Join Early Retirement Today
Reply
 
Thread Tools Display Modes
SS at age 62 for both - question
Old 03-29-2014, 10:51 AM   #1
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 968
SS at age 62 for both - question

I am trying to help my divorced sister project retirement income.

Her ex is 3 years older than she is. If he chooses to start SS at age 62, and she also chooses to start when she gets to age 62, does she get 50% of what he gets? (we already know that half of his will be higher than what she would get on her own earnings)

Thanks
bizlady 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 Early-Retirement.org 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 03-29-2014, 11:00 AM   #2
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
I am divorced, and this webpage has been helpful to me.

Retirement Planner: If You Are Divorced

It's a starting point, anyway!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is online now   Reply With Quote
Old 03-29-2014, 12:49 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
should be close, I would think. His SS is reduced by a factor because he is taking early and hers is reduced by a factor since she is taking early. Since they both start at age 62,
the factors should be similar since they are only 3 yrs apart. You can find the factors that depend on birth date here: Retirement Age Calculator
kaneohe is offline   Reply With Quote
Old 03-29-2014, 01:46 PM   #4
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 968
Both these helped. Essentially, hers is calculated against his FRA benefit, but if she takes it at 62, she only gets about 1/3.
Great calculator link above from Kaneohe. Good info from W2R as well. Put together, I got my answer, so thanks to both!
bizlady is offline   Reply With Quote
Old 03-29-2014, 02:11 PM   #5
Full time employment: Posting here.
 
Join Date: Nov 2008
Location: Harrogate, UK
Posts: 921
I kind of asked this question at the SS office last year. My wife's 50% spousal coverage is only 50% of what I will get if she waits until her full retirement age....which I believe will be 67. If she takes it at 62 they will reduce a certain amount for the time taken off.
F4mandolin is offline   Reply With Quote
Old 03-29-2014, 05:37 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
Quote:
Originally Posted by bizlady View Post
Essentially, hers is calculated against his FRA benefit, but if she takes it at 62, she only gets about 1/3.
so about 1/3 vs his PIA (his @ FRA) but about 1/2 of his actual, right?
kaneohe is offline   Reply With Quote
Old 03-29-2014, 05:42 PM   #7
Dryer sheet aficionado
Coffee Mavin's Avatar
 
Join Date: Jan 2011
Posts: 25
If she has the option she should take her benefit at 62 and then switch to his when she is at FRA. Until he retires she can't claim anything but her own record anyhow, so it would be best to do planning based on her own earnings record.
Coffee Mavin is offline   Reply With Quote
Old 03-29-2014, 05:56 PM   #8
Recycles dryer sheets
 
Join Date: Jan 2014
Posts: 170
Quote:
Until he retires she can't claim anything but her own record anyhow,
I think she may be able to apply for spousal benefits whether her "Ex" started retirement benefits or not. According to the link supplied by W2R the rule seems to imply she can claim if she was divorced "at least two years"...

e.g. Retirement Planner: If You Are Divorced "If your ex-spouse has not applied for retirement benefits, but can qualify for them, you can receive benefits on his or her record if you have been divorced for at least two years. "
DatumPoint5 is offline   Reply With Quote
Reply


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


Similar Threads
Thread Thread Starter Forum Replies Last Post
So, do you feel your age? Act your age? Like your age? vickko Life after FIRE 84 04-10-2010 01:47 PM
Gecko or Caveman? Both seem to be effective ads. mickeyd Other topics 14 01-08-2007 12:22 PM
Walmart Supercenter and Cabelas BOTH Open Today! FinanceDude Other topics 12 09-25-2006 05:30 PM
Finally were both going to be retired. riskadverse Hi, I am... 10 01-27-2006 04:48 AM
Chart of S&P 500 v. P/E (both ttm and ftm) Arin38 FIRE and Money 12 07-03-2005 10:07 PM

» Quick Links

 
All times are GMT -6. The time now is 11:27 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.