I plan on applying for social security benefits at age 62( born 1961) and also apply for benefit for my son who will be 14 yrs old. Is this the best strategy rather than waiting till full retirement age of 67? What are the risks for me and for my wife who is 8 years younger? My social security benefit at age 62 is $1882.00 vs $2794 at age 67.

Hi,

The potential downside of starting your benefits early would be that you would then receive a lower monthly benefit for as long as you live, and if you die before your wife it would mean a lower potential widow's rate for her. Furthermore, if you claim benefits at age 62 and you are still working and earning more than the exempt amount allowed by the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking.html), both your benefits and any spousal or child benefits payable on your record would be subject to full or partial withholding.

The best overall strategy for your family depends on a number of different factors, so you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to explore and compare all of your various options.

Best, Jerry