Hi Larry,
Good morning!
I will be 66 in November this year. Would that be wise if I start filing that month? And I would like to lnow how much will I get benefit per month?
Other than that, I have a small home care business (Taking care a person with mentally disability) . Would that this business will affect my Social Security benefit?

Please be advice. Thank you in advance.

Hi,

I can't tell you when you should start drawing benefits because that decision largely depends on your personal preferences. In almost every case, it comes down to whether you'd prefer to start receiving benefits sooner or delay filing in order to receive a higher permanent benefit rate.

I can tell you that you could choose to start drawing your benefits at your full retirement age of 66 regardless of how much you work and earn. And, depending on how much you earn from January through October this year, you may even be able to start drawing benefits sooner (https://www.ssa.gov/planners/retire/whileworking.html). Of course, the trade off is that you would then receive a lower monthly benefit rate than you would otherwise receive if you delayed filing. In order to receive the highest possible monthly benefit rate you would normally want to wait until age 70 to start drawing your retirement benefits.

Furthermore, depending on your current and past marital history you may have other options available to you, such as filing for benefits on the record of a current or former spouse at age 66 and letting your own benefit rate to grow until age 70. You should strongly consider using our maximization software in order to explore and compare all of your options so that you can make an educated decision on when you feel it is best to start drawing your benefits.

Best, Jerry