I invited Hannon, who writes the Great Jobs for Retirees column for AARP, to join me recently for an online discussion. I wasn’t surprised that the hour-long chat didn’t give her nearly enough time to answer all the questions that poured in. So she offered to answer some offline.Q: My spouse is 64 and lost his job last year; unemployment benefits ran out; no prospects on the horizon despite a few interviews. He hoped to delay Social Security until 66 for full benefits. He calculated and the difference if he waits is less than $200 a month, so it seems dumb to wait. But can he change his mind if he later finds a job, or will he be locked in to the lower amount? He had hoped to work until 70, as he is very healthy and has excellent male longevity in his family.Hannon: I always advise people to delay starting benefits for as long as possible. Your Social Security benefits are increased by 8 percent a year (over the amount at full retirement age) for every year you postpone receiving checks between your full retirement age and age 70. For me, the difference between receiving benefits at 62 and 70 could wind up being about $1,000 a month.Delaying Social Security paychecks can make a huge difference in your husband’s lifetime, given his family’s longevity. But everyone’s personal situation depends on variables such as health, employment history and savings. There’s no set age for starting to collect Social Security benefits that’s right for everyone. There’s no denying, however, that the later you decide to claim (up until age 70), the greater the potential benefits may be. A good place to start your research is Next Avenue (nextavenue.org). Search for “Figure Out Early and Late Social Security Payment Benefits,” an article by the Social Security Administration.Please READ FULL COLUMN NOW AT THE WASHINGTON POST
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