A common question that we’re getting these days is should I start social security earlier than planned? 

If you’re between ages 62 and 70, and you recently lost your job, then here are a few things to think about: 

If you’re under your full retirement age of 66 or 67 and you’re not working right now, 


if you lost your job and if you’re considering going back to work at some time in the next year or so (or really anytime before your full retirement age) 

then I’d consider not taking it, if you can. And here’s why: 

If you make over $18,240, then for every two dollars that you earn above that amount, one dollar is going to be withheld if you are before your full retirement age.

However, if you’re able to maximize the higher-earning spouse’s social security (you can do this by delaying until age 70), this could make sense because that increases the overall lifetime income that you can get from social security, not just for that spouse, but also for the surviving spouse. 

And another thing that some couples will do, is they may start the lower-income earning spouse’s social security early, before the full retirement age, especially if they’re making less than $18,240. If they’re making less than that, then they can start social security and they’re not going to have that haircut that they get because they’re under that 18,000 number. But that could help; starting one spouse’s social security can help cash flow during this time if you have no other options

So those are three different things to think about when considering starting social security now, or waiting ’til later. I hope it was helpful.