When is the best time to claim Social Security benefits? And how to adjust your expected payments if you intend to retire before 62?
Mike Piper is the author of the book “Social Security Made Simple.” In addition to explaining how Social Security works, he recently created an interactive calculator, Open Social Security, to help you figure out when is the best time to claim Social Security benefits.
Case 3 In case 3, the gaps in age and earnings between husband and wife are larger. The estimated benefit for the lower-earning spouse is still more than 50% of that for the higher-earning spouse. Case 4 In case 4, the lower-earning spouse is older. Her estimated benefit is less than one half of her husband’s.
Financial Engines: Wife claims at 67 . Husband waits until age 70; wife also switches to spousal benefits at that time. Besides the two free calculators, there are also two paid calculators, Social Security Solutions and Maximize My Social Security. If you have complex situations such as previous marriages, children’s benefits, disability benefits, etc., maybe the paid calculators will give you something different. If you have straightforward cases, I think the free calculators will do just fine.
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