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About Claiming Social Security at 62
Age 62 is the most popular age to claim Social Security. That could be because age 62 is when most beneficiaries first become eligible, or it may be out of financial necessity. There are some good reasons why claiming as soon as you’re able may be the right choice, but there are also some pretty good reasons why waiting longer would be your smartest move. Reality is, the best time to claim depends on your unique personal circumstances, but if you’re thinking about claiming Social Security at age 62 you should make sure you know the consequences of doing so. This Motley Fool article by Maurie Backman explains what your Social Security benefit will look like if you claim at 62. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…
I don’t like being sent to Motley Fool since it just wants more money. I don’t want to make an appointment my husband has subscribed to AMAC for it’s more conservative views. I have a question that I can’t get the exact right answer for and really don’t know if we were even aware of this when my husband retired. Having to do with Deemed SS and a SSDI wife that will turn 62 in May. He retired at full age. I have been on SSDI and Medicare before we were married and that is going on 23 years. I thought the age was 63 to be honest and have been the caregiver for my parents and then settled the estate and VA situation for over 10 years. I am wanting to know when should I file on his and did he make a mistake of something we never heard about Deemed.
Melissia,
No, your husband did not make a mistake; rather it was very prudent that he waited until his full retirement age (FRA) to claim his Social Security benefit because he now receives 100% of the benefit he earned from a lifetime of working. The “Deemed SS” you refer to is a rule enacted in 2015 which simply says that someone filing for an early SS benefit before reaching their FRA must also take any spousal benefit they may be entitled to when they claim (they cannot defer the spouse benefit to make it bigger, nor can they claim a spousal benefit without claiming their own SS). If your husband had claimed his SS before reaching his full retirement age, he would only have gotten a smaller benefit than he is now receiving. Even if he had been eligible for a spousal benefit from you at that time, it would have been reduced had he claimed before reaching his FRA. However, by waiting until his full retirement age to claim, he ensured that he got 100% of the amount he is entitled to (his benefit would have been reduced if he had claimed earlier). Since you have been on SSDI for many years, your eligibility for a spouse benefit from your husband will start when you become 62. Since your husband is already receiving his own SS retirement benefit, at age 62 you can claim your spousal benefit if your SSDI benefit amount is less than half of your husband’s FRA benefit amount. If that is the case, however, your spousal benefit from your husband will be reduced because you are claiming it at age 62, rather than at your full retirement age. Any Social Security benefit taken before one reaches their full retirement age is reduced. If your spouse benefit is taken at age 62, it will be about 35% of your husband’s FRA benefit amount, rather than the 50% it would be by claiming it at your full retirement age.
Russell Gloor
National Social Security Advisor
The AMAC Foundation