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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13546
Experience:  22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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At what age should I draw social security. I realize if I

Customer Question

At what age should I draw social security. I realize if I draw at 65 and work I will have to pay back half if over 1500. Should I wait until age 66 to have less penalties. Also would it be advisorable to draw from my husbands social security or from my own? Thank you for your help.
Submitted: 10 months ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 10 months ago.

Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.

Expert:  Stephanie O Joy, Esq replied 10 months ago.

Much will depend on your goals and your financial needs.

Until you hit your FRA, you CAN work and earn up to $15,720 (in 2016) while still collecting your "reduced" benefit. Once you go over $15720 you will have to pay back $1 for every $2 over. So if you earn less than $15720, no worries. Plus, in the year you retire, there is a much higher limit, say about $41,000, and you only pay back $1 for every $3 over that amount.

That said, you have to consider why you want to collect before age 70. Maybe the size of your benefit is not very critical because you have plenty of other retirement income - so you would rather collect more months of benefits, but at a lesser amount, to make up for the extra payments you'd be getting. Remember that if you will be relying on your SS benefit in your older years, due to less other retirement income, you may wish it to be the biggest it can be - such as not collecting your OWN stil age 70, so it is 32% bigger than had you taken at 66.

If your husband has or will file for his own, yes, once you are at your FRA, you can file a "restricted" application for spousal benefits only, so you can collect some money for all the months til 70, while still leaving yours alone and letting it grow to age 70. But he has to file first, to trigger your right to do so, and you can't do that until you are at FRA.

Expert:  Stephanie O Joy, Esq replied 10 months ago.

I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gotten anything less, please reply back, I am happy to address follow-up questions.

Kindly rate me "excellent" when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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