Health Concerns? Social Security Delay Reasons 2023
If you’re in bad health, you should claim Social Security early, but this may not be good for you.
Social Security payments can be claimed at 62, but your real retirement age is significantly later.
If you’re sick, claiming Social Security early is advised. When you delay claiming benefits, you get greater checks, but it takes time for the higher monthly payments to make up for the income you lost. Claim early and obtain as much money as possible if you won’t live long enough to get many larger Social Security cheques.
There’s a catch. Married people in poor health may profit from delaying Social Security benefits. Here’s why.
Delaying may spare your spouse financial trouble.
If you die, your spouse gets Social Security survivor benefits. Your benefit-claiming decisions influence these survivor benefits.
Your spouse’s surviving payments will be based on your decreased Social Security payout if you claimed early. If you started Social Security early due to illness, your spouse’s survivor payments might be cut by up to 30%.
If you claim Social Security after full retirement age, your spouse’s surviving benefits will be based on your enhanced amount. Your spouse might get extra money if you boost your monthly pay by 2/3 of 1% or 8% until age 70.
If you died before claiming Social Security, your spouse would get your main insurance amount or standard benefit. That’s more than you’d leave them if you claimed early.
Delay your advantages for your spouse.
Depending on their income, your spouse’s retirement benefits may exceed their surviving benefits. If you were the greater earner, they can receive up to 100% of your regular benefit or the amount you were receiving before death, thus your benefit normally exceeds theirs.
Unfortunately, claiming early would cut their payment significantly. This might be really difficult. After a spouse dies, the survivor loses two Social Security benefits, making finances difficult. Don’t make things worse.
If you’re sick, you should delay Social Security unless your spouse made more than you. It may be worth sacrificing some money to care for your companion.