Spousal Social Security (Part 2)

[freetodream]

Not wanting to hijack a current thread I'm posting a new one.

Homestead writes: I can confirm this to be true, I started SS at 62 and my wife is currently collecting spousal amount of 50% of my FRA amount. She waited until 67 to get the full 50% otherwise it would have been reduced. This was easy to do since she is 5 yrs older than me.

My wife is 1 year younger than me. She is planning to wait to start collecting her spousal @ 66-4 mo. in order to get 50% of my FRA amount.

Here is my Part 2 question: She could start collecting on her record at age 62 which is a smaller amount and then switch to the spousal which is a higher amount. As I have read it would mean the resulting spousal amount would be somewhat reduced at age 66-4 mo. because she filed earlier on her record at age 62

Which method would in the larger $ amount for us as a family?
a. she starts collecting spousal at age 66- 4mo. vs
b. she files on her record at age 62 and then collect spousal at age 66- 4mo.

 

[homestead]

Depends on how long she lives. The longer she lives "a." becomes the better choice.
Keep in mind that you must file before she can start her spousal benefits.

 

[ivinsfan]

It's a pretty big haircut for drawing at 62....your question is a little vague so I'm really not sure what you are driving at....if you posted the actual numbers it would easier...if your SS is a LOT bigger then your spouses, she might be leaving a lot of money on the table.

 

[pb4uski]

Plug you situation into SS Analyze and it will give you the information that you are looking for.

 

[Independent]

Not wanting to hijack a current thread I'm posting a new one.

Homestead writes: I can confirm this to be true, I started SS at 62 and my wife is currently collecting spousal amount of 50% of my FRA amount. She waited until 67 to get the full 50% otherwise it would have been reduced. This was easy to do since she is 5 yrs older than me.

My wife is 1 year younger than me. She is planning to wait to start collecting her spousal @ 66-4 mo. in order to get 50% of my FRA amount.

Here is my Part 2 question: She could start collecting on her record at age 62 which is a smaller amount and then switch to the spousal which is a higher amount. As I have read it would mean the resulting spousal amount would be somewhat reduced at age 66-4 mo. because she filed earlier on her record at age 62

Which method would in the larger $ amount for us as a family?
a. she starts collecting spousal at age 66- 4mo. vs
b. she files on her record at age 62 and then collect spousal at age 66- 4mo.

I think that under "deemed filing" rules, she does not have the option of filing on just her earnings record at 62.

https://www.ssa.gov/planners/retire/deemedfaq.html

 

[Texas Proud]

Plug you situation into SS Analyze and it will give you the information that you are looking for.

Here is a link I got from a different thread...


SSAnalyze - Bedrock Capital Management

 

[homestead]

I think that under "deemed filing" rules, she does not have the option of filing on just her earnings record at 62.

https://www.ssa.gov/planners/retire/deemedfaq.html

I think Independent is correct, if she doesn't have enough credits to claim at 62 then she will have to wait until FRA to get spousal and you will need to file at that time or earlier.