Social Security timing dilemma - worth waiting 2 months for $576 more annual benefits?
Facing a decision about my SS retirement benefits and could use some outside perspectives. If I claim on May 1, I'd get about $55,740/year for life. If I wait until July 1 (just 2 months later), I'd get $56,316/year - which is $576 more annually or $48 monthly. My health is generally good (not great), but my wife is in excellent health. Since she'd get my survivor benefits if I pass before her, I'm trying to determine if waiting those extra 2 months makes financial sense for us. We're not desperate for the money right now, but I keep going back and forth. Is an extra $576 per year worth delaying 2 months? That's roughly $6,000 extra over 10 years, but I lose $9,290 upfront by not taking those two months of payments. What would you do in this situation? Does the survivor benefit angle change your calculation?
18 comments
Join the conversation
Makayla Shoemaker
The survivor benefit angle absolutely changes the calculation. Since your wife is in excellent health, optimizing your benefit amount makes sense - she could be collecting that higher amount for many years. The two month wait for a permanent increase is generally worth it, especially since you mentioned you don't need the money immediately. The break-even point for waiting those two months would be about 16 years ($9,290 ÷ $576 = ~16). But that's not accounting for annual COLAs which would increase that $576 difference over time.
0 coins
Mason Stone
•Thanks for breaking down the math like that. The 16-year breakeven doesn't seem too bad when considering my wife might collect for 20+ years if I go first. The COLA effect on the difference hadn't occurred to me either.
0 coins
Christian Bierman
take it ASAP!!! bird in hand worth two in bush... who knows what will happen in 2 months... my brother waited 3 months for higher payments and then had major health issues right after. you said health not great so why risk it? grab what you can get now
0 coins
Emma Olsen
•This isn't unreasonable advice either. Everyone has different risk tolerance and priorities. If the money now would significantly improve your quality of life or reduce stress, that has real value too.
0 coins
Lucas Lindsey
I was in almost the exact same situation last year! Decided to wait the extra 3 months for about $60 more per month. No regrets so far. Just nice knowing every month that I'm getting that little bit extra.
0 coins
Mason Stone
•Good to hear from someone who faced a similar choice. Has the extra monthly amount felt noticeable or meaningful to you since you started collecting?
0 coins
Sophie Duck
Two key considerations here: 1) Tax implications - depending on your other income sources, that slight increase might push you into a different tax bracket or affect taxation of your SS benefits 2) Spousal planning - since your wife is in excellent health, maximizing your benefit has long-term implications for her financial security If you want to be thorough, calculate the present value of both options. A financial advisor who specializes in retirement planning could help model both scenarios with projected life expectancies. But honestly, since you don't need the money right now, I'd lean toward waiting.
0 coins
Mason Stone
•The tax angle is something I hadn't considered. We have some other income sources that already push us into a moderate tax situation. I'm not sure if the extra amount would make a significant difference there, but it's worth checking.
0 coins
Austin Leonard
Just my personal opinion but if you dont need the money now & your wife's in excellent health Id wait the 2 months. $576 doesn't sound like much but thats $576 EVERY year with cost of living adjustments on top of that (which compounds over time). Your making a decision that affects not just you but potentially your wife for many years after your gone.
0 coins
Mason Stone
•You're right about the compounding effect of COLAs. And when I think about it from the perspective of a decision that impacts my wife's future too, waiting does seem to make more sense.
0 coins
Anita George
Anybody try calling SSA to ask THEM about this? I sat on hold for TWO HOURS last week trying to get someone to explain my options and then got disconnected!!! So frustrating trying to get actual help from them!
0 coins
Emma Olsen
•I had the same problem last month! Finally used this service called Claimyr (claimyr.com) that got me connected to an SSA agent in about 20 minutes instead of waiting on hold for hours. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. Totally worth it for complicated questions where you need to speak with an actual person.
0 coins
Christian Bierman
My sister got told to wait for higher benifits and then SSA messed up her application and she ended up with NO payments for 3 months! be carful about changing dates might delay everything!
0 coins
Makayla Shoemaker
•This is an important point about application processing. If you've already submitted your application for May 1st, changing it might cause administrative delays. However, if you haven't submitted anything yet, you could just apply once with the July date.
0 coins
Lucas Lindsey
Something nobody mentioned - what about Medicare? Doesn't that start at 65 regardless of when you take SS? Make sure you're not confusing the two dates.
0 coins
Sophie Duck
•Good point! Medicare enrollment is separate from Social Security benefits. You should enroll in Medicare at 65 regardless of when you claim Social Security benefits, unless you have qualifying coverage through an employer. Missing your Medicare enrollment period can result in lifelong penalties.
0 coins
Mason Stone
I want to thank everybody for their opinions, they were helpful. I've decided to wait the two months. Should my wife survive me, it is more important to me that she get the absolute most benefit. We do not need the money now, so I think it better to wait.
0 coins
Emma Olsen
•That sounds like a well-thought-out decision. Prioritizing your wife's potential survivor benefits makes a lot of sense when you don't immediately need the money. Best wishes to both of you!
0 coins