Summary
Highlights
Social Security retirement benefits can be claimed as early as 62, while surviving spouse benefits can begin as early as 60 or 50 for disabled widows. Most people have a full retirement age of 67, and delaying until 70 provides an 8% increase per year through delayed retirement credits.
The decision on when to file is highly individual. Key considerations include current financial needs, health status, longevity in family history, potential auxiliary benefits for children or spouses, and concerns about potential future legislative cuts to Social Security.
You can withdraw an initial application within 12 months, effectively 'resetting' your filing status provided you repay all benefits received. Additionally, you are allowed to work while receiving benefits, though earnings above the limit ($24,480 in 2024) may trigger a suspension of checks.
The expert discusses the concept of 'protective filing' to ensure benefits are backdated to the date of initial contact. He also clarifies that spouses can claim benefits on a partner's record regardless of their own work history, and highlights the financial advantage of claiming early if minor children are eligible for auxiliary benefits.