When and how to take SS benefits is difficult at best. Over the years how and when you take it can either make or cost you thousands of dollars. The SS office is clueless so do not count on them for advice.
First of all the basics:
When to take it? Depends on your situation. If you take it early then you will get less but you get it for more years. Depending on your life expectancy (are you and your spouse healthy? What is your family history/) and your income needs some will want and need to take it early.
If your life expectancy is good and you do not have to have the money to live on then delaying it can pay off. The benefit increases 8% year which is a great, safe return on your money. If you need the money to live on before retirement age or maximum age of 70, then go ahead and take it.
Heads up on this - my wife qualifies for SS but did not work much over the years. She and I both turn 66 later this year (full retirement age) - on her birthday she will file for her SS - I will file to take my spousal SS (half of hers) - I will suspend taking mine. When I am age 70 (maximum retirement age) I will start taking mine. I will get my amount and she will get half of my amount as a spouse. Assuming one or both of us live to life expectancy or beyond then we will have maxed out the amount of SS retirement money available to us.
First of all the basics:
When to take it? Depends on your situation. If you take it early then you will get less but you get it for more years. Depending on your life expectancy (are you and your spouse healthy? What is your family history/) and your income needs some will want and need to take it early.
If your life expectancy is good and you do not have to have the money to live on then delaying it can pay off. The benefit increases 8% year which is a great, safe return on your money. If you need the money to live on before retirement age or maximum age of 70, then go ahead and take it.
Heads up on this - my wife qualifies for SS but did not work much over the years. She and I both turn 66 later this year (full retirement age) - on her birthday she will file for her SS - I will file to take my spousal SS (half of hers) - I will suspend taking mine. When I am age 70 (maximum retirement age) I will start taking mine. I will get my amount and she will get half of my amount as a spouse. Assuming one or both of us live to life expectancy or beyond then we will have maxed out the amount of SS retirement money available to us.