Explain Spousal Benifit from SS

[street]

My wife got a letter today and said she can get spousal benefit from SS. I will be getting my first check in Feb..


So I looked this up but I totally don't understand it. My take on it is she can take 50% of mine now and let hers grow till age 70. Is that correct?


If that is the case and she get 50% of mine now, does my SS amount go down from what they quoted me if she takes this option?


Thanks

 

[kaneohe]

wife's birthdate? https://www.ssa.gov/planners/retire/applying6.html

 

[SecondCor521]

If that is the case and she get 50% of mine now, does my SS amount go down from what they quoted me if she takes this option?

No, your SS amount will stay the same and be completely unaffected.

Also, once one of you passes away, generally the smaller of the two benefits stops and the remaining survivor receives the larger of the two benefits.

So if your benefit is $1000 a month and hers is $500 a month, the two of you will receive $1000+$500 as long as you both live, then $1000 a month after the first of you passes away.

...

The other question you asked is more complicated; if your wife is old enough then she may be able to do what you describe. Note that it may make sense for you to defer your SS past February when you currently are planning to claim, but that depends on your ages, benefits, goals, and other resources.

 

[street]

^ Thank you very much for the explanation and clarification.