I just turned 69 and my wife just turned 68. Neither of us have filed for any Social Security Benefits. Both born before 1953. I have a larger PIA than my wife. What is the best strategy for us to maximize our Social Security Benefits?

Hi,

Larry, my wife and I are both retired, with combined pensions netting us $4300 a month, and a decent IRA that we plan on using only for emergencies and travel in the future. My wife is 61, and I am 60. We want one of us to take SS at 62 to supplement our retirement income and allow us more freedome to travel. My family health history would indicate that I will not live to be super old, and I want to make the decision based on insuring my wife is in the best position should I die first, before FRA even.

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.

I am 65 and my wife is 64. I am fortunate to have some other sources of income, so I had planned to wait until age 70 to maximize my SS benefit.

I am reading more and more (and more) articles that SS may be forced to cut benefits in the future (around 2035?) because of a shortfall in funds because they are starting to pay out more in benefits than they are taking in.

Hi Larry
My husband, (69), is collecting spousal Social Security benefits now. He planned on waiting until 70 to collect his. However, since our unemployment has gone threw the roof during the Covid-19 pandemic, he’s not sure whether to start collecting it now or to collect in June of 2021 at age 70.

Hi,

my question is fairly basic, i am single so there is no spousal concerns. i have two rental homes so i assume that is passive income, they are managed by a property management company. i have roughly 600K in savings, 100 in non tax deferred and about 500 in 401K assets. i am currently 63. my question is two fold, how do i calculate the tax advantages of claiming SS early, or delaying taking benefits, and how do i maximize medicare as well as SS when i claim? i really don't see many people addressing this. tax efficiency is my primary concern.

I will be 65 in August of this year. My second husband passed away after 8 years of marriage. I have been receiving widows benefits since I was 60. I'm still working so it has been only 3 or 4 payments a year. I was told it wouldn't make any difference in my SS benefits if I took the widow's benefits and could stay on them as long as I wanted to. I plan to retire at age 65 and continue with the survivor's benefits and then switch to my own social security at my full retirement age of 66 yrs and 2 mos. I am divorced from my first husband of 17 years. He is remarried.

I am 65 years of age and plan to claim my SS benefit at 66 & 2 months to get my normal benefit. My wife will soon be 62 and has earned a SS benefit that is substantially lower than mine as she worked minimally while we reared three children. My question relates to her filing for benefits at age 62. Will this in any way affect what she can draw once I begin claiming a benefit as well? When she reaches her full benefit age, will she be able to then claim the spousal benefit of 50% of my benefit? Will her claiming a benefit at age 62 affect her widow benefit? Thank you.

I will be 62 in Nov and no longer work. my x is 57 and still working. Will I be able to start my social security at 62 then draw on his when he turns 62 because he make more money? Would that be the best situation for me?

Hi,

I plan to take my social security at my full retirement age of 66 and 2 months. In 3 years, when my spouse is 70 and files for his, I plan to file for spousal benefits which will be greater than my benefits. Is there any problem with this plan? Would my collecting benefits on my own impact the ability of my spouses's social security to grow at 8% until he collects at 70? I understand that my spousal benefit will be only 50% of his Primary Insurance Amount. Will the benefits we each receive when he is 70 be the same whether I ever collect on my own or not?