Social Security Spousal Start - Have I Messed this Up?

[stephenson]

Hi All,

Not collecting SS, yet - intent was to wait til 70. Both spouse and I are 67.

Ran the calculator on opensocialsecurity.com ... screensnap, below.

The PIA number to be entered is the FRA number, not the current or the 70 year number, correct?

Should we have already filed for her spousal?

Thanks!

 

[stephenson]

Gah - think just figured it out.

Spouse doesn't have a PIA, because spouse only has 24 of the required 40 credits. So the number to put in the PIA spot is actually "0?"

Should look like the attached?

 

[ivinsfan]

To answer your actual question spousal can only be collected when main or qualified spouse files for their benefit.


Your decision is.. does spouse collect zero until you file at 70...they then would get half of your FRA benefit then or do you file now and get two checks for the new 3 years. Your spouses benefit will not increase going forward for now as she has attained her own FRA.

 

[stephenson]

ivin,

She does not have an FRA since she didn't qualify, right?

So, she cannot collect anything until the year I file?

 

[MissMolly]

ivin,

She does not have an FRA since she didn't qualify, right?

So, she cannot collect anything until the year I file?

Correct.

 

[ivinsfan]

Correct.

Well the FRA I talked about refers to an age dock for collecting before her implied FRA that stills applies to a spousal.

 

[Romer]

opensocialsecurity.com is a great tool and resource, but it is a tool like many others.

You should look at if you filed now at 67 and then her spousal at 50% vs filing at 70

Note that her spousal 50% is the same as if you filed at 67. It doesnt go up by waiting until 70.

Say for example your 67 age value is $40K and you file and she then gets $20K for a total of $60K a year

So there is $180K you would receive in this example with made up values before you reach 70

so in the 70 scenario say you get $50K for waiting until age 70 and you file and the you file spousal which is still $20K. Your SS income is $70K a year vs $60K filing at 67

You compare the two to see when the break even point is which in the example I made up I believe is age 88 that you would come out ahead waiting until age 70 to file

everyone has different factors driving their decisions.

Something that could be a bigger factor than break even is what she would get if you passed first. Age 70 in this scenario provides $10K more a year and that may be more important to you

I am only suggesting you look at the different scenarios and make the best decision for you