I will be turning 62 in May, 2018. My full retirement is 66.4. Currently my estimated benefit is about $2.5k monthly at full retirement. I am semi-retired earning less than the threshold for social security penalties if collecting early retirement. My wife, who will be 56 in '18 is a teacher who will not be collecting social security and since her pension will be somewhere around $65k it sounds like she will not be able to collect spousal or widow benefits from my social security because of WEP. We have significant retirement savings over $1m. My question is should I think about collecting social security early since my spouse will not be able to collect any benefit from my social security. The breakeven for lifetime collection $ seems to be around 78-79 years old. I was also thinking that if I find I don't need the money I can suspend payments to build up my future payments. This way I am at least collecting some social security in case of an early death where my money just disappears since my spouse won't be able to collect any of it. Also, do I understand correctly that I cannot suspend payments until I reach full-retirement age or can I suspend even before I hit 66.4 years. Thank you

Hi,

Deciding on when to start drawing benefits is largely a personal choice, so I really can't advise you what to do. It sounds like you have a good understanding of the issues involved, though. We believe that it's best under normal circumstances to allow your benefit rate to grow until age 70 if you can afford to do so. You may want to refer to the 'Ask Larry Topic' titled 'Break Even Analysis' for Larry's thoughts on the subject. You may also want to consider using our maximization software to compare your filing options in order to help you with your decision.

As for last question, you couldn't voluntarily suspend your benefits prior to your full retirement age, but the earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) could have a similar effect if you work and earn more than the yearly exempt amount that's permitted.

Best, Jerry