Son of Butch
Well-known member
Excellent point.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
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.