I was born in 1955 and am now at full retirement age. My wife will be at full retirement age in exactly one year. Is there any benefit for me to receive spousal benefits now. Would I then convert to my own benefits in one year when she receives SS benefits.

I have been receiving SS benefits using 50% of my spouse’s benefits for 3 years, because 50% of his benefit was more than mine. I turned 70 in November 2021. Am I supposed to do something to receive benefits using my own account? Social security has not notified me, however, I had a note in a margin of a letter saying to contact them. Will I get more or less? (Also, they have been deducting 2/3 of the amount that I receive from my teaching pension, will that ever stop?

Should I take SS at 62 if I have COPD?

Hi Larry! Couple questions:
1. I am 63 years old and would like to start withdrawing my ‘divorced widow benefits’ now, even if my personal benefits at this time are slightly higher than my divorced widow benefits. .
I would like my own benefits to grow till my age of 70 and then switch to my own benefits at 70 when they will be even higher (and higher than my widow FRA).

My husband is 67 and is at FRA. He plans to retire at the end of February 2022. I am 63, FRA is 66 years & 8 months. I am self employed & working part time from home, making around $15,000 per year.

Larry states "If you were born in 1959 then your FRA is age 66 & 10 months, so if you start drawing at age 62 & 6 months then your benefit rate would be reduced for age by roughly 26.67% (i.e. ((5/9ths of 1% x 36) + (5/12ths of 1% x 16)) = 26.666...%)."

I assume the software can show different projections based on different reduced benefit amounts? And do you recommend 85 as an actuarial or should the actuarial lifespan be longer for computation purposes?

I read "Get What's Yours," which was very helpful. My question relates to a change in policy after the book was published.

The question: Should I apply for Social Security benefits in 2021 or should we both wait until we are 70 if possible? In 2021 my husband can apply for spousal benefits while letting his Social Security benefit accrue. I cannot. He was born in 1953 (July). I was born in 1954. He is in good, but not perfect health.

Larry, thank you for taking my question.
I am 62, retired physician with taxable and tax deferred assets, father of 8 year old twins, spouse of 44 yo homemaker, with 50% chance of returning to work force with salary greater than 100k/year.
If I take social security at age 62 my monthly benefit is $2200, at FRA 3276, and 4100 at 70.
My two children are entitled to 1200 each till they are age 18 if start at age 62.
Should I apply for social security benefits and my children as well at age 62 or wait until FRA of 66+10 months or till 70?

Hello Larry,
I'm 65 and my wife is 62. I am primary breadwinner and intending to wait till 70 to start collecting Social Security. Should my wife start collecting hers now, given that later she can increase it to her spousal amount?

Thank you

Hi. Your wife can start drawing her own benefits as early as age 62, but if she does so her benefit rate will be reduced for age. And, that reduction will continue for as long as both of you are living even if she later becomes entitled to spousal benefits.

I am planning to retire early 2022 at the age of 63. My husband passed away in 2012. I remarried at the age of 62. I understand that I can collect in my late husband’s social security since I remarried after the age of 60. My current husband remains employed and will retire at the age of 66- June, 2022.
When I retire early 2022, can I collect my social security from my own record and collect on my late husband’s when I reach FRA? In this way, my late husband’s will be able to grow?