Comments on: How Social Security Works: The Ultimate Guide For Laypersons (updated for 2023)

By: Pat Randolph

Pat Randolph — Mon, 07 Mar 2022 01:01:29 +0000

I read thru your articles looking for an answer. I retired & started drawing SS at age 62 based on my earnings being advised at SS office that my SS would be more than 50% of what my spouse was receiving. He started drawing at full retirement age. He is now 80 and I am 74. He draws over $2650 per month and I draw $1106 which is less than 50% of his SS. Can I go back to SS & apply for 50%of his SS at this time or am I penalized for life for drawing early?

By: Andrew C.

Andrew C. — Thu, 04 Jun 2020 03:37:36 +0000

In reply to Bodhi's Mom. If you are that close to retirement, I don't think you need to worry too much about your benefit level. It's unlikely your benefit would be cut this close to retirement. It's more of an issue for younger folks.

By: Bodhi's Mom

Bodhi's Mom — Wed, 03 Jun 2020 18:33:19 +0000

Thanks for this very helpful article.

Given the above factors, and adding the unprecedented job losses related to Covid-19 and likely prolonged civil unrest, would it be too prudent for my forward planing, which I need to finalize ASAP, to simply budget for 50% of what the SSA website indicates will be my benefit? I’m retiring this year at age 58 and will start collecting SS at age 62 (understanding that benefits will be way less than at age 65).