years), my bennies will reduce by 30% AND the half-bennies I can get from my ex reduce to 25%.
Sigh.

You get the lower amount for life

 

[North of Mouse]

Question: you took it at 62. When you reached full retirement age, did your benefit raise to what it should have been for full retirement? Or do you get stuck with the lower amount bcuz you took it early?

No, it has stayed the same, but we also have been drawing the reduced amount for some years now. We will not reach break even point for some time, so ----'a bird in hand'!!! The extra amount is not 'that' huge, that it would have made that much of a difference to us, to wait.

None of us have a longevity vision, but we do know that life in a general sense is usually more enjoyable the younger you are (once you hit 62). We are taking advantage of that, and 'enjoying' it while we can.

 

[starry_solo]

I just hope it's still around when I retire in 25 years!

 

[2TxAgs]

Question: you took it at 62. When you reached full retirement age, did your benefit raise to what it should have been for full retirement? Or do you get stuck with the lower amount bcuz you took it early?

Sigh.

NYCDiane, that's the dilemna that makes the decision so tough. You take it earlier and get the lower amount for life (or until your spouse passes and you get their amount if it's larger) or you wait a few years and take the higher amount for your remaining years. And of course the unknown is how long you'll live and whether you'll 'break even' with whatever decision you made.

 

[runwad]

If you can at all wait a little longer to get a higher benefit I'd do it because the lower amount is going to shrink in purchasing power every year with inflation. And every time they give SS a raise they up the Medicare premium to absorb it so it seems it never goes up. Think long and hard about it.

 

[focusondisney]

Question: you took it at 62. When you reached full retirement age, did your benefit raise to what it should have been for full retirement? Or do you get stuck with the lower amount bcuz you took it early?

I'm screwed. According to the new tax law, by the time I'm 62 (in 6 years), my bennies will reduce by 30% AND the half-bennies I can get from my ex reduce to 25%.
Sigh.

What does tax law have to do with anything?

 

[Jake]

You earnings are based against Social Security maxim. The amount they stop taking money out of your pay.
If you earn 50%. 75% 100% of maximum for three years. So if you earned 100% of minimum for three years then you earn manium SS payments.
Also based on number of years or quarts 4 quarts a year to find your final payment
They have problems coming up with that number

More importantly the question is. Do you want to work to 70 yo. At how long to think you have
If you take it at 65 then you have five more years You will also collect $1500 a month for 60 month or $90,000
- $500. Per month. You will have to collect for 15 years to get that money back or have to be 85 yo to be even