Taking SS benefits 2 months before FRA (66+8) - any downsides I'm missing?

I did something similar - started my benefits 3 months before my FRA (mine was 66 and 4 months). Honestly, it was fine and I don't regret it. The reduction was pretty minimal. The only thing to consider is if you might need to apply for spousal benefits later - but since your husband is delaying until 70, your own benefit will probably be higher anyway. Just make sure you're not planning to work those couple months because the earnings limit still applies until you hit your exact FRA.

why wait at all? I started at 62 and have been enjoying the money for YEARS while my sister waited till FRA. sure she gets more per month but ill be ahead for like 15 years LOL

There's one consideration that sometimes gets overlooked in these timing decisions. Starting just 2 months early is a very small reduction (approximately 1/9 of 1% per month before FRA, so about 2/9 of 1% total reduction). However, there's also the opportunity cost of not receiving those two months of benefits. Calculating the break-even point: If your FRA benefit would be $2,500/month, taking it 2 months early might give you about $2,455/month. That's $5,000 in benefits you collect before FRA versus a permanent $45/month reduction. At that reduction rate, it would take about 111 months (9+ years) to reach the break-even point where waiting would have been better financially. If you expect to live well beyond that, waiting might be slightly advantageous. If not, taking it early could make more sense. One final note: your early filing has no impact on any potential survivor benefits later on - if your husband passes away, you'd be eligible for his full benefit amount regardless of when you started your own.

I wud DEFINITELY take it early!!! The govmint already takes enough of our money, get what u can when u can. My neighbor waited til 70 and then guess what? He had a heart attack 6 months later! All that waiting for nothing. Nobody knows how long we got on this earth.

One item to consider that hasn't been mentioned: if you're planning to apply for spousal benefits at any point, you should know that filing early (even 2 months early) means you'll be deemed to have filed for all benefits you're eligible for. This is due to the deemed filing rule. However, since your husband is planning to wait until 70, your own benefit will likely be higher than any spousal benefit you'd be entitled to (which would be 50% of his FRA amount, not his age 70 amount). If you're certain you won't ever need spousal benefits and won't be working those two months before FRA, then there's minimal downside to filing early. The reduction is small, and as others have noted, it would take many years to reach the break-even point. I'd suggest creating an account on ssa.gov if you haven't already, so you can see the exact difference in your benefit amounts.

Call SSA to double check everything before u decide!! But good luck getting through - I spent 3 days trying and kept getting hung up on after waiting 2+ hours each time. System is broken!!

Another thing to think about - if you file in February vs April, you'll get an extra 2 months of income. Unless you're planning to work part-time and might exceed the earnings limit, those 2 months of payments might be worth more to you now than the slightly higher payment would be over time. I've found that SSA reps will almost always tell you to wait until FRA because that's the "official" advice, but when the difference is just 2 months and you're already retired? I'd probably just take it early and enjoy the extra couple months of payments.

I know this is slightly off-topic, but make sure you're coordinating your Social Security claiming strategy with your Medicare enrollment. If you're turning 65 soon or already have, you should have enrolled in Medicare already, even if you're delaying Social Security. They're separate programs with different enrollment timelines.

Just to share what I learned after meeting with a financial planner specializing in retirement - those tiny reductions for being so close to FRA aren't really significant in the grand scheme. What matters more is: 1) Do you need the money now? 2) Are you still working? and 3) What's your life expectancy based on your health and family history? With just 2 months' difference, this is more of a personal preference decision than a major financial one. Either choice is reasonable! Best of luck with your retirement - sounds like you've planned well!

I'm in a similar boat - turning 67 in June and considering starting benefits a month or two early. One thing I've been researching is whether there are any state tax implications to consider. Some states don't tax Social Security at all, while others do, and the timing of when you start might affect which tax year those benefits fall into. Also, have you considered the impact on your overall tax situation? If you have other retirement income (sounds like you have a pension), starting SS a couple months early might push you into a different tax bracket for part of the year. Probably not a huge deal with just 2 months, but worth running the numbers. Your situation sounds very manageable either way - the financial difference is minimal, so it really comes down to your personal preference and immediate cash flow needs.