You can start receiving your Social Security benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.
In this Retirement Tuesday Tip video we will help you understand how that reduction of your benefits would affect you and your spouse filing off your record.

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Taking Social Security at 62 can reduce spousal benefits

Social Security is a valuable resource for many Americans as they reach retirement age. However, there are important considerations to keep in mind when deciding when to start taking these benefits. One important factor to consider is the impact that taking Social Security at 62 can have on spousal benefits.

When one member of a married couple reaches full retirement age, they have the option to take spousal benefits based on their partner’s work history. However, if one spouse decides to take Social Security early at age 62, it can reduce the spousal benefits for the other spouse.

This reduction in spousal benefits occurs because the lower-earning spouse’s individual benefit is permanently reduced when they take Social Security before reaching full retirement age. This reduction also applies to spousal benefits, which are typically based on the higher-earning spouse’s benefit amount.

For example, if the higher-earning spouse takes Social Security at full retirement age, the lower-earning spouse can receive spousal benefits of up to 50% of the higher-earning spouse’s benefit amount. However, if the higher-earning spouse decides to take Social Security early at 62, their benefit amount is permanently reduced, which in turn reduces the potential spousal benefits for the lower-earning spouse.

It’s important for couples to carefully consider the timing of when to take Social Security in order to maximize their total benefits as a household. While taking Social Security early may seem like an appealing option for some individuals, it’s crucial to weigh the long-term impact on spousal benefits before making a decision.

One way to mitigate the reduction in spousal benefits is for the lower-earning spouse to delay taking their individual benefit until full retirement age or later. By doing so, they can potentially increase their own benefit amount and maximize the spousal benefits they are eligible to receive.

Ultimately, the decision of when to take Social Security is a personal one that should be made based on each individual’s unique financial situation and retirement goals. Couples should carefully consider the impact of early Social Security benefits on spousal benefits and weigh the potential trade-offs before deciding on the best course of action for their retirement planning.