I am 64, (6/30/1952) and semi-retired,(pension; small)and care for 3 grandchildren; all from the same mother who does not work. Is there a way to claim benefits from mine or my wife SS to help with the cost of living for grandchildren; my wife 58 works as an LPN and doesn't make enough for all of us to live day to day; including my pension we wont make it until I turn 66 FRA. Is there any strategy for us???? I am looking for work and plan to go for FRA benefits at 691/2 yrs old

Hi,

Simply put, the sooner your start drawing your retirement benefits before age 70, the lower your monthly rate will be. So you could file for reduced retirement benefits on your own record now, but it would result in a permanently lower monthly benefit than you would receive if you file later. Also, there is an earnings test that could limit your ability to draw benefits prior to full retirement age (https://www.ssa.gov/planners/retire/whileworking2.html).

Grandchildren can't qualify for Social Security child's benefits on a grandparent's record unless they are adopted by the grandparent, or if both of their natural parents are deceased or disabled.

There are a number of possible strategies you might consider, such as filing for reduced benefits now, suspending them at age 66, and resuming them at age 70. Or, your wife could potentially file for reduced benefits at age 62, which would enable you to then file a restricted application for spousal benefits only on her account, and then you could file on your own record at age 70 when it would be at it's maximum rate. The latter strategy wouldn't help in the short term, though, and would result in your wife getting a lower benefit. These are just 2 of numerous possible options, and they may not be the best choices for you.

You may want to consider running the maximization software available on this website. It will help you sort out your options so that you can make the best possible choice.

Best, Jerry