Comments on: My Decision to Start Social Security Benefits Early http://personalfinancebythebook.com/when-to-start-social-security-benefitsearly/ Making You a Winner at Money and Life Thu, 11 Mar 2010 15:06:35 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: joeplemon http://personalfinancebythebook.com/when-to-start-social-security-benefitsearly/comment-page-1/#comment-887 joeplemon Fri, 19 Feb 2010 03:52:14 +0000 http://personalfinancebythebook.com/?p=223#comment-887 Janette, No, my wife was a stay at home mom. If she outlives me she gets half of my engineering pension and all of my SS pension. Of course if I had waited until full retirement age, her survivor's pension would have been more. We talked about this, and she wanted me to go ahead and start my SS. With no debt and a paid for house, she will still be very comfortable if she outlives me. As I mentioned in my article, we also have some IRA funds that won't be tapped until RMD at age 70 1/2. I am not saying that our decision was the best way to max out SS. But, for our lifestyles, we are both happy that I went ahead and started early. In your case, I think it is important that your husband wait until full retirement age, especially since you are seven years younger and don't have a great pension of your own. As you said, his higher Social Security will be important for you in elder years. If he waits to get a max benefit, you could go ahead and start yours before your full retirement age and bring in that extra money now, expecting that if you outlive him, you will get his full benefit at that time anyway. You might want to check my post on <a href="http://personalfinancebythebook.com/social-security-strategies-maximize-your-benefits/" rel="nofollow">Social Security Strategies Part Two</a> for some ideas that might further benefit you and your husband. I wish you and your husband well as you plan for your retirements. Janette,
No, my wife was a stay at home mom. If she outlives me she gets half of my engineering pension and all of my SS pension. Of course if I had waited until full retirement age, her survivor’s pension would have been more. We talked about this, and she wanted me to go ahead and start my SS. With no debt and a paid for house, she will still be very comfortable if she outlives me. As I mentioned in my article, we also have some IRA funds that won’t be tapped until RMD at age 70 1/2.

I am not saying that our decision was the best way to max out SS. But, for our lifestyles, we are both happy that I went ahead and started early.

In your case, I think it is important that your husband wait until full retirement age, especially since you are seven years younger and don’t have a great pension of your own. As you said, his higher Social Security will be important for you in elder years. If he waits to get a max benefit, you could go ahead and start yours before your full retirement age and bring in that extra money now, expecting that if you outlive him, you will get his full benefit at that time anyway.

You might want to check my post on Social Security Strategies Part Two for some ideas that might further benefit you and your husband.

I wish you and your husband well as you plan for your retirements.

]]> By: Janette http://personalfinancebythebook.com/when-to-start-social-security-benefitsearly/comment-page-1/#comment-886 Janette Fri, 19 Feb 2010 00:25:52 +0000 http://personalfinancebythebook.com/?p=223#comment-886 My thought is that your wife must have a good job with a pension as well. The reason my husband is putting off filing until he is 65 (or older) is because I am a teacher who has moved with his career (meaning- low salary with no real pension). I will, most likely, outlive him. He is seven years older and the women in my family live a LONG time. His higher social security will be important for me in the elder years (that is IF SS is still intact). My thought is that your wife must have a good job with a pension as well. The reason my husband is putting off filing until he is 65 (or older) is because I am a teacher who has moved with his career (meaning- low salary with no real pension). I will, most likely, outlive him. He is seven years older and the women in my family live a LONG time. His higher social security will be important for me in the elder years (that is IF SS is still intact).

]]> By: Grace http://personalfinancebythebook.com/when-to-start-social-security-benefitsearly/comment-page-1/#comment-117 Grace Tue, 04 Aug 2009 15:39:10 +0000 http://personalfinancebythebook.com/?p=223#comment-117 I do understand your particular reasoning, given your situation. But I think that if one earns a regular income at a fulltime position at age 62, it makes much more sense to delay getting Social Security. Personally, I don't plan to collect until I leave employment, which, if my plans work out, will be at age 69. .-= Grace´s last blog ..<a href="http://gracefulretirement.blogspot.com/2009/08/festival-of-frugality.html" rel="nofollow">Festival of Frugality</a> =-. I do understand your particular reasoning, given your situation. But I think that if one earns a regular income at a fulltime position at age 62, it makes much more sense to delay getting Social Security. Personally, I don’t plan to collect until I leave employment, which, if my plans work out, will be at age 69.
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