Anybody out there have a handle on social security spousal benefits? I recently read an article on the subject - FOXNews.com - Spousal Benefit Another Key To Social Security Decision - Finance | Personal | Business | Personal Finances - and need a reality check on whether I am interpreting it correctly.
My wife and I are both retired and approaching 62. Although our full benefit age is 66, we will very likely choose to begin drawing early social security benefits at 62, with my wife arriving there about 4 months ahead of me.
If I understand this article correctly - At 62, my wife's reduced benefits will be based on her own earnings, as usual. When I reach 62 and begin drawing benefits, she becomes eligible to draw 35% of my FULL retirement age benefit, even though I am alive and drawing a reduced benefit at 62.
That seems strange to me, but I reach the same conclusion every time I read this article. Am I missing something here? Thanks for any and all feedback.
My wife and I are both retired and approaching 62. Although our full benefit age is 66, we will very likely choose to begin drawing early social security benefits at 62, with my wife arriving there about 4 months ahead of me.
If I understand this article correctly - At 62, my wife's reduced benefits will be based on her own earnings, as usual. When I reach 62 and begin drawing benefits, she becomes eligible to draw 35% of my FULL retirement age benefit, even though I am alive and drawing a reduced benefit at 62.
That seems strange to me, but I reach the same conclusion every time I read this article. Am I missing something here? Thanks for any and all feedback.