My husband Matt passed away 3/2013 at 57 he was diagnosed with pancreatic cancer and lived for 4 months. Matt worked all his life . Life is more difficult with just one income. I am an LPN and really have no desire to quit. It is my sanity. I have worked for 40 plus years. Matts Income was always much more than mine. I just am so confused as to whether to start taking his first or mine when I do decide to retire. Should I start now ? I am 62 will be 63 in January 2018.As I said I am doing ok. My credit thank goodness is excellent 786. No real credit card debt. I was left 100,00 dollars and have an investment guy. It is set up as if I need to borrow I can do so without penalty. We have a daughter who is 30. I still owe about 100,000 on the house. I hear so many different things about SS needless to say it is mind boggling. Which ever SS retirement I take which ever is higher, how long can I recieve that one before switching over to the other. I am sure you or your assoc. are scratching their heads. Sorry I tend to be scattered in thoughts. Anything or advise you could recommend would be greatly appreciated.
Margie
Hi Maggie,
I'm sorry for your loss.
Your best strategy is almost certainly one of the following:
1) File for reduced widow's benefits now or as soon as your earnings will permit at least some benefits to be paid, then switch to your own record at age 70; or,
2) File for reduced retirement benefits now or as soon as your earnings will permit at least some benefits to be paid, then file for unreduced widow's benefits at full retirement age.
The Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) would require withholding of at least some of your benefits if you continue to work and earn more than $16,920 annually. But depending on your earnings level, it may still be advantageous to file for the lower of your 2 potential benefits (i.e. retirement or widow's) now, knowing that you can switch to a higher benefit rate on the other record later.
The maximization software available on this website can help you determine which of the above filing strategies is best in your case, as well as when you should apply for each type of benefit considering your work and earnings.
Best, Jerry
