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Spousal Social Security (Part 2)
07-10-2017, 10:34 AM
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#1
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Recycles dryer sheets
Join Date: Feb 2012
Location: Rochester
Posts: 68
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Spousal Social Security (Part 2)
Not wanting to hijack a current thread I'm posting a new one.
Homestead writes: I can confirm this to be true, I started SS at 62 and my wife is currently collecting spousal amount of 50% of my FRA amount. She waited until 67 to get the full 50% otherwise it would have been reduced. This was easy to do since she is 5 yrs older than me.
My wife is 1 year younger than me. She is planning to wait to start collecting her spousal @ 66-4 mo. in order to get 50% of my FRA amount.
Here is my Part 2 question: She could start collecting on her record at age 62 which is a smaller amount and then switch to the spousal which is a higher amount. As I have read it would mean the resulting spousal amount would be somewhat reduced at age 66-4 mo. because she filed earlier on her record at age 62
Which method would in the larger $ amount for us as a family?
a. she starts collecting spousal at age 66- 4mo. vs
b. she files on her record at age 62 and then collect spousal at age 66- 4mo.
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07-10-2017, 10:51 AM
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#2
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Thinks s/he gets paid by the post
Join Date: May 2007
Posts: 1,604
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Depends on how long she lives. The longer she lives "a." becomes the better choice.
Keep in mind that you must file before she can start her spousal benefits.
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07-10-2017, 11:39 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,958
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It's a pretty big haircut for drawing at 62....your question is a little vague so I'm really not sure what you are driving at....if you posted the actual numbers it would easier...if your SS is a LOT bigger then your spouses, she might be leaving a lot of money on the table.
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07-10-2017, 11:43 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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Plug you situation into SS Analyze and it will give you the information that you are looking for.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-10-2017, 12:59 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Quote:
Originally Posted by freetodream
Not wanting to hijack a current thread I'm posting a new one.
Homestead writes: I can confirm this to be true, I started SS at 62 and my wife is currently collecting spousal amount of 50% of my FRA amount. She waited until 67 to get the full 50% otherwise it would have been reduced. This was easy to do since she is 5 yrs older than me.
My wife is 1 year younger than me. She is planning to wait to start collecting her spousal @ 66-4 mo. in order to get 50% of my FRA amount.
Here is my Part 2 question: She could start collecting on her record at age 62 which is a smaller amount and then switch to the spousal which is a higher amount. As I have read it would mean the resulting spousal amount would be somewhat reduced at age 66-4 mo. because she filed earlier on her record at age 62
Which method would in the larger $ amount for us as a family?
a. she starts collecting spousal at age 66- 4mo. vs
b. she files on her record at age 62 and then collect spousal at age 66- 4mo.
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I think that under "deemed filing" rules, she does not have the option of filing on just her earnings record at 62.
https://www.ssa.gov/planners/retire/deemedfaq.html
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07-10-2017, 01:30 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,241
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Quote:
Originally Posted by pb4uski
Plug you situation into SS Analyze and it will give you the information that you are looking for.
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Here is a link I got from a different thread...
SSAnalyze - Bedrock Capital Management
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07-10-2017, 02:54 PM
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#7
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Thinks s/he gets paid by the post
Join Date: May 2007
Posts: 1,604
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Quote:
Originally Posted by Independent
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I think Independent is correct, if she doesn't have enough credits to claim at 62 then she will have to wait until FRA to get spousal and you will need to file at that time or earlier.
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