Itís Your Money > Social Security and Pensions

Why Smart People Take Social Security at 62

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BudM:

--- Quote from: FastWalk on February 12, 2018, 07:36:30 AM ---It is a good topic for the Philippines,  due to the possible lower cost of living it allows more choices.  For my wife and I if we need some more money when I turn 62 we will take the SS then.  If not will wait because wife is younger than I and the survivor benefit I believe is limited based on what I receive.  The extra amount over her likely life span should easily be more if I waited till 70.  But if things go poorly we could take it early.

--- End quote ---

My wife does not have an SSN so I have to pay for other avenues.  And like you said, the possible lower cost of living allows more choices for things but I see prices continue to go up.  About the only major things I see a break on are labor and health care.  Diesel fuel among others are shooting up from a year ago.  I did not move here based on cost of living but I don't like rising prices just the same.  Another home, when my boy finishes high school in 13-14 years, could be on the horizon.  And if so, it would not be someplace where I have been.

suzukig1:
My thoughts on the subject are:

If you need (need not want) the money at 62, then take it.

If you can get by without that "extra" money at 62, then wait.

My wife does not qualify for SS survivor benefits so that is not an issue with me.

Lee2:
Another thing about taking SS is, that if you have an American birth certificate child with a SS number, they may also be entitled to receive some SS on your record. I do not know how this works but it might be worth looking in to for those of you who are going to get or are getting SS and have children, and the wife may be entitled to some SS as well for taking care of the child, so you probably should get her an ITIN number  which can be used for a tax deduction filing jointly as well, either way.
Social Security Benefits for Spouses and Children
Benefits For Your Children

Gray Wolf:
Former spouses are also entitled to benefits. My ex got half of what I draw monthly added to her monthly benefit check

suzukig1:
Spouses or former spouses that are not U.S. citizens and are not U.S. residents and have not lived in the U.S. while married to the SS spouse for at least 5 years do not qualify for SS survivor benefits.  My wife does not qualify for SS survivor benefits.

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