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QUESTION:
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Delaying Social Security Benefits until 70, for couples | I will be 62 this year, and my wife will be 52. I am unemployed and considering retiring, and my wife works and plans on working another 10 years. We plan on downsizing our home soon, tapping the equity we have built in it, and hope that the equity along with our savings will support us through our retirement years.
Given:
the difference in our ages (10 years);
the difference in my annual SS benefits at age 62 vs 70 ($20,508 vs $35,892);
and that my SS benefits are likely to be five times greater than my wife's,
does it make sense to hold off on my benefits to age 70 since my wife will get greater SS benefits as a survivor, for probably a longer period of time?
Thank you. |  | asked by tom7191949, 3/10/2011 |
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Categories:
Financial Planning for Retirement, Transitioning to Retirement, Government and Union Retirement Benefits, Work and Retirement
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| ANSWERS: | | Answered by: Jason B, 03/21/11
Overall Rating:  Be the first to rate it. | In a situation like the one you described, the maximum benefit would clearly come from delaying social security for as long as possible before claiming benefits, as this would improve both your and your wife's eventual benefits. The only exception to this general rule would be if you have reason to believe that you may not live past the age of 80, in which case it may be more beneficial to take the benefits upon reaching your Full Retirement Age (66). Only in cases of urgent need or terminal illness would you likely find it advantageous to take the benefits at 62.
For more details on this important question, you can read our articles on the subject at https://www.newretirement.com/Services/Social-Security-When-To-Start.aspx. You might also consider using our Social Security Calculator, found at https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx Login to rate this answer: |
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