I am 66, qualify for full SS benefits and have two young kids. ages 8 and 11. Should I apply for benefits now in the hope of collecting the extra benefits associated with minor children or should I wait until age 70 when the children will be 12 and 15 years of age?

Hi,

I can give you some pros & cons, but ultimately only you can decide what's best for you and your family.

The pro side of starting to draw your benefits now is that your eligible children could then start drawing child benefits sooner. Eligible children can each receive up to 50% of your primary insurance amount (PIA), but if you have 2 children drawing they will each receive less than the full 50% due to the family maximum benefit (FMB). The FMB that could be paid on your record depends on the amount of your PIA, which is equal to your Social Security retirement benefit rate if you start drawing at full retirement age (FRA).

The con argument would be that if you wait until age 70 to start drawing, your monthly benefit rate will be 32% higher than your FRA rate. And, if you're married and you die before your spouse, he or she could potentially then be paid that higher rate as a survivor.

You should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to compare your options so that you can make the best possible choice for your family.

Best, Jerry