Hi Larry,
I’ve just turned 65, I was employed as a server but now with the virus sweeping the globe, I, like many others, am now unemployed. I’m skeptical about my chances of finding another job where I make what I’ve been making due to my age and the current situation which will have some long term effects. My FRA is 66 yrs and 2 months. I made just over 50,000 last year but that’s my highest recorded earnings ever. My benefit at 70 is based on my continuing to make 31000 a year and I don’t believe that is on the table any longer. What would you recommend? Maybe waiting until FRA?
Thank you so much,
Lou
Be safe and healthy

Hi Lou,

Only you can really decide when to start drawing your benefits, but if you've lost your job and need income you could file now and be paid benefits at least for any months this year that you earn less than $1,520. Or, if you earn less than $18,240 in 2020 you could be paid all of your benefits regardless of how much you earn in individual months (https://www.ssa.gov/planners/retire/whileworking.html).

If your full retirement age (FRA) is 66 & 2 months and you start drawing benefits effective with the month you reach age 65 your monthly benefit would be equal to roughly 92.2% of your FRA (100%) rate. Your rate would get progressively higher for each month that you wait to start drawing until age 70. If you waited all of the way until age 70 to start drawing benefits your rate would be roughly 130.66% of your FRA rate.

If you're married and your benefit rate will be higher than your spouse's, another factor you should consider is that your spouse's survivor benefit rate will be limited to your benefit rate. So, if you start drawing early it could adversely affect the survivor rate your spouse could draw in the event of your death.

You may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to help you make your decision. The software will allow you to calculate and compare your benefit rates so that you can make the best possible decision on when to start drawing benefits.

Best, Jerry