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socrateaser, Attorney
Category: Social Security
Satisfied Customers: 38879
Experience:  retired (mostly)
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I am wondering if I should sign up for social security. I

Customer Question

I am wondering if I should sign up for social security. I will be 64 in November, retired from a job in the public schools last year, am still working, varied income per month, plus receiving school retirement. I am in the age category that could still access my ex-husband's social security (he will be 65 in October) and could use a little extra income, but had thought I should wait until I turned 66. My brother is suggesting that it might be to my advantage to start before 65.
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?
Customer: I do receive some income from a family trust twice a year also.
Submitted: 1 month ago.
Category: Social Security
Expert:  socrateaser replied 1 month ago.


The only consideration based upon the info that you provide is that for each year that you wait, your benefit will increase by approximately 5.5%. Two years is an 11% reduction in monthly payments. If you think you will need that in the future, then it may be better to wait.

Also, the breakeven for all actuarial ages is 77 years. So, if you believe you will live longer than 77 years, then you should wait to collect benefits for as long as possible.

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