Social Security benefit timing - is $19 reduction worth filing 1 month before FRA?

The $19 reduction is the main consequence, but let me clarify a few things. Filing one month before FRA means your wife will get 99.4% of her full benefit amount instead of 100%. This reduction will indeed be permanent and will also affect any future COLAs since they're percentage-based. If you're planning to claim spousal benefits on her record later, it won't affect your amount. If she might claim spousal benefits on YOUR record later, her early filing won't affect that calculation either. The only other consideration is if you're still working - before FRA, the earnings test might apply, but for just one month that's rarely an issue unless she has very high earnings that month.

my aunt did something like this and regretted it after 5 years. she says even tho it was only like $23 less per month it adds up over time. shes been collecting SS for like 12 years now so thats thousands of dollars she missed out on. just something to think about

I've helped dozens of clients with this exact decision. Here's what you should consider: 1) Life expectancy - if your wife has longevity in her family, that $19/month becomes more significant over time 2) Survivor benefits - if you pass away first and your benefit is higher, she'll get your amount regardless of when she filed 3) Present need vs. future value - is addressing the home repair now worth the permanent reduction? 4) Tax implications - sometimes receiving benefits earlier can affect your overall tax situation Generally speaking, one month early is one of the smallest possible reductions in the SS system. The real question is whether your immediate financial need outweighs the long-term small reduction.

I took SS 2 months early and have been kicking myself for 3 years now!! I didn't realize it was FOREVER. I thought they'd bump me up to the full amount when I hit my FRA. The SSA doesn't explain this well at ALL. I had to call them THREE times because I couldn't believe it was permanent. Every call I got disconnected or was on hold forever. Make VERY sure this is what you want because you CAN'T change it after 12 months!!

An aspect nobody's mentioned is that your PIA (Primary Insurance Amount) is adjusted for inflation during the year you turn 62, using something called the AWI (Average Wage Index). But if your wife is already at FRA minus one month, this won't apply to her. I just wanted to clarify that since it's a common confusion point. The $19 reduction is correct based on what you've shared.

Since you mentioned home repairs as the reason, have you considered alternatives? Some options to consider rather than permanently reducing her benefit: 1. Home equity line of credit if you own your home 2. Using emergency savings if available 3. Delaying the repair if safely possible 4. Looking into local programs that help seniors with home repairs (many counties have these) One month's early filing isn't a huge financial impact, but it's worth exploring alternatives if you can find them.

my neighbor said she filed early for ss and then withdrew her application when she found out about the reduction. I think u have like a year to change ur mind? might be worth looking into

I'm SHOCKED no one has mentioned the break-even calculation yet!! For a $19 reduction, you'd need to calculate how many months it would take for the extra money from claiming early to equal the reduced amount over time. It's usually around 12-15 years for people claiming a year early, so for one month early it might be longer. But you NEED to calculate this based on your specific situation!