i started taking benefits at age 62, which caused some complications. my wife is ten years older, which meant the minute i turned 62, her little check doubled to half of mine.
The complication was i was working, still am sort of, and i exceded the amount you could make without them clawing back the payments.
gooberment being what it was, one letter stated withholding benefits for two months, followed by another letter couple weeks later withholding for four months and so. I finally hit the bullet where i could make whatever i want without it effecting benefits.
but the neat part because of other income every year i fall in the bracket where i have to pay income tax on that social security benefit.
which means the monthly check doesn't mean squat when you have to pay it back through income taxes of insurance premiums.
One of my motivating factors was while i did get a lower check than if i waited, the crossover point was around age 71, having gotten benefits for nine years it's only at age 71 where it would have benefited to wait. And i didn't want to be one of those that kacked one month after starting benefits, i wanted to get my money back.
I can say this, i was one of those that looked at social security as what you used to take a monthly trip to vegas. Thank God there is other stuff to pay the bills. I would hate to think i rely on social security alone.
