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One more critical point: Social Security is inflation-adjusted. This is HUGELY valuable and often overlooked. When you delay and get a larger benefit, you're getting a larger inflation-protected annuity, which is extremely expensive to purchase in the private market. With inflation running high in recent years, this protection becomes even more valuable. The 8.7% COLA in 2023 and 3.2% in 2024 meant significant increases for recipients. If you have other retirement assets, many financial planners now recommend spending down your non-inflation-protected assets first, while delaying Social Security to maximize this inflation-protected income stream.
Thank you all for such thoughtful responses! This is exactly the kind of real-world experience I was hoping for. Based on your comments, I think I need to: 1) Call SSA to get my personalized projections for different ages, 2) Consider my family health history more carefully, 3) Think about how my decision affects my spouse if I die first, and 4) Look at our overall retirement assets. I'm leaning more toward waiting now, at least until my FRA, if not 70. The difference in monthly benefits is much larger than I realized, and since my family tends to be long-lived, the math probably works in my favor to wait. Really appreciate everyone sharing their experiences and knowledge!
i dont understand why ur waiting till 70 for ur own benefits? thats forever away! why not just take everything now and be done with it? my brother waited and then passed away before he ever got to collect the higher amount. just my 2 cents
This is actually a sophisticated strategy that can result in significantly more lifetime benefits. Since the original poster was born before 1954, they qualify for a special rule allowing them to collect survivor benefits now while their own retirement benefit continues growing by 8% annually until age 70. For many people, this results in tens of thousands of additional dollars over their lifetime, especially if they have a normal or better life expectancy. It's not the right choice for everyone, but it's financially optimal in many cases.
UPDATE: I was able to get through by utilizing the phone number of my local office! I called as soon as they opened at 9am and was connected within 10 minutes. They've scheduled my appointment for next Tuesday, and I've already completed my Medicare enrollment online. Thank you everyone for your suggestions and support!
one thing nobody mentioned is that youre on survivor benefits not regular retirement so theres different rules sometimes. but at your age it doesnt matter youre good to work
To summarize what everyone has said: 1) At 67, you're past FRA so there's NO earnings limit 2) You will keep 100% of your survivor benefits no matter how much you earn 3) Working could potentially make some of your benefits taxable if your total income exceeds certain thresholds 4) Working now might actually increase your benefit slightly if you replace lower-earning years in your calculation. Sounds like taking that bookstore job is a good move for you!
my wife's friend said if you work after getting benefits they can make you pay some back if you earn too much??
That only applies if you're collecting benefits BEFORE your Full Retirement Age (FRA). Once you reach your FRA (66-67 depending on birth year), there's no earnings limit - you can make as much as you want with no penalty or payback. Since the original poster mentioned her husband is 67, he's past his FRA, so no worries about earning too much.
Thanks everyone for the helpful answers! I feel much better knowing the money isn't just disappearing. I'll watch for any potential increase around October, though I won't expect much since his current job pays way less than his career. And definitely appreciate the warning about tax implications - we'll talk to our tax person to avoid surprises!
Jamal Thompson
One thing to keep in mind about HR 82 - even if it doesn't pass in its current form, there are other compromise bills that might help your situation. The Public Servants Protection and Fairness Act would create a new formula that would give relief to many WEP-affected retirees, especially those with many years of substantial covered earnings like you have. Additionally, you might want to check if any of your county employment was actually covered employment. Some county positions do pay into Social Security alongside their pension system. This would increase your years of substantial earnings and potentially further reduce your WEP penalty.
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StarSurfer
That's interesting about the compromise bill. I'll look into that too. As for my county job, I'm pretty sure we didn't pay into SS because they specifically mentioned that when I was hired - they said it was a Section 218 issue or something like that. But I'll double-check my old pay stubs to make sure.
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