Social Security One leg of Retirement stool

[Son of Butch]

I agree with the spousal benefit if the spouse won't draw on their own. But you should factor in the fact that you are limited on how much you can earn on top of SS if you take the early benefit. In 2021 SS will deduct $1 for every $2 you earn above $18,960. That limit stops at full retirement age and you eventually will get those dollars back over time.

https://www.ssa.gov/benefits/retirement/planner/whileworking.html

Excellent point.
I believe Ms Backman was focused on whether to wait past full retirement if spouse will draw spousal benefit.
SS has so many rules, it really is important to go through the rules for each individual.
example: in the year you reach full retirement age, $18,960 increases to $50,520 and the limit stops the month after you reach full retirement, unless you were born on the 1st of the month, in which case it stops at full retirement.

SS administration used actuarial table of 82.5 yrs to calculate benefit increases or decreases so that it is suppose to be fair no matter if you retire at 62 or 70.
But of course the fairness of it can only address the total group and not individuals.
The benefits paid to individuals over 82 is supposedly offset by the unpaid benefits from individuals that die before age 82.

 

[Stocker Steve]

I was reading an article by Maurie Backman a senior life financial adviser.

then you should plan on taking your SS payments no later than the year in which the youngest spouse turns 62.5

Where does the .5 years come in?

 

[Stocker Steve]

I agree with the spousal benefit if the spouse won't draw on their own. But you should factor in the fact that you are limited on how much you can earn on top of SS if you take the early benefit. In 2021 SS will deduct $1 for every $2 you earn above $18,960.

What if almost all your income is selling overpriced black seed stock for a capital gain?

 

[kenny thomas]

Shouldn't be a problem for me if they use tax returns from the farm and only pay on the profit

 

[Son of Butch]

Where does the .5 years come in?

I was going from memory and errored on the side of caution. I now think i remembered it wrong or confused the rule with life expectancy tables or it was changed to payments start the first full month of being 62 except if you are born on the first of the month then it begins at exactly 62.
Too many rules for me to keep straight without looking at them while typing.