We don’t have pensions, we have more income than needed, spouse is still working by choice at age 71 (will retire with his boss in 2 years), so he deferred and I will wait until FRA. I should add that his job involves travel to fun places, and I work remote so we don’t have pent-up travel ambitions. Nice that when one continues to work, SS tops up the payout once a year to include extra months one continues to work.
My answer for years was to continue working wait until FRA, then retire and wait till 70 to collect. I retired at 66 and took my SS at FRA, 66 and 2 months. My wife took hers at FRA a few months later and collected the spousal benefit. Had I known she would die after collecting just 9 payments, I believe I would have retired earlier and we would have spent more time together. Relationships are the key to a happy retirement, not when you collect Social Security.
A question with no answer. Regardless of the age it is started, the payments are actuarially equivalent more or less. Worrying about breaking even makes no sense to me.
You take the payment when you need it most which for most people is before age 70.
Unless your spouse is much younger than you, I don’t see the value in waiting to 70 as survivor income could be handled other ways like life insurance without the risk of not reaching age 70.
If possible, wait until FRA, start the payments and if not needed, invest them until the income is needed – IMO (non-traditional) of course.
Is there anything special about claiming at FRA versus other ages? For example, is there any disadvantage to claiming one month before one’s FRA besides a slightly smaller benefit?
I’m no expert, but the only two things that come to mind are: first, the elimination of the penalty to your social security if you continue working part-time. Second, 50% of FRA is the max amount for the spousal benefit as long as both of you are alive.
We don’t have pensions, we have more income than needed, spouse is still working by choice at age 71 (will retire with his boss in 2 years), so he deferred and I will wait until FRA. I should add that his job involves travel to fun places, and I work remote so we don’t have pent-up travel ambitions. Nice that when one continues to work, SS tops up the payout once a year to include extra months one continues to work.
My answer for years was to continue working wait until FRA, then retire and wait till 70 to collect. I retired at 66 and took my SS at FRA, 66 and 2 months. My wife took hers at FRA a few months later and collected the spousal benefit. Had I known she would die after collecting just 9 payments, I believe I would have retired earlier and we would have spent more time together. Relationships are the key to a happy retirement, not when you collect Social Security.
A question with no answer. Regardless of the age it is started, the payments are actuarially equivalent more or less. Worrying about breaking even makes no sense to me.
You take the payment when you need it most which for most people is before age 70.
Unless your spouse is much younger than you, I don’t see the value in waiting to 70 as survivor income could be handled other ways like life insurance without the risk of not reaching age 70.
If possible, wait until FRA, start the payments and if not needed, invest them until the income is needed – IMO (non-traditional) of course.
Is there anything special about claiming at FRA versus other ages? For example, is there any disadvantage to claiming one month before one’s FRA besides a slightly smaller benefit?
I’m no expert, but the only two things that come to mind are: first, the elimination of the penalty to your social security if you continue working part-time. Second, 50% of FRA is the max amount for the spousal benefit as long as both of you are alive.