kannon
Recycles dryer sheets
Morning. I did a search online here for Spousal Benefits and I think I am getting a better picture but wanted to double check.
Our situation:
Me: Planning to take SS at age 62. I'm the higher income but Spouse still has a good SS pension at FRA.
Spouse: 5 yrs older. Planning to take SS at age 70.
What I think we can do. I file for SS at age 62 (my FRA is 67). Spouse files for spousal benefits at age 67. Spouse files for her own SS benefit at age 70.'
I plugged the numbers into a spreadsheet and seem favorable. Even though her own SS benefit at FRA would be a good bit more than her spousal benefit, the delay in taking SS benefit till 70 results in a better overall number. This scenario is even better than both of us taking SS at FRA. The only scenario better is we both wait till 70 which is nice but a cashflow issue.
And this does assume a living to a ripe old age.
So ... can we do this? Numbers are nice!
Thanks
Kannon
Our situation:
Me: Planning to take SS at age 62. I'm the higher income but Spouse still has a good SS pension at FRA.
Spouse: 5 yrs older. Planning to take SS at age 70.
What I think we can do. I file for SS at age 62 (my FRA is 67). Spouse files for spousal benefits at age 67. Spouse files for her own SS benefit at age 70.'
I plugged the numbers into a spreadsheet and seem favorable. Even though her own SS benefit at FRA would be a good bit more than her spousal benefit, the delay in taking SS benefit till 70 results in a better overall number. This scenario is even better than both of us taking SS at FRA. The only scenario better is we both wait till 70 which is nice but a cashflow issue.
And this does assume a living to a ripe old age.
So ... can we do this? Numbers are nice!
Thanks
Kannon