Taking Social Security at 62 with a minor child - family benefits now vs higher payments at 70?

This is actually a situation where filing early can make good mathematical sense. The family maximum benefit means you could receive up to 150-180% of your husband's PIA for those five years while your child is a minor. Here's what I'd consider: 1. Calculate exactly what the monthly benefit would be for all three of you combined if he files now 2. Compare that to his age 70 benefit 3. Figure out the "break even" age where waiting would finally pay off Based on what you've shared, it sounds like the break even point might be in his mid-80s, which means filing now could give you more lifetime benefits unless he has exceptional longevity. The debt situation is also crucial - if you're paying 18-24% interest on credit cards, getting those paid off provides an immediate guaranteed "return" that's hard to beat with any investment.

omg your in the EXACT same boat we were in 2 years ago!!! my husband filed at 62 bcuz of our teenage son and we got about $800 extra a month for him plus i think it was $600 for me as caretaker. TOTALLY WORTH IT!!!! we paid off our car loan and most of our credit card debt. dont listen to the "wait till 70" people unless you guys are super rich already. the peace of mind is worth it trust me!!

Has anyone tried calling the SSA to get clarity on this? I spent THREE DAYS trying to get someone on the phone last month about my benefits calculation. Kept getting disconnected or waiting for hours. So frustrating!!

I actually had to make this exact decision a few years ago. There are several important factors to consider beyond just the numbers: 1. Your husband's longevity expectations based on family history and health 2. Your own work history and potential SS benefits 3. The significant debt load you're carrying 4. Your near-term cash flow needs Since you mentioned $37k in credit card debt, that's likely costing you $600-900 in interest monthly. Eliminating that could significantly improve your financial situation. One option not mentioned: Your husband could file now to get the family benefits, then when your child turns 18, he could suspend his benefits until 70. This would stop his checks but allow his benefit to grow (though not the family benefits). It's a hybrid approach worth considering. I'd strongly recommend meeting with a financial advisor who specializes in Social Security strategies before making this decision.

WHY IS EVERYONE FORGETTING ABOUT MEDICARE???? If he files at 62 you better have health insurance coverage for him until 65 because Medicare doesn't start till then no matter when you take SS!!! This could cost you THOUSANDS if you didn't plan for it!!!!

Let me provide some actual calculations to help with your decision: Assuming your husband's full retirement age (FRA) benefit would be $2,000/month: - At 62: He'd receive about $1,400/month (30% reduction) - Child benefit: Approximately $1,000/month - Your caretaker benefit: Approximately $1,000/month - Total for 5 years: $3,400/month After 5 years, drops to $1,400/month for life. If he waits until 70: - At 70: About $2,480/month (24% increase from FRA) - No child or caretaker benefits (child will be over 18) - Total: $2,480/month for life The crossover point where waiting becomes more advantageous would be approximately 15-17 years after age 70, so around age 85-87. If he's in good health with a family history of longevity, waiting might be better. If not, taking benefits now could be more beneficial. The debt interest you're paying is also a critical factor. At typical credit card rates, paying off that $37,000 would save you approximately $7,400-9,250 annually in interest.

what about taxes?? dont forget SS gets taxed if you make over a certain amount! My brother got hit with a huge tax bill because he was still working when he started SS.

Do u and ur hubby own ur house? cuz if u do maybe a reverse mortgage would be better than taking SS early?? just throwing out ideas

One factor that hasn't been mentioned yet is the Retirement Earnings Test. If your husband is still working and hasn't reached his Full Retirement Age (probably 67 for him), his benefits will be reduced if he earns above certain thresholds. For 2025, the annual exempt amount is likely to be around $22,320. For every $2 he earns above that threshold, $1 will be withheld from his benefits. This could significantly impact your calculations if he's still earning substantial commission income. The good news is that these "lost" benefits aren't permanently gone - they're recalculated into his benefit amount once he reaches FRA. But it does affect your short-term cash flow planning.

To answer your follow-up question - yes, the Retirement Earnings Test affects the entire family benefit based on your husband's record. If his benefits are reduced due to excess earnings, all benefits on his record (including child and spousal benefits) are reduced proportionally. This is a crucial consideration if your husband expects to earn significantly above the threshold. In your case, if he's on track for $28,000, that's $5,680 above the threshold, which would reduce total family benefits by $2,840 for the year, or about $237 monthly. Also, it's worth clarifying that the special rule for child and caretaker benefits applies only while your child is under 16 or disabled. You mentioned your child is 13, so you'd get those additional benefits for just 3 years, not 5 as you initially calculated. This significantly changes the math on your decision.

There's some confusion here that needs clearing up. The child benefit continues until age 18 (or 19 if still in high school). However, the parent-as-caretaker benefit only continues until the child turns 16. So for your situation: - Child benefit: Until age 18/19 (5 more years) - Your caretaker benefit: Until child turns 16 (3 more years) - Husband's reduced benefit: Permanently You can verify this information on the SSA website here: https://www.ssa.gov/benefits/retirement/planner/applying7.html This absolutely impacts your calculations. For those last two years, you'd only be receiving your husband's reduced benefit plus the child's benefit, not the caretaker benefit.

Just my 2 cents but take the money and run!!!!! The government changes the rules all the time who knows what SS will even look like in 8 years when he hits 70!

Has anyone mentioned the DEATH BENEFIT?????? If your husband waits til 70 but dies at 69 YOU GET NOTHING!!!! All those delayed credits GONE FOREVER!!!! Think about THAT before you wait!!!!

I was in a similar position a few years back. Getting those family benefits made a HUGE difference for us, especially with the debt we were carrying. But one thing I wish someone had told me - document EVERYTHING. Keep copies of all your application paperwork, confirmation numbers, the names of any SSA reps you speak with, etc. When my son turned 18, there was a mess with stopping his benefits that took months to sort out because the SSA claimed they never received some paperwork I KNOW I submitted. The system is so backed up and understaffed that errors happen constantly.

Overall, yes, it was absolutely worth it for us. The family benefits helped us pay off about $42,000 in debt over three years, which gave us so much more financial freedom. My husband's reduced benefit is enough for our needs now that our expenses are lower without the debt payments. The paperwork headaches were frustrating but temporary. One thing we did that really helped - we pretended the family benefits didn't exist for our day-to-day budget and used them ONLY for debt paydown. Made it easier when those extra payments stopped.