Ask Rusty – I’d like to retire early, but don’t want my Social Security reduced
Dear Rusty: I will be 65 this year and my husband is 72 (he retired in 2019 at age 66). I would like to retire and enjoy some time with him before he gets too much older. I do not want to have my benefits cut by retiring earlier, but I don’t see a way to be able to do that. My benefit will be $1343 on my full retirement age (FRA). If I took half his retirement when he retired, it would be less than mine. If I take early retirement and he passes away before me, would I get his full benefit as his survivor, or will it be cut? We are trying to figure it out. His current benefit (before Medicare Part B) is $2978. It’s very confusing. Signed: Confused and Wondering Dear Confused: Whenever any Social Security benefit is claimed earlier than full retirement age (FRA), the monthly amount is permanently reduced. If you were to retire at age 65, your Social Security benefit would be reduced by about 13% - in other words, if your FRA (age 67) amount is $1343, at 65 you would get about $1164. And at age 66 you would get about $1253 per month.
Whether you would be entitled to a “spousal boost” from your husband depends on how your FRA amount compares to 50% of his FRA entitlement. If your FRA amount is less than 50% of his FRA amount, then you would get a “spousal boost,” but the amount of that boost would also be reduced if you claim before your FRA. (Note: from the numbers you provided, you may be entitled to a spousal boost and, if so, it would be applied by Social Security when you claim).
