You are correct, once taken early, there are no do overs later. What you got is what you will get (except for across the board living expenses for all SS recipients) hence forth.
Take it at age 62+ and draw reduced benefits for three years. Wait until age 65+ and it will take years to equal out for monies in pocket since age 62.
<Take it at age 62+ and draw reduced benefits for three years. Wait until age 65+ and it will take years to equal out for monies in pocket since age 62.
OK, but how does that work if you’re still working and making a good salary? I turn 59 next month, and in a year, will be eligible for my deceased spouse’s SS. But from my understanding, I’ll be taxed on it due to my work income, and so I don’t know if I’d actually get anything at all.
Same thing with retiring at 62 instead of 66. If I stay working after I take the SS (btw, will employers let you do this?), will I have any SS income after taxes?
I should probably go to the SS office...
You are correct, once taken early, there are no do overs later. ...Ah, but there are do-overs. For instance, you get $1300 a month for (let’s just say) 60 months. That’s $78,000. And, just for example, you hit the lottery or your rich uncle leaves you $80,000, you can pay back the $78,000 and refile and get the amount you now have coming to you at 67 years of age. Of course the buying power is lessened, so you may not have gained much. It amounts to about $38 a month per month to run out until full retirement age.