Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Ford Pension Plan/Spousal Social Security Question
Old 11-15-2013, 10:19 AM   #1
Thinks s/he gets paid by the post
frayne's Avatar
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,320
Ford Pension Plan/Spousal Social Security Question

I have a married friend who took early retirement from Ford Motor Company. He was an hourly employee and took a type of annuity where he gets a set amount of $3000 a month. If he dies before his wife, she gets the same amount until she would die. He is required to notify social security when he turns 62, even though he will not be getting any social security because it is a component calculated into his annuity. The question I have concerns his wife as it pertains to spousal social security. She has never worked and would she be entitled to any spousal social security when she turns 62 ? I know that if she would it would be reduced because of taking it before FRA. But the real question is if she would be eligible at all or would it depend on how the annuity contract is written.

Appreciate any and all replies in advance.

Normal is an illusion...what is normal for the spider is chaos for the fly.
frayne is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-15-2013, 12:48 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
Join Date: Mar 2007
Posts: 8,490
Your question is independent of the Ford pension. Ford gives you a pre- SS eligibility supplement to the regular pension which is dropped when you reach 62. Whether one decides to take SS at 62 is up to them.

Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 11-15-2013, 12:57 PM   #3
ziggy29's Avatar
Join Date: Oct 2005
Location: Texas
Posts: 15,419
[Edited because I misunderstood the original question]

The Ford pension is irrelevant to the SS issue. Some government pensions would affect SS eligibility and payment amounts but not private sector pension plans.

Even if she never had earnings, while he's alive she would still be eligible to receive her own SS payment that's half of his benefit at full retirement age (less if taken earlier). And if he predeceases her, she would "inherit" his higher benefit, but lose her own.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 01:17 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.