Social Security for Widow

[K9Rulez]

We currently have a detailed plan for retirement, as we are both retired recently, but the plan is if both of us live to be 67+. My pension is with 100% survivor benefit. What happens with SS? We are both 57 years old. Our current plan is for my wife to take SS at 62 which will be about $1200/month. My plan was to take SS at 67 which will be about $2950/month. If I pass away any time before 62, would my wife still be able to take hers at 62 and convert to mine at 67 with the amounts above or what would happen? If I pass away before taking SS at67, would the same apply? Can you please let me know how SS survivor works in each of the cases. I know, or at least I think I know, that if I pass away after taking SS, that she would switch to my SS benefit and lose hers because hers is lower. I only have one retirement plan, but based on the answers above I may need to have at least 3 separate plans. Thanks.
Rob

 

[pb4uski]

In both cases, your wife will inherit your SS since it is larger, but hers will go away... it will be like she steps into your shoes.

What I don't know is whether the discounts for taking early or premium for delayed retirement credits are based on her age or your age, but since you are so close in age it is a bit of a moot issue.

Have you looked at opensocialsecurity.com?

 

[kaneohe]

My impression is that spousal SS has an age factor depending only on the age of the spouse taking the spousal SS........so that spouse doesn't get penalized if you took SS early.

However survivor SS has age factors involving both parties so if you took it early your SS was reduced and the survivor gets that amount with a survivor age factor so if both took it early, there is a double reduction.

 

[Rianne]

Addition to OP original question.

Example:
I take SS at 65, DH waits until 70.

DH passes at 66. If I wait to take his SS until his 70th SS benefit, after his passing, am I entitled to his 70 yr old SS or his FRA SS? ~$10K/yr difference.
I've put several scenarios in opensocialsecurity.com. It doesn't explain if spouse passes before collecting.

 

[MissMolly]

Addition to OP original question.

Example:
I take SS at 65, DH waits until 70.

DH passes at 66. If I wait to take his SS until his 70th SS benefit, after his passing, am I entitled to his 70 yr old SS or his FRA SS? ~$10K/yr difference.
I've put several scenarios in opensocialsecurity.com. It doesn't explain if spouse passes before collecting.

For your situation, survivor benefit wold be based on whatever amount your spouse was drawing, or entitled to draw if not yet drawing, on the date of death. Then, as long as you are full retirement age, there would be no reduction to the survivor benefit amount. So waiting until his 70th birthday would not earn you any additional $$. It stops accruing when he dies.