Would like to clarify about child benefits for retirees. I will be 62 shortly and will have a 10 year old daughter at that point. Your book and the SocSec website seem to indicate I can collect an extra 50% since she's under 18 and I'm retired. Can I confirm that this is the case EVEN IF my wife, who would only be about age 50 at that point, will STILL be working? Thanks …

Hi,

Yes, provided that you have enough work credits to qualify for Social Security retirement benefits, you could file for your benefits at age 62. And, it certainly sounds like your daughter would then qualify for child's benefits on your record. Your wife's earnings would have no effect on either your Social Security benefits nor those of your daughter, provided that you are both drawing benefits on your record and not on your wife's record. However, your wife's earnings could prevent her from receiving child in care spousal benefits on your record.

If you file for your retirement benefits at age 62, your benefit rate will be reduced by roughly 27% from your full retirement age rate. Your daughter, though, could get an unreduced amount equal to 50% of your full retirement age rate. The downside to filing early is that you will then likely be stuck with that lower rate for as long as you live.

Before deciding when to file, you should strongly consider using our maximization software to compare your options so that you can choose which filing strategy you feel is best for you and your family.

Best, Jerry