Hello,
I am working with someone that was recently widowed. I am splitting up my questions so I don't end up with a giant ball my poor brain can't tease through.
The widow is 55 and hasn't worked in 20 years. The deceased husband (52 upon death) worked and would have had his required quarters in. After some googling, it looks like widow can start claiming (reduced) benefits as early as her turning 60. (Correct me if I am wrong)
So my question is, when is the best time to start taking benefits? I've heard that taking them earlier (as early as possible?) is mathematically better since time is greater than the money, but there should be a flipping point. Has someone worked this out?
If not, I could do it, but I am terrible at modeling. I do everything the long stupid way, it works, it's just...clunky and simplistic.
The widow is hesitant to start taking the benefits early because the amount is reduced, make sense, more money is better, but I'm thinking time might be a bigger contributor (no one lives forever). I'd like to be confident going into any future conversations we have about this as we start to build her a larger long term strategy.
Note- the money would be spent, not invested.
Thank you for your help.
Loren