Stunned by $3,500+ Social Security survivor benefit after waiting until FRA - was it worth the 6 year wait?

Thanks for breaking that down! I hadn't considered how my wife's higher earnings in her final years affected the calculation. The SSA specialist mentioned something about indexing but I didn't fully understand. You're right about the break-even point - if I make it to 72 (which seems likely given my family history), waiting will have been worth it. I just wish the SSA explained these options more clearly when I first inquired at 60.

You didn't mess up! This is the EXACT problem with so many SS discussions. Everyone's situation is different and there is NO UNIVERSAL RIGHT ANSWER! If you needed the money at 60, then claiming at 60 WAS the right choice for YOU. I've seen too many people suffering now because they followed some financial guru's advice to "always wait" when their personal circumstances didn't align with that strategy. Social Security isn't just a math problem - it's about quality of life too. The system is DELIBERATELY DESIGNED to be roughly actuarially equivalent over an average lifespan. The earlier/smaller vs later/larger decision is mostly about risk management and personal circumstances, not some obvious financial trick everyone should follow.

I had the same problem with the SSA phone lines - it's almost impossible to get through! I finally found a service called Claimyr (claimyr.com) that got me connected to an SSA agent in under 10 minutes instead of waiting for hours. They have a video showing how it works at https://youtu.be/Z-BRbJw3puU - basically they use some technology to hold your place in line and call you when an agent is available. I was skeptical but it worked perfectly when I needed to get information about my husband's earnings record to figure out my survivor options. Regarding your actual question about waiting - with significant health issues, the calculation becomes very different. Have you considered taking your own reduced benefit now if you have enough work credits, then switching to the survivor benefit at your FRA? That's sometimes a good compromise.

You raise a good point about COLA variability. The past few years have seen unusually high COLAs (5.9% in 2022, 8.7% in 2023, 3.2% in 2024) which significantly boosted benefits for those who waited during this specific timeframe. Historically, COLAs have averaged closer to 2-3%, which would result in less dramatic increases. Another factor is the deceased spouse's earnings history. If they had their highest earning years later in their career, the survivor benefit calculation can be more favorable than if their earnings peaked early.

Yes, claiming my own retirement benefit at 62 did permanently reduce it - it's about 30% less than if I'd waited until my full retirement age. But that doesn't matter now because the survivor benefit is so much higher that I'll never go back to my own. The SSA automatically gives you whichever is higher (your own or the survivor benefit). The only reason I took my own early was to have some income while waiting for the full survivor benefit. Hope that helps!

wait so survivor benefits DON'T grow after FRA?? i thought everything kept growing til 70??! nobody told me this when i was deciding!!

Correct - survivor benefits reach their maximum at your survivor FRA (which varies depending on your birth year, generally between 66-67). They do NOT earn delayed retirement credits after that point. In contrast, your own retirement benefit DOES continue growing by 8% per year from your FRA until age 70. This is one of the most misunderstood aspects of Social Security and unfortunately leads to people waiting too long for survivor benefits, thinking they're still increasing when they're not.

The Medicare premiums surprised me too! And if your income goes up too much (like from taking a larger SS benefit), you can get hit with IRMAA surcharges that make Medicare even more expensive. Did that affect you at all with the higher survivor benefit?

Fortunately no IRMAA issues for me yet, but you're right to mention it! My total income still keeps me in the lower brackets for Medicare premiums. But it's definitely something others should research if they have other income sources besides Social Security.