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I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
If you are not yet retired then taking SS now would limit your ability to earn.. there is an amount... I think 17k a year. After that you lose $1 of SS for each $2 you make.
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI.
I have multiple health problems and don't know what kind of quality of life I'll have/for how long.
Opinions?
Do you have good/affordable health insurance without working?
That seems to be the #1 decision fulcrum for early retirement decisions.
I'm 62, dh is 63, and thought I would wait until spouse's FRA to take SSI. However, we must save aggressively over the next few years to buy a house for our retirement. The 500. or so I would receive per month if I file now could help our savings effort. Also, I have multiple health problems and don't know what kind of quality of life I'll have/for how long. Opinions?
SSI has eligibility restrictions.
In your case of disabled you must also have limited income and limited resources.
I don't think I'll qualify for SSDI due to not have earned enough work credits over the past 20 years - my earning was early in life.
As for health insurance, we have excellent coverage through my husband's employer. Then it will be Medicare. Right not he plans to retire in July 2022 at FRA, but he might go to age 70.
My main point is that the extra cash would be a real help in securing our retirement house.
I don't think I'll qualify for SSDI due to not have earned enough work credits over the past 20 years - my earning was early in life.
As for health insurance, we have excellent coverage through my husband's employer. Then it will be Medicare. Right not he plans to retire in July 2022 at FRA, but he might go to age 70.
My main point is that the extra cash would be a real help in securing our retirement house.
The SSA website has all that info.
The number of credits you need is based on the age you became disabled.
It's a really personal decision. When you buy a new retirement home, are you planning on a mortgage? Are you aiming for a cash sale? Do you have a current house you'll be selling? If so, how much would you expect to clear after the sale?
If you're thinking of a mortgage for a new home, keep in mind that you'll have to have sufficient income (not money in savings/assets) to qualify.
Think about the tax implications too and the probability that you'll actually be able to *save* all the SS money when real life delivers different demands on money everyday. You may end up reducing your retirement income in perpetuity with little to show for it.
On the other hand, since your benefit is fairly small, the percentage decreases don't amount to that many actual dollars... and getting them early does put them to use now.
Will your husband's retirement income (plus your own + your spousal) be sufficient for you both to live on once he retires?
I don't think I'll qualify for SSDI due to not have earned enough work credits over the past 20 years - my earning was early in life.
As for health insurance, we have excellent coverage through my husband's employer. Then it will be Medicare. Right not he plans to retire in July 2022 at FRA, but he might go to age 70.
My main point is that the extra cash would be a real help in securing our retirement house.
If he is willing and able I would say go to 70 before collecting.
I did and my social security between FRA and 70 increased by $740 which I started taking last year. I too have a mortgage and it so happens that extra money is within a couple bucks of what the mortgage is.
We are working hard to get the mortgage paid off by quadrupling payments while I am still working with the hope of paying it off in 16 months. If I had to stop work tomorrow I could but I want to get the mortgage paid off for the extra bucks it would free up.
As long as we have a mortgage I carry enough life insurance (it's getting expensive) to protect my wife... if I did she would have no debt whatsoever and be just fine.
And of those who can it can still take years to get through the process.
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Opinions?
