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Social Security - take early, ontime, or late?

Started by david123, December 03, 2018, 08:05:19 AM

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I'm 48 years old, my wife is 50.  I'm starting to plan for my eventual retirement, hopefully at age 55.  My wife and I should be eligible for the full SS payments based on what we've paid in.  We can take social security at 62 (early), 65 (full retirement age), or 70 (delayed).  The longer you wait, the more you get monthly, but you miss out on the earlier payments that way.

What strategies have people taken and why?  Looking for recommendations on both what I should do and what my wife should do - should we do the same thing or different?



A lot depends on your specific situation.  For instance, if you and your spouse have significantly different incomes, it may make sense for the higher earner to claim benefits as late as possible in order to maximize survivor benefits, but if you don't, it may not.  Here's a useful article describing different strategies:

This calculator is also really handy:
All the best,


Thanks, I like those calculators, they take into account both spouses, which most SS calculators do not.

For my particular circumstance, it recommended one spouse take SS at 62 and the other wait for 70.  Interesting approach.