Social Security, age 62 or 66?

by Harry

I'm retired and have been getting SS since I was 62 I get 1,500 SS and 5,000 Calpers, what will my wife get at age 62 or should she hold out for 66?

Wendy -- Call Social Security and make an appointment for your wife. They can have her file on the screen and tell you immediately if she would get her own benefit or half of yours. They can also tell you what the monthly is at 62 and 66.

It's your choice to start payments at 62 (and pull less) or wait to 66 and get the maximum benefit. If you can afford it (and I'd guess you can) -- why not wait and get the highest monthly benefit possible? My parents are living well at 86 and 88 -- could be gone tomorrow, or have another 10+ years, right?

I assume she gets part of your pension, at your death? Another consideration if she gets no pension and is left with SS alone, right?

Then again, if her health isn't great -- it usually takes around ten years of higher benefits at 66 -- to recoup the amounts you would have received between 62 and 66. You might even take the monthly SS amount at 62 x 12 months x 4 yeas and see what you could have in savings if you chose to take SS at age 62, and bank it (instead of living on it).

Lots to consider, no easy answers.... do the math and just think about it a bit. Figure out what makes sense to you...

Best Wishes!

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