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Valued Social Butterfly
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Re: When will you collect Social Security?

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Message 11 of 53

@d863190j

 

It sounds like you are planning to take a Survivors or Widows benefit at age 60.

That's not really what we are talking about here.  However, you will get a reduction because of your age when starting this type of benefit.

 

However, if you have worked and earned your own benefit, you can always switch to your own benefit later on if it is more than the survivors benefit.

Waiting to do this until you are 70 will give you the best benefit but you can always check the amount at your FRA or even at 62 or anywhere in between.

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: When will you collect Social Security?

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Message 12 of 53

@JLSurratt

 

I think you are still missing my point and I am giving this caution, not so much for you cause you have made your decision already, but for others who want to retire EARLY.

 

Just as it was when the FRA was 65 and the early age was 62 - try to keep the reduction to this percentage by adding a year to a person's own early retirement based on whatever age is the person's FRA.

 

IOW,  Keep the reduction % the same - at the 36 month early retirement, no matter what FRA a person may have.  

 

To keep the reduction % the same, the early retirement age has to advance just as the FRA does where there is that 36 month period between them and not get wider.

 

The Government planned this on purpose - keeping the early retirement age at 62 while advancing the FRA - it save SS money because most people do take early retirement.

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: When will you collect Social Security?

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Message 13 of 53

Did you apply for Medicare Part A (the free part) when you turned 65?  I did and I wasn't eligible for Part B until I was let go from my job. I did not get an increased premium.  Applying at 65 instead of 70, you would have eliminated the additional $25 a month you say you are paying for your Medicare premium. 

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Re: When will you collect Social Security?

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Message 14 of 53

Based on the amount I would have received had I started collecting at age 66 and then dividing that amount by the increased payment amount, my break-even point is 81-1/2.  As I've mentioned previously while there are no guarantees in life, with the longevity of 9 members of my family (both sides), I still had to consider the probability that I could live into my 90s. (1 great aunt 84, 2 great aunts 88, grandmother 92, mother's cousins, 92, 99, 101, dad 90 and mother 97.)

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Re: When will you collect Social Security?

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Message 15 of 53
Thank you!!
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Re: When will you collect Social Security?

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Message 16 of 53
I do d863190j. Sometimes in life there are hard choices to be made. You are doing the best that you can.
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Re: When will you collect Social Security?

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Message 17 of 53
Thanks, that means a lot
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Re: When will you collect Social Security?

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Message 18 of 53
Hope you understand my position. Thank you
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Re: When will you collect Social Security?

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Message 19 of 53
d863190j-I understand why you are taking it early. I think in your case it is a wise decision carefully thought through.
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Re: When will you collect Social Security?

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Message 20 of 53
In my case I have to collect early, only receive his pensions, which doesn’t even cover my rent, so every month, I rely on life insurance to live. I’m only 58 yrs old, wish I could wait to collect, but not in my cards.
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