File and Suspend SS ...specific circumstance

[stephenson]

OK ...so I am generally confused ...best thing to do I have found over the years when dealing with general confusion is to get specific to the circumstance ...

Facts:
1. 180 days after the 2 Nov 15 presidential signature, is on/about 2 May 16
2. I am 62 on 3 Mar 16 (inside the 180 days)
3. My wife is 62 on 27 May 16 (outside the 180 days)
4. My earnings history is substantially greater than hers (she's been working waaaaay hard, just not getting paid)
5. Both our early retirement benefits occur at 62
6. Both our full benefits occur at age 66

Questions:
1. I make the 180 day cutoff, does she have to since I am the largest earner?
2. If my earnings history is so much more than hers, is our circumstance appropriate for the F and S? (the core question)
3. Since our FRA is 66 does F and S work at 62 in our circumstances?

Thanks!


Sent from my iPad using Early Retirement Forum

 

[MissMolly]

stephenson - I'm sorry to tell you that neither one of you makes the cutoff. File and suspend has only been retained for folks who will be at least 62 years old by the end of 2015. The 180 days you reference applies to folks who are at least 66 in the period of time and allows one spouse to file and suspend while the other spouse can draw their 50% spousal. However, nobody under the age of 66 can file and suspend.

 

[stephenson]

Gah!

So close!

Thanks, Miss Molly

 

[MissMolly]

Actually, I didn't word my response well at all. For those who will be at least 62 by the end of 2015, filing for 50% spousal is preserved but only after one spouse has filed for, and is receiving, his/her own social security. The file and suspend is only preserved for folks who are already 66 or will turn 66 in the 180 days and actually do the file and suspend. If they fail to file and suspend in the next 180 days, they lose the ability to do so. You must be at least 66 to file and suspend to allow your spouse to claim even though you are not yet receiving any payments.

 

[redshift]

So, if my spouse is 67 now and collecting SS currently, and I am now 62, can I claim 50% of spouse's benefit while letting mine grow? My own benefit would be larger even at 62.

Sent from my HTC6500LVW using Early Retirement Forum mobile app

 

[MissMolly]

So, if my spouse is 67 now and collecting SS currently, and I am now 62, can I claim 50% of spouse's benefit while letting mine grow? My own benefit would be larger even at 62.

Sent from my HTC6500LVW using Early Retirement Forum mobile app

No, you can't. You can only file and restrict to spousal if you are at least 66. If you file before full retirement age, you are "deemed" to be filing for all available benefits and will be awarded the highest amount, whether it's your own or the spousal amount. If you file before age 66, there is no delaying in claiming your own until 70.

 

[redshift]

No, you can't. You can only file and restrict to spousal if you are at least 66. If you file before full retirement age, you are "deemed" to be filing for all available benefits and will be awarded the highest amount, whether it's your own or the spousal amount. If you file before age 66, there is no delaying in claiming your own until 70.

Thanks MissMolly. That's what I understood was the case, but I've seen so many scenarios discussed lately that I thought I was missing something. Your response was very clear.

 

[FredaNJ]

Help with one more scenario, please

I would appreciate opinions as to my situation:

1. Husband is 66 and has not filed. Plans to claim his benefits at age 70.
2. I am 63 and have not filed. Also plan to claim my own benefits at 70.

If DH files and suspends within the six month period, can I wait until I am age 66 to claim spousal benefits, and then switch to my own benefits at the higher level at age 70? That was our original plan.

Based on what I've read, I believe that I can do this because I reached age 62 before the bill became effective, but I'm not really sure.

Thanks in advance for your help.

 

[MissMolly]

I would appreciate opinions as to my situation:

1. Husband is 66 and has not filed. Plans to claim his benefits at age 70.
2. I am 63 and have not filed. Also plan to claim my own benefits at 70.

If DH files and suspends within the six month period, can I wait until I am age 66 to claim spousal benefits, and then switch to my own benefits at the higher level at age 70? That was our original plan.

Based on what I've read, I believe that I can do this because I reached age 62 before the bill became effective, but I'm not really sure.

Thanks in advance for your help.

This is one I am not sure about. Your hubby can definitely file and suspend as long as he does it within the 180 period. But, I'm not sure you can then file only spousal when you turn 66 and have his continue to grow until he is 70 since you are not going to be 66 in the 180 days. I think for you to file 50% spousal (a restricted application) at 66, your hubby will have to begin drawing his at that time and can no longer delay until he is 70. It is my understanding that both parties have to be 66 in the 180 day period to be able for one to file and suspend and the other to file a restricted application.

 

[FredaNJ]

Thank you, Miss Molly.

I guess we'll have DH file and suspend before the end of the six month period anyway, and then see what's what when I turn 66.

It may be worth it for him to start collecting two years early, so that I can get the spousal benefit until I'm 70. We'll see what the state of the law is when I turn 66.

I appreciate your looking at this question.

 

[savory]

Thanks Miss Molly. Your answers to this thread were helpful!