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I'm going to be 62 in March 2018. I think my benefit will be…

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I'm going to be...

I'm going to be 62 in March 2018. I think my benefit will be about 450 a month. I want to apply because it's such a small amt. my husband is 63 and will wait until he is 65 to file. Is this a good idea

Accountant's Assistant: 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?

Our net worth is 2.5 million right now. No debt and our home is paid off

Submitted: 10 months ago.Category: Social Security
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Answered in 2 minutes by:
9/27/2017
Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,758
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Welcome to JustAnswer! My name is***** ® professional and I will be able to assist you.

In general, I would say you should wait to file your benefits for a few reasons. Please give me a moment to type out my response.

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Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

If you’re younger than full retirement age (currently 66 and 2 months) during all of 2017, Social Security must deduct $1 from your benefits for each $2 you earn above $16,920.

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Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

The second reason is that each year you delay receiving your Social Security benefits, you will receive a higher benefit for the rest of your life and people are generally living longer than they were even 20 years ago.

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Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

Therefore, from my perspective, you should only apply to receive your social security payment early if you need the money and you intend on earning less than $16,920 a year.

The year you turn full retirement age and after you pass full retirement age, you are able to earn more income without your benefits being deducted.

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Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

If you have any further questions please let me know.

If you are satisfied with this answer, a positive rating by clicking on three stars or more would be appreciated.

Thank you!

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Customer reply replied 10 months ago
but its such a small amt. I only worked 7years before having my children over 34 y
Ears ago
Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

If that is the way you feel, then I have no issue with you applying for retirement benefits early. As long as you are aware that if you do earn over $16,920 your benefits will be reduced.

If you won't be working then your benefits won't be deducted.

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Social Security Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago

If you found this answer helpful please take a moment to rate the response.

I do welcome any additional questions.

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