Question about Spousal Social Security that may never have been asked before

[FiveDriver]

Well, might have been asked once before.....

DW has her Full Retirement Age pegged at 66 and 8 months (October 2024). I would like her to wait til her FRA before starting her claim.

But with all the hot air about entitlement programs being cut or FRA's being moved out to 70, I'm wondering ......is it feasible for her to 'Register' for Social Security, but not start the claim yet ??

A -- We just went thru Medicare sign-up, and that took all of 3 months to get established. We got her card with 2 days to spare -- good thing we started 3 months early.

B -- I know such entitlement curtailment proposals have a zero chance of getting thru both houses of Congress and signed by the Prez. But what if ?

C -- If she registers and starts claiming as of next month, she would receive only about 43% of my PIA.

D -- AND, if I understand correctly, she would only get 43% of the COLA increase going forward (I think).


So, my basic question is -- is it feasible for her to 'Register' for Social Security, but not start the claim yet ??

AAnd are my assumptions about reduced COLA going forward correct ??

 

[Texas Proud]

I doubt that there is going to be anything done to SS right now...


AND, if it is done... it will not affect your DW...


IF cuts come I would bet that it will hit everybody, those collecting SS and those that are not...


I would do nothing.

 

[FiveDriver]

As I see it typed out here, I don't think it's possible to change SS.....there would be a riot that would make January 6 look like a church picnic. I'm inclined to do nothing.

Are my assumptions about her making an early claim causing a discount in COLA's going forward ??

 

[Montecfo]

There is no movement afoot to cut social security, so I would leave that out of any analysis.

Social security will not have money to pay its bills in a few years and must be reformed.

In the last reform effort (in 1983) there were three elements: higher payroll taxes, a gradual increase in timing of eligibility, and greater taxability of benefits. The increases in eligibility age did not effect then current retirees or those near retirement.

I would expect any new reform efforts to follow a similar playbook.

 

[FiveDriver]

While I wouldn't go so far as to say there is no movement afoot to cut social security....

https://www.huffpost.com/entry/mitc...re-social-security_n_63e6354be4b0808b91bfc511

My other questions about an early claim reducing the COLA going forward are still on the table.

 

[Gryphon]

https://www.ssa.gov/oact/cola/colaapplic.html

I'm not sure what you mean by "reducing the COLA". On the one hand, yes the dollar amount will be less. The 8% COLA on a $1000 benefit is going to be smaller than the 8% COLA on a $2000 benefit. On the other hand, your benefit is going up by 8% either way.

 

[FiveDriver]

Thanks Gryphon. I perhaps mis-interpreted my friend's grousing about his COLA not being a full 8.7% this year. But he claimed at 62 so his benefit is much smaller. I think perhaps decimal percentage math is not his strong suit.

 

[MissMolly]

You could, and should, set up an account at SS https://secure.ssa.gov/RIL/SiView.action and then it will be ready to once you decide to file for benefits. Just because you set up your account doesn't mean you have to action to file benefits.

 

[Texas Proud]

Yes, what Gryphon said...


Everybody gets the same pct increase on their SS payments...



Now, if you are asking about how they calculate the increase going forward I do think that is an option they might take... but whatever inflation number they use it would be to all payments..