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Q485: With social security running low in 2029, I'm thinking it would be better for my wife start to start drawing at 65 rather than 66yrs 4mos for full benefits. What do others think?
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A1: You just have to watch your income from work if you collect. There is a maximum that you can earn when you collect early, and a penalty if you exceed that amount. (MB) 7/28/20
A2: If your wife is in GOOD Health, I would wait the 485 days for her normal Social Securtiy due date. She has already waited 65?? years--what's 485 days and receive the FULL amount? One other thing that you might consider, are YOUR Finances set and right until she reaches the magical age of 66 years and 4 months? It all boils down to health and financial being. Good Luck, Brother! (RA) 7/28/20
A3: Why not...the difference is $2. (EA) 7/28/20
A4: You need to call Social Security. A VSO is not qualified to give out advice for Social Security Benefits. If they do they could become liable for bad advice. VSOs give advice for VA benefits. (GH) 7/28/20
A5: Only base your decision to draw early on personal finances, not on the politics of "social security fund running low". I drew early and have lost $4500 over last twelve years. I'm still reasonably healthy. It was a short-sighted decision on my part. (JL) 7/29/20