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Tybee
10-22-22, 8:56am
Both by husband and I are getting social security. I started mine early, and he started his at full retirement age. He has continued to work full-time, and I work part-time. Each year I have gotten an adjustment upward on my benefits because I have continued working, and I replaced some zero years.

I was surprised last week that his went up, too. So it wasn't just that I took mine early and continued working. His benefits will now be 20 dollars a month more. And the COLA is figured on the new basis, so that's good, too.

So that is something to think about if you are taking social security. Because I earned too much two years in a row, I had to pay back something each year, but since he was full retirement age, he can earn as much as he can with nothing paid back.

And yes, obviously, it is best to wait until full retirement age or 70, if you don't need the money. But we needed the money.

Anyway, happy that his went up too.
frugal-one
10-22-22, 12:23pm
I remember figuring it out and it would take to about age 83 to break even. Based on genetics, it made no sense in my case to wait to take social security. So, there is that.
Tybee
10-22-22, 3:45pm
I remember figuring it out and it would take to about age 83 to break even. Based on genetics, it made no sense in my case to wait to take social security. So, there is that.

Good point, about the break even point. That was his reasoning on not waiting until he was 70.
catherine
10-22-22, 4:21pm
Iif you guys remember, I was in a quandary about that break-even point when I was wondering if I should take it earlier to use to pay toward debt. Everyone had a different situation. I wound up taking it one month before my 70th birthday.

I do remember getting the same "raises" DH got when I was on his SS prior to turning 70. It's a fun bonus.

There is a great website that maps your breakeven point and totally gives you the strategy for you and your spouse and how to maximize the benefit. If I find it I'll post it here, but I don't know where it is at the moment. I think I bookmarked it.