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Old 06-22-21, 03:05 PM
  #44  
Ex Pres 
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There is some correct, some almost correct, and some flat out (I'll be nice) misperceptions in this thread. But overall, a needed discussion as you approach retirement age.
Some acronyms to throw out that you'll see in your educational searches: FRA = full retirement age, which for the OP is 67. Your PIA (primary insurance amount) is the benefit you are due at your FRA.
And working while drawing? You're subject to the "Earnings Test" up through the year you reach FRA. But the earnings test limit changes (much higher) in the year of your FRA, and also only applies to earnings earned up until the month of your attaining FRA.
(Current earnings limits for 2021 are $18,960 and $50,520.) Any "loss" of SS benefits due to the earnings test are paid back to you over your actuarial lifetime - so if you live long, you could get more back than you "lost".

As a planner, the most common [incorrect] train of thought we run across is: I'm drawing Social Security for My Lifetime. I'll put a big MAYBE on that one.
If you are the primary breadwinner in your household, and you are married, especially to a younger spouse, you [as a couple] are drawing Your Benefit until your Your Spouse's mortality - NOT yours. A married couple only gets to keep one benefit (the higher one) when one of you dies. So the earlier you draw, the lower your spouse's survivor benefit will be for life. Now there are ways to mitigate this - life insurance for one. But depending on your personal family circumstances, you may need to rewire your thinking.
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