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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Does It Make Sense To Take Reduced Benefits In My Case?
My wife is a retired teacher and not eligible for survivor benefits. If I retire at 63, I think it would make sense to go ahead and file for reduced benefits which would allow her to have more money left in our taxable and tax deferred savings if I should die first. I do get some survivor benefits from her retirement if she should die first. Do you agree?
Hi,
I see your point, but the x-factor on when to file is how long you end up living, which no one can predict. So, if you start drawing benefits early and end up living a long life, you'll be saddled with a lower benefit rate for all of that time. For Larry's analysis on this subject, see the following column: http://www.forbes.com/sites/kotlikoff/2016/07/10/ask-larry-should-i-file-early-and-invest-my-reduced-benefits/2/#56210e6a1224.
That said, when to start Social Security benefits is a personal decision, so it's ultimately up to you to decide. Before making a final decision, though, you may want to run the maximization software available on this website in order to be sure that you've considered all of the possibilities.
Best, Jerry
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Posted:
November 2, 2016