It gets pretty complicated.
Here are some links to help understand the rules:
https://www.aarp.org/retirement/social-security/questions-answers/spousal-benefits-until-70/
https://www.ssa.gov/oact/quickcalc/spouse.html
https://www.thebalance.com/clearing-spousal-benefits-confusion-2388948
https://www.schwab.com/resource-center/insights/content/when-should-you-take-social-security
| Monthly Social
Security benefits | Retirement age | Break-even age |
|---|---|---|
| $2,102 | 62 vs. 66 | Between 77 and 78 |
| $2,806 | 62 vs. 70 | Between 80 and 81 |
| $3,721 | 66 vs. 70 | Between 82 and 83 |
Thanks Mike. I pay a lot more attention to this stuff than I did a few years ago as the time draws near. I've already decided on starting at 66.4 instead of 70 in spite of the 827/month difference (according to the SSA web site). The #'s work out. I'll likely hang up my shingle at that point.
While I won't be dependent on it, my monthly amount will be a tidy sum as I've been at or above the FICA max for a large portion of my career. There were a few years I got creative with dividends (not subject to FICA/Medicare), but that was mostly in the 90's. My accountant showed me some better ideas.
Anyway, there are a lot of subtle nuances to maximizing social security benefits that are not readily available as general info and I keep finding more as I dig. I'll probably look into a seminar in the next few. But posts like this are welcome :-)
I echo Tim's appreciation.
John
I have never understood why we are forced into a system and pay every year for 50 years and then at death of worse premature death before we collect a cent......... every penny that money suddenly is not available to our survivors.
That's one of the inherent flaws of the FICA system. It has it's benefits as well, but the system in place in Chile is far superior.
"That's one of the inherent flaws of the FICA system."
My daughter and I were both sides of the coin. She passed away in her forties, after more than twenty years of contributions ... leaving her husband burial expenses of $255.
I, on the other hand, took early retirement (55) with reduced pensions from 2 companies ... with disability FICA kicking in when I was 56.
I'm so far ahead of the game, I'd feel guilty … if I wasn't a Democrat.
Your our experienced veteran on this one carl.
Will you be 89 this year?
Will you be 89 this year?
Yes, Mike, in October … Space God willing.