I am trying to decide when to retire. I will be 62 next summer, and considering retiring then. I have worked for 45 years, but have never earned a whole lot. Starting 25 years ago, I have earned around $20,000 most of those years. My husband recently retired, at age 65.5, so just a bit before full retirement age. If I retire early, and eventually become widowed, what percentage of potential survivor's benefit would I lose by my own early retirement? Also, do you normally advise an early retiree with a spouse that makes a lot more (about 3-4 times more) to request spousal benefit at age 62 (along with my own amount) OR would it be smarter to collect my own kind of small amount, and then wait until I am 66 to claim spousal benefits along with my own?

Hi,

Your potential widow's rate wouldn't be any lower if you take your own benefits early. If your husband's benefit rate is higher than your own and you become entitled to widow's benefits at your full retirement age or later, your combined benefit rate would be bumped up to your husband's benefit amount. What you would actually be paid is your own rate (reduced or not) plus widow's benefits equal to the difference in your and your husband's rates.

Assuming that your husband is already drawing his benefits, you couldn't claim your own benefits at age 62 or any other age without also claiming spousal benefits at the same time (https://www.ssa.gov/planners/retire/claiming.html?intcmp=AE-RET-PLRT-REL...).

Just because your husband earned a lot more than you doesn't necessarily mean it would be advantageous for you to file for your own benefits early. If you do, you'll be stuck with the reduction that you take in your own rate and your spousal rate for as long as both you and your husband are living. However, if your own rate would be lower than 50% of your husband's full retirement age rate (PIA) even if you waited until age 70 to file, then you would not want to wait past your full retirement age to start drawing.

You should strongly consider using our maximization software to determine your best filing strategy. That way you can compare all of your options and decide for yourself which filing strategy you believe would be best in your case.

Best, Jerry