Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Social security question
Old 08-07-2009, 12:43 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 6,115
Social security question

heres what im thinking, wife takes hers at 62,,, at 66 i file for 1/2 hers ,
at 70 i file for my full but the question is at that point can she switch to 1/2 mine which is more than her own ?
mathjak107 is online now   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 08-08-2009, 06:25 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 6,115
i guess we all know the answere right up to the point where she is ready to switch back to 1/2 mine but its at that point im not sure... guess when the time comes ill have to hang on the phone with ss and find out .
mathjak107 is online now   Reply With Quote
Old 08-08-2009, 07:55 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
Don't really know answer to your question but would wonder if she would be entitled
to the full 50% because she had started her own early at 62. Try asking at
bogleheads.org


************************************************** *********************
Spouse’s benefits(from SSA booklet)
A spouse who has not worked or who has low earnings can be entitled to as much as one-half of the retired worker’s full benefit. If you are eligible for both your own retirement benefits and for benefits as a spouse, we always pay your own benefits first. If your benefits as a spouse are higher than your retirement benefits, you will get a combination of benefits equaling the higher spouse benefit.

If you have reached your full retirement age, and are eligible for a spouse’s or ex-spouse’s benefit and your own retirement benefit, you may choose to receive only spouse’s benefits and continue accruing delayed retirement credits on your own Social Security record. You may then file for benefits at a later date and receive a higher monthly benefit based on the effect of delayed retirement credits.

If you are receiving a pension based on work where you did not pay Social Security taxes, your spouse’s benefit may be reduced. Additional information on pensions from work not covered by Social Security can be found in Pensions from work not covered by Social Security

If spouses want to get Social Security retirement benefits before they reach full retirement age, the amount of the benefit is reduced permanently. The amount of reduction depends on when the person reaches full retirement age.

For example:

If full retirement age is 65, a spouse can get 37.5 percent of the worker’s unreduced benefit at age 62;

If full retirement age is 66, a spouse can get 35 percent of the worker’s unreduced benefit at age 62;

If full retirement age is 67, a spouse can get 32.5 percent of the worker’s unreduced benefit at age 62.

The amount of the benefit increases at later ages up to the maximum of 50 percent at full retirement age. If full retirement age is other than those shown here the amount of the benefit will fall between 32.5 percent and 37.5 percent at age 62.

However, if your spouse is taking care of a child who is under age 16 or disabled and gets Social Security benefits on your record, your spouse gets full benefits, regardless of age.

Here is an example:

Mary Ann qualifies for a retirement benefit of $250 and a spouse’s benefit of $400. At her full retirement age, she will receive her own $250 retirement benefit, and we will add $150 from her spouse’s benefit, for a total of $400. If she takes her retirement benefit before her full retirement age, both amounts will be reduced.

NOTE: Your current spouse cannot receive spouse’s benefits until you file for retirement benefits.
kaneohe is offline   Reply With Quote
Old 08-08-2009, 08:10 AM   #4
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
I would suggest you pose the question to "sscritic" over on Bogleheads.

He/She is the resident expert on SS questions, and can usually cite the SS document that answers your specific question....
rescueme is offline   Reply With Quote
Old 08-08-2009, 11:23 AM   #5
Thinks s/he gets paid by the post
 
Join Date: May 2007
Posts: 1,577
This should answer your question
Answer
homestead is offline   Reply With Quote
Old 08-09-2009, 05:14 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 6,115
so if im understanding this correctly no, she cant switch to 1/2 mine after taking hers early
mathjak107 is online now   Reply With Quote
Old 08-09-2009, 09:51 AM   #7
Thinks s/he gets paid by the post
 
Join Date: May 2007
Posts: 1,577
Quote:
Originally Posted by mathjak107 View Post
so if im understanding this correctly no, she cant switch to 1/2 mine after taking hers early
That is the way I read it too. Evidently they tie the spouse benefit
calculation to the age you start taking your own benefit.
homestead is offline   Reply With Quote
Old 08-10-2009, 06:47 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2005
Posts: 6,115
im still not totaly clear on one thing.... if my wife takes it early at 62 and gets 900.00 , i file for spousal and get 1/2 hers at 66....

at 70 i file for my full.... does that mean she gets hers and in addition since 1/2 my early would be 100 more then her early that they raise her up 100 ? remember im not filing until 70 so im getting the max..... i understand she wouldnt get 1/2 my max level but does she get raised to 1/2 my early level which is more than her own early?

im still not
mathjak107 is online now   Reply With Quote
Old 08-10-2009, 10:10 AM   #9
Thinks s/he gets paid by the post
 
Join Date: May 2007
Posts: 1,577
The way I understand it, the amount of her spousal benefit is independent of when you file and it is based on your full retirement record. the spousal benefit is a maximum of 50% of your full retirement age benefit.
If she waits until her full retirement age she gets the maximum , otherwise she gets a downgraded percentage of the 50% depending on when she starts her own benefits.
You must be at least 62 for her start collecting the spousal benefit.
homestead 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
A Novel Social Security Question rcsj FIRE and Money 19 12-11-2007 02:13 PM
Social Security question two4theroad FIRE and Money 6 07-20-2007 05:30 PM
Social Security Question Momtwo FIRE and Money 6 04-24-2006 08:29 PM
Dumb social security question modhatter FIRE and Money 1 09-05-2005 05:54 PM
Social Security and Pension question guest FIRE and Money 31 06-24-2004 05:19 PM

» Quick Links

 
All times are GMT -6. The time now is 02:08 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.