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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2983
Experience:  associate attorney
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My husband retired last year at 61. He wants to wait until

Customer Question

My husband retired last year at 61. He wants to wait until he is 70 to take his SS. If he has no earnings between now and then, how is his monthly benefit affected?
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

At age full retirement age (age 66 in 2016), his benefit is 100% (if he retired earlier than that his benefit would be decreased by the early retirement penalty). At mandatory retirement age (age 70), he has to take his benefit and he receives 8% per year after full retirement age for every year he delays taking his benefit until mandatory retirement age. This could increase his benefit 32% if he delays until age 70. As to working and increasing his benefit, social security takes into account indexed monthly earnings during the 35 years in which he earned the most income. If he does not have 35 years of income then a 0 will be averaged in for the years he lacks. So averaging in higher income years, especially if he does not have the full 35 years, can make a difference in his ultimate benefit. It is difficult to give a better answer without more concrete information, but the delay from 66-70 will more than make up for any lack of income from now until age 70. He of course has to have the mandatory 40 credits (approximately 10 years of work) to qualify for social security in the first place.

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Expert:  Christopher B, Esq. replied 1 year ago.

Just checking back in, do you have any further questions?