A 66-year-old, born in June 1959, is preparing to leave the workforce due to poor health. Losing a spouse in March has further complicated decisions about Social Security, and this piece examines key options available at a full retirement age of 66 years and 10 months.
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Early Retirement Planning
I’m in poor health and need to know my Social Security options
Photo by Clevelandbanner
Key Takeaways:
- Health challenges have prompted an earlier retirement plan.
- The individual was born in June 1959 and is currently 66 years old.
- Full Retirement Age (FRA) is 66 years and 10 months.
- The recent passing of the spouse in March may introduce survivor benefit considerations.
- Understanding Social Security options is crucial for financial stability in retirement.
Introduction
Poor health and the recent loss of a spouse can significantly alter retirement plans. For one 66-year-old, these changes have driven the decision to stop working sooner than originally anticipated. Born in June 1959, this individual’s full retirement age (FRA) under Social Security guidelines is 66 years and 10 months, placing them in a unique position to consider various benefit strategies.
Age and Full Retirement Age
Current Social Security regulations designate 66 years and 10 months as the FRA for those born in 1959. While some retirees choose to start collecting benefits early, doing so can permanently reduce monthly payments. Taken closer to or after the FRA, payments generally increase.
Health Considerations
This individual’s poor health calls for a careful assessment of whether it is more beneficial to begin collecting Social Security immediately or to wait even longer to maximize monthly earnings. Health status is often a significant factor, as it may affect the amount of time one expects to rely on benefits.
Survivor Benefits
With the passing of the spouse in March, there may be survivor benefits that come into play. Survivor benefits can sometimes equal or exceed what an individual might receive on their own record, depending on various factors. Evaluating whether survivor benefits offer a higher monthly amount is an important step.
The Importance of Guidance
Determining the right time to claim Social Security is seldom straightforward. When health complications and survivor benefits are in the mix, it becomes even more crucial to understand all options. Proper planning can ease financial concerns, especially during a time already marked by personal loss.
