Social Security for Dummy?
 

I'm just starting to look into possibly collecting my SS in a few years and just starting the research.

So far, I know how much I'll collect at 62 and how much at 66 and 70. My question is: Will the amount increase from the 62 rate if I wait until 63 and increase again waiting until 64, etc? Is the amount fixed from age 62 until 66?

I have a financial planner, but forgot to ask this question the last time we met.

Thanks for your input.

SS retirement benefits prior to FRA (full retirement age) are reduced by the number of months involved. So if you start your benefits at age 62 + 1 month your benefit will be higher than at age 62. The reduction factor is 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each additional month. Hope this info helps and doesn't confuse you more.

Totally Got It. No confusion. Very helpful. Thanks!

great resource
 

ssadotgov has a wonderful website - go to the FAQ (frequently asked questions) and click on whatever topic you want to know more about

great site i visit it once a month just hoping more money will show up:a040:

Although be prepared to wait a bit before an agent answers, give SS a call and they can pull up your file and give you more accurate info than you can get from their website.

Even better, take the time to go to a SS office and discuss all the options in person. If you are married the optimal strategy increases exponentially.

If you are in TV make an appointment in Leesburg.

The decisions you make are vital as most can't be changed later.

Mike Piper at obliviousinvestor.com has some Great info. on SS !

Spousal Benefit
 

Don't forget to factor in the spousal benefit in your decision .

Spouse can receive 50% of their spouses SS if they qualify thru age .

Spaouse can earn that till age 70 while devering their own, This 50% is not deducted for other spouses amount.

Don't fail to figure for reduction in benefits for earning beyond the limit, too, if you are planning to work in retirement. Taking early retirement and earning over the limit is a serious double-penalty, and 15k is a pretty low bar.

Mike Piper has also written a great primer book on SS, Social Security Made Simple available in a Kindle format, free with KindleUnlimited on Amazon.
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